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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
Online
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