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NEWSLETTER MAY 2011

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NEWSLETTER MAY 2011 Our newsletter this month has the following updates: HMRC are now able to track property purchases, tax credits renewal time, new penalty regime for late filing of tax returns, and a warning for pensioners. Property purchasers to be tagged by HMRC Later this year your solicitor, or property conveyance person, will be […]


NEWSLETTER APRIL 2011

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NEWSLETTER APRIL 2011 This newsletter is the first of the new tax year, 2011-12, and contains information for readers following the March 2011 Budget. In particular: an interesting observation regarding gift aid donations, a few tax and cars updates, uplift in the CGT Entrepreneurs’ Relief and finally an update regarding corporation tax changes. When does […]


Budget Update 23 March 2011

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Budget Update 23 March 2011 Against a background of rising inflation, considerable public debt and borrowing requirements, George Osborne has stepped up to the plate today to confirm his changes to the UK tax system. Prior to the event we were advised that he would be confirming significant increases to personal allowances, taking steps to […]


NEWSLETTER MARCH 2011

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NEWSLETTER MARCH 2011 This is our last newsletter in the 2010-11 tax year. George Osborne will deliver his second Budget on 23 March 2011 that will set the framework for tax in the UK for 2011-12 and later years. We will be including a summary of the more significant changes in the April newsletter. This […]


NEWSLETTER FEBRUARY 2011

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NEWSLETTER FEBRUARY 2011 Just two months to the end of the current tax year, so this month we have included articles regarding changes to the tax system that we know will be included in the March 2011 Budget; the Budget date is already announced, 23 March 2011. We have also included details of the impending […]


NEWSLETTER JANUARY 2011

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NEWSLETTER JANUARY 2011 Happy New Year! Let’s hope its a prosperous one for us all… This month we have included a number of tax saving ideas to consider as we approach the end of another tax year; reminders for VAT registered traders regarding the recent change to the standard rate (increased from 17.5% to 20%) […]


NEWSLETTER DECEMBER 2010

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NEWSLETTER DECEMBER 2010 Our final newsletter for 2010 includes an article setting out the case for an early application to seek out extended terms to pay your tax on 31 January 2011; how to benefit from tax concessions when you organise your Christmas party; a tax break for unmarried couples; and a warning that HMRC […]


NEWSLETTER NOVEMBER 2010

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NEWSLETTER NOVEMBER 2010 The newsletter this month updates readers with the latest changes to pension contribution tax relief, information about Research & Development relief, an article regarding tax relief for training and finally, a reminder of an advantage for getting your 2009 tax return filed, unless you already have… New restrictions to pensions tax relief […]


Public Expenditure Review Summary of announcements 20 October 2010

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Public Expenditure Review Summary of announcements 20 October 2010 The Government plans to reduce Public Expenditure are announced. What does it all mean and why do we need the reductions? Any difference between money that Government collects, from taxation or sales of assets, and its expenditure, affect Government borrowing. If expenditure exceeds revenues, Government borrowing […]


NEWSLETTER OCTOBER 2010

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NEWSLETTER OCTOBER 2010 Our newsletter this month includes information regarding the National Insurance holiday for new businesses, an update on possible changes to the tax position of Furnished Holiday Let property, an article that looks at if you need to complete a tax return and finally two updates on HMRC issues. National Insurance holiday for […]


NEWSLETTER SEPTEMBER 2010

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NEWSLETTER SEPTEMBER 2010 Our newsletter this month contains a timely reminder for firms that employ staff and are required to file forms online to HMRC; a new power that HMRC can use to request information regarding tax credit claims; a few pointers for businesses registered for VAT as we approach the change to a 20% […]


NEWSLETTER AUGUST 2010

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NEWSLETTER AUGUST 2010 One of the more draconian elements of the June Budget was the announcement that tax allowances for the purchase of qualifying assets are set to reduce, our first article this month provides information about this change. We have also included articles covering cancellation of a filing concession, the pros and cons of […]


NEWSLETTER JUNE 2010

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NEWSLETTER JUNE 2010 George Osborne has declared the date of his first Budget, Tuesday 22 June 2010. It’s difficult to call any significant changes to the tax system due to the emerging news on higher than expected inflation. A VAT increase, from 17.5% to 20% would feed into the cost of living index and increase […]


NEWSLETTER MAY 2010

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NEWSLETTER MAY 2010 Shortly after the publication of this newsletter we will know the political flavour of the next Government, even if a blended variety! Hopefully before the June newsletter is distributed we will have some idea of changes proposed to tax legislation. Until then we are stuck with the present half-way house situation. However […]


NEWSLETTER APRIL 2010

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NEWSLETTER APRIL 2010 We have now been presented with the Government’s latest Budget announcements and perhaps for the first time in recent years many of the tax rates and allowances are unchanged. We have highlighted one of the few increases below, the doubling of the Annual Investment Allowance. We have also covered this month articles […]


Budget Report March 2010

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Budget Report March 2010 The Chancellor has now set out his fiscal stall prior to the expected general election in May. As forecast there is a modicum of electioneering in the speech! This report focuses on some of the tax changes we can now expect. We will also have further changes to deal with after […]


NEWSLETTER MARCH 2010

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NEWSLETTER MARCH 2010 We have arrived at the last month of the current tax year. Later this month the Finance Bill 2010 will be announced. In view of the impending General Election, this is likely to be a thin one with a further Finance Bill after the election whoever wins. This month our newsletter looks […]


NEWSLETTER FEBRUARY 2010

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NEWSLETTER FEBRUARY 2010 May we just remind readers with self assessment tax to pay to make sure they have settled the tax which was due for payment on 31 January 2010. If you delay payment beyond the 28 February 2010 penalties as well as interest will be added to your bill. If you have cash […]


NEWSLETTER JANUARY 2010

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NEWSLETTER JANUARY 2010 Happy New Year… This, our first newsletter for 2010, includes a few ideas for self employed businesses in the run down to the end of the current tax year on 5 April 2010; two updates from HMRC on tax claims and penalties for late payment of PAYE; a few notes on the […]


Pre-Budget Report December 2009

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Pre-Budget Report December 2009 The Chancellor’s speech held few surprises today and included the expected windfall tax on bank bonuses. Spending cuts and tax increases were announced to fund the recent bail out of the banking sector and reflate the economy. A summary of the expected changes to tax, National Insurance and VAT follows. Please […]


NEWSLETTER DECEMBER 2009

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NEWSLETTER DECEMBER 2009 This is our last newsletter for 2009. Next week Alistair Darling will unveil his Pre-Budget report and we will have a clearer idea of New Labour’s fiscal plans before the General Election next year. This newsletter has a number of reminders; the end of the tax advantages for furnished holiday let property […]


NEWSLETTER SEPTEMBER 2009

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NEWSLETTER SEPTEMBER 2009 This month we have included a note of possible future changes in the Construction Industry, details of what happens to your pension fund when you die, notice of a tax amnesty for US citizens in the UK and an update regarding further changes at Companies House. Construction subcontractors beware! HMRC have indicated […]


NEWSLETTER AUGUST 2009

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NEWSLETTER AUGUST 2009 As the holiday season continues we have updated you this month on a change to employment law, an article which offers advice on tax relief available for capital purchases in 2009-10, an important announcement if you claim Child Tax Credits and finally two VAT updates from HMRC. Vetting and Barring Scheme Changes […]


NEWSLETTER JUNE 2009

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NEWSLETTER JUNE 2009 Our newsletter this month includes articles on the new car scrappage scheme, P11D deadline reminder, announcement of a new tax amnesty and finally notice of changes to car tax benefits. Car scrappage scheme starts 18 May 2009 In exchange for scrapping your old vehicle and buying a new one the Government and […]


NEWSLETTER MAY 2009

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NEWSLETTER MAY 2009 A few surprises in Mr Darling’s Budget announcements last week. We have expanded on two issues in this newsletter; the changes to the Furnished Holiday Lets rules and the inclusion of business tax losses in tax payment arrangement agreed with the Business Payment Support Service. We have also included an article that […]


Budget Report April 2009

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Budget Report April 2009 Against a backdrop of unprecedented economic gloom, Mr Darling presented his Budget speech today. We have set out below some of the announced changes to our tax system that affect individuals and businesses. If you would like more information on how these changes will affect you, or your business, please call. […]


NEWSLETTER APRIL 2009

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NEWSLETTER APRIL 2009 This year the traditional date for the Budget has been delayed for a month until 22 April. At the date of preparing this newsletter we are still “in the dark” regarding any changes Chancellor Darling will make to our tax position for 2009-10. This month we have included information on PAYE code […]


NEWSLETTER JANUARY 2009

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NEWSLETTER JANUARY 2009 Happy New Year! The emphasis of our newsletter this month, and likely emphasis for the rest of 2009, is to support you through the present economic uncertainty. Whatever the specific difficulties you encounter, being informed will always be of use. If there is a topic that you would like to see in […]


NEWSLETTER MARCH 2009

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NEWSLETTER MARCH 2009 March is the last month of the tax year. If you have anxieties regarding any aspect of your financial affairs that have occurred during the last year, and you have not yet spoken with us, can you please contact us as a matter of some urgency. Often it is not possible to […]


NEWSLETTER FEBRUARY 2009

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NEWSLETTER FEBRUARY 2009 This month our newsletter includes some of the tax implications of redundancy payments; a pre tax year end check list for the self employed; a comment on the effects of exchange rate fluctuations if you sell property abroad; and finally an update from HMRC on advisory fuel rates, the tax status of […]


NEWSLETTER DECEMBER 2008

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NEWSLETTER DECEMBER 2008 In our newsletter this month we have included a few practical tips for accommodating the reduction in the VAT standard rate to 15% on 1 December 2008, a note of the VAT consequences for house builders who rent out property, a reminder of the increased late filing penalties for companies and a […]


Pre Budget Report 24 November 2008

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Pre Budget Report 24 November 2008 There was a great deal of press speculation, prior to the announcements made yesterday, that Mr Darling was to unleash a number of tax cuts. The major, predicted cut to VAT was confirmed, as was the introduction of a 45% income tax rate for high earners to help pay […]


NEWSLETTER SEPTEMBER 2008

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NEWSLETTER SEPTEMBER 2008 As we near the end of the summer season, or is it the monsoon season, we are including information in the newsletter this month to highlight: Changes to PAYE tax codes 7th September 2008 State Benefits that are tax free Two important consequences of the new Annual Investment Allowance, and Postal and […]


NEWSLETTER AUGUST 2008

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NEWSLETTER AUGUST 2008 In this issue of the newsletter we have included new guidelines from HM Revenue & Customs regarding the tax status of certain workers. We have also included an interesting tip for business owners who trade through a limited company and manage their business from home. There is also a useful tip for […]


NEWSLETTER JULY 2008

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NEWSLETTER JULY 2008 The newsletter this month includes an update on the new H M Revenue & Customs powers; the effect of charging rents and claiming the new CGT entrepreneurs’ relief; new filing details for limited companies and limited liability partnerships, and finally new mileage rates effective from 1 July 2008. HM Revenue & Customs’ […]


NEWSLETTER JUNE 2008

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NEWSLETTER JUNE 2008 Alistair Darling has been cornered yet again by various lobby groups and we have another significant concession to report this month – his latest attempt to still backbench rumblings over the withdrawal of the 10% tax band. You may also have picked up from the press the controversy over MP’s expenses paid […]


NEWSLETTER MAY 2008

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NEWSLETTER MAY 2008 The Finance Bill 2008 continues its progress through Parliament. You will no doubt have heard the debate regarding the abolition of the 10% income tax band. The Chancellor has promised that affected groups will be compensated. The compensation will take various forms; for certain pensioners the compensation will come from the same […]


NEWSLETTER APRIL 2008

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NEWSLETTER APRIL 2008 This month sees the start of a new tax year. To set the scene for the new fiscal year we have included a reminder this month that “income shifting” has not gone away and we need to prepare ourselves for legislation in this area next year. Additionally we have outlined changes to […]


Budget Report March 2008

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Budget Report March 2008 Alistair Darling confirmed many of the expected tax changes in his Budget speech yesterday. We have included a summary of issues that will impact your personal and business cash flows. It should be stressed that this is a short summary of some of the more applicable changes; it does not set […]


NEWSLETTER MARCH 2008

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NEWSLETTER MARCH 2008 Attention on this side of the desk is fixed firmly on the Budget statement expected Wednesday, 12th March. We will be including commentary on the areas of interest to clients in our next newsletter. The current tax year finishes on 5 April. This newsletter includes a few tax planning pointers for business […]


NEWSLETTER FEBRUARY 2008

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NEWSLETTER FEBRUARY 2008 This month we have included details of the Chancellor’s proposed changes to the Capital Gains Tax legislation which will now take place on 6 April 2008. The expected concessions to ease the impact of CGT on certain business sales are included. We have also included a check list outlining personal tax planning […]


NEWSLETTER JANUARY2008

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NEWSLETTER JANUARY2008 May we take this opportunity to wish all our readers a very happy and prosperous new year. 2008 promises to be a challenging year as we await significant changes to Capital Gains Tax and the taxation of certain partnerships and small companies. The Government have delayed, yet again, the publication of the new […]


NEWSLETTER DECEMBER 2007

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NEWSLETTER DECEMBER 2007 This months newsletter opens with a seasonal comment on staff parties and gifts. We have also included an update on new legislation pending; a timely reminder for self assessment tax payers who have still not supplied their tax return details for last year; a note on the transfer of unused married couples […]


NEWSLETTER NOVEMBER 2007

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NEWSLETTER NOVEMBER 2007 Quite a lot has happened in the world of UK tax since we issued our last newsletter in October. On 9 October our new Chancellor Alistair Darling delivered his first Pre Budget Report. There were a few surprises! We have included articles this month that take a look at the changes proposed […]


Pre-Budget Report – 9 October 2007

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Pre-Budget Report – 9 October 2007 Alistair Darling has now presented his first Pre-Budget report. Pundits were speculating that he would be easing the impact of inheritance tax – we have not been disappointed! Although we cannot present all the tax ramifications of the Pre-Budget Report yesterday we have summarised below the significant changes to […]


NEWSLETTER OCTOBER 2007

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NEWSLETTER OCTOBER 2007 Topics covered in this newsletter include a warning to construction clients that the new penalty rules will apply from this month, a discussion of the proposed Annual Investment Allowance, changes in the rules applying to VAT on home computers and finally a note of the increased tax-free limits for employees attending full […]


NEWSLETTER SEPTEMBER 2007

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NEWSLETTER SEPTEMBER 2007 Our newsletter this month covers the administration of dividends paid by small companies, coping with current delays in the VAT registration process, inheritance tax and business property and finally a note of tax free benefits which can be provided to retired employees by their employers. Dividends – getting the paperwork right If […]


NEWSLETTER AUGUST 2007

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NEWSLETTER AUGUST 2007 This month’s newsletter takes a look at the issue of passing on the family home; the tax treatment of computers and mobiles provided by an employer; the tax treatment of property owned and perhaps let abroad and changes to VAT car scale charges from the 1 May 2007, Readers may also have […]


NEWSLETTER JULY 2007

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NEWSLETTER JULY 2007 News this month for travellers taking large sums of cash abroad, or into the UK, a note for pensioners taking State Pension benefits for the first time, possible tax opportunity for owners of commercial buildings and a re-run of the increased benefit charges for van users (including penalties for non-compliance of the […]


NEWSLETTER JUNE 2007

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NEWSLETTER JUNE 2007 This month we have included an interesting article on the effect that pension and other tax deductible payments can have on tax credit claims, trading losses in the early years of your business, business property renovation relief and finally the value of granting a power of attorney. Tax Credits and the self […]


NEWSLETTER MAY 2007

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NEWSLETTER MAY 2007 Our first article this month concerns the tax amnesty recently announced and targeted at individuals who have avoided UK tax by using undisclosed offshore bank accounts. There is also information for directors regarding their National Insurance position, details of the VAT MTIC fraud counter measures and a note of 3 interesting Revenue […]


NEWSLETTER APRIL 2007

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NEWSLETTER APRIL 2007 Now that the new Construction Industry Scheme (CIS) is upon us we have set out a number of reminders for contractor clients. There is also a note of new rules for self employed persons working at home, changes to the VAT cash accounting scheme, and finally a short summary of the increases […]


Budget Update – 21 March 2007

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Budget Update – 21 March 2007 Mr Brown left his most “impressive” tax cut until the end of his Budget speech – cutting the basic rate of income tax by 2p, from 22p to 20p in the £ from April 2008. As you will see from our more detailed commentary below the 2p cut is […]


NEWSLETTER MARCH 2007

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NEWSLETTER MARCH 2007 We have shared a few ideas with you this month regarding last minute tax planning prior to the tax year end 5 April 2007. We have also included year end tax planning considerations regarding pension contributions. Finally we have published the changes to the rates per mile HMRC will accept if you […]


NEWSLETTER FEBRUARY 2007

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NEWSLETTER FEBRUARY 2007 The 31 January deadline for the submission of the 2006 self-assessment tax returns has passed! Like all accountants we are pleased to have dealt with yet another major, tax deadline. However Spring is a time of change, not only the weather, but also our tax legislation. Next month we should expect the […]


January 2007 Tax Newsletter

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Newsletter January 2007 Happy New Year! The end of January is the self assessment deadline – you must file your tax return before this date for the year to 5 April 2006. In this months newsletter we have included a few reminders of the penalties for failure to file your self assessment tax return on […]