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Scopulus Business Newsletter - 10-06-09

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Dear Subscriber

In this issue we have:

  • Briefing
  • Tax Tip
  • Business tip
  • Legal Tip
  • Legal News
  • Articles - watch
  • Website Update
The budget was boring and unimaginative and most would have expected a bit more help from this government. There was however a few concession, but in short, there was nothing much to speak of. The general feeling from the business sector was that they were not impressed and more should have been done.

For the general stuff, we have a tax sheet and the treasury press releases can be found here.

What has changed that makes a difference now the dust has settled.  
  • From July 2009 UK companies will be exempt from tax on the dividends from foreign companies

  • Requirement for a Senior Accounting Officers for large companies

  • A 50% tax rate from next year for earnings over £150K

  • Gradual loss of  tax allowance for earning over £100k

  • The doubling of capital allowance rate to 40%

  • 100% capital allowance if purchases are energy or water efficient

  • Statutory redundancy pay is up from £350 to £380 a week

  • Tax-free ISA has increased to £10,200 but only for the over 50s this year and for the rest of us from next April. (£5,100 can be in cash)

  • Loss-making businesses can reclaim tax on losses for the last three years until November 2010 (Still limited to £50k)

  • Stamp duty holiday is extended until the end of 2009 for property purchases up to £175k (then reduced to £125K)

  • Mortgage Interest Scheme is extended by six months

  • From November the limit on pensioners savings will raised from £6,000 to £10,000 before their Pension Credits are reduced
This not really enough to encourage the entrepreneurial spirit, the percentages and risk is too high. However, there may be enough to encourage start-ups with the Enterprise Investment Scheme (EIS), Corporate Venturing Scheme (CVS) and the Venture Capital Trust (VCT) scheme and the doubling of the capital allowance.

As for what is happening with the politicians and expenses, well, they strung up the bankers when they should have been working with them. This could have helped them and give the economy and public confidence a boost. They could have waited until the recovery was in full flow then throw the book at those responsible. I guess what goes around comes around.

Just in, on the 8 June 2009 Ian Gibson was appointed to be Steward and Bailiff of the Three Hundreds of Chiltern. See (http://en.wikipedia.org/wiki/Chiltern_Hundreds)  which explains what this appointment is. (This is a result of the expense scandal )

Tax Tip

With a firm commitment from this government to close as many tax loop hole as possible, it may be an idea to revaluate your tax position now and what can change in the next 12 months. The taxman will be looking for sudden changes at the end of the tax year so have your paper work ready and organised. See HMRC caps offshore penalty at 10%,  the second tax amnesty takes effect.

The UK Tax Calendar has been updated. You can get email alerts for the rest of the tax year to remind you of the tax deadlines that apply to you.

Business Tip

If you do not have a shredder, (business and personal) then get one. Security is very important and the wrong information in the wrong hand means trouble. It amazes me that not everyone who considers themselves sensible has at least one. You can even get a cheap hand winding one from Tesco’s for around £10 (and it also shreds’ credit card and discs).  This should be standard office equipment. Arming yourself with one of these if you have not already will give you peace of mind and reduce risk.

Legal Tip

Get everything in writing and do an audit of your paper work and contracts every year. Boring I know, but you will be surprised what goes missing and what you did not agree too. It may be time to renegotiate some of the contract terms because of the current economic state.

Remember the law does change from time to time, which can mean minor or major adjustments have to be made.

Legal News

The Finance Bill 2009 released included changed guidance on place of supply and time of supply legislation and also there is a new requirement for a Senior Accounting Officers of large companies to certify annually that their tax accounting arrangements are appropriate for the purposes of accurate tax reporting.

The Taxman could lose 'billions' after landmark VAT ruling. This article is about the calculation of interest on tax overpayments.

BSI has Publish the New Standard BS10012 – Data Protection. You can read more about it here

Articles - watch

Website Update

Thanks to all that sent in their suggestions. We have implemented a few and are always considering improvements and changes. More Argus or  M&S vouchers are available.


Kind Regards
The Scopulus Articles Team
Web   www.Scopulus.co.uk
Email  info@scopulus.co.uk

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Article Published/Sorted/Amended on Scopulus 2009-06-11 15:25:21 in Newsletter

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