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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.

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.

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.

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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.

The Tax-Free Personal Allowance: Further £100 in April 2015, to £10,600

The personal allowance – the amount you earn before you have to start paying income tax – will be increased again from £10,000 to £10,600 in April 2015. This will benefit all taxpayers.

The Chancellor announced their intention to increase the allowance to £12,500 by 2020, so that anyone earning National Minimum Wage will not pay tax.

In addition, there will be inflationary increase in the higher rate threshold, so higher rate taxpayers will also benefit.

2015 budget date announced

The Budget will take place on Wednesday 18 March 2015