Tax News

Stamp duty land tax (SDLT) relief for first time buyers end on 24 March 2012

If you are buying your first home it is important to be aware that the current government incentive on properties costing between £125,000 and £250,000 ends on 24 March 2012.

New Seed Enterprise Investment Scheme (SEIS)

We now have more details of this exciting new scheme to start on 6 April 2012.

HMRC Taskforces

These are being extended and aim to bring together various HMRC compliance and enforcement teams for what they delightfully call “intensive bursts of activity targeted at specific sectors and locat

Maximising CGT Enterpreneurs' Relief

With CGT at only 10% if entrepreneurs’ relief is available, and otherwise the tax being at 18% - 28%, we are always on the lookout for ways of getting the tax take on a sale at the 10% rate.

The Tax Catch Up Plan

We are always delighted when you kindly refer a new client to us. It shows us we are providing the service to you that we always strive for.

Using your own Family Limited Company to meet University costs of your son or daughter

The scope is substantial, with care, and can result in both a corporation tax deduction and no income tax charge on you to cover the benefit. The ultimate tax-efficient arrangement!

Beneficial Ownership of an Asset

If you own an asset personally, with your spouse not being involved, that would normally mean that the capital gain on a sale will be taxed on you alone.

UK/Switzerland Tax Agreement

This ground-breaking agreement has been signed and is expected to take effect from January 2013.

IR35 Tax Yield Revealed

If you use your own personal services company to provide services, you will be well aware of the infamous IR35 rules.

Maximise your Tax Free Allowances before 5 April 2012

As you will be aware, the tax year ends on 5 April so prompt action is required if you wish to take full advantage of the following tax-free allowances:

Capital Gains Tax

Do you travel regularly for work?

A recent case has now determined that it may be possible to claim day subsistence i.e. when you buy food on the road, if you are self employed.

Reduced Rate of IHT if you leave at least 10% of your Estate to Charities

A novel new tax break due to come in from 6 April 2012 attempts to encourage you to pass at least 10% of your estate on death to a charity (or charities).

Tax-free Expenses if you Travel Overseas as an Employee

HMRC publish benchmark scale rates for accommodation and subsistence payments made to you by your employer where you travel overseas, so that up to those rates there is no income tax charge on you

Maximising your Tax Relief on Capital Expenditure

With the reduction in the Annual Investment Allowance from £100,000 to £25,000 coming in to force with effect from 1 April 2012 for companies and 6 April 2012 for sole traders and partnerships, it

The Tax Catch up Plan

Following the crack down earlier this year on plumbers, on 10 October 2011, HMRC started a campaign to target private tutors and coaches who may owe additional tax.

New Stand-Alone Business Angel Seed Investment Scheme (BASIS)

Building on the new tax breaks covered in last month’s Tax E-News, there is an exciting new opportunity which is scheduled to start next tax year.

Advisory Fuel Rates for Company Cars

Published guidelines are issued by HMRC. The stated aim is to save time for all concerned by setting out figures which they reckon can be used in the majority of cases

How HMRC can make a Discovery

The tax authorities are entitled to look at and ask questions on any tax return within an enquiry window which normally ends 12 months after the tax return was filed with them.

Company Car Changes

The income tax charge on the valuable benefit of having a company car available for your private use is often changed, so as to encourage car makers and drivers to lower CO2 emissions.

Gifts of Pre-Eminent Objects and Works of Art to the Nation

The aim of this new scheme is to stimulate lifetime giving by encouraging
taxpayers to donate pre-eminent objects, or collections of objects, to the

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


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