The current rules to determine whether an individual is UK resident or not are very unclear and complicated. George Osborne announced on 23 March that the government would be looking to introduce a statutory definition of residence.
It was great to welcome the Gatwick Diamond Business Association and CADIA into our Horsham office for a pastries and networking event this morning.
It proved really popular and more than 50 businesses joined us to find out more about the impact the Budget announcements could have on them.
Lee-Ann Connor from the Gatwick Diamond congratulated Spofforths for being chosen as finalists in the 2012 Business Awards. It was a really nice surprise when she presented us with certificates to mark our achievement in two categories - The Award for Corporate Responsibility sponsored by THALES, and Business of the Year sponsored by pwc.
Chancellor George Osborne is set to deliver his Autumn Statement on Wednesday 5 December 2012 and we are preparing to review the impact new measures will have on businesses and individuals. The Statement will confirm government's plans for the economy, accompanied by the latest forecasts and analysis from the Office for Budget Responsibility.
The Chancellor has just finished his Autumn Statement. The highlight for small and medium sized businesses appears to be a substantial increase in the Annual Investment Allowance for investment in new plant and machinery.
The latest edition of Sussex Life, Business and Professional Life, features two interesting articles from our tax consultancy team. Partner Bryan Elkins reviews the Autumn Statement and looks at the implications it is set to have on businesses. While Spofforths’ Tax Consultant Dan Hobbs outlines the changes to VAT rules for non-resident businesses.
As we eagerly await the Chancellor’s Budget report on Wednesday 20 March Spofforths Tax Partner Bryan Elkins is preparing to review the announcements. He will be providing the Sussex media with an overview of the impact the Budget may have on businesses and individuals.
George Osborne has delivered the 2013 Budget and our initial reaction is that there are significant changes being introduced by the government including the expected promise of anti-avoidance changes. The most surprising announcement is in fact not a tax matter, but assistance to home-buyers with a “Help to Buy” package.
In the Budget the Chancellor confirmed the new ‘employee shareholder status’ which will give a Capital Gains Tax exemption on a future sale of shares. The exemption will apply to shares worth up to £50,000 when they are received, but with no limit on the ultimate proceeds received on sale of the shares. In order to get the benefit, employees will have to waive some of their employment rights.
From 1 January 2015 there will be changes to the place of supply rules in respect of telecommunications, broadcasting and electronically supplied services. Under the current rules, supplies made by a business in one member state to a non-business customer in another is subject to VAT where the supply belongs. From 1 January 2015 supplies of these services to non-business customers will be subject to VAT in the member state in which the customer belongs. Businesses will therefore have to account for VAT at the rate appropriate to the member state in which the customer is located.
The Chancellor has confirmed that the Inheritance Tax threshold has been frozen at £325,000 until at least 5 April 2018. This means that any increase in the value of assets over the next 5 years will potentially be subject to Inheritance Tax without any increase in the tax-free amount for inflation over the period. This has been done to help fund the recently announced cap on care costs of £72,000. Thought should be given to removing assets from your estate that could increase in value over the coming years.
The anticipated £10,000 personal allowance which the government have hinted about for the last couple of years was confirmed today with the announcement that it will come into effect from 6 April 2014.
The Chancellor confirmed that the personal allowance (the amount of income you can have before you pay tax) is increasing to £10,000 with effect from 6 April 2014 and this will increase to £10,500 with effect from 6 April 2015.
The Chancellor has announced the crackdown on marketed tax avoidance will continue. Participants in notified schemes will be required to pay the disputed tax “up front”. They can only recover this when the litigation concludes in their favour.