<html> <head> <meta http-equiv=Content-Type content="text/html; charset=unicode"> <link rel=Edit-Time-Data href="June09_files/editdata.mso"> <link rel=themeData href="June09_files/themedata.thmx"> <link rel=colorSchemeMapping href="June09_files/colorschememapping.xml"> <style> <!-- .Section1 {page:Section1;} --> </style> </head> <body bgcolor="#FFFFFF" link=blue vlink=purple class="Normal" lang=EN-GB> <div class=Section1> <table border=0 cellspacing=0 cellpadding=0 width="100%"> <tr> <td width="100%" class="Normal"><p><a name=top></a><b><span style='font-size:14.0pt; font-family:&quot;Arial&quot;,&quot;sans-serif&quot;;&quot;Times New Roman&quot;'>Northams Chartered Accountants</span></b></p></td> <td class="Normal"><p><span style='font-family:"Arial","sans-serif";"Times New Roman"'><img id="_x0000_i1025" src="406.jpg"></span></p></td> </tr> </table> <table border=0 cellspacing=0 cellpadding=0 width="100%"> <tr> <td width=2 colspan=2 class="Normal"><p><span style='font-family:"Arial","sans-serif";"Times New Roman";color:black'><img border=0 id="_x0000_i1026" src="box_tl.gif"></span></p></td> <td width="100%" class="Normal"><p align=center style='text-align:center'><b><span style='font-size:11.0pt;font-family:"Arial","sans-serif";"Times New Roman";color:black'>Newsletter June 2009</span></b></p></td> <td width=2 class="Normal"><p><span style='font-family:"Arial","sans-serif";"Times New Roman";color:black'><img border=0 id="_x0000_i1027" src="box_tr.gif"></span></p></td> </tr> <tr> <td width=1 class="Normal"></td> <td colspan=2 valign=top class="Normal"><p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>Our newsletter this month includes articles on the new car scrappage scheme, P11D deadline reminder, announcement of a new tax amnesty and finally notice of changes to car tax benefits.</span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>The next issue of our newsletter will be published on 7 July 2009.</span></p></td> <td width=1 class="Normal"></td> </tr> <tr> <td width=1 class="Normal"></td> <td colspan=2 valign=top class="Normal"></td> </tr> </table></td> <td width=1 class="Normal"></td> </tr> <tr> <td colspan=4 class="Normal"></td> </tr> <tr height=0> <td width=1 class="Normal"></td> <td width=1 class="Normal"></td> <td width=744 class="Normal"></td> <td width=2 class="Normal"></td> </tr> </table> <table border=0 cellspacing=0 cellpadding=0 width="100%"> <tr> <td width=2 colspan=2 class="Normal"><p><span style='font-family:"Arial","sans-serif";"Times New Roman";color:black'><img border=0 id="_x0000_i1033" src="box_tl.gif"></span></p></td> <td width="100%" class="Normal"><p align=center style='text-align:center'><b><span style='font-size:11.0pt;font-family:"Arial","sans-serif";"Times New Roman";color:black'>Car scrappage scheme starts 18 May 2009</span></b></p></td> <td width=2 class="Normal"><p><span style='font-family:"Arial","sans-serif";"Times New Roman";color:black'><img border=0 id="_x0000_i1034" src="box_tr.gif"></span></p></td> </tr> <tr> <td width=1 class="Normal"></td> <td colspan=2 valign=top class="Normal"><p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>In exchange for scrapping your old vehicle and buying a new one the Government and most car manufacturers will contribute a total of &pound;2,000 towards the purchase of a new vehicle - the scheme will run from 18 May 2009 </span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>The scheme will be available to the first 300,000 eligible claimants or until 28 February 2010, whichever is sooner.</span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>To qualify the vehicle you are trading in must: </span></p> <ul type=disc> <li><span style='font-size:9.0pt;font-family:"Arial","sans-serif";"Times New Roman"'>Be a car or small van weighing up to 3,500 kilograms (kg)</span></li> <li><span style='font-size:9.0pt;font-family:"Arial","sans-serif";"Times New Roman"'>Have been first registered in the UK on or before 31 August 1999</span></li> <li><span style='font-size:9.0pt;font-family:"Arial","sans-serif";"Times New Roman"'>Either have a current tax disc, or have a current tax disc and a current Hackney Carriage Licence, or an MOT certificate which expired no earlier than 14 days before the date of the contract between the Purchaser and the Dealer for the acquisition of title to the vehicle by the Purchaser</span></li> <li><span style='font-size:9.0pt;font-family:"Arial","sans-serif";"Times New Roman"'>Have been registered to you continuously for 12 calendar months before the order date of the new vehicle</span></li> <li><span style='font-size:9.0pt;font-family:"Arial","sans-serif";"Times New Roman"'>Have a UK address on the registration certificate (V5C) in the same name as the new vehicle</span></li> <li><span style='font-size:9.0pt;font-family:"Arial","sans-serif";"Times New Roman"'>Have a current MOT test certificate before date of order for the new vehicle </span></li> </ul> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>The new vehicle you want to buy must be: </span></p> <ul type=disc> <li><span style='font-size:9.0pt;font-family:"Arial","sans-serif";"Times New Roman"'>A car or small van weighing up to 3,500 kg</span></li> <li><span style='font-size:9.0pt;font-family:"Arial","sans-serif";"Times New Roman"'>First registered in the UK on or after 18 May 2009</span></li> <li><span style='font-size:9.0pt;font-family:"Arial","sans-serif";"Times New Roman"'>Declared new at first registration in the UK with no former keepers</span></li> </ul> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>The allowance is funded by a &pound;1,000 subsidy from the Department for Business, Enterprise and Regulatory Reform (BERR) and a further &pound;1,000 discount paid for by the manufacturer.&nbsp; </span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>In most cases, VAT cannot be reclaimed on a car purchase even by VAT registered businesses so the discount will only have the effect of reducing the car's purchase price. However, certain VAT registered customers may have to reduce their input tax in respect of the manufacturers' discount. This will only be the case where VAT can be reclaimed on the purchase of a car such as for the purchase of a taxi or a driving instructor's car.</span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>If you are buying a business vehicle under this scheme please note the following points regarding a future claim for capital allowances.</span></p> <p><span style='font-size:9.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;'>1.<span style='font:7.0pt "Times New Roman"'>&nbsp;&nbsp;&nbsp;&nbsp; </span></span><span style='font-size:9.0pt;font-family:&quot;Arial&quot;,&quot;sans-serif&quot;; &quot;Times New Roman&quot;'>The &pound;2000 discount reduces the capital cost of the vehicle.</span></p> <p><span style='font-size:9.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;'>2.<span style='font:7.0pt "Times New Roman"'>&nbsp;&nbsp;&nbsp;&nbsp; </span></span><span style='font-size:9.0pt;font-family:&quot;Arial&quot;,&quot;sans-serif&quot;; &quot;Times New Roman&quot;'>The vehicle you part exchange, or scrap, is considered to be written off for tax purposes and the &pound;2000 discount will not be treated as taxable proceeds of sale.</span></p> <br> </td> <td width=1 class="Normal"></td> </tr> </table> <table border=0 cellspacing=0 cellpadding=0 width="100%"> <tr> <td width=2 colspan=2 class="Normal"><p><span style='font-family:"Arial","sans-serif";"Times New Roman";color:black'><img border=0 id="_x0000_i1037" src="box_tl.gif"></span></p></td> <td width="100%" class="Normal"><p align=center style='text-align:center'><b><span style='font-size:11.0pt;font-family:"Arial","sans-serif";"Times New Roman";color:black'>P11D filing deadline approaches</span></b></p></td> <td width=2 class="Normal"><p><span style='font-family:"Arial","sans-serif";"Times New Roman";color:black'><img border=0 id="_x0000_i1038" src="box_tr.gif"></span></p></td> </tr> <tr> <td width=1 class="Normal"></td> <td colspan=2 valign=top class="Normal"><p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>Employers should be aware that the filing dates for 2008-9 P11D and P11D(b) is 6 July 2009.&nbsp; Those employers who filed a paper P11D(b) form last year are currently being sent new paper forms and a payslip.</span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>All relevant businesses should receive these forms by 15 June 2009.</span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>Businesses who submitted online forms last year are being sent a payslip and an online reminder to file the form before the deadline.</span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>This year, a new quality standard for the P11D forms has been introduced.&nbsp; This means that paper forms that are not properly completed will be returned and online submissions must be fully complete before submission is possible. The quality standards are designed to check that the employer reference is included, that employees' names and National Insurance numbers are completed and that the list price of any car provided to an employee is shown on the form etc. </span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>Businesses filing online can file the forms using commercial payroll software or HMRC's online facility.</span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>If you need help completing individual forms, or filing returns, please contact us soon as the deadline is fast approaching.</span></p><br> </td> <td width=1 class="Normal"></td> </tr> </table> <table border=0 cellspacing=0 cellpadding=0 width="100%"> <tr> <td width=2 colspan=2 class="Normal"><p><span style='font-family:"Arial","sans-serif";"Times New Roman";color:black'><img border=0 id="_x0000_i1041" src="box_tl.gif"></span></p></td> <td width="100%" class="Normal"><p align=center style='text-align:center'><b><span style='font-size:11.0pt;font-family:"Arial","sans-serif";"Times New Roman";color:black'>Updates from HMRC</span></b></p></td> <td width=2 class="Normal"><p><span style='font-family:"Arial","sans-serif";"Times New Roman";color:black'><img border=0 id="_x0000_i1042" src="box_tr.gif"></span></p></td> </tr> <tr> <td width=1 class="Normal"></td> <td colspan=2 valign=top class="Normal"><p><strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>Tax Amnesty</span></strong></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>HMRC have announced a second offshore tax amnesty for holders of overseas bank accounts. It will be referred to as the New Disclosure Opportunity and will close March 2010.</span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'><br> <strong><span style='font-family:"Arial","sans-serif"'>Text messages from HMRC</span></strong></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>HMRC are currently exploring new ways of making contact with taxpayers.&nbsp; This includes HMRC leaving an automated voicemail or sending a text message.&nbsp; Both of these methods are currently only being used to ask taxpayers to call HMRC rather than to provide any other specific advice or information.</span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>If you receive an automated voicemail message or a text message claiming to be from HMRC asking you to contact them use the number for your local office or the telephone numbers on the official HMRC web site at <a href="http://www.hmrc.gov.uk"><span style='font-size:10.0pt'>www.hmrc.gov.uk</span></a>.</span></p><br> </td> <td width=1 class="Normal"></td> </tr> </table> <table border=0 cellspacing=0 cellpadding=0 width="100%"> <tr> <td width=2 colspan=2 class="Normal"><p><span style='font-family:"Arial","sans-serif";"Times New Roman";color:black'><img border=0 id="_x0000_i1045" src="box_tl.gif"></span></p></td> <td width="100%" class="Normal"><p align=center style='text-align:center'><b><span style='font-size:11.0pt;font-family:"Arial","sans-serif";"Times New Roman";color:black'>Car benefit changes</span></b></p></td> <td width=2 class="Normal"><p><span style='font-family:"Arial","sans-serif";"Times New Roman";color:black'><img border=0 id="_x0000_i1046" src="box_tr.gif"></span></p></td> </tr> <tr> <td width=1 class="Normal"></td> <td colspan=2 valign=top class="Normal"><p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>A number of changes to the tax calculations for company cars have been announced over the last few months and during the Budget.&nbsp; </span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>For the current 2009/10 tax year please note the following changes:</span></p> <ul type=disc> <li><span style='font-size:9.0pt;font-family:"Arial","sans-serif";"Times New Roman"'>Disabled drivers who are required to drive an automatic car as their company car will be allowed to use the list price of an equivalent manual car when calculating the company car tax benefit. </span></li> <li><span style='font-size:9.0pt;font-family:"Arial","sans-serif";"Times New Roman"'>The requirement for a new P46 (car) form is withdrawn where an employee's car is returned and replaced with another car. </span></li> </ul> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>From 2010/11 the lower threshold for CO2 emissions figure will be reduced to 130g/km (from 135g/km).</span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>From 2011/12 the lower threshold for CO2 emissions figure will be reduced to 125g/km.&nbsp; In addition, the current £80,000 list price cap used to calculate the company car tax will be abolished and current discounts given to cars using alternative fuels (such as bio-fuels and bioethanol) will be removed. </span></p><br> </td> <td width=1 class="Normal"></td> </tr> </table> <table border=0 cellspacing=0 cellpadding=0 width="100%"> <tr> <td width=2 colspan=2 class="Normal"><p><span style='font-family:"Arial","sans-serif";"Times New Roman";color:black'><img border=0 id="_x0000_i1049" src="box_tl.gif"></span></p></td> <td width="100%" class="Normal"><p align=center style='text-align:center'><b><span style='font-size:11.0pt;font-family:"Arial","sans-serif";"Times New Roman";color:black'>Tax Diary June/July 2009</span></b></p></td> <td width=2 class="Normal"><p><span style='font-family:"Arial","sans-serif";"Times New Roman";color:black'><img border=0 id="_x0000_i1050" src="box_tr.gif"></span></p></td> </tr> <tr> <td width=1 class="Normal"></td> <td colspan=2 valign=top class="Normal"><p><strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>1 June 2009</span></strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'> - Due date for corporation tax due for the year ended 31 August 2008.</span></p> <p><strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>19 June 2009</span></strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'> - PAYE and NIC deductions due for month ended 5 June 2009. (If you pay your tax electronically the due date is 22 June 2009)</span></p> <p><strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>19 June 2009</span></strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'> - Filing deadline for the CIS300 monthly return for the month ended 5 June 2009. </span></p> <p><strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>19 June 2009</span></strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'> - CIS tax deducted for the month ended 5 June 2009 is payable by today.</span></p> <p><strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>1 July 2009</span></strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'> - Due date for corporation tax due for the year ended 30 September 2008.</span></p> <p><strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>6 July 2009</span></strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'> - Complete and submit forms P11D return of benefits and expenses and P11D(b) return of Class 1A NIC's.</span></p> <p><strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>6 July 2009</span></strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'> - Deadline for submission of new Tax Credit application for 2009-2010, if you want to secure a full years claim.</span></p> <p><strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>19 July 2009</span></strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'> - Pay Class 1A NIC's (by the 22 July 2009 if paid electronically).</span></p> <p><strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>19 July 2009</span></strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'> - PAYE and NIC deductions due for month ended 5 July 2009. (If you pay your tax electronically the due date is 22 July 2009)</span></p> <p><strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>19 July 2009</span></strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'> - Filing deadline for the CIS300 monthly return for the month ended 5 July 2009. </span></p> <p><strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>19 July 2009</span></strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'> - CIS tax deducted for the month ended 5 July 2009 is payable by today.</span></p><br> </td> <td width=1 class="Normal"></td> </tr> </table> <table border=0 cellspacing=0 cellpadding=0 width="100%"> <tr> <td colspan=3 class="Normal"></td> </tr> <tr> <td width=1 class="Normal"></td> <td valign=top class="Normal"><p><strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>DISCLAIMER - PLEASE NOTE:</span></strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'> The ideas shared with you in this email are intended to inform rather than advise. Taxpayers circumstances do vary and if you feel that tax strategies we have outlined may be beneficial it is important that you contact us before implementation. If you do or do not take action as a result of reading this newsletter, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.</span></p></td> <td width=1 class="Normal"></td> </tr> <tr> <td colspan=3 class="Normal"></td> </tr> </table> <table border=0 cellspacing=0 cellpadding=0 width="100%"> <tr> <td colspan=3 class="Normal"></td> </tr> <tr> <td width=1 class="Normal"></td> <td valign=top class="Normal"><p><span style='font-size:7.5pt;font-family:"Tahoma","sans-serif"'>Northams</span></p> <u1:p></u1:p> <p><span style='font-size:7.5pt;font-family:"Tahoma","sans-serif"'>21-23 New Street</span></p> <p><span style='font-size:7.5pt;font-family:"Tahoma","sans-serif"'>Devon&nbsp; EX14 1HD</span></p> <p><span style='font-size:7.5pt;font-family:"Tahoma","sans-serif"'>Tel: 01404 45994  Fax: 01404 46470 web: </span><span style='font-size:10.0pt'><a href="http://www.northams.com/"><span style='font-size:7.5pt;font-family:"Tahoma","sans-serif";color:purple'>www.northams.com</span></a><u1:p></u1:p></span></p> <p><span style='font-size:7.5pt;font-family:"Tahoma","sans-serif"'>Northams is registered for VAT under reference no 540590849.</span></p> <u1:p></u1:p> <p><span style='font-size:7.5pt;font-family:"Tahoma","sans-serif"'>The Principal of the firm is a member of the Institute of Chartered Accountants of England and Wales (ICAEW) and the Chartered Institute of Taxation.  These bodies have their headquarters in the <st1:country-region u2:st="on"><st1:place u2:st="on">UK</st1:country-region> and their rules of professional conduct can be obtained from their web sites.</span></p></td> <u1:p></u1:p> <td width=1 class="Normal"></td> </tr> <tr> <td colspan=3 class="Normal"></td> </tr> </table> </div> </body> </html>