Blog archive

It has been announced that HM Revenue & Customs will be extending the normal 30 day deadline to which tax payers can appeal late penalty notices to 31 March. This is to help with the expected increase in their phone lines over the next few weeks with some individuals not being able to get through to an adviser.

Over the past few years we have seen a number of industries targeted by HM Revenue & Customs offering individuals the opportunities to declare their full income. It is now the turn of electricians and HMRC have announced that they have issued letters to some 50,000 electricians warning of potential criminal charges as a result of not having disclosed their full earnings. Electricians who make full disclosure now have the advantage of paying a reduced penalty on any undisclosed income. Any individual who think this is relevant to them would therefore be advised to make early disclosure to avoid the adverse penalties and possible criminal action.

Despite the somewhat macabre nature of the after dinner talk delivered by renowned expert David Briffett on our local acid bath murderer, John Haig, the evening was a rip-roaring success. David's blood curdling talk had everyone sitting on the edge of their seats. It was preceded by a sumptuous two-course dinner and no doubt due to the content most guests fortified themselves with an extra glass of wine from the bar.

A very respected charity has just revealed that one in three people with a Will have admitted it is out of date and needs amending. In money terms, this means that over £1.1 trillion of assets could be at risk of ending up in the wrong hands. What a frightening thought! We remind all our clients to dust off their Wills and check that they are still up to date after as little as three years. What were you doing three years ago? The top five major life events are marriage, divorce, an addition to the family, the death of a family member and cohabitation. Have any of these occurred to you during that period? These are but a few of the major life events which might cause us all to think about updating our Wills.

We are delighted to announce that a number of Spofforths trainees and staff recently passed some tough ICAEW examinations (Institute of Chartered Accountants in England and Wales). Hayley Cleaver who is based at our Chichester office gained top marks in the country in her taxation exams. To mark her achievement she is set to receive The Little Prize from the ICAEW at an awards ceremony on 26th March 2012. Hayley successfully sat the Professional Stage Taxation Examination in December 2011, alongside four other students from Spofforths. James Chapman who works at our Brighton office is also celebrating, having passed the final stage examinations to become a Chartered Tax Adviser. We are very proud of him and all of the trainees who sat exams as they deserve recognition for their hard work.

Entries are now being taken for the Observer and Gazette Business Awards 2012. There are 19 fantastic categories spanning from Small Business, through to the Lifetime Achievement winner. We are delighted to sponsor the Business Start-Up Award and look forward to attending the awards ceremony at the Avisford Park Hilton Hotel on Friday 30 March.

14 Days of Love is the latest campaign from the Best of Worthing website, aimed at helping local businesses to receive the recognition they deserve.

Businesses can claim an annual investment allowance – AIA - for capital expenditure incurred on most items of plant and machinery. However, there is a planned reduction in the AIA - to £25,000 from 1 April 2012 (6 April for unincorporated businesses) and many businesses could have to wait over 25 years to benefit from a full tax relief on new plant.