As 2010 has been an unprecedented year with the publication of three Finance Bills, unsurprisingly our winter newsletter concentrates on tax issues.
Following an announcement issued in October, our front cover focuses on the restrictions relating to tax relief on pension contributions and the bad news that some high earners could find themselves with an additional tax charge.
If you are entitled to Working Tax or Family Tax Credits, from April 2011 the rules are set to change and we have produced a summary to keep you up to date with the current position. We have also included a simple overview of R&D tax credits. Whilst the rules are complicated the rewards can be very valuable to qualifying companies.
Furnished Holiday Lettings have been a hot topic since the Labour government announced proposed changes. Whilst the legislation is yet to go through, the coalition government has published new proposals for the next tax year. If this legislation is likely to affect you please read our update.
The government is also looking to reform the PAYE system. Whilst no decisions have been taken our article ‘The Future of PAYE’ is an interesting insight into how HMRC view the future. Rules on employer provided cars are also set to change so if you are thinking of changing your car, our article ‘Reducing tax emissions’ may help you decide what to buy next!
‘Extracting profits wisely’ reviews the many options available to extract profits from a company and how to get the best tax deal!
Please contact us if you have any questions regarding any of the articles or tax planning tips we have included in our newsletter or if you would like further information on a topic we haven’t covered. Your views are always important to us and we would welcome any feedback you could give us.
A PDF version of the Winter 2010 Newsletter can be downloaded her Winter 2010 Newsletter
Increase in the standard rate of VAT
In his Emergency Budget speech on 22 June 2010, Chancellor George Osborne announced an increase in the standard rate of VAT from 17.5% to 20% to be effective from 4 January 2011. There are no changes to the zero or reduced rate (5%).
This article sets out some of the key issues for businesses to deal with in the run up to the standard rate change.
Click here to down load the VAT 20% Guide
This briefing provides a practical summary of recent developments affecting employers including where relevant the related tax considerations. Including New PAYE penalties and filing online.
Click her for a PDF version of Essential update for employers
Operating a business tax efficiently is a key concern to all clients. The choice of a suitable business medium, for example, sole trader, partnership or limited company may have a substantial impact on the level of reliefs, allowances and tax levied on you and your business. It is therefore essential to review the key issues to enable you to minimise tax liabilities. The briefing also introduces the issues which impact on changing your business structure fromunincorporated to a company.
Please read the full Client briefing on incorporation PDF here.
There are many issues for the prospective investor to take into consideration before deciding to plunge into property letting. Good impartial advice is needed from lawyers, banks and surveyors. This briefing assumes that specialist advice has been taken and will concentrate on the tax aspects involved in the purchase, letting and sale of let residential property. It will also consider the options available for holding property.
Please view the full PDF here -Buy to let client briefing
Our Spring 2010 newsletter including:
Capital losses
PAYE penalties for late payment
The provision of a phone for business
Facilitating Funding
The tax treatment of Furnished Holiday Lettings (FHL) has been advantageous for many years but the rules are set to end in April 2010.
Salary sacrifice
Download a PDF version of Spring 2010 newsletter
This briefing is intended for both unincorporated and incorporated business clients.
It focuses on some key direct tax areas affecting the owner managed business so that essential
opportunities to maximise tax savings or minimise liabilities are not overlooked. Areas covered include
capital allowances, extraction of profits and employment taxation. It includes the more important year end
tax tips to help identify the areas that should be considered shortly before both the end of an accounts
period and/or tax year.
Click to down load PDF version of Practical Tax Tips for the owner managed business