Chapman Worth

Newsletter February 2012

Our newsletter this month contains the following articles: a heads up for higher rate tax payers regarding tax relief on pension contributions, a few tax planning tips for 2011-12, some ‘phishing’ tips from HMRC and finally a reminder of late filing and payment penalties.

Newsletter January 2012

Our newsletter this month contains the following articles: a summary of the draft clauses for next year’s Finance Bill published on 6 December 2011; details of relaxed rules regarding smaller pension pots; a ‘duty free’ update; and finally, an update on the Winter Fuel Allowance.

Newsletter December 2011

Our newsletter this month contains the following articles: a short summary of the tax changes disclosed by the recent Autumn Review; planning opportunities available to married couples with investment property; tax position regarding claims for interest on property loans; and finally a few notes on tax relief available for Christmas parties.

Autumn Statement 2011

George Osborne disclosed his plans to re-invigorate the UK economy yesterday and at the same time, stay focussed on debt reduction. The pundits were forecasting a range of measures including: increasing the bank levy, perhaps scrapping or delaying the January 2012 increase in fuel duty and tinkering with the lower threshold for stamp duty to encourage first time buyers. Additionally the coalition also disclosed additional measures to stimulate the economy. Here’s a selection of the tax and other changes that were announced.

Newsletter November 2011

Our newsletter this month contains the following articles: a light hearted look at HMRC reported tax howlers; a planning issue for elderly, married persons claiming a dependency element in their state pension; a reminder of the changes to the taxation of income from Furnished Holiday Let property; and finally, a warning about trading losses.

Newsletter October 2011

Our newsletter this month contains the following articles: a reminder to file your tax return on time, future changes to workplace pensions, VAT issues for charities and changes to company car fuel rates.

Newsletter September 2011

Our newsletter this month contains the following articles: clarification of unjust enrichment, change in VAT status of salary sacrifice schemes, stamp duty changes for multiple purchases and notification of new HMRC crack-downs.

Newsletter August 2011

Our newsletter this month contains the following articles: HMRC’s published list of assets that can be sold without capital gains tax charge, a note of tax exemptions for amateur sports clubs, a change to the reporting of property transactions, and, HMRC are reconciling PAYE tax records for 2010-11 – under and over payment notices are on their way!

Newsletter July 2011

Most of the compliance deadlines for filing of payroll returns for 2010-11 have now passed. Many of our clients will already have a valid P11D Dispensation in place. If you have, this greatly reduces the administrative chores required when completing P11Ds for employees and directors. For those of you who haven’t applied as yet please read the second article. We also cover the VAT treatment of hot food sales, a reminder of the forthcoming reduction in the Annual Investment Allowance and finally guidance for eBay traders and others – when will HMRC consider your ‘hobby’ a trade?

Newsletter June 2011

Our newsletter this month covers details of a new initiative by HMRC to check the books and records of restaurants, a reminder of circumstances that require you to file a tax return, the benefits of making protective claims for tax credits, and finally, a reminder of the increase in the rate per mile for the business use of a privately owned vehicle.

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.

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.

Budget Summary 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 help with rising petrol prices and perhaps simplifying the tax system, in particular a possible merger of National Insurance and Income Tax.

This update summarises some of the changes disclosed today. And finally, note that the growth forecast for 2011 has been downgraded to 1.7%.

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 edition includes: a roundup of payroll filing issues, an oddity about the VAT Flat Rate Scheme, Tax relief on pension payments after 5 April 2011 and finally a further warning from HMRC regarding bogus emails.

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 Business Record Check by HMRC.

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%) on 4 January; details of further PAYE processing difficulties at HMRC and finally an update to the ISA limits from April 2011.

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 could be looking for hard evidence that you have actually occupied a second property as your principal private residence.

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…

Public Expenditure Review October 2010

The Government’s plans to reduce Public Expenditure are announced. What does it all mean and why do we need the reductions?

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.

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% standard rate of VAT; and finally an outline of the potential changes to the pension rules being considered.

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 a salary sacrifice scheme and a reminder to keep yourpayslips if you make student loan repayments.

Newsletter July 2010

Our newsletter this month is the first since the changes announced by George Osborne in his Emergency Budget, 22 June 2010. We have included an article that points out two significant tax changes, a reminder of a number of critical filing and payment deadlines this month, an explanation of National Insurance Contribution terminology and clarification of additional tax payable by higher rate tax payers on dividend income.

Budget Summary June 2010

George Osborne opened his very own Pandora’s Box today. We now have a clearer idea of his public expenditure cuts and tax changes. This update provides an initial summary of some of the tax changes. We will provide more detail as it becomes available.

Newsletter June 2010

In this newsletter we have included an article that explains how to structure a tax-free long service award, possible benefit in kind complications regarding loans to directors and employees, cars that qualify for the 100% write-off and a word of warning about the initial use of the VAT Flat Rate Scheme.

Newsletter May 2010

This month we have taken a look at possible tax changes following the general election, set out an expanded reminder section in the newsletter for payroll compliance, included an article which explains the importance of “Reasonable Care” when providing information for your tax returns and finally an article which explains how to apply for a dispensation regarding the filing of benefit in kind forms to HMRC.

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 which highlight a possible 61% tax rate, planning pointers regarding Gift Aid donations and Notice of Coding irregularities for 2010-11.

Budget Summary 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 the election.

Newsletter March 2010

This month our newsletter looks at a possible strategy for reducing the effect of the 50% income tax rate in 2010-11, outlines some of the tax disadvantages if you are considered to be connected persons, a tip on utilising capital losses and finally an update on various HMRC issues.

Newsletter February 2010

This month’s newsletter includes an article on the tax treatment of principal private residences, how to avoid the extra tax charge for the private fuel used in your company car, an update on the State Retirement Age uplift for women and ideas for utilising tax losses.

Newsletter January 2010

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 change in VAT to 17.5% on 1 January and finally your options if you are considering making charitable donations this year.

Pre Budget Report (9 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.

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 on the 5 April 2010, the introduction of the 50% band of income tax and certain restriction of personal allowances on the same date, and a planning feature regarding capital gains tax. Finally we have summarised the various tax concessions should you be in the mood to party this Christmas!

Newsletter November 2009

This month we have included articles on the current new business rates revaluation, changes to minimum wage regulations, a strategy for saving inheritance tax by utilising business property relief and the pitfalls of paying your private bills through a limited company.

Newsletter October 2009

We start this month’s newsletter with some news about Chapman Worth. Then, as we are now half way through the current tax year we have included an article on the new loss relief available to companies and the self-employed, a note of the tax advantages of running a double cab pick-up, a note of what you can and can’t claim for as home to work travel and finally, for those of our readers who may find it relevant, a reminder of the filing deadlines for tax returns.