News from Cryer Sandham Limited
Business and financial news
November 2009 Newsletter
A) Employment issues
For those clients with employees please be advised that as from 1 October 2009 the national minimum wage rate was increased as follows:-
In addition there has also been a change to statutory holiday entitlement. From 1 April 2009 the holiday entitlement has risen to 5.6 weeks; this can be inclusive of bank holidays. The entitlement is applied pro-rata for part time workers.
B) Value Added Tax
We would remind clients that the standard rate of VAT (currently 15%) will, from 1 January 2010, revert back to the 2008 level of 17.5%. Clients who operate the flat rate scheme should also return to using the flat rate that was applicable to them on the old scheme.
Please be advised that the online filing of VAT returns and electronic payment of VAT becomes compulsory for all existing businesses with an annual turnover of £100,000 or more for VAT return periods starting on or after 1 April 2010.
Online filing of VAT returns and electronic payment of VAT becomes compulsory for all new businesses formed on or after 1 April 2010 irrespective of turnover levels.
C) Companies House
There have been significant changes to filing regulations at Companies House.
As advised in our previous Newsletter the filing deadline for financial statements has been reduced for Limited Companies and Limited Liability Partnerships by one month (i.e. down from 10 months to 9). In additional the penalties for late filed accounts have increased (see table in previous letter).
The majority of Companies House forms have been amended and given new reference numbers. Accordingly any business that retains Companies House stationery for paper filing should ensure they dispose of any and all old forms.
Finally Companies House has also stated that they will reject all paper forms and documents that have not been signed in black ink.
D) Will Planning (why have a will?)
Making a will ensures:-
· There is a legal process in dealing with your affairs thus making it easier and much less painful at a time when your loved ones will need all the help that they can get.
· You can appoint guardians of your choice who will look after your children until they reach the age of eighteen.
· You can name your beneficiaries and know with certainty who will inherit from your efforts. You may be able to distribute your assets in such a way that any Inheritance Tax charge is minimised or even removed altogether.