Many measures in the Chancellor’s Budget on 24 March survived the dissolution of Parliament and became law before the general election. Smaller businesses and their owners are both winners and losers from the changes in the Finance Act, which became law on 8 April.

If you are thinking of retiring abroad to enjoy a better climate and escape the UK tax system, you might find it harder than you expect, especially after a recent well-publicised tax case in the Court of Appeal concerning a man who went to live in the Seychelles.

If you employ people, you must submit the end of year PAYE returns for the tax year to 5 April 2010 (and for subsequent years) by electronic means, such as online using the HM Revenue & Customs (HMRC) website. You can be exempted only if you:

1 January 2010 was a key date for businesses with EU activities. An EC Sales List (ESL) must now be completed if you are VAT registered in the UK and sell services to an EU business customer without charging VAT. Another important change is that any claim for a refund of VAT paid in another EU country is dealt with by a modern electronic claims system.

Some of the work required in completing the annual returns of expenses and benefits for each employee (forms P11D) can be eliminated if you have a dispensation from HM Revenue & Customs (HMRC) to omit tax deductible expense payments. Also, where a dispensation is in place, the employees’ PAYE codes will not include expenses for which they can claim a tax deduction, so the accuracy of PAYE codes will be improved.

You can receive tax relief for charitable gifts under Gift Aid, the Give As You Earn scheme, or by using a scheme such as the Charities Aid Foundation Account.

Your marital status – whether or not you are married or in a civil partnership – can make a considerable difference to your tax position.

Have you now registered with HM Revenue & Customs to submit online VAT returns if your annual sales are more than £100,000? Online filing of VAT returns and electronic payment of VAT became compulsory for these businesses for any VAT period beginning after 1 April 2010.

announced plans to restrict tax relief for higher paid employees who join a childcare voucher scheme from 6 April 2011.

Tax Calendar