Tax Alerts - 2013
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)15 Oct 2013
Yes … it’s coming your way! A new scheme from the Government to encourage your staff to start saving for pensions … but you, the employer , will be footing some of the bill too so you need to be planning ahead for this additional expense particularly when it comes down to negotiations on wage rises and preparing any future cash flow projections.
So how does this scheme differ from the ...(more)15 Oct 2013
It’s a simple fact that having a company car can mean your business and/or you will incur substantial tax charges but, with the Government’s continuing crusade for us all to ‘go green’, then driving a “green” car could help to substantially reduce those costs.
Let’s firstly consider the company position:
If your company leases cars, then part of the leasing costs you pay are generally non deductible for tax purposes. However, the ...(more)08 Oct 2013
As you know, Springfords is constantly looking for innovative ways in which we can improve the service we offer our clients. And that’s why we've taken the decision to launch our very own App. It’s available to you today and is completely free of charge to download onto your iPhone, iPad or Android devices.
So the next time you need to look up a tax rate or work out your vehicle ...(more)25 Sep 2013
Parents entitled to receive child benefit will remember the changes which came in to force this January, imposing a potential tax charge in relation to child benefit payments, when someone in the claimant’s household earns more than £50,000 per year.
Our newsletter dated 9 November 2012 (which is available by clicking here) gave more details on the changes, and who might be affected. Those who didn’t stop their payments until after ...(more)27 Aug 2013
Those of you who have read our recent Newsletters will be aware that Fiona Donaldson, one of our Tax Partners, is Chair of Lunch with an Old Bag, a fabulous annual fund-raising lunch held at Prestonfield House, in aid of The Prince’s Trust Scotland.
Springfords are also proud to be joint sponsors of this year's event and the Springfords ladies who’re going along to the lunch on 13th September are hugely ...(more)23 Jul 2013
The arrival of the new Prince of Cambridge is expected to boost the UK economy by £243 million, and many of us will contribute to that, even if only by raising a glass in a toast to Will and Kate. Congratulations!
The Duke & Duchess of Cambridge are unlikely to have any concerns regarding the financial security of our future King but, for the rest of us, the arrival of a ...(more)05 Jun 2013
There can be plenty of ups and downs when running your own business. One of these might be whether or not to take the plunge and buy that new van, piece of machinery, or one of the other thousands of items which qualify for capital allowances.Rather than automatically writing off 100% of the cost against profits, capital allowances spread the tax relief on these expenses over several years, with the rate ...(more)13 May 2013
As you will no doubt be aware there has been a lot of media coverage, not to mention the odd unsolicited telephone call or two, inviting you to seek compensation from lenders (yet again the banks as lenders have been in for some bad press!) for the mis-selling of payment protection insurance (PPI) on loan products. To date, there are a significant number of people who have had successful claims and ...(more)15 Apr 2013
VAT compliance visits are as old as VAT itself and have been accepted by many as an inevitable consequence of carrying on in business. However, with Budget deficits to plug and tax anti-avoidance very much on the agenda, such checks are becoming more and more common – with a 153% increase over the last 12 months alone – so that it is only a matter of time before a VAT-registered ...(more)15 Apr 2013
Did you know? -
The Chancellor can deliver the Budget at any time of the year (although this is usually in Spring).
The word “budget” is from the term “bougette”, which is a wallet that can hold documents or money.
Chancellors are allowed to wet their tongue with alcohol during the Budget speech – although this may also be for courage!
The longest budget speech is thought to have been given by William Gladstone ...(more)22 Mar 2013
- George Osborne March 2013 In a very vocal parliamentary session, during which the Deputy Speaker of the House had almost as much to say as the Chancellor, George Osborne laid out the Government’s plans for the country’s finances in his 2013 Budget Speech. During his delivery to the Commons, Britain was described as an “aspiration nation” (ten times!), but do the changes match up to your aspirations? First, let’s quickly ...(more)12 Mar 2013
HMRC will shortly demand instant payroll reporting from employers. From April 2013 most small and medium sized businesses are required to send details of the amounts they pay their employees on or before the date the payments are made. This is a radical change to the way in which HMRC gathers information from employers. Under the present system this sort of information is only required at the end of the ...(more)11 Jan 2013
As you may or may not know, businesses can claim a capital allowance tax deduction for the proportion of the commercial building acquisition cost relating to ‘fixtures’. Fixtures include items such as central heating, electrical and lighting systems, water systems, sanitary ware and air conditioning which are typically attached to the building and are distinct from moveable items such as tables and chairs. Clearly some businesses operate from properties which typically ...(more)08 Jan 2013
The 2012 Budget announced that, from April 2013, some income tax reliefs would be capped, effectively restricting the income tax relief available for individuals against their total income.
Why the change?
At present, many tax reliefs can be set against individuals’ total incomes with no limit (other than sufficient income to “mop up” the relief). Allowable loan interest, for instance, is relievable against total income without limit, as are certain trading losses.