The new top rate of 50% income tax comes into effect from 6 April 2010 on taxable income of £150,000 and above.

Paying dividends
If your company has surplus cash it could make sense to pay an interim dividend before the new income rate is introduced. Companies can only pay dividends out of accumulated profits though.

Pensions
Don’t forget tax relief on pensions has been restricted with relief actually ceasing for those earning £180,000 and above. If you’re earning less than £150,000 then consider making the most of the opportunities to benefit from full tax relief while it is still available.

Tax Planning
If you are a company owner then it may be worthwhile transferring some of your shares into the names of either your spouse, partner or adult member of your family. You can then take advantage of lower tax bands and personal allowances when distributing company profits as dividends.

Contact mark.busby@dbsellek.co.uk for professional guidance.

From 1 April 2010, businesses registered for VAT with an annual net turnover of £100,000 or more will be required to submit their VAT returns online and make electronic payments. All newly VAT registered businesses will also have to submit their returns and pay online from this date.

To find out more about registering for VAT online go to www.hmrc.gov.uk/vat/start/register/signup-online.htm

Contact lindsay.gray@dbsellek.co.uk or 01344 620495

The Companies Act 2006 changed the law for companies. Passed in 2006, the Act reached the final stages of implementation on 1 October 2009. Key things you need to know from 1 October 2009:-

Director’s addresses protected from disclosure
From 1 October a director’s current residential address will automatically become the service address. Those directors who don’t want their residential address in the public domain can change it to the company’s registered office on the Companies House website.

Alternative address for registers
There are changes to the arrangements for inspecting a company’s registers. These registers may be held at the registered office address or at a single alternative inspection location (SAIL).

Easier to set up company
There are a number of changes which make it easier to set up a company.

Articles for new companies now include the company’s objectives and liabilities.

Notifying article changes to avoid a fine or penalty
You must send any amendments to the company’s articles to Companies House within 15 days. Otherwise, you could be liable to a criminal offence and a civil penalty of £200.

File accounts one month earlier to avoid a penalty
All Companies House accounts filing deadlines have been reduced by one month. For a private company it’s nine months and six months if you are a public company.  This applies to accounting periods beginning on or after 6 April 2008.

For details call us for your FREE guide or visit  http://www.companieshouse.gov.uk/companiesAct/implementations/oct2009.shtml

http://www.companieshouse.gov.uk/companiesAct/faq.shtml

Contact colin.willet@dbsellek.co.uk or 01344 620495

Remember there are now penalties for tax returns which you need to be aware of. The new rules for returns filed on or after 1 April 2009 provide for a penalty of up to 30% for failure to take reasonable care, higher penalties for deliberate understatement and penalties of up to 100% for deliberate concealment. The government took steps to formalise the basis on which penalties apply. Taxpayers who make genuine mistakes will not be penalised.

Contact mark.busby@dbsellek.co.uk or 01344 620495

Don’t forget if you send in a paper tax return for 2008/09 it must reach Revenue & Customs by midnight on 31 Oct. Those who miss the deadline will have no option but to file online. Those filing particularly complex returns such as a Trust tax return may not be able to file online. The good news is for those of you who under pay by £2,000 or less, the taxman is likely to collect via PAYE coding rather than collecting directly on 31 January.

There are penalties if you do not make a full and accurate tax return.

**Stop Press**  HMRC have announced this week that any Returns missing the  deadline due to the postal dispute will (on appeal) have their penalties waived

Contact mark.busby@dbsellek.co.uk or 01344 620495

As of 6 October 2009, people born on or before April 5 1960 can now invest up to £10,200 a year into an ISA, £5,100 of which can be held in cash.

The new limits, which come into force for all age groups from the start of the new tax year in April 2010, were announced by Alistair Darling in this year’s budget.

Around 6 million people who pay into an ISA each year stand to benefit from this increased allowance.

Check with your ISA provider if you are on a fixed rate product that you are able to subscribe to the higher rate.

For more information please contact mark.busby@dbsellek.co.uk or 01344 620495

Accountancy & Taxation

Audit & assurance, accountancy and taxation
During school I created an interest in Maths and Business, and proceeded to study these at college. On completion of my first year at college, I gained knowledge of the AAT qualification and found that I could gain valuable time and experience from my peers, so rather than completing my final year at college I studied my first year towards the AAT qualification.

I then joined DBS to gain my first footsteps into becoming a qualified accountant. The firm attracted me due to its large customer diversity and having the opportunity to work with such a close-knit team.

Out of the office, I am a keen Ice Hockey player for the Bracknell Hornets and can be found speeding around ice rinks across the country.

Audit & Accounts Manager

Audit & Accounts services for local, national & international Construction clients
Having graduated from Bournemouth University with a degree in Accounting and Finance in 2003 I decided to pursue a career as a Chartered Accountant and opted for the ACA qualification.

Having completed the long road to qualification, I joined DBS as one of the firm’s Audit and Accounts Managers. With my previous experience in advising owner managed businesses and being newly qualified, I was able to bring with me the most up to date technical knowledge and training together with buckets of enthusiasm. My primary focus is advising clients in the firm’s increasing construction industry portfolio, getting involved at local, national and international levels.

In my spare time I am a devoted fan of most sports, in particular football & rugby where I follow Arsenal & London Wasps. Other interests include eating out, cooking & listening to R&B, Soul & Motown.