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2010-2011 Year End Tax Review

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HIGHER RATE TAX FREE MILEAGE ALLOWANCE RATE
The higher rate tax free mileage allowance rate has been increased from 40p to 45p per mile from 6 April 2011. The higher rate is allowed on the first 10,000 business miles. The mileage allowance for business mileage in excess of 10,000 miles remains at 25p per mile.

PAYE
From 6 April 2010 H M revenue & Customs will impose penalties for late payment of PAYE payments. This is the first year penalties will be imposed and you may not be made aware of the amount until after April 2011 ! Although the penalty will not be payable until after the end of the tax year it will be calculated based on a percentage of the tax paid late. For any tax year you are allowed to be late once (although not exceeding 6 months) before a penalty is imposed. The penalty starts at 1% and increases to 4%. There are further additional penalties of 5% after 6 and 12 months. If you have any queries please do not hesitate to contact us.

TAX RATES
Tax rates increase with effect from 6 April 2010 - please contact us if you wish to discuss various options available to minimise your tax liabilities.