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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. Whatever the exact figure may be, it is clearly significant and shows no sign of being reduced to any meaningful degree.

One annoying aspect of this is that if you have more than one job, the policy is to bring into account ALL taxable benefits within the main job's Code Number, even where the benefit actually relates to a different job. That seems bizarre and surely itself causes queries to be raised.

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 relevant income) as opposed to an improvement (then treated as capital expenditure).

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

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. During a three year qualifying period, new businesses which start up in these areas will get a substantial reduction in their employer NICs.

Within the qualifying period, the employer will not have to pay the first

CAPITAL GAINS TAX REGIME FROM 23 JUNE 2010

  • Entrepreneurs

CAPITAL ALLOWANCES CHANGES FROM APRIL 2012

Annual investment allowance (AIA)

The AIA is fast becoming a political football. It was

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

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.

Anti-forestalling rules will apply to artificial arrangements involving a VAT invoice being issued, or payment being made in advance, where the goods or services are not due to be delivered or performed until on or after 4 January 2011.

It creates a supplementary charge to VAT at 2.5% where the customer cannot recover all the VAT and at least one of the following conditions are met:

FURNISHED HOLIDAY LETTINGS REVISITED

1.    This tax-favoured investment provides the following main advantages where the property is in the UK or the EEA. They were planned to end on 5 April 2010 but that did not get through the debate on the Finance Bill 2010 so the opportunities are still there:

  • CGT entrepreneurs

Emergency Budget 2010

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

We have uploaded our summary of the 2010 emergency budget which focuses on the issues likely to affect you, your family and your business. If you have any questions please do not hesitate to contact Ian, Steve or Melvin for advice.

Just click here to read the summary.

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