Rise
in Minimum Wage
01 Oct 2009
As
from 1st October, 2009 there will be an increase in the minimum
wage rates as follows:-
16
to 17 year olds - Increase to £3.57 per hour
18
to 21 year olds - Increase to £4.83 per hour
22
years and over - Increase to £5.80 per hour
We
would remind you that payment of the minimum wage rate is a
legal requirement.
What
happens to your pension fund when you die?
21
Sep 2009 For
more information >
More
changes at Companies House
21 September 2009
From
the 1 October 2009 a director's home address can be protected
from disclosure. If
you would like take advantage of this new concession you need
to register a service address, which could be your registered
office address, with Companies House. This can be done online
www.companieshouse.gov.uk from the 1 October 2009.
If
you take no action your home address will be taken as your service
address until changed.
Just
a quick reminder that other recent changes include:
1.
You must be aged 16 or over to be appointed as a director.
2.
You no longer have to appoint a company secretary, although
you can do so if you wish.
3.
You no longer need to hold an AGM unless you opt to do so.
ACE
Grants for the Arts Changes
21 Sep 2009
Arts
Council England has announced changes to its Grants for the
Arts programme aimed at making the application process easier
for applicants and saving administrative costs. Eligibility
and assessment criteria will not change.
For
more information >
Making
the most of Capital Allowances 2009-10
August 2009
If
you are thinking of investing in assets that qualify for the
Annual Investment Allowance (AIA) during 2009-10 it is worth
bearing in mind the additional relief you can claim to take
advantage of the 40% First Year Allowance (FYA) that is available
for one year to 5 April 2010 (1 April 2010 if you trade as a
company.)
For
most businesses the only assets that do not qualify for the
AIA or the FYA are motor cars. Although don't forget that if
you buy a car with CO2 emissions under 110g/km a special 100%
allowance can be claimed.
The
AIA allows you to write off 100% of qualifying expenditure during
2009-10 up to a total spend of £50,000.
But
what happens if you spend more than £50,000? Let's say
you invested £80,000 during 2009-10 in assets that qualify
for the AIA and FYA. You would be eligible to claim the maximum
£50,000 AIA and a 40% FYA on the excess. This would make
your potential, combined claim £62,000, or an overall
78% tax write down in one year.
Even
if the claims created net tax losses in 2009-10 this may enable
your business to recover some of the tax paid in the previous
three years.
Please
call if you need more information on this topic, particularly,
does your intended investment in new equipment qualify for these
reliefs?
Fringe
theatre and the national minimum wage - an Equity Council policy
statement
July 09
Does Equity want to close fringe theatre by imposing the national
minimum wage on every production? The Stage and The Guardian have
reported that we might. We don’t and nor would we ever.
Read
more
Updates
from HMRC
01 Jun 2009
HMRC
have announced a second offshore tax amnesty for holders of overseas
bank accounts. It will be referred to as the New Disclosure Opportunity
and will close March 2010.
Text messages from HMRC
HMRC
are currently exploring new ways of making contact with taxpayers.
This includes HMRC leaving an automated voicemail or sending a
text message. Both of these methods are currently only being used
to ask taxpayers to call HMRC rather than to provide any other
specific advice or information.
If
you receive an automated voicemail message or a text message
claiming to be from HMRC asking you to contact them use the
number for your local office or the telephone numbers on the
official HMRC web site at www.hmrc.gov.uk
One
to One Career Advice Sessions from Equity
May 2009
You
may have heard about the careers and learning advice service
offered by Equity in partnership with Skillset but here
you can find out more.
Equity
on my Side
May 2009
A
performer speaks about the advantages of belonging to a trade
union.
"Three years ago whilst working in the West End, I sustained
a significant injury to my right shoulder. Unfortunately, this
was only four days before the show was due to close. The company
paid for two sessions of physiotherapy whilst the show was running
but thereafter refused to pay for any more.
I was in considerable pain, losing income and going more and
more into debt.
I
was advised as a member to contact Equity who were quite brilliant.
Immediately I was put in touch with Douglas Mann & Co, who
took up the case for me. Equity were kind enough to pay for
an MRI scan for me, which proved I had broken a bone. Well,
the upshot is that I am on the mend. The company admitted liability
and I received a cheque to cover my costs and for future treatment.
This would not have happened without the union being there for
its members and I cannot thank Equity enough for its support.
I just wish other actors in the industry would see the benefits
of belonging to this wonderful union."
HMRC Penalty Regime
22 Apr 2009
To
all our clients,with effect from the 6 April 2009 HMRC have
introduced a new penalty regime, whereby the penalty charged
for under declared income is determined by whether "reasonable
care" has been taken to keep sufficient records, from which
to provide a complete and accurate tax return.
We
wish to advise you that if your records are provided to us at
such a late stage that we are unable to ensure your accounts
and tax return are correct, a penalty may indeed be charged
by HMRC if your return is selected for enquiry.
May
we therefore ask for your assistance in this matter by provided
your books and records to us as quickly as possible after your
year end. Please contact us
for further information.
Bank
of England Reduces Bank Rate by 0.5 Percentage Points to 1.0%
05 Feb 2009
The
Bank of England’s Monetary Policy Committee today voted
to reduce the official Bank Rate paid on commercial bank reserves
by 0.5 percentage points to 1.0%.
Planning
for the tax year end 5 April 2009
03 Feb 2009
If
you are self employed, either a sole trader or in partnership,
you are approaching a key date - the end of yet another tax
year.
Due
to the current economic downturn you may recently have experienced
a drop in your profitability, indeed you may be trading at a
loss.
If
this is the case please read the check list that follows:
