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February 2008 Newsletter

CGT Relief for Entrepreneurs Announced

Small businesses had been promised some sort of concession from the proposed hike in Capital Gains Tax (CGT) from 5% or 10% (see below) to 18%...

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Escaping Penalties for Late Tax Returns

The deadline for submitting personal tax returns for 2006/07 has just passed, and in a few days time the Taxman's computer will be churning out £100 penalties for late returns...

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Taxman Help for R&D Tax Relief Claims

The research and development (R&D) enhanced tax relief for smaller companies is often ignored as business owners feel it is too complicated to make a claim. However...

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Tax Credits Rules for Childcare Costs

If you claim the working tax credit you can include in your claim the amount you spend on registered or approved childcare. This is subject to both of the adults who make the tax credit claim working enough hours to qualify, which is normally 16 hours per week. The tax credits your family receives will refund you up to 80% of your childcare costs, to a maximum of £140 per week for one £240 per week for two or more children.

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Question and Answer Corner

Q. The Department of Work and Pensions has sent me a pension forecast which shows I've already paid...

A. You must pay class 2 NICs if you are self-employed and have not yet achieved state...

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Key Tax Dates for February 2008

2nd Last day to notify car changes in the quarter to 5 January - P46 Car

19th PAYE/NIC due for month to 5/2/2008

28th Talk to us about year end and pre-budget planning

28th First 5% penalty surcharge on any 2006/07 outstanding tax due on 31 January 2008 still unpaid

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Leftley Rowe & Co. Chartered Accountants and Registered Auditors,
The Heights, 59-65 Lowlands Road, Harrow, Middlesex, HA1 3AW

 
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