We keep you updated

We provide our clients with regular updates on changes in taxation regulation, news from the world of accounting and, of course, information about the latest developments at A A Accountancy.

National Minimum Wage increase

From 1 October 2011 the new rates are:

• 21 and over £6.08 per hour
• 18 to 20 £4.98 per hour
• 16 to 17 £3.68
• Apprentices under 19 (or over 19 in first year of apprenticeship) £2.60 per hour

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HMRC increase in late filing penalties

A new penalty regime for late filing and late payment of self assessment tax returns and income tax has now come into effect.

From 2011 the new penalties for late filing of returns are as follows:

Day one: £100 penalty even if no tax is owed

Over three months late: Automatic daily penalty of £10 per day up to a maximum of £900

Over six months late: further penalties which are the greater of 5% of the tax due or £300

Over twelve months late: More penalties, which are the greater of 5% of the tax due or £300.  In serious cases could face a penalty of up to 100%

Late payment of tax penalties are:

30 days late: Initial late payment penalty of 5% of the unpaid tax at that date

Six months late: Further penalty of 5% of the tax still unpaid

12 months late: Further penalty of 5% of the tax still unpaid

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H M Revenue & Customs Plumbers Tax Safe Plan (PTSP) 

This is an extract from the below HMRC web page:  The Plumbers Tax Safe Plan (PTSP) is designed for people working within the plumbing industry who have not told HM Revenue & Customs about all their income in the past and who now want to get back on track. It is intended to cover people who work (or worked) in the plumbing, heating or gas installation trades and this includes anyone who installs and repairs pipes and fixtures for water, drainage or gas systems in a building.

If you are not aware of H M Revenue & Customs Plumbers Tax Safe Plan (PTSP) you be interested in looking at the following web address

http://www.hmrc.gov.uk/trades-disclosure/index.htm

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HM Revenue & Customs fake 'phishing' emails 

HM Revenue & Customs has warned taxpayers to be vigilant following a surge of fake phishing emails sent out by fraudsters.  The emails inform the recipient they are due to a tax rebate and provide a link to a replica of the HMRC website.  Credit card details are then asked for.  Fraudsters then try to take money from the card details provided.  Victims also risk having their personal details sold onto other organised criminal gangs.  Suspicious emails should NOT be opened.

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Royal Wedding Bank Holiday 

As the announcement does not increase any entitlement to holiday under the Working Time Regulations, the decision regarding whether an employee will benefit from the additional bank holiday is entirely dependent on the wording of their contract.

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VAT Increase 4 January 2011

Please note the standard rate of VAT increased from 17.5 per cent to 20 per cent on 4 January 2011.

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