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Tax and business calendar

Feb 27 2010	Deadline has expired Company accounts filing deadline Company Accounts Filing Date Filing deadline at Companies House (Northern Ireland: Companies Registry) of accounts for private companies with a year ended before 31 May 2009 and for public companies with years ended 31 August 2009 VAT Return Date Due date for January VAT returns. Corporation tax return date Filing deadline for Corporation Tax Return Form CT600 for period ended 28 February 2009 to be submitted to HMRC Tax payment date Last day to pay any balance of 2008/09 tax to avoid an automatic 5% surcharge
Feb 28 2010	Deadline has expired Corporation tax payment Due date for payment of Corporation Tax for year ended 31 May 2009. Intrastat Due date for payment of supplementary declarations for January 2009 Corporation tax returns The corporation tax return (CTSA) for accounting periods ened 28 February 2009 should be filed.
Mar 06 2010	Deadline has expired VAT Return Date Due date for January VAT returns (electronic payments)
Mar 11 2010	Deadline is today Deregistering for VAT Deregistration from VAT is usually a fairly straightforward process. However, there are some important aspects to bear in mind which, if misunderstood, could prove costly. A business must deregister if: it stops making taxable supplies the legal entity changes, e.g. from a sole trader to a company (although the new entity could retain the existing VAT number) it is sold (although the owner could retain the VAT number) it registered because it intended to make taxable supplies but the intention no longer exists, it is a corporate body and wants to join a group registration, or it is the representative member of a group registration and the group is to be disbanded. A business may deregister if it can satisfy HM Revenue & Customs that taxable turnover in the next 12 months will not exceed the deregistration threshold, currently £66,000. Although supplies of capital assets can be ignored in applying this threshold, positive rated supplies of land and buildings must be included. Sometimes, satisfying HM Revenue & Customs of reduced turnover levels can be difficult. Perhaps the area most misunderstood is the treatment of assets on hand at deregistration. VAT must be accounted for on tangible assets on hand (intangible assets such as goodwill are excluded) and positive rated interests in land on hand at deregistration where the VAT due would exceed £1,000. Therefore, the VAT-inclusive value would have to be £6,714 or more if all the assets were standard rated and the rate was 17.5% (£7,667 with the rate at 15%). It is important to include any relevant assets previously acquired in a transfer of a going concern, even though no VAT would have been charged at the time. However, assets may be excluded if VAT was not deductible on their original purchase e.g. cars, goods for business entertainment and any goods wholly used for exempt activities (although if the input tax was partially recoverable, such assets must still be included). If compulsory deregistration applies, HM Revenue & Customs will often allow the registration to stay open for up to 6 months in order to 'tie up loose ends'.
Mar 19 2010	PAYE/NIC/student loan payment PAYE/NIC/Student Loan Payment If paying by cheque, pay PAYE, NICs, student loan deductions and deductions from payments to subcontractors for the month up to the 5th of this month. CIS return date Construction Industry Scheme : Monthly return due for period to 5th of month
Mar 21 2010	PAYE/NIC/student loan payment If paying electronically, pay PAYE, NICs, student loan deductions and deductions from payments to subcontractors for the month up to the 5th of this month.
Mar 24 2010	Budget Day The Chancellor, Alistair Darling will present his Budget Report on 24 March 2010. This is the final Budget of the current Government prior to the General Election.
Mar 31 2010	Company accounts filing deadline Company Accounts Filing Date Filing deadline at Companies House (Northern Ireland: Companies Registry) of accounts for private companies with a year ended 30 June 2009 and for public companies with a year ended 30 September 2009. VAT Date Deadline for VAT partial exemption special method approval if backdating required to 1 April 2009 (March VAT year ends) VAT Return Date Due date for February VAT returns. Intrastat Due date for payment of supplementary declarations for February 2009 Corporation tax date End of Corporation Tax financial year CT61 date End of CT61 quarterly period Corporation tax return date Filing deadline for Corporation Tax Return Form CT600 for period ended 31 March 2009 to be submitted to HMRC Corporation tax returns The corporation tax return (CTSA) for accounting periods ened 31 March 2009 should be filed. End of 40% first year allowance Temporary 40% first year allowance ceases for incorporated businesses
Apr 01 2010	Increase in rates The 2008 Pre Budget Report announced that rates for unleaded petrol and diesel would increase by the rate of indexation and 0.5 pence per litre New banding duty introduced APD increases apply Corporation tax Due date for payment of Corporation Tax for year ended 30 June 2009. Landfill tax Landfill tax standard rate increases to £48 per tonne
Apr 05 2010	CGT date CGT Date Last day to use the 2009/10 capital gains tax exemption of £10,100 ISA date Last day to use the 2009/10 ISA investment limit of £7,200 or £10,200 (over 50s) End tax year date Last day of 2009/10 tax year Inheritance tax date Last day to utilise 2009/10 inheritance tax exemptions End of 40% first year allowance Temporary 40% first year allowance ceases for unincorporated businesses
Apr 06 2010	Reduction in personal allowances Basic personal allowance for income tax to be reduced. This is to be in two stages for those with gross incomes above £100,000 and £140,000 Increase in annual allowance and lifetime allowance Annual allowance increases from £245,000 to £255,000 - the lifetime allowance increases to £1,750,000. These allowance limits are to apply to 5 April 2016 Start tax year First day of 2010/11 tax year Furnished holiday lettings Furnished holiday lettings rules abolished Company car tax Company car tax for electric cars and vans reduced to 0 per cent Company car tax Fuel rate multiplier increases from £16,900 to £18,000 Company car tax Fuel benefit for vans increases from £500 to £550 Capital allowances New, unused electric vans capital allowance deduction is now 100 per cent New 50% income tax rate 50% rate of tax applies to income over £150,000. Personal allowances restricted for those with income over £100,000. Dividend rate is now 42.5%. Trust rate increases from 40% to 50%. Increase in inheritance tax threshold Inheritance tax increases to £350,000, married couples and civil partners have an effective allowance of £700,000 ISA allowance increases for those 18-49 ISA allowance increases to £10,200 for all taxpayers 18 and over. The cash ISA limit included in this limit is £5,100.
Apr 07 2010	VAT Return Date Due date for February VAT returns (electronic payments)

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Lowson Ward Limited. Registered in England number 6510612.
Registered to carry out audit work and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales.