Most new laws affecting businesses come into force on one of two common commencement dates (CCDs) each year – 6 April and 1 October. CCDs enable you to prepare your business for the introduction of new, amended or reduced requirements.
Note that certain changes affect the financial year and so may have an in-force date of 1 April 2011. For simplicity, this summary treats both dates as a single CCD.
This page gives you an early snapshot of regulations expected to come into force in the April 2011 CCD. It will be updated as more information becomes available.
Rate of Corporation Tax: the main rate of Corporation Tax will fall from 28 to 26 per cent, and the Small Profits Rate from 21 to 20 per cent, for the financial year beginning 1 April 2011. See our guide: Corporation Tax rates.
Payment of Corporation Tax: from 1 April 2011, Corporation Tax and any related payments must be paid electronically for any accounting period. Related payments include interest charged on overdue Corporation Tax and penalties for not filing your Company Tax Return on time. From the same date, Company Tax Returns – including supporting documentation – must be submitted online for any accounting period ending after 31 March 2010. See our guide: Switching from paper to online Company Tax Returns and electronic payment.
Industry-specific taxes: on 1 April 2011, the rates of Landfill Tax, Aggregate Levy and Climate Change Levy will increase. See our section: industry-specific taxes.
Stamp Duty Land Tax: a new rate of 5 per cent will be introduced for residential properties sold for more than £1 million. See our guide: Stamp Duty Land Tax rates and thresholds.
New Self Assessment penalties for late filing and late payment: HMRC is changing the way they deal with people who don’t send their tax returns on time or who pay their tax late. See our guide on tax return deadlines and penalties.
The proposed extension of the right to request flexible working to the parents of 17 year olds has been withdrawn.
Retirement: from 6 April 2011, you will no longer be able to issue notifications of retirement using the statutory retirement procedure. See our page on retirement ages and procedures.
Additional paternity leave and pay: eligible partners of those either due to give birth or who will adopt a child on or after 3 April 2011 will gain the right to additional paternity leave and pay.
Positive action in recruitment: from 6 April 2011, under certain circumstances, you will be able to use positive action as a tie-breaker when making appointments.
All content courtesy of Business Link.