Monthly Archives for February, 2012

Tax Planning…

February 24, 2012
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The end of the financial year is fast approaching (5 April 2012) and you may wish to review your personal tax affairs, in particular you may wish to review whether or not you have used your:-

o - Capital gains tax annual exemption for 2011/12

o - Annual Inheritance Tax exemption for gifts

o - Annual Individual Savings Account (ISA) investment limit.

In addition, the Annual Investment Allowance is decreasing from £100,000 to £25,000 from the 6 April 2012, thus if you are planning on buying plant and machinery in the near future; significant tax savings can be gained on purchases made prior to 6 April.

You may also wish to make additional pension contributions by the above date.

Website Updates…

February 24, 2012
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Our featured client section on the website has been updated to provide details of our client, ‘Colin Bell Photography’ and we would advise that you take a look to determine whether you could use their services

How your business is portrayed visually is of key importance to attracting new clients and for retaining existing ones.

Higher Rate Taxpayers Info…

February 24, 2012
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If you are a higher rate tax payer, (pay tax at 40% or 50%), and pay into a personal or employers pension scheme, then you may be entitled to claim higher rate tax relief on your pension contributions.

Any payment made into your pension fund is deemed to made net of basic rate tax (i.e. 20%), for every £100 you want to save you only pay £80. HMRC provides tax relief by ‘grossing up’ your contribution, i.e. it pays the additional £20.

Higher rate tax payers are entitled to additional relief, however, this is not an automatic relief and a claim has to be made in writing to HMRC. Claims can be backdated for up to four years, though proof of the gross and net contributions throughout this period need to be provided. Contact us if you think that you may be eligible to claim for additional tax relief on your pension contributions.

Vat Online…

February 24, 2012
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From 1st April 2012, all VAT Registered businesses are required to submit their VAT returns online and pay any VAT due electronically. If you currently prepare your own VAT Returns and submit a paper copy to HMRC this will no longer be acceptable.

The first step to submitting your VAT Return online is to sign up for VAT online services; this can be done on HMRC’s website at www.hmrc.gov.uk

When you submit your VAT Returns online, you must also pay any VAT due electronically. Paying electronically will normally give you to up to seven extra calendar days to submit your return and pay your VAT, unless you make annual returns or payments on account. The extended due date will be shown on your online return and you must ensure that cleared funds reach HMRC's bank account by this date. If your payment clears later than this, you may be liable to a surcharge for late payment.

You can pay your VAT in a number of ways including Direct Debit, online and telephone banking. You can also pay by cheque at a bank or building society using a Bank Giro paying-in slip which can be obtained from HMRC.