In the past GP’s have stated that “you should refrain from work” or “you need not refrain from work”. From 6.4.10 GP’s have another option, “may be fit for work taking account of the following advice”. They then have 4 further options; a phased return to work, flexible working, amended duties or workplace adaptations. For more information see www.dwp.gov.uk/fitnote.
Team Bennetts
Tax planning
1. Limited Company owners with high earnings should consider taking a dividend in the 2009/10 tax year instead of the 2010/11 tax year to avoid tax rates above 40%. In 2010/11, consider pension contributions to bring you below the high rate tax thresholds.
2. When replacing your car, seriously consider a lower CO2 emission vehicle. If you are running a Limited Company, we normally advise you to keep the car outside the Company but to charge the Company for business miles. Vans however should normally be put through the Company.
Chancellors Budget 24.3.10
Income tax – the personal allowance remains at £6475 (£124.52 per week). The next £37400 will be taxed at 20%; then 40% for income between £43875 and £100000. Above £100000, the personal allowance will reduce by £1 for each £2 of income, creating an effective 60% tax rate on earnings between £100000 and £112950. At £150000, income tax increases to 50%. The personal allowance for 65-74’s remains at £9490, and for age 75 and over it remains at £9640.
Corporation tax – the small companies rate (first £300k of profit) remains at 21% for the year commencing 1.4.10.
National Insurance – self employment – class 2’s remain at £2.40 per week, class 4’s are 8% of profits between £5715 and £43875, and 1% above £43875. For employees – 11% of earnings between £110 and £844 per week, and 1% above £844. Employers – 12.8% on all earnings above £110 per week.
VAT – registration limit increases from £68000 to £70000 from 1.4.10.
Capital allowances – the first £100k of capital expenditure excluding cars in 2010/11 will qualify for 100% tax relief in year one. Cars – as last year, allowances depend on their CO2 emissions – 100% if not more than 110g/km, 20% for 110 to 160g/km, 10% if over 160g/km. Vans are 100% providing that the value falls within the annual £100k allowance.
Capital gains tax – the annual allowance for individuals ( not companies) remains at £10100. The 18% flat rate of tax continues into 2010/11. The entrepreneurs limit for lifetime gains (at 10% tax) increases from £1m to £2m.
Inheritance tax – the nil rate band remains at £325000 for 2010/11 (£650000 for married couples and civil partners).
Furnished holiday lettings – the special rules which allowed losses to be offset against other income will be withdrawn from 6.4.10.
Bentley Associates Europe Ltd
We have been trading for 14 years and have grown from being a sole trader with one employee to a limited company employing four people and four associates. David and his team have provided support and guidance every step of the way. They have provided invaluable input on tax returns, getting the best out of our sage accountancy system and filing our end of year accounts. Great team and always there when we need them.
Michael Bentley – Managing Director
Simon Mapletoft
All the team at Bennetts are a great help to me. I’m a very busy one-man band, spending hours on the road, so keeping up to date with invoicing and bookwork would be very difficult if I didn’t have Bennetts to rely upon. They keep me organised and up to date, and react to anything I need quickly and professionally, which takes off such a lot of pressure and allows me to concentrate on what I do best.
Simon Mapletoft – Television Presenter and Journalist
Oilcare Ltd
We’ve been very happy with the professional approach and level of support Bennetts Accountancy has given us. It’s made business start-up much smoother than expected, allowing us to focus on day-to-day business activities whilst knowing that our accounts are being done correctly and in good time.
D Oakton – Director
VAT rate returns to 17.5% on 1.1.10
Just a quick reminder that the VAT rate will return to 17.5% on 1st January 2010.
If you are unsure how this affects you please contact us or visit the HMRC website (see our links page).
Commercial Television Systems (UK) Ltd
We have been very pleased with the range of services available and also the level of telephone support. They were there for us when we needed them.
M Baxter – Sales & Marketing Director
Wildlife Solutions – Pest Control
I took advice from Bennetts Accountancy prior to starting up my pest control business in 2003. They have proved to be worth every penny, sound practical advice to keep you on the straight and narrow.
Chris Heath
dan terry associates ltd
I find Bennetts Accountancy Ltd a very professional and competent organisation that offers worry free, practical sound advice that WILL save you money, time and hassle.
D Terry – Director
