The Spring 2012 edition of Hart Shaw’s Money Matters newsletter is now available to download from our website via: http://www.hartshaw.co.uk/newsletters.htm.
Hart Shaw Money Matters - Spring 2012
As now is an ideal time to turn your mind to a review of your personal and business tax strategies, this issue includes a special four-page supplement devoted to year end tax planning tips.
In April 2010 HMRC introduced new style penalties for late payments of PAYE and CIS payments, whereby the penalties increase each time you default. Our cover article highlights the need to have a reasonable excuse if you are late paying! On the flip side, HMRC continue to offer ‘Time to Pay Arrangements’ for individuals and businesses which meet the conditions and our summary will tell you more.
HMRC are in the spotlight in this edition of our newsletter as we also include articles on P11D pitfalls and the common areas that HMRC will focus on, and also their collaboration with the Swiss authorities. Swiss bank account holders beware!
Companies which have associates may have to pay higher rates of corporation tax due to the limits being split between the companies. If you or your family members have an interest in more than one company, our article will help to clarify the rules to determine if the companies are associated.
‘A game of location’ looks at Enterprise Zones, the latest Government initiative to drive growth and create jobs. Whilst there are conditions that need to be met, it may be of interest to know more, regardless of where you are based. It is important that business owners also understand the tax rules surrounding sponsorship so we have included a review that looks at the tax position.
Planned changes to tax credits continue to be a hot topic. To help you understand the latest position and to see if you or your family will be affected, we have written a summary on the planned changes.
Included with the newsletter you will find special briefing where we look in more detail at:
Employer update
An overview of recent developments and topical issues
Every year there is more red tape for employers to comply with. We have produced this briefing to provide employers with a practical summary of recent and forthcoming changes. The focus is on the key areas that may have an impact on your business and any associated costs you need to be aware of including the progress on the introduction of pensions auto-enrolment.
Seed Enterprise Investment Scheme (SEIS)
In the Autumn Statement the Chancellor announced that a new relief is to be introduced from 6 April 2012 – the Seed Enterprise Investment Scheme (SEIS).
The aim of SEIS is to encourage individuals to invest in small companies by providing income and capital gains tax (CGT) incentives. Two key incentives on offer are the possibility of up to 50% income tax relief on a qualifying investment and the availability of a CGT exemption.
This briefing provides a useful summary of the proposals, in particular, how the scheme will operate and the key qualifying conditions that have to be met to obtain the reliefs available. It considers the key questions that need to be considered if you feel you would like to take advantage of the scheme.
Please contact us if you have any questions regarding any of the articles or tax planning tips we have included in our newsletter or if you would like further information on a topic we haven’t covered. Your views are always important to us and we would welcome any feedback you could give us.
Brendan Hall, Marketing Co-ordinator
Email: brendan.hall@hartshaw.co.uk.
Follow Brendan on Linked In
