Throughout this guide we have included tips and ideas for effective tax and financial planning, but it is important to remember that this planning should be an ongoing, year-round process, not something that is left until the last minute.

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Late Tax Return:

•  1 day late attracts a penalty of £100, even if there is no tax to pay, or the tax is paid;
• 3 months late attracts and automatic penalty of £10 per day, up to a maximum of £900;
• 6 months late; further penalty of the greater of £300 or 5% of the tax liability;
• 12 months late attracts a further penalty of the greater of 5% tax due or £300.

Late payment: 

• 30 days late and there is an initial 5% penalty as before, of the tax which remains unpaid;
• 6 months late attracts a further penalty of 5% of unpaid tax;
• 12 months late attracts a further penalty of 5% of any unpaid tax.

Other announcements expected include Banking reform, a range of measures targeted to fuel growth in the economy, and Credit Easing, and how this will help businesses.

Employers will be required to auto-enrol staff into a scheme, although staff may subsequently opt out of the scheme .  Overall contribution into the scheme (for employer and employee) is likely to be around 7% of salary(which includes a 3% employer contribution).

The salary levels, including overtime, commission and bonuses to be taken into account are between £5,515 and £38,185.  Workers between ages 16 and 21 or over state pension age but under age 75 won’t be automatically enrolled, but can ask to be enrolled.  Workers earning under £5,715can also ask you to arrange a pension for them, but the employer would will not have to pay into the scheme, and the scheme in this case need not be a qualifying one.

We strongly recommend that employers start planning early for the changes, perhaps building up contributions to the required level by 2016 for small businesses.  Payments are likely to be collected as a payroll deduction and Layton Lee will be pleased to advise and out payroll bureau can provide the relevant processing.  For more information or advice, please speak to one of our partners.

The Winners:

Martin Ash

Nigel Rowlands

Andrew Adderley

Gary Morgan

Second Place:

Mick Snook

Dave Minshull

Mike Dickinson

Mark Bloor

Third Place:

David Antrobus

Dave Stanhope

Phil Smeathers

John Clarkson

We look forward to welcoming our guests in 2012.  Contact David Lee if you would like to be involved.

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Throughout this guide we have included tips and ideas for effective tax and financial planning, but it is important to remember that this planning should be an ongoing, year-round process, not something that is left until the last minute.

We can help you to reassess your plans regularly, and adapt them as your personal and business circumstances change. With our help, you can plan for a rewarding and financially secure future.

Please note: while most taxation changes take effect from the start of the financial year, or tax year, some may not take effect until 2012, or later. Where relevant, details of these changes have been included in this Report. Throughout the Report, ‘HMRC’ refers to HM Revenue & Customs.

More info on the 2011 Budget >>>

The Layton Lee 2010 Golf Day is to be held once again at the superb Cavendish Golf Club, Buxton on Wednesday 15th September. Clients and contacts who wish to play but are not on the guest list are asked to contact David Lee as soon as possible.

Our best wishes to Sarah Watson, who sadly left the firm in July 2010, for a new life in Australia.  Sarah has been with us for 6 years, and in that time became an important part of the team at Layton Lee.  Sarah will be missed by staff and partners alike and we wish her well in Oz.