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A state permitting clear perception and understanding; the area that may be seen distinctly or resolved into a clear image.

Consider this

I thought I would get round to writing the first blog of 2013, time seems to be flying this year, I can’t believe it’s nearly March already. There are many things to discuss as ever….
To start with what a great start to The RBS Six Nations, who would have thought
Italy would have beaten France so comprehensively, and again not many would
have had France down to lose their opening to fixtures. Whilst quite astonishing
we at Accountancy 4 Growth are very happy with the start England have made,
thrashing Scotland at the home of Rugby 38-10, then doing a very professional
job in Ireland and brining home the points with a 12-6 victory, and now beating
France 23-13, is it too early to be thinking about a Grand Slam?

Many people may not have known who Oscar Pistorius was prior to the London Olympics, unless you were a keen fan of Athletics. Pistorius has a large collection of medals to boast in his athletics career, including most recently 2 gold medals at the
London Paralympics in the 400m (T44 class) and in the 4 × 100m relay (classes
T42–T46) aswell as a silver. He also competed in the able bodied Olympics a few
weeks prior. For many Pistorius is the figurehead of the Paralympic  movement, so the news of the death of his girlfriend and his suspected involvement for many has came as a shock, the outcome of the case is still on going, for many a guilty verdict could well tarnish a glittering career.

Current affairs aside…

Now our tax returns are filed and we are rapidly approaching the end of
the 2013 tax year this is a great time to review our current position and
consider what tax breaks are available that we need to take advantage of before
5th April.

 

For your consideration,along with our colleagues at Finance 4 Growth Ltd, I have compiled below a list of opportunities available to you to reduce your tax
liability and increase your wealth;

  • Annual Investment Allowance – invest up to £81,250 in plant &
    equipment for your business to receive 100% tax relief

 

  • Annual CGT Allowance – create £10,600 tax free profit on the sale
    of personal investment assets

 

  • Husband/Wife gifts – transfer income generating assets, such as
    shares, between spouses free from CGT to take advantage of lower rate income
    tax thresholds

 

  • Chattels – sell up to £6,000 of personal assets, i.e. jewellery,
    free from CGT

 

  • Annual IHT Gift exemption – gift up to £3000 free from death
    duties + 1 year carry back

 

  • ISA Allowances – invest up to £5,640 into a cash ISA or £11,280 in
    to an investment ISA

(if you have only used cash ISA allowance the investment ISA
balance remains available)

 

  • Pension – contribute up to £50,000 in to your personal pension + 1
    year carry back could be available

 

  • Venture Capital Trust – invest up to £200,000 and receive 30% tax
    relief

 

  • Enterprise Investment Trust – invest up to £1,000,000 and also
    receive 30% tax relief + £100,000 CGT re-investment relief

 

Should you like any more information on any of these opportunities please call the A4G team on 0871 222 1920.

 

As ever Accountancy 4 Growth Ltd are continually working with Buy 1 Give 1; and
our pledge is for every quote we give out we will donate money for an eye test
for a child in some of the poorest parts of the world. So even if you do not
engage with Accountancy 4 Growth Ltd and the consultation meetining is as far
as our relationship goes, you will have still in all respects done a very good
deed.

 

Is your business ready?F
or the biggest shake-up to the PAYE tax system since its launch almost 60
years ago? The Government has begun the implementation of real time information
(RTI), which will require all employers to submit online details of what their
staff have been paid each time the payroll is run, rather than in one tax
return at the end of the year.Initially, only start-up businesses will have to
comply with the new system, but 1.4 million small and medium-sized enterprises
will move on to RTI next April – all other employers will then follow in
October. Under RTI, every time a member of staff is paid, HMRC must be told
about it simultaneously, or in advance.

 

The good news is that HMRC has promised not to introduce or levy any fines for late submissions of payroll data before next Autumn. But penalties are likely to follow soon thereafter – and in any case, there are other costs to consider for employers
that fail to get to grips with RTI straight away. Not only will there be
administrative expenses if mistakes have to be unravelled but also, employees
may end up paying the wrong amount of tax – even jeopardising their rights to
certain State benefits. That could cause a serious breakdown in relations with
the workforce. TALK to your payroll software provider. Some companies are automatically updating their software to cope with RTI, but others are not.If your provider falls into the latter category, or you’ve been doing your own payroll administration until now, it is probably time to find an alternative supplier. If you are in doubt about these changes and how they affect you or you wish advice or consultation on the changes, dont sit there panicking we are here to help.

 

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