Key Dates
14 April 2010 - Deadline for submission of forms CT61 and payment of any associated income tax for the quarter ended 31st March 2010.
19 April 2010 - PAYE and NIC due for the month ended 5th April 2010, including any due on deemed salaries under the IR35 rules. Quarterly PAYE and NIC due for the quarter ended 5th April 2010 for qualifying small employers. |
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U-Turn on Furnished Holiday Letting
Individuals who provide furnished holiday lettings have, for many years, enjoyed a significantly more favourable tax regime than other landlords.
The 2009 Budget announced that this was all set to change, and that from 6 April 2010 the tax rules relating to furnished holiday letting were to be brought into line with the less beneficial rules governing all other property letting activities.
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Property Related Tax Issues Resulting from the 2010 Budget
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The chancellor delivered what many considered to be a low key budget, possibly the first of two that could be delivered in 2010. There were no headline grabbing changes that are likely to effect the financial aspect of property ownership, but there are a few points worth mentioning.
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Budget 2010
Alistair Darling presented his third Budget on Wednesday 24 March 2010.
Having acknowledged that the country is emerging from deep global recession and needing to provide a route to long term prosperity he announced a number of new measures.
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Annual Investment Allowance Increased
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Most businesses are able to claim an Annual Investment Allowance (AIA) on the first £50,000 spent on plant and machinery. This provides immediate 100% tax relief on qualifying expenditure.
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Close Company Loan Write Offs
Close companies, generally meaning family and owner managed companies, are subject to special rules in relation to loans or advances made to participators and their associates. Participators primarily means shareholders. Where such loans are written off or released an equivalent amount is treated as a deemed net dividend for income tax purposes.
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Entrepreneurs' Relief
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The amount of an individual’s capital gains that can qualify for Entrepreneurs’ Relief are currently subject to a lifetime limit of £1 million. Gains qualifying for the relief are charged at an effective tax rate of 10% rather than the usual rate of 18%.
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Inheritance Tax Nil Rate Band Frozen
As previously announced, the nil rate band for 2010/11 will be frozen at the current level of £325,000. This will now be extended to cover the tax years 2011/12 to 2014/15.
Internet link: HMRC Budget note |
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Stamp Duty Land Tax And First Time Home Buyers
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At present the Stamp Duty Land Tax rate is 1% for residential property purchases where the consideration is more than £125,000 but does not exceed £250,000.
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Payment of VAT
HMRC are advising businesses that from 1 April 2010 all cheque payments by post will be treated as being received by HMRC on the date when cleared funds reach HMRC's bank account. This change does not affect any cheque payments made by Bank Giro.
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Employer Supported Childcare
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National Insurance - New EU Rules
HMRC have released new guidance for employers about forthcoming changes to EU rules regarding national insurance for people moving around Europe for work. The rules apply from 1 May 2010. To read the guidance in full, please use the link below.
Internet link: HMRC NIC guidance |
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HMRC Will Publish Details Of 'Deliberate' Offenders
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HMRC have the necessary power under existing tax law to publish the details of taxpayers where it is established that they have committed ‘deliberate’ tax offences. HMRC have confirmed that they will apply this provision for tax periods starting on or after 1 April 2010 and for offences which are committed on or after this date.
Internet link: HMRC press release |
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Official Rate Of Interest
From 6 April 2010 the official rate of interest applying to interest-free or low interest loans made to employees will be 4%. The current rate is 4.75%. Employees are generally liable to tax on a benefit equal to the amount of interest, calculated at the official rate, where the balance of the loan exceeds £5,000 at any point in the tax year.
Internet link: HMRC beneficial loan interest rate |
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Employment Rate Falls To 72.2%
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Fit Notes
Fit notes will be brought into effect from April 2010 and are a replacement for sick notes. The information that doctors will be asked to provide means that instead of giving patients a sick note saying they are too ill to work, they will be able to advise whether a person may be fit for work with some help and support, and what employers can do to assist in this process. Assistance could include a phased return to work, altered hours, amended duties or workplace adaptations.
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