Compulsory online VAT filing

All registered businesses with an annual VATexclusive turnover of £100,000 or more and all newly registered businesses must file their returns online and pay any VAT due electronically for all tax periods beginning on or after 1 April 2010 Leading up to 1 April HMRC will continue to provide information on relevant issues including how to enrol for the online service and which electronic payment methods are acceptable. All businesses affected by the change can expect a letter from HMRC in February confirming their requirement to file online from their first return period beginning on or after 1 April.

New phishing scam

A warning has been issued by HM Revenue & Customs about a new email scam aimed at taxpayers. The email describes itself as coming from 'HMRC Online services test' and says that the recipient has a new alert message.

People are then invited to log into their online account to read the message. In fact, the email contains a link to a fake website that asks visitors to hand over their passwords and details about their personal accounts. People are being urged not to visit the website contained within the email or to disclose any personal information to the fraudsters. HMRC has said that anyone who receives a copy of the email should forward it to

phishing@hmrc.gsi.gov.uk

Smaller firms are to receive more time to prepare for new pension scheme

Flexibility is to be given to small businesses over the introduction of the government's new compulsory workplace pension scheme. The scheme will see all employees who are not already members of a qualifying occupational pension scheme enrolled into the fund. It is to be known as the National Employment Savings Trust (NEST) is aimed at employees aged over 22, earning between £5,035 and £33,540 and who do not have an occupational pension scheme. Smaller firms will join the scheme on a phased basis over the next three years. Start-up businesses formed from 2012 won't be required to implement a NEST fund until 2016. Employer contributions will also be introduced on a staggered schedule. Employers will be required to contribute a minimum of 1 per cent of an employee's gross salary to the fund as from 2012. That will rise to 2 per cent from 2016 before reaching 3 per cent in October 2017.

Oct 2010 Sherborne Community
Times Article - Quicklinks 

- Table of VAT Flat rate %'s 

Emergency Budget 22nd JUNE 2010

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