Money Matters

Money Matters – a winter 2010 newsletter from Hart Shaw is now available to doanload via our website.

With the publication of three Finance Bills, 2010 has been an unprecedented year and seen many tax changes, so unsurprisingly our winter newsletter concentrates on tax issues.

Our front cover focuses on the restrictions relating to tax relief on pension contributions and the bad news that some high earners could find themselves with an additional tax charge.

If you are a high earner, has the introduction of a 50% top rate of income tax made you think that it may be worthwhile leaving the UK? We consider if this is a realistic option.

When is a car a pool car? To make sure there is no tax bill for an employee to pay, certain criteria must be met and increasingly HMRC are looking for employers to ‘prove it’. If your business has a pool car make sure that you can indeed ‘prove it’ and if you have any concerns please get in touch.

Another area under the HMRC spotlight is tax deductions for repairs and alterations to buildings. The deduction may be challenged but the cases we have highlighted show that HMRC don’t always win!

VAT is a complex area and now it seems paying what you owe is also becoming more complicated. New rules when paying by cheque were introduced in April 2010 and HMRC have recently thought it appropriate to a issue reminder. They have also issued revised guidance on correcting your own mistakes! Read ‘VATs it all about’ to find out more.

We also look at the increase in National Insurance Contributions and the decrease in corporation tax from April 2011. Finally, if you feel you have anything left to give away we look at the most tax efficient way to make donations to charity.

Included with the newsletter there are also special briefings where we look in more detail at:

– Year End tax planning tips for the individual
– Keeping the lid on Inheritance Tax
– Securing business success

Our Money Matters newsletter and these client briefings are available to download from our website via: http://www.hartshaw.co.uk/newsletters.htm