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3 Line Accounts

If you are self-employed with annual turnover of less than

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.

We now have some more information to enable decisions to be made, although there are still some unanswered questions. What we now know as likely to be the structure is summarised below:

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

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