Chapman Worth Chartered Accountants: News

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.