Tax update, issue 39: Pre-Budget and year end tax planning
Our regular summary of all the latest tax issues that will affect you and your business. In this issue we concentrate on tax planning: for the Budget; for your year end; for your business; for individuals and families; for UK or offshore trusts; for foreign domiciliaries; and for estate and inheritance tax.
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Taxflash: Thinking of changing your car?
If you own your own business and are thinking of changing your car in the not too distant future delaying your decision could potentially lead to a substantial reduction in your tax relief.
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Financial update: January 2013
This issue of the UHY Financial Planning update covers a series of articles including the new child benefit charges, year end tax planning advice, changes brought about by the Retail Distribution Review and more.
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Taxflash: HMRC's Business Records Check
HMRC have announced the re-launch of their business records check program. A pilot scheme began back in April 2011 and by February 2012 had found that 36% of businesses had some issue with their record keeping. The process was then suspended to allow HMRC to redesign the approach.
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Taxflash: Mileage rates - December 2012
HMRC regularly publish approved ‘fuel only’ rates which have, again, changed with effect from 1 December 2012.
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Taxflash: HMRC's Tax Amnesty for direct sellers
HMRC have recently announced the launch of their latest tax amnesty, this time for direct sellers. This amnesty, or ‘campaign’ as HMRC now prefer to refer to them, however, has a particularly short period for disclosure, with the amnesty door closing on 28 February 2013. If you are a direct seller you need to consider your position immediately and, if you engage direct sellers, prepare for HMRC’s call.
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Tax update, issue 38
Our regular summary of all the latest tax issues that will affect you and your business. In this issue we concentrate on the major changes to PAYE, share option schemes, the dissolution of dormant companies, the new tax return penalties, issues relating to company car use, tax enquiry insurance, HMRC morality and the tax implications of selling an Olympic torch.
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Child Benefit
When the Government initially raised the reform of Child Benefit at the Conservative Party conference in 2011 there was an outcry that it was unfair and complex. The new tax charge in relation to Child Benefit will affect approximately 1.2 million families.
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Taxflash: Mileage rates - June 2012
HMRC regularly publish approved ‘fuel only’ rates which have, again, changed.
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Tax update, issue 37
Our regular summary of all the latest tax issues that will affect you and your business. In this issue we concentrate on seed-EIS, VAT, car tax relief, the proposals to cap income tax relief, tax simplification for small businesses, the timing of Gift Aid relief and the withdrawal of child benefit.
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SME news - Spring 2012
Our quarterly newsletter for SMEs gives a run-down of the latest tax, payroll, HR and general business news for small and medium-sized businesses.
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Budget summary 2012
Our summary of George Osborne's 2012 Budget announcement is now available to download.
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Taxflash: Mileage rates - March 2012
HMRC regularly publish approved ‘fuel only’ rates which have, again, changed.
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Tax update, issue 36: Pre-Budget and year end tax planning
Our regular summary of all the latest tax issues that will affect you and your business. In this issue we concentrate on tax planning: for the Budget; for your year end; for your business; for UK or offshore trusts; for individuals and families; for foreign domiciliaries; and for estate and inheritance tax.
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SME news - Winter 2011
Our quarterly newsletter for SMEs gives a run-down of the latest tax, payroll, HR and general business news for small and medium-sized businesses.
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UHY International UHY studies 2011
Download our International UHY studies to read about the wide tax gaps among countries, the varying corporate taxes between countries and that business start-up rates are five times faster in BRIC countries than in other nations.
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2011 Autumn Statement
Chancellor George Osborne delivered his 2011 Autumn Statement to Parliament on Tuesday 29 November 2011. In his statement he explained what action the Government will take to safeguard the UK from global instability and the euro area crisis and build a stronger, more balanced economy for the future.
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Taxflash: Mileage rates - December 2011
HMRC regularly publish approved ‘fuel only’ rates which have, again, changed.
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Tax update, issue 35
Download the latest Tax update newsletter to find out the latest on tax news and a summary of recent VAT issues.
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Taxflash: Mileage rates - September 2011
HMRC regularly publish approved ‘fuel only’ rates which have, again, changed.
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Company car users - changes to tax free fuel rates June 2011
HMRC regularly publish approved “fuel only” rates which have, again, changed. If you use the approved rates, you have certainty that you are claiming no more than the true cost of fuel used on business journeys and so will not be taxed on a “fuel benefit”.
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Tax update, issue 34
Tax implications of using your own car for business travel, plus our regular summary of all the latest tax issues that will affect you and your business.
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iXBRL fact sheet
This document explains what iXBRL is, outlines the requirements for electronic filing of business tax returns and the potential implications for your company.
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Taxflash: Amended tax free fuel rates for March 2011
Following the increased tax free fuel rates with effect from 1 March 2011, this guide provides full details of the rates to help you avoid any additional tax charge.
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Taxflash: Latest HMRC tax amnesty - it's not just for plumbers
HM Revenue & Customs (HMRC) have this month announced a ‘tax amnesty’ for plumbers and those in associated trades and there are various inducements for those who come clean regarding undeclared income.
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iXBRL fact sheet
This document explains what iXBRL is, outlines the requirements for electronic filing of business tax returns and the potential implications for your company.
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Tax update, issue 33: Pre-Budget and year end tax planning
Planning for the year end dominates our regular summary of all the latest tax issues that will affect you and your business.
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Setting up business in the UK
This document outlines the range of professional services we offer to assist you in the set-up of your UK business operations.
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Tax update, issue 32
Tax implications of your Christmas party, plus our regular summary of all the latest tax issues that will affect you and your business.
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Taxflash: Amended tax free fuel rates
This guide provides full details of the recent increased tax free fuel rates to help you avoid any additional tax charge.
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Taxflash: Car mileage rates
HMRC regularly publish approved ‘fuel only’ rates for company car users and the last updates, published in July 2010, have once again been updated with effect from 1 December 2010, this time with an increased risk for drivers of being caught by the fuel scale benefit.
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Liechtenstein Disclosure Facility - too good to refuse
If you have undeclared UK tax liabilities you have two choices: to wait until your turn comes (and it will come) or to get in first with a disclosure of relevant income and gains. If you are going to disclose, it clearly makes sense to take advantage of the very generous terms of the Liechtenstein Disclosure Facility.
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Tax card 2011/2012
This handy tax card lists all of the tax rates for the tax year 2011/2012.
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Tax update, issue 31: Scam HMRC email
Beware the scam HMRC email, plus our regular summary of all the latest tax issues that will affect you and your business.
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Taxflash: Pension contributions and the higher-rate taxpayer
Not only will those with taxable income in excess of £150,000 be subject to new higher rates of Income Tax, those with income close to or above this threshold will also find that the tax reliefs that they have previously enjoyed in respect of contributions to their pension plans will be dramatically restricted.
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Taxflash: The Liechtenstein Disclosure Facility
This document provides a guide to the Liechtenstein Disclosure Facility (LDF) and explains how we can help with the preparation of your disclosure.
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The number of businesses that have requested a National Insurance Contribution holiday plummeted to a new low of 400 in December 2012, down 44% from the 710 applications made in the same month the year before. This is the lowest take up of the scheme since January 2011 – just after the scheme launched – and less than a fifth of the 2,235 applications received at the scheme’s peak in October 2011.
Hot on the heels of an announcement from HMRC that a “Memorandum of Understanding” had been agreed with the government of the Isle of Man, it has now been revealed that a deal with Guernsey is also close to being finalised.
UK consumers are suffering under some of the highest levels of consumption and sales taxes in the G8*, according to our new research.
The biggest increases in tax have fallen very clearly on higher earners. They will face more than £5.5billion in extra taxes over the next five years as a result of the Autumn Statement 2012.
