News

STAFF NEWS

We are also pleased to welcome Ann Putt who started work with us at the beginning of November, and she is gradually taking over the bookkeeping work, as Erica Smith reduces her hours.

GENERAL NEWS

VAT – ELECTRONIC FILING

All businesses whose VAT exclusive turnover exceeds £100,000 will have to file VAT returns electronically from 1 April 2010. Make sure that you are registered to do so, or talk to us if you need help. This will mean that you can take advantage of slightly extended payment dates – if you pay at a bank or on-line, you will have an extra 7 days to pay; if you set up a direct debit, then HMRC do not take the payment until 10 days after the due filing date.

TAX CHANGES

The Chancellor’s pre-Budget statement was presented to the House of Commons on 9 December. With the economic climate as it is, it was unsurprising that there were some unpleasant changes – we have prepared a brief summary of the main changes on a separate page, and a more detailed analysis can be found on our Pre-Budget Report Page

HOLIDAY LETS

The pre-Budget report confirmed that the special rules benefiting holiday letting income are to be abolished from 6 April 2010. From that date, letting income from holiday lets (whether in the UK or in Europe) will be treated as ordinary letting income, and this may affect the amount of allowances that can be claimed.

Additionally, the sale of a holiday let after 6 April 2010 will generate an 18% capital gains tax charge rather than a 10% charge. So if you are thinking of selling a property that currently qualifies for holiday letting treatment, there may be a tax advantage in ensuring that the sale goes through prior to 5 April 2010.

This is a complex area - please contact us if you are concerned about the changes. More information is on our new special page we have now set up.

Due to the increases in personal tax rates for those earning more than £100,000 p.a. there may be scope to accelerate income in order to mitigate these changes – contact us if you would like us to review your overall tax position.

TOPICAL POINTS

For Companies and Businesses

IDENTITY THEFT

This is now becoming more prevalent and full details of a new system to protect Limited Companies is shown on the this page. Additionally, we are happy to recommend a local insurance broker who is offering an identity theft insurance policy. If you have any concerns about this area, please contact us.

COMPANIES ACT 2006

This legislation is now fully in force (from 1 October 2009) and have a separate summary of the main changes. This will be of interest to all company directors, but if this is not relevant to you, please pass it on to anyone you know who might be interested. Like all businesses, we value recommendations from our clients and contacts, and we are always keen to take on new business.

For specific advice on any of the matters above, please contact David Meredith, Andy Wilson, Carolyn Gore, Debbie Nelson-Gracie or Nicola Rowland on 01580 765088