Cheadle Chartered Accountants

Budget June 2010

Alistair — Wed, 23 Jun 2010 08:29:24 +0000

George Osborne presented his first Budget on Tuesday 22 June 2010.
For the first time, forecasts were published in advance of the Budget. The Office for Budget
Responsibility was formed in May 2010 to make an independent assessment of the public
finances and the economy in advance of each Budget and Pre-Budget Report.
Within the framework of these forecasts George Osborne stated that a tough but fair
Budget was needed. Many fundamental announcements have been made which affect the
taxation of most individuals. These are in addition to changes already made by the previous
government, such as the 50% tax rate and changes to the tax relief available for pension
contributions.
Our summary focuses on the issues likely to affect you, your family and your business. To
help you decipher what was said we have included our own comments.

For a full PDF version of the newsletter click here Budget June 2010 Newsletter

Essential update for employers

Alistair — Thu, 10 Jun 2010 15:27:44 +0000

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

Company Incorporation Guide

Alistair — Wed, 09 Jun 2010 09:51:43 +0000

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.

Buy to let Guide

Alistair — Wed, 09 Jun 2010 09:50:06 +0000

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

Summer Newsletter

Alistair — Wed, 09 Jun 2010 09:46:11 +0000

I am pleased to send you your copy of our summer newsletter which as usual includes a variety of topical tax issues. Now that the second Budget date has been announced, 22 June 2010, we will keep a careful watch for any new developments but it looks like tax matters will continue to be top of the list in discussions through to autumn and beyond.

Were you aware that expenditure on qualifying plant and machinery may obtain 100% tax relief? This means that investment in new equipment may provide you with useful tax savings. Our article ‘Making every £ count’ explains further whilst our article ‘Curiouser and curiouser’ highlights the importance of planning in order to maximise your claims.

Our article ‘Planned changes for childcare vouchers’ summarises the current position and outlines the proposed changes announced in the final session of the previous government. However, the new coalition government may have different ideas so the changes may change again.

We rarely produce a newsletter where HMRC doesn’t get a mention and this issue is no exception as they continue to target the construction industry sector. They also feature in our article ‘Relationship with records’ as the need to keep good records grows as do the consequences for not keeping them.

We also take a look at the tax implications of borrowings between a company and its director shareholders.

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.

Please download our Summer Newsletter

Spring 2010 Newsletter

Alistair — Wed, 10 Mar 2010 15:32:03 +0000

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

Practical Tax Tips for the owner managed business

Alistair — Wed, 10 Mar 2010 15:21:03 +0000

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

Payments on account for 2008/2009 now due!

Alistair — Tue, 28 Jul 2009 15:08:49 +0000

The second instalment for the 2008/2009 tax liabiliy is due for payment by 31st July 2009. You should have recently received a payslip from HMRC along with an addressed envelope to send your payment however if you haven’t then your cheque should be made payable to HM Revenue & Customs and posted to:

HM Revenue & Customs, Accounts Office, Bradford, BD98 1YY.

Please remember to write your 10 digit unique tax reference number on the reverse of your cheque.

NHS Credit Crunch Stressline

Alistair — Thu, 16 Jul 2009 15:17:27 +0000

Are you worrying about the recession?

The NHS have set up a “Credit Crunch Stressline” with support for those worrying about the current financial situation.

They have trained advisors who can offer you help on several aspects be it helping to look at your problems in another light to providing self-help materials.

If you would like to speak to one of these advisors call 0300 123 2000 between 8am and 10pm any day of the week.

Tax Credit Renewal Deadline

Alistair — Thu, 16 Jul 2009 15:15:41 +0000

Have you renewed your Tax Credits yet?

They must be completed and submitted with HM Revenue and Customs by 31st July 2009.

This can be done either by returning the Annual Review notice to HM Revenue and Customs or by calling the Tax Credit Helpline on 0845 300 3900.