New construction industry scheme

As many of you working in the construction industry will know, the tax scheme for dealing with subcontractors is changing with effect from April 2007.

If you work in the Construction Industry, the Inland Revenue have set up a special telephone helpline (0845 366 7899), which is open 7 days a week from 8.00am to 8.00pm (except public holidays) to assist those working in the industry.

The help line is to help answer enquiries that you may have on the new CIS. There is also a tool available online to assist employers to check whether their workers are employed or self-employed. This can be found at www.hmrc.gov.uk/employment-status

It may be advisable to call this number now rather than waiting until April 2007.  This will ensure you are aware of the changes and your new obligations under the system before it comes into play and you will not miss any of the new deadlines or receive any penalties for non-compliance which can be quite severe.

If you would like any further details or clarification of the main changes and how they will affect you, please e-mail Janice Offer on Janice@stephen-hill.co.uk and she will be happy to help.

Gender gap in pensions to be eliminated!

Under the new pensions bill introduced last week (29th November), the gender gap in the state pension is being removed – this will prove most beneficial to women although men are due to benefit as well.

The qualifying period from 2010 onwards is going to be cut to 30 years for both men and women instead of 39 years for a woman and 44 for a man.

Today only 30% of women who reach the state pension age are entitled to a full state pension; this is in comparison of 85% of men. This will also result in women who take a few years off to care for the children will still be able to qualify for the same state pension as a man.  

To read the full article to find out other changes that will affect your pension please go to http://www.timesonline.co.uk/article

Key Payment Dates and Deadlines

A question we are often asked by our clients are the key dates and deadline for their accounts, tax returns and other important documents to HMRC or companies house.

Limited company:

Individual:

Other deadlines:

This can also be viewed in more detail online at http://www.hmrc.gov.uk/sa/keydates

If you would like to receive a laminated dates and deadline sheet for your personal use please email Cheryl@stephen-hill.co.uk

This document is for information only and is correct at the time published on 30th November 2006; stephen-hill Limited cannot be held responsible for the accuracy of information contained or for the outcome of any action taken upon this document receipt.

Quote of the week

"When one door closes another door opens; but we so often look so long and so regretfully upon the closed door, that we do not see the ones which open for us."

Alexander Graham Bell