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With the tax year end just weeks away, it is time to start thinking of maximising your allowances and reliefs in order to save you or your business money. Our latest report offers a glimpse into some of the options available.
Year end tax planning 2013
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Higher Income Child Benefit Charge
The Finance Act of 2012 contained new legislation intended to claw back Child Benefit (a previously non means-tested allowance) paid to a taxpayer who has net income in any tax year in excess of £50,000.
The methodology appears simple enough at first – it simply withdraws 1% of the total award for every £100 the income level exceeds £50,000, culminating in a full withdrawal where income reaches the £60,000 mark. However as has become customary with tax legislation, the true position is far more confusing and controversial that ...
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We are featured in this months Construction magazine. Please follow the link to the article.
Construction Magazine August
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If you have a company and are looking for tax efficient ways to incentivise and retain your employees, consider adopting one of the HMRC approved share plans. These plans allow shares to be awarded to employees in a very tax efficient way. Highly useful for companies who have key employees who have in-demand skills. Please contact me for further information.
Approved Share Schemes
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Budget Report 2012
With the dust settling on the Budget, and the inevitable row about 'granny taxes' and so forth emerging, we give our thoughts on the Chancellor's announcements
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Year end tax planning 2012
The report details some ideas to reduce tax and make the most of the various tax allowances and various rates. The areas considered are income tax, business tax, capital gains tax and tax efficient investments.
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Recently published VAT report for anyone who is considering building a new residential property, or converting a non residential property into living accommodation.
The essence of the scheme is to put a DIY builder in the same position as if they had purchased a new property from a developer. As this would be a zero rated transaction for VAT, there is some scope to reclaim the VAT incurred on, for example, building materials.
Please contact Andrew Rainford at our offices for further information.
VAT report on construction
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Autumn statement and reaction
Andrew Rainford - Tax Manager
The press coverage of the recent Autumn Statement focused on the Euro crisis, and the perceived inaccuracy of the initial growth forecasts and public sector job cut estimates. And of course the failure of the Government to come anywhere close to its deficit reduction targets.
The ubiquitous beast that is 'The Deficit' is a largely misunderstood concept. Many incorrectly assume that the measurement of the national deficit is the amount of outstanding borrowings owed by the Government. This is possibly fuel...
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View our tax rates, reliefs and efficient investment report for the tax year 2011/2012.
Sample "The Personal Allowance is increased to £7,475 (increase of £1,000) and this should be borne in mind when considering the balance of salary/dividends for directors of owner managed business, as salaries are deductible in the Corporation Tax Return....."
PDF: Efficient investment report 2011
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Osborne unveils 'tough' Budget but declares Britain 'open for business'
Billed as a 'tough but fair' Budget, Chancellor George Osbourne has announced his plans to tackle the UK's record deficit while sustaining the economy.....
Read the full report by downloading the Report as a PDF - Click here to download.
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