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69 Sinclair Street
Helensburgh
Argyll & Bute
G84 8TG

Tel: 01436 671477
Fax: 01436 674410
email: info@hammondca.co.uk

NEWS

New VAT changes for 2010

The standard rate of VAT was reduced from 17.5% to 15% last year. It is due to return to its former level on 01 January 2010. If you are VAT registered then you must apply the 17.5% rate to all supplies of standard rated goods and services made after that date. From 01 April 2010, all businesses with an annual turnover (VAT exclusive) of 100,000 or more must file their VAT returns online. If you need assistance to complete your returns online, please contact us.

New Penalties For Late Payment of PAYE

From May 2010 HMRC intends to charge penalties for the late payment of monthly/quarterly PAYE.  The penalties will be calculated based on a percentage of the amount paid late starting at 1% and rising to 4%, depending on the amount of late payments made in the tax year.  There will also be an additional 5% penalty if the PAYE is still outstanding after six months and again if it remains outstanding after twelve months.

No penalty will be issued if: you have a good reason for the late payment, or if you are only late with the payment once in the tax year.

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