RMD Accountancy Solutions Ltd

News...

08/09 Self Assessment Deadline - 31/01/2010

All 08/09 Self Assessment Tax Returns must be submitted to HMRC no later than the 31st January 2010.
As the deadline for paperbased submissions has passed electronic Returns will only be accepted.

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08/09 Self Assessment Balancing Payment Deadline - 31/01/2010

The final balancing payment in respect of 08/09 tax is due for payment by the 31st January 2010 at the latest.

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VAT Increases - 01/01/10 :

VAT increases to 17.5 % with effect from the 1st of January 2010

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National Minimum Wages 2009 - 01/10/09 :

New National Minimum Wage rates come into effect on the 1st of October 2009.
See our facts page for details of these rate changes.

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Paynav (tm) Underdevelopment - 30/08/09 :

RMD Accountancy Solutions Ltd reveals the development of their first web-based access portal for clients' employees to access their pay history, update their personal information and submit in year forms on-line. Named Paynav (tm) the service is expected to be fully operational by January 2010 and will further enhance the payroll service provided by the company.

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In Year On-line Filing Manadatory - 06/04/09 :

HMRC have brought in new legislation requiring employers with 50 or more employees to file in year forms on line. Specifically forms : P45 Part 1, P45 Part 3, P46, P46(Pen) and P46 (Expat)

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Holiday Entitment Increases - 01/04/09 :

With effect from the 1st of April 2009 all employees are entitled to 5.6 weeks holidays or 28 days - this can include the 8 x bank holidays if the employer wishes.

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Correct National Insurance Number ? :

As we approach the end of Tax Year 08/09 it is a good time to ask your employees to double check their National Insurance Number to their payslip to check your payroll department or provider is holding the correct information. The Institute of Payroll Professionals reports that the NI recording system holds 116 million unmatched records in a suspense account ! This number is reported to increase by 2 million each year !
National Insurance contributions go toward State Pension, Statutory Payments and Benefit entitlements.

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National Minimum Wage (NMW) Update - 06/04/09 :

With effect from the 6th April 2009 HMRC will be issuing automatic penalties to employers found by compliance officers to have arrears of NMW.

Penalties range from £ 100 - £ 5,000.

Employers who pay the penalty within 14 x days will receive a 50% discount for prompt payment.

Current National Minimum Wage rates can be found on our FACTS page.

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07/08 Self Assessment Tax Return Deadline :

The date for filing paperbased Self Assessment Tax Returns for the Tax Year 07/08 has now passed. Submission can now only be made via the internet with the final deadline for receipt of 07/08 Tax Returns being the 31st January 2009.

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Indentity Fraud on the Increase :

Experian has revealed an increase in the number of cases of indenty theft being reported via their victims of fraud team. 3,500 cases were reported in 2006, compared with 6,000 cases in 2007 with business owners being the most at risk.

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Tax Code Uplift - 07/09/08 :

With effect from the 7th September 2008 tax codes with an L suffix should have been increased (uplifted) by 60. For example tax code 543L should be increased to 603L

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Questions / Queries ? :

If you have any questions or queries relating to any news item published here or would have a news item you would like to contribute then please do not hesitate to contact us.