News week beginning 28th June, 2010

28 June 2010 – UK Budget

The UK Chancellor of the Exchequer announced the 2010 UK emergency budget last week. The highlights of the Budget were as follows:

-         The Corporation Tax rate of 28% (applicable for profits over £1.5m) will be cut by 1% per annum over the next 4 years to 24%. The first 1% cut will apply from 1 April 2011.

-        The standard rate of VAT will increase from 17.5% to 20% with effect from 4 January 2011; and

-        From 22 June 2010, the rate of Capital Gains Tax will increase from 18% to 28% for higher rate taxpayers.

Tax Deadlines for July

14 July 2010

-         Monthly P30 for June 2010 (deadline is extended to 23 July 2010 when filed via ROS)

-         RCT30 Return for June 2010 (deadline is extended to 23 July 2010 when filed via ROS)

-         DWT return and filing and payment date for dividends made in June 2010

19 July 2010

-         Bi-monthly VAT 3 Return and payment for the period May/June 2010

21 July 2010

-         Payment of preliminary Corporation Tax for accounting periods ending 31 August 2010 (deadline is extended to 23 July 2010 when filed via ROS)

-          Payment of initial instalment of preliminary Corporation Tax (large companies only) for accounting periods ending 31 January 2011 (deadline is extended to 23 July 2010 when filed via ROS)

-          Corporation Tax filing deadline for accounting periods ending 31 October 2009 (deadline is extended to 23 July 2010 when filed via ROS)

30.06.2010. 09:41