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Business news : April 2009
The Budget Announcement
22 April 2009
Chancellor of the Exchequer Alistair Darling has delivered a Budget Report against a background of recession and with little in the way of good news for UK business in the short to medium term.
Changes to the National Minimum Wage from 6 April 2009
Gareth Hughes & Co chartered accountants are warning business owners that the government is taking tougher action with those who don’t pay the National Minimum Wage (NMW) and new penalties will be in force for non-compliance from April this year.
Don’t Lose Out on Loss Relief
With the economic downturn continuing to take its toll, Gareth Hughes & Co chartered accountants, are reminding companies, partnerships, sole traders and individuals to make best use of their loss relief in trading in the most tax-effective way.
HMRC Steps Up Push for VAT Filing Online
Gareth Hughes & Co, chartered accountants are warning that businesses will need to get to grips with online filing of their VAT returns next year.
Enterprise Finance Guarantee Scheme Benefits Business
Gareth Hughes & Co chartered accountants is urging small and medium-sized businesses that need financial help to make use of the government’s Enterprise Guarantee Finance Scheme (EFG).
National Insurance Contributions from April 2009
From 6 April 2009, changes have been made to how employers will have to record National Insurance Contributions (NICs) due to changes to the State Second Pension.
New Statutory Payment Rates for 2009/10
The new Statutory Payment Rates for 2009/10 have been announced (subject to Parliamentary approval).
Changes to SSP for Agency Workers
Following the Court decision in the case of Thorn Baker Limited, the Department for Work and Pensions (DWP) have amended the legislation. This was done to restore the Government’s original policy intention that agency workers who have contracts of less than three months should be eligible for Statutory Sick Pay (SSP) within the first three months of their contract.
Statutory Maternity Leave, Salary Sacrifice and Non-Cash Benefits
Salary sacrifice is a change to an employee’s contractual pay entitlement. It often involves the giving up of some entitlement to pay in return for some other form of benefit, such as employer pension contributions or childcare vouchers. Depending on the sort of benefit involved, tax and/or National Insurance savings can often result for both the employer and employee.
'How to Pay' Changes
During 2009, HMRC will be changing the bank accounts into which businesses and individuals make payments. These changes will be phased in throughout the year but HMRC will keep businesses and taxpayers informed of any changes.
Avoiding and Resolving Workplace Problems
The legislation governing how businesses deal with disputes with their employees is changing from April 2009. The new simpler and more flexible system is intended to save businesses time and money.
PAYE Changes
HMRC have issued a reminder to employers with 50 or more employees that they must send their employee starter and leaver information - P45s, P46s and P46(Pen) for pensions - online from 6 April 2009. As always, failure to comply with these new rules could result in a penalty.
HMRC Warn of Latest Fraud Attempt
HMRC are warning taxpayers of the latest fraud attempt to be reported to them.
Rise in Late Payments to SMES
According to Bacs Payments Schemes Limited (Bacs) small and medium size enterprises (SMEs) are now owed £25.9 billion. This is apparently due to a 40% increase in overdue payments over the last year.
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Gareth Hughes & Co - North Wales Accountants |