Tax Rates

With affect from 6th April 2010 tax rates of 60% and 50% are being introduced at certain levels of income. As we approach this date you may need to consider the timing of income you earn or receive.
June 2009

Property Owners

If you let a property you have formerly lived in and subsequently sell it making a capital gain there is an additional relief you may be entitled to which in many cases can eliminate the tax due.
If this might apply to you please contact us to discuss it.

If you own a buy to let property and remortgage you can now obtain interest relief on the additional borrowing up to the value of the property.

If you own a 'holiday let' you need to be aware that the rules change for 5th April 2010. Please seek advice.

VAT - The Flat Rate Scheme

The flat rate scheme is now advantageous to more businesses (with a turnover of less than £150,000) than was previously the case.

If you are a small business it may be worth checking to see if it would benefit you.

There are also potentially administrative savings.

Capital Allowances

If you invest in commcerical vehicles or plant and equipment you need to be aware that the rules have changed in 2008/09 and subsequent years which may make it worth seeking advice on the timing of Capital Expenditure.
June 2009

Trading Losses

If you make a trading loss for accounting periods ending in the two years commencing on 24th November 2008 you may be able to carry it back for up to 3 years.
June 2009

Topical Issues...

This page highlights a few of the current tax issues that have come to the forefront recently. If you have queries about any of these matters, don't hesitate to contact us.

Construction Industry

We assume that most contractors are now applying the post April 2007 rules.

Subcontractors suffering deductions may wish to apply for 'gross status'.

HMRC are now withdrawing CIS gross payment status from contractors who have not complied with a range of conditions (including late payment of taxes).

Please contact us if you have any queries or would like to attend any briefings.
June 2009

Corporation Tax on Small Companies

With effect from 1st April 2009 the rate for small companies has been hold at 21%. From 1st April 2010 it will be 22%.

Beware: There is extra administration in running a company. Please discuss it with us before purchasing a shelf company.

June 2009

CARS

Emissions taxes are now with us. They apply to company car benefits for employees and directors.
Tip. Check to see if the car should be owned by you and not the company. You can then reclaim business mileage at the prescribed rates.

VANS

If you provide your employees with vans which are used privately. Under certain rules these might be subject to tax and Class 1A National Insurance.

Capital Gains Tax

The Chancellor announced significant changes to Capital Gains tax which will take effect from 6th April 2008.

If you are considering selling assets which would trigger a chargeable gain you may need to review your situation prior to disposal.
November 2007

Charities Note

The 2006 Charities Act redefined the nature of Charitable objects. Some existing Charities may need to review their method of operation to retain charitable status.

The audit turnover threshold was increased to £500,000 for periods commencing on or after 1st March 2007.

Please contact us for more details.