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If you have a year-end approaching and are thinking of making some capital purchases before the year-end, you may be able to claim 100% tax deduction against such costs under the new Annual Investment Allowance rules. But whilst the allowance is up to £50,000 per year, it only kicks in on the 1st April so purchases before that date do not qualify.
Furthermore, if you have a 30th April year end, you will have 11 months of capital allowances subject to the old rules and only 1 month’s worth of the AIA available. This means that you will only get 100% allowances of up to £4,167 of fixed assets purchased after 1st April. For a May year-end this will be £8,333, June £12,500 and so on.
Obviously, this will have implications on any capital equipment purchases that you may planning in the very near future, so if you have any questions or require further advice, please give Janice Offer a ring on 01474 853856 or email Janice@a4gsolutions.co.uk.
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As an employer, you will no doubt be aware that all PAYE payments for the year should be settled by 19th April 2008 in order to avoid interest charges. The Employers End of Year Return form P35, summarising the wages paid for the year, is then to be completed and submitted to HM Revenue and Customs by 19th May 2008.
The P35 form should be sent to you direct from HM Revenue and Customs. If however you need any other related stationery such as P14's or P60's, whether you complete the forms manually or you prefer to use a computerised wages system, the relevant forms can be ordered free of charge from the employers helpline either by calling 0845 764 6646, or using the online service via the following link: http://www.hmrc.gov.uk/employers/emp-form.htm.
If ordering online, you will need to select the option for 'Finishing the tax year 2007-2008' then 'Reporting pay and deductions'. Fill in the quantity of forms required in the appropriate box and have your PAYE reference to hand before scrolling down to the bottom of the page to complete the contact details section and finalise your order.
If you have any problems with PAYE end of year issues, please email Dawn on dawn@a4gsolutions.co.uk.
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