SME Tax News

1 October 2009 marks the final implementation phase of the 2006 Companies Act.

BBC stars are setting up personal service companies ahead of the introduction of the 50% income tax rate.

A temporary extension of the carry back rules for trading losses was announced in the 2009 Budget. HM Revenue & Customs (HMRC) have given advice on amending claims.

Company accounts, as well as tax form CT600 and the tax computations will all have to be filed online using the ‘inline extensible business reporting language’ (iXBRL) standard from 2011.

Businesses and advisers who do not use accounts production software will have to review their systems so they can file their company accounts returns online by 2011.

HMRC has announced a new Offshore Disclosure Facility this month, which will run from 1 September 2009 to 12 March 2010. A further facility will apply to those with bank accounts in Leichtenstein.