FTSE 100 on course to make largest monthly gain in two decades

Following the Eurozone rescue package annouced overnight on Wednesday, Investment Week have reported that the FTSE 100 has dipped back below 5,700 today but remains on course to post its largest monthly gain since 1990.

The FTSE was down 0.27% at 5,699 two hours before the close, but remains 11.2% higher than its 28 September closing level of 5,128. That puts the blue chip index on course for its largest one month rise since May 1990, when it rose by 11.5%.

This welcome news for investments and pensions and all our Financial Services clients.

Read more: http://www.investmentweek.co.uk/investment-week/news/2120905/ftse-course-largest-monthly-gain-decades#ixzz1c5SN581w

iXBRL Accounts filing

More and more accounts are being filed at Companies House by the use of the new technology iXBRL.

iXBRL (inline eXtensible Business Reporting Language) is a technology that highlights or tags financial information in tax returns and company accounts. Since the 1 April this year HM Revenue & Customs have required all corporate tax returns to be filed in this format.

CST has been using this method for some time for our corporation tax returns and accounts, and whilst we have had some teething problems, we are now up to speed and using the system regularly!

You can read more: http://www.accountancyage.com/aa/news/2119622/companies-house-receive-ixbrl-accounts#ixzz1bsMqhcmR

HMRC – Late Self Assessment filing penalties

HMRC are reminding individuals and businesses about new Self Assessment penalties for late returns and late payments, which come into effect this autumn.

The changes will apply to Self Assessment returns for 2010/11 which must be submitted by 31 January 2012.

The new penalties for late Self Assessment returns are:

an initial £100 fixed penalty, which will now apply even if there is no tax to pay, or if the tax due is paid on time
after 3 months, additional daily penalties of £10 per day, up to a maximum of £900
after 6 months, a further penalty of 5% of the tax due or £300, whichever is greater; and
after 12 months, another 5% or £300 charge, whichever is greater. In serious cases, the penalty after 12 months can be up to 100% of the tax due.
If you would like help or advice on your Self Assessment tax return please do contact us.

Full details can be found on HM Revenue & Customs Website http://www.hmrc.gov.uk/sa/deadlines-penalties.htm