SHENETWORK SHEP 53 ......................................................................... Will I automatically receive a penalty if I have not filed my 2007/ 08 Tax Return by 31st October 2008? 31st October is the deadline for filing a paper Tax Return. If you choose to file a paper Return after 31st October, you will trigger the £ 100 penalty. If you have missed the paper filing deadline you can avoid the penalty if you file your Tax Return online before 31 January 2009. Audit thresholds are changing, will my Company now need an audit? The audit thresholds have increased from 06 April 2008, meaning if your company did not require an audit in the past it is unlikely that it now will require to be audited. A company now requires an audit if any of the following apply: • Annual turnover is £ 6.5m or more. • Balance sheet total is £ 3.26m or more. • Average number of employees is 50 or more. I have heard my Limited Company could be affected by legislation called IR35, what is this? There have long been tax advantages to being self employed rather than an employee. IR35 applies where the HMR& C determine without the Limited Company you would be treated as an employee. Factors which could cause concern are:- ( i) You only work for one client on a long term contract. ( ii) You perform the service personally. ( iii) You work at the clients premises. ( iv) You invoice an hourly charge rather than set cost per job. ( v) Equipment is provided by the client. There are links on our website to a useful employment status indicator tool from HMR& C and further information on IR35. Can I now claim 100% First Year Allowances on additions? From 6th April 2008 ( 1st April for Companies) you will be able to claim 100% Writing Down Allowances on the first £ 50,000 capital expenditure. The remaining capital expenditure, along with the previously purchased assets brought forward will be written down at 20% ( previously 25%). Nick would be pleased to accept your accountancy and tax questions for the next issue. Send them to Network She, PO BOX 142, Llandudno, LL30 9BL or email to info@ networkshe. co. uk Mr. Nick Hulson, BSc FCA is a Chartered Accountant and a partner in Harold Smith, one of North Wales' oldest and largest accountancy firms. Q Q QQ Sound tax advice www. haroldsmith. co. uk

P 54NETWORK SHE Photographs courtesy of Eye Imagery www. eyeimagery. co. uk Celebrating its eighth successful year with a Gala Dinner at Llyndir Hall, Rossett, which was sponsored by Network She and EWS Colour Print. Jason Mohammed with event organiser Amanda Davies and Ruth Lloyd- Williams of Network She From left, Lee and Lisa Hilton with MC for the dinner Stephanie Davies Careers Wales staff, from left, Suzanna Metcalfe, Sarah Davies, Liz Jones, Karen Williamson, Doreen Magaw, Sandy Roberts, Clive Rowland, Mandy Jones and Jan Valentine. Marcher Sound staff Fay Jones, Elaine Jones from The Publishing House with Peter Fahy and his wife, Viv, from EWS Colour Print. From left, from Paul Hewitt Design, Andrew Peers, Alex Phennah, Kevin Stevenson and Mike Pumford. WREXHAM BUSINESS WEEK 08