Blog categories

FREE Breakfast Briefing - 30 March 2011

A FREE Breakfast Briefing in association with Horsham Unlimited.

a couple of points arising in the budget/finance bill on property investment!

The Budget made an interesting change for property investors. The Finance Bill 2011 is introducing a reduction in stamp duty land tax payable for ‘bulk purchases’.

budget changes affecting the residency and domicile of individuals

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.

gatwick diamond pastries and networking

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.

Autumn Statement date set

This year's Autumn Statement will take place on Wednesday 5th December, Chancellor George Osborne has announced.

Autumn Statement 2012

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.

Autumn Statement - Business Tax

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.

Autumn Statement - Child Benefits rates to freeze for 2013/14

In his Autumn Statement the Chancellor announced that Child Benefit rates would be frozen for the 2013/14 tax year, but will increase by 1% in the 2014/15 and 2015/16 tax years.

Business and Professional Life

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.

Budget 2013

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.

Budget Reaction

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.

Employee shareholder status

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.

Reducing the cost of employment

From April 2014 all employers will be given an allowance of £2,000 to be offset against their Employer’s Class 1 National Insurance liability.

VAT on services to consumers

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.

Inheritance Tax threshold frozen

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.

Corporation Tax Rates

The Chancellor has announced that the main rate of Corporation Tax will be reduced to 20% from 1 April 2015 meaning a single tax rate for companies in the UK.

Income Tax

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.

Seed Enterprise Investment Scheme

It was announced that the government are to extend the Capital Gains Tax (‘CGT’) relief for reinvesting gains in SEIS shares to gains accruing in 2013/14.

New childcare scheme

As announced yesterday a new childcare scheme will be introduced in autumn 2015. The new scheme is designed to help families contribute to their childcare costs with support of up to £1,200 per child.

FREE 2013 Budget Report

Please click here to view a report summarising the 2013 Budget announcements made by the Chancellor.

What will the Chancellor focus on in his Autumn Statement?

The Chancellor will make his announcement on Thursday 5th December. ICAEW’s Tax Faculty have highlighted areas where announcements are expected:

Fuel Duty – Further Freeze

It has been confirmed that the fuel duty rise expected next year has been cancelled.

Spofforths comment on 2013 Autumn Statement

2013 AUTUMN STATEMENT – Comment by Bryan Elkins of Spofforths on the main tax measures announced by George Osbourne on 5 December 2013

Budget 2014 – Personal Allowance Increase Announced

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.

Budget 2014 - Tax Anti-Avoidance Crackdown Continues

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.

FREE Xero Workshop

Xero - Cloud based accounting software

In a demanding society our needs, both business and personal, are constantly changing and evolving, making it hard to predict the next step. The advancement of online accounting software has meant that the way in which we can now do business has changed beyond all recognition.