30 May 2014
Do you complete a tax return each year? Around 10 million self assessment tax returns are submitted to H M Revenue & Customs (HMRC) annually, and each year HMRC open enquiries into a selection of these returns. Nothing too surprising about this, but what might surprise you is that a Freedom of Information disclosure has confirmed that the chances of being one of the unlucky ones who is selected may ...(more)12 May 2014
Jimmy Hair firstname.lastname@example.org a Tax Partner of Springfords LLP, explains why they are unique and often used for property funds, family limited partnership and as carried interest vehicles. This article recently appeared in the Boncommence May 2014 Newsletter.
Limited Partnerships (LPs) have been with us for many centuries – the earliest example arguably being the societas publicanorum which first arose in Rome in the third century BC.
A Limited Partnership is a ...(more)02 May 2014
HM Revenue & Customs (HMRC) believe they’re missing out on around £550 million each year as a result of undisclosed rental income. Less than 500,000 people are registered as landlords for tax purposes, but HMRC reckon there could be another 1 million property owners in the UK and abroad who have yet to disclose their rents.With this in mind, HMRC’s Let Property Campaign offers an ‘opportunity for landlords who owe ...(more)08 Apr 2014
Under current legislation, Limited Liability Partnerships (LLPs) are regarded as ‘transparent’ entities for tax purposes, meaning the members (or partners) are taxed as if they were self employed. This has resulted in many LLPs promoting their employees to member status to avoid employers’ national insurance costs on their salaries and benefits in kind (such as company cars). However, new rules have been introduced from 6 April 2014 to close this tax planning ...(more)07 Apr 2014
For a lot of entrepreneurial clients, their pension is their “business”. What does this mean? In a nutshell, they have always planned to use the proceeds arising from the sale of their business to fund the bulk of their retirement – for example, by either investing those proceeds in stocks and shares to achieve an income from dividends, investing in buy-to-let flats to receive monthly rental income or buying an ...(more)24 Mar 2014
"I play bingo, and even call the numbers"- George Osborne
While social media has been caught up by ’Bingo-gate’, here at Springfords we’ve been focusing on the numbers that matter, to our clients, their businesses and families. On the day when a new £1 coin was officially unveiled, there were of course plenty of other important changes announced. As ever, the finer details will emerge over the next few weeks. For ...(more)10 Mar 2014
"Any fool can make things bigger and more complex. It takes a lot of courage to move in the opposite direction."
The size and complexity of the UK tax legislation can appear daunting. Back in 2009 it was reported that the UK tax code, at more than 11,500 pages at the time, was the longest in the world. More recently, the Public Accounts Committee concluded that our tax law is ...(more)24 Feb 2014
No doubt this thought has passed George Foreman’s mind on many occasions over the years, following his famous defeat at the Rumble In The Jungle, back in 1974. Since then, he’s retired on numerous occasions, until 2004, when he finally hung up his gloves at the age of 55, and as we know, has since become a household name, in the kitchen of all places!
After such a long and ...(more)07 Jan 2014
Download a copy of our popular tax calendar for 2014 to ensure you don’t miss any deadline dates!
Also, we’ve noted some other important dates below which you will need to keep in mind in the months ahead.
Pension Auto Enrolment
A new law means that every employer must automatically enrol workers into a workplace pension scheme if they:• are aged between 22 and State Pension age• earn more than £9,440 a year• work in the UKThis is ...(more)11 Dec 2013
December 5 2013 will be remembered for more momentous events but, closer to home, many of us were dealing with terrible weather, and the difficulties that ensued as a result. Others will remember it as the day the 2013 Autumn Statement was released by Chancellor George Osborne – his attempt to provide the nation with an insight into the government’s financial plans for the future.
Many of the announcements made will ...(more)