News - April 2007
Corporation Tax Changes
April 2007
The Chancellor has moved to discourage small businesses from incorporating for tax reasons by increasing the tax they will pay on profits up to £300,000, from 19% to 20% with effect from 1 April 2007. The small companies rate will further increase 21% in 2008 and to 22% in 2009.
Income Tax Rates
April 2007
There has been a lot of publicity about the announcement that the government propose to reduce the basic rate of income tax from 22% to 20%. This change is due to take effect from 2008/09 and not from 6 April 2007.
Construction Industry Scheme
April 2007
With the new scheme starting on 6 April 2007, HMRC have been issuing packs to contractors to help them with the new rules.
Employers End of Year Returns
April 2007
The Employers annual returns P35 and P14 (P60) are due for submission to HMRC by 19 May 2007. There is a tax free incentive payments due of £150 for small employers with less than 50 employees who successfully file their returns electronically.
National Minimum Wage Increases
April 2007
The new National Minimum Wage rate of £5.52 (£5.35) an hour from October 2007 has been announced. Other rates rise from £4.45 to £4.60 for 18-21 year olds, and from £3.30 to £3.40 for 16-17 year olds.
Check your State Retirement Pension Entitlement
April 2007
A recent case has once again illustrated the difficulties for people who don’t check their own state pension entitlement and later find out that there are ‘holes’ in their record.
VAT Fuel Scale Charges
April 2007
HMRC’s intention is to change significantly the VAT fuel scale charges payable by businesses on the provision of fuel for private motoring for their company car drivers. The system of calculating the output VAT charge on a simple cylinder banded table is withdrawn for the businesses first VAT return commencing after 1 May 2007.
Weatherer Bailey Bragg Client Celebrates First Acquisition
April 2007
Sutton Coldfield based business advisors and accountants Weatherer Bailey Bragg are celebrating having successfully assisted a longstanding corporate client with its first business acquisition.
New Service for Dragons' Den Wannabes
April 2007
The accountants and business advisers behind a local Dragons’ Den hopeful have just launched a dedicated entrepreneurial services division in response to their recent success in the field. Casey Jones who successfully pitched his sanitising boxes to the show’s millionaires is just one of a growing number of owner managed businesses utilising the services of, Sutton Coldfield based Weatherer Bailey Bragg LLP.
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