New IXBRL requirements effective from April 2011

It is now compulsory for limited companies to send their Company Tax Returns online using iXBRL for accounts and computations. The new requirements are effective for returns delivered on or after 2011. It will no longer be acceptable for most companies to send either the accounts or computations on paper or as a PDF attachment to an online return. The new requirements are effective for returns delivered on or after 1 April 2011, for any accounting periods ending after 31 March 2010.

Growth in the market for contractors in the UK

There has been significant growth in the market for contractors in the UK, particularly within the IT and financial services markets. In particular there has been rapid growth in the number of contractors coming from overseas. Contractors from Australia, New Zealand and South Africa commonly move to the UK and have limited choice when looking for an experienced and quality accountancy company. Contractors often have to choose between the large established, but expensive accountancy providers or the smaller but more personalised services offered by companies such as ourselves. Our clients have commented that they prefer the more personalised service offered by Belsize Accountancy. We are able to offer high quality and effective advice to our clients through our team of experienced professionals. 

Proposal to merge PAYE and National Insurance

The Chancellors budget announcement for 2011 included a proposal to merge PAYE and National Insurance in the future. No further updates have been provided at this time. Belsize comment hat whilst this will simplify the tax system for UK contractors and employees, this could reduce the current tax benefit employed by contractors who structure their taxes to minimise their National insurance payments.