March 26, 2011New Approved Mileage Allowance Payments rates from 2011-12

Where employees use their own cars for business mileage they can claim reimbursement from their employers through the approved mileage allowance payments rates (AMAPs) which is not regarded as a taxable benefit. There is currently a higher rate of 40p per mile for the first 10,000 miles of business use and 25p per mile thereafter. Where individuals are paid less than those amounts by their employer, they can claim mileage allowance relief (MAR) for the residual amount.

The higher rate will be increased to 45p per mile with effect from 6 April 2011. The rate will also apply to MAR. Volunteer drivers may reclaim the actual cost of motoring expenses from the relevant voluntary organisation as long as they keep records to demonstrate that no taxable profit has been made, but, for administrative ease, they are allowed to use the AMAPs rates if preferred. In addition to claiming AMAPs rates, an allowance for passenger payments currently in place for employees at 5p per passenger per mile will be extended to volunteers.

March 23, 201123rd March 2011 Budget in Brief

Highlights

, There will be no personal tax increases.
, The personal tax allowance will rise by £630 to £8015 in April 2012
, There will be a consultation on merging income tax and NIC
, The 50% tax rate will remain, but there will be a review of how much it raises.
, There will be a 10% discount on Inheritance tax for people leaving 10% of their estates to charity.
, The levy on Non Doms is to go up to £50,000 for those who have been resident in the UK for 12 years.
, The standard rate of Corporation tax rate will be cut by 2% from April 2011, rather than 1% as previously intended, and fall by 1% in the next three years, to reach 23%.
, The government had previously announced that the Corporation Tax for small businesses would fall from 21% to 20% in early April.
, Business rate relief for small firms is extended for another year.
, Entrepreneurs Relief scheme will be doubled to £10m from early April.
, £75m programme to help smaller employers access 40,000 Advanced Level and 10,000 Higher Apprenticeships
, A rise in the number of places on a new work experience scheme to 100,000 over two years, rather than 20,000 as previously planned
, Increases in small companies’ research and development tax credit to 200% in April and 225% in 2012.
, A long term plan for a £140 a week flat-rate state pension has been confirmed.
, Fuel duty will be cut by 1p per litre from tonight.

March 14, 2011Changes to Companies House Fees - 6th April 2011

Following a review of processes and services Companies House plans to implement changes to a number of fees. The regulations have been laid in Parliament and will come into force on 6th April 2011

It is important for WebCHeck customers to be aware that from this date there will no longer be a fee for monitoring a company. This service will be free of charge.

You can access the complete table of changes to fees at www.companieshouse.gov.uk

March 9, 2011Cable to ease small business audit burden

Business secretary Vince Cable has pledged to remove the need for independently audited accounts for tens of thousands of small businesses.

The auditing changes form part the government’s overall growth review and come at the same time as CBI calls for economic growth in the forthcoming Budget.

While still at the consultation stage, the auditing proposals are expected to save 42,000 small firms up to £40m per year.

Story from:
Accounting Web