Tax & Accountancy feed - South West Business

Family Matters: John Betjeman and Father fall out

Mon, 23 Aug 2010 23:00:00 GMT

John Betjeman, in his autobiographical poem, Summoned by Bells, recalls how he repeatedly turned down his father's request to join the family business, writes David Pierce of business experts and accountants Hazlewoods LLP.

Tax Talk - Prepare for the VAT rate rise!

Thu, 26 Nov 2009 15:06:00 GMT

Julian Millinchamp, senior manager at Hazlewoods LLP, takes a look at VAT and the pending rise.

Prepare for the VAT rate rise

Thu, 29 Oct 2009 14:05:00 GMT

Most readers will already know that the rate of VAT will increase back to 17.5% with effect from 1 January 2010. writes Julian Millinchamp, senior VAT manager, Hazlewoods LLP.

Tax talk, with Patricia Kinahan, partner Hazlewoods LLP

Wed, 11 Feb 2009 14:56:00 GMT

The run-up to January 31 for many people means a panic to complete and submit their dreaded self-assessment tax return

Then once the deadline has passed many just want to forget about tax, other than promising themselves they will do it earlier next year.

But this is exactly the time of year when people should be taking a step back and thinking about tax. Action taken now can mean future tax payments could be significantly smaller than otherwise would be the case.

Tax planning before the tax year end on April 5, 2009 applies equally to individuals looking at their personal finances and owners and managers of businesses.

Even if simply survival is the priority for many in the current economic downturn, there are likely to be things that can be done to lessen their tax burden.

Although many planning ideas are simple, others are more complex and require time and consideration before implementation, so it is never too early to start thinking about them.

Tax planning includes making sure full advantage has been taken of the allowances and exemptions offered by the Government.

For example, for the year ended April 5, 2009 all individuals are entitled to a personal allowance of at least £6,035 and a capital gains tax allowance of £9,600. Married couples should make use of both spouses' allowances.

If one spouse has not used these allowances but the other has, the couple should consider transferring income-earning assets to the spouse with the lower income.

Clearly there are other issues to consider, not least anti-avoidance legislation, but this type of planning is absolutely legitimate and over several years can save a married couple a significant amount of tax.

An Annual Investment Allowance of 100 per cent of the first £50,000 of expenditure on plant and machinery (excluding cars) was introduced last year. It came into effect from April 1, for companies and from April 6 for unincorporated businesses.

All businesses should, where possible, plan capital expenditure to ensure the maximum benefit is obtained from this allowance each year. If you would like more details about planning ideas to consider before the tax year end please e-mail tax@hazlewoods.co.uk for a copy of Hazlewoods Pre Year End Tax Planning Guide. 2009-01-21T10:33:29

Tax talk, with Nicholas Smail, tax manager at Hazlewoods LLP

Thu, 16 Oct 2008 13:53:00 GMT

Beware October 31: not only is it Halloween but tax return is due.

If you plan to file a self assessment tax return on paper, then do not forget that October 31 is the new deadline.

In previous years, both paper and online self assessment returns had to be filed by January 31.

Following recent changes, paper returns for the tax year 2007/08 must be submitted to HM Revenue & Customs (HMRC) by October 31, 2008. If you send your paper return in after that date, you risk a penalty of £100.

The deadline for filing online returns remains January 31, 2009.
The date for paying outstanding tax for 2007/08 is still January 31, 2009, whether you file online or on paper. If you get your paper return to HMRC by October 31, they guarantee to calculate your tax for you so that know what to pay by January 31, 2009. If you file online, your tax is calculated automatically.
If your tax liability is less than £2,000, and you want the tax to be collected through your tax code, you need to get the online return in by December 30 to allow this to happen. The date for similar underpayments to be collected through the PAYE code for paper returns is October 31.

For returns issued between August 1 and October 31 a paper return must be filed within three months of the date of issue whilst it must be filed by January 31, 2009 if filing online. Returns issued on or after November 1, 2008 must be filed within three months of the date of issue regardless of whether it is filed as a paper return or online.

Along with changes to the filing deadline, HMRC have changed the time they have to open an enquiry into a tax return.

The enquiry deadline is now 12 months from the date that the tax return is received by HMRC rather than 12 months from the January 31 filing deadline.

For returns that are filed late the enquiry deadline will remain 12 months from the end of the quarter in which the return is filed. (January 31, April 30, July 31 and October 31)

For more information contact Nicholas Smail on 01452 634800 or email nas@hazlewoods.co.uk.