Latest News

3 Line Accounts

If you are self-employed with annual turnover of less than £30,000 and very simple records, there has been the opportunity to not tell HMRC the detailed expenses under separate headings.

Overpayment Relief

There can be instances where we review your past tax affairs and lodge a claim to a tax refund as a result of a change in tax law or practice.

More Pension Scheme Changes

In the last edition we mentioned that from 6 April 2011 the current requirement to purchase an annuity by the age of 75 will stop, and that in the meantime the age will increase to 77.

More Notice of Coding Errors

There have been plenty of figures bandied around as to how many Code Numbers are wrong as a result of errors made by the tax authorities.

Is it a repair or an Improvement?

If you purchase or refurbish a business property it has long been an issue that one needs to consider how much of the expenditure is a repair (then deductible from the relev

CORPORATION TAX RATES AND THE IMPACT OF A REDUCTION IN THE SMALL COMPANIES RATE

The reduction in the small companies rate is welcome, but yet again
there is no move to increase the profit level of £300,000 to which the
lower rate applies – that last went up in 1994!

REGIONAL EMPLOYER NICs HOLIDAYS FOR NEW BUSINESSES

This special scheme is aimed at helping new businesses in targeted areas of the UK that need it most.

CAPITAL GAINS TAX REGIME FROM 23 JUNE 2010

  • Entrepreneurs’ relief increased so that there is a new lifetime limit of £5 million taxed at 10%.

CAPITAL ALLOWANCES CHANGES FROM APRIL 2012

Annual investment allowance (AIA)

The AIA is fast becoming a political football. It was £50,000 on its introduction from 1 April 2008 and doubled to £100,000 from 1 April 2010.

PENSION SCHEME CHANGES

Higher rate tax relief

Consideration is being given to abolishing the rules in Finance Act 2010 whereby from 6 April 2011 those with income of at least £150,000 in the tax year concerned suffe

VAT INCREASE FROM 4 JANUARY 2011

The new 20% standard rate applies to goods or services to be delivered or performed on or after 4 January 2011.

FURNISHED HOLIDAY LETTINGS REVISITED

1.    This tax-favoured investment provides the following main advantages where the property is in the UK or the EEA.

Emergency Budget 2010

Following on from the emergency budget presented by George Osborne on Tuesday 22 June 2010.

The Budget 2010

Following on from the budget presented by Alistair Darling on Wednesday 24 March 2010.

Action to consider before the Emergency Budget

The next Tax Newsletter will concentrate on developments from the Budget on 22 June.

Tax Review Form 810

If you are lucky enough not to have to fill in a Self Assessment tax return every year, HMRC may still decide to check your income every so often to make sure you do not pay too much or too little tax

New Business Kit 2010

Are you thinking about starting a new business? That's perfect.

Supporting business start-ups and Small & Medium size businesses.

To help businesses in their earliest days, HMRC will further reduce the burdens in starting a business and personalise the online support it provides.
 

Revenue Investigations!

National Minimum Wage Increase

It has now been confirmed that the National Minimum Wage rates are to increase from 1 October 2010.

For the rates click read more...

Contact

M. J. Shapcott & Co Limited,
Charter House,
Wyvern Court,
Stanier Way,
Wyvern Business Park,
Derby
DE21 6BF

Tel: 01332 680540
Fax: 01332 662758
Email: admin@shapcotts-accountants.co.uk


Latest News

Friday, August 20, 2010 - 12:17

If you are self-employed with annual turnover of less than £30,000 and...

Friday, August 20, 2010 - 12:15

There can be instances where we review your past tax affairs and lodge a...