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Business and personal tax changes introduced
1 April 2009
As well as changes to the rules governing employers and businesses, this April's common commencement date also introduces some amendments to the tax system.
Small employers urged to claim £75 online filing bonus
24 March 2009
HM Revenue and Customs (HMRC) has reminded firms employing fewer than fifty people that they can pick up a tax-free £75 bonus if they file their 2008/09 Employer Annual Returns online this year.
Employers with 50 or more employees must file their 2008/09 returns online, or face a penalty, but smaller firms still have the option of submitting their returns on paper or online.
Those that choose to file online, however, will be entitled to the £75 payment.
To file online, employers must first register with HMRC’s ‘PAYE Online for Employers’ service. It can take up to a week to get the Activation PIN after registering, so firms are being warned not to leave it until the last minute.
HMRC sending out penalty notices for late P11D(b) returns
13 March 2009
Employers are being advised that, as from 16 March, HM Revenue and Customs (HMRC) is sending out penalty notices to those firms yet to file their 2007-08 form P11D(b) Class 1A National Insurance contributions annual returns.
The returns should have been submitted by 6 July 2008.
Late returns will incur a penalty of £100 per 50 employees for each month the return is outstanding as from 7 November 2008 to 6 March 2009.
Employers are being urged to file their returns as quickly as possible.
HMRC creates PAYE podcast
17 February 2009
HM Revenue and Customs (HMRC) has launched a podcast setting out imminent changes to the PAYE filing system for larger SME employers.
The changes, which mean that employers with 50 or more staff need to submit details of their in year payroll online, come into effect from 6 April this year.
The podcast is available free at www.hmrc.gov.uk/podcasts
Small businesses encouraged to pitch for government contracts
5 February 2009
Small firms are being urged to tender for public sector contracts and to make use of a government website that advertises projects suitable for smaller enterprises.
The Supply2.gov.uk website provides an up-to-the-minute database of government contracts for small businesses, and so far 123,000 small firms have signed up.
Government lending package to support small businesses
14 January 2009
The government has unveiled details of plans designed to provide SMEs with easier access to credit and to help with the cash flow problems afflicting many firms as the economic downturn deepens.
The support package will see the government guaranteeing up to 50 per cent of some £20 billion worth of bank loans to small businesses.
Other steps include special enterprise funds to boost smaller firms which are in urgent need of equity.
Announcing the measures, Lord Mandelson, the Business Secretary, said: "UK companies are the lifeblood of the economy and it is crucial that Government acts now to provide real help to support them through the downturn and see them emerge stronger on the other side.
"We know that some companies are struggling to secure the finance they need, not because of any failure in their business but due to the tougher credit conditions. That is why we have designed a package of measures addressing different forms of credit and providing real help for businesses."
Specifically, the package sets up a £10 billion Working Capital Scheme, securing up to £20 billion of short-term bank lending to companies with a turnover of up to £500 million.
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