inniAccounts Blog

3 January, 2010
by James in:

New look, new features - it's even easier to stay on top

As you’ve probably noticed, we’ve had a makeover. Our new look is the first of a number of exciting developments; we’ve also refreshed our website, and launched a brand new help centre. The help centre offers step by step user guides, helpful hints and new discussion forums which allow you to chat with the inniAccounts team and with fellow contractors and freelancers.

Leave a comment
22 November, 2009
by Carl in:

VAT holiday over

The Government’s one-year VAT holiday will end on 1st January 2010, with rates expected to return to 17.5% from the 15% we have enjoyed all year. HMRC have confirmed the normal tax point rules will apply: date of invoice or date of payment, whichever comes first.

So if the invoice or payment is made before 1st January, VAT will be at the rate of 15% - anything after that date will be charged at 17.5%. To help us through the transition, HMRC have issued some guidelines we should note:

  • VAT should be calculated at 17.5% from 1st January.
Leave a comment
31 October, 2009
by Carl in:
218 comments

Tax relief on nursery vouchers to be withdrawn

In his speech to the Labour Party Conference, the Prime Minister, Gordon Brown announced an extension of free nursery places, to be financed by the withdrawal of the tax and National Insurance (NIC) exemptions for childcare vouchers.

The proposal is that the provision of free nursery places will be extended to two year-olds (this would be on top of the existing free childcare available to three and four year olds). It is expected that 250,000 children will benefit from this by 2015/16.

Leave a comment
14 October, 2009
by Carl in:

HMRC step up late PAYE payment fines

HMRC are warning employers that from May 2010 they may have to pay a penalty if they do not pay their PAYE on time. These are generally due each month, on time and in full.

HMRC will implement late payment penalties for payments due from May 2010. From then on, employers may have to pay penalties if they make more than one PAYE payment late in a tax year. The new penalties will apply to all employers, including large employers (those with more than 250 employees) who currently are subject to a Mandatory Electronic Payment surcharge.

Leave a comment
12 August, 2009
by Carl in:

Pension payments

Pension contributions made by an individual are usually paid net of basic rate tax. Where the individual is a higher rate taxpayer further relief is due which significantly reduces the net cost of the contribution.

In the Budget this year the government announced its intention to restrict tax relief on pension savings with effect from 6 April 2011 for people with taxable income of £150,000 or more. The relief will be tapered down until it is 20%.

Leave a comment
11 April, 2009
by Matt in:

Surviving the credit crunch: part 2

Here’s the concluding part of our ten point guide on surviving the credit crunch. If you missed part one, click here to catch up .

Network like crazy

Strive to build a network with everything you do. Over the years you’ll meet so many people and each one is a prospective future client or has a link to one. Keep a list and if you’ve not spoken for a while give them a call to catch up - you never know where the conversation may go.

Leave a comment
22 March, 2009
by Matt in:

Surviving the credit crunch: a guide for contractors, freelancers and consultants

With global economies spiraling out of control, stock market volatility, banks going bust and talk of imminent recession, businesses and individuals are justifiably a little worried.

Whether you’re a contractor, freelancer or consultant you are perhaps a little more worried than most as you are more likely to get a tap on the shoulder before any permanent employees see redundancy. However you are no different to anyone else as bills still have to be paid, so what can you do now to stand the best chance of surviving the challenging times ahead?

Leave a comment
9 February, 2009
by Carl in:

Changes to corporation tax rates

The main rate of corporation tax which applies to companies with profits of more than £1.5 million fell to 28% from 30% from 1 April 2008.

The small companies corporation tax rate which applies to companies with up to £300,000 of profits increased from 20% to 21% from 1 April 2008. The intention was to increase this rate to 22% in 2009 but this has been deferred until 1 April 2010.

Leave a comment
6 February, 2009
by Carl in:

2009/10 PAYE tax codes to be issued

HMRC have advised that they are about to issue PAYE tax codes to employees for the 2009/10 tax year.

If you receive a coding notice it is worthwhile letting us have a copy for checking. This will enable us to ensure that you are paying the correct amount of tax on your pay and benefits and that any underpayments of tax which are being collected through a coding notice deduction are being correctly dealt with.

Leave a comment
4 February, 2009
by Carl in:

Higher penalties for late filing of accounts

If you run your own company you will no doubt be aware that company law requires all companies to file a copy of their annual accounts at Companies House by their due date. Penalties become payable if these accounts are filed late. With effect from 1 February 2009 higher late filing penalties will be imposed on those companies that file their accounts late.

Leave a comment