Wednesday June 9, 2010

Dear Reader

Expenses Reporting Time

For those of you running your own limited company, it is likely you will need to prepare and file a P11d expenses and benefits return for 2009-10. The return is due with HM Revenue & Customs by 6th July and any national insurance owing as a result needs to be paid no later than 22nd July (or 19th July if paying by cheque). More.....

Back to top

Emergency Budget

Chancellor George Osborne will deliver the government's emercency budget on 22nd June. It is expected to reverse the planned increase in employers' national insurance contributions (the so-called jobs tax), but not the planned increase for employees. Changes to capital gains tax are also likely. Capital gains tax usually applies to selling of items such as second properties, business or shares. At present you have an annual exemption of around £10,000 on capital gains (only those above this level are liable to tax). The tax rate which applies is typically 18%. We can expect to see a combination of a lowering of the exemption and increase in the rate applicable.

Most of the other changes are likely to revolve around spending cuts and there is currently little prospect of a move towards the Lib-Dem goal of a £10K annual tax free allowance.

Back to top