A brief summary of some of the announcements in Alistair Darling's pre-Budget report today.·         One-off 50% tax on bank bonuses of more than £25,000·         Inheritance tax to be frozen at &... [More]

The government’s plan to increase the VAT rate back to itsoriginal 17.5% is likely to play out as planned.For contractors in the UK, this means they (or their LimitedCompanies), will have to revert back to charging their clients 17.5% VATinstead of the current discounted rate of 15%. For contr... [More]

From 1 October 2009, the national minimum wage (or NWM) will increase as expected. The current minimum wage of £5.73 per hour, for adults 22 years and over, will increase to £5.80 per hour. The rate for 18 to 21 year olds will increase from £4.77 to £4.83 per hour, while... [More]

Download a detailed pdf of the hightlights here.

1st Contact highlights the importance to keep taxpayers informed about tax return guidelines and tax developments. Here is some basic and useful information that you need to know about tax and taxation, tax forms and filing tax returns.  If you are an employee, your employer is required... [More]