This document summarizes key UK personal and business tax measures from the 2012 Budget. For individuals, it outlines increases to the personal tax allowance and adjustments to income tax thresholds. It discusses the end of the 50p tax rate and measures related to capital gains tax, inheritance tax, and taxes on alcohol, tobacco and fuel. For businesses, it outlines reductions to the main corporation tax rate and changes to capital allowances, R&D tax credits, the patent box, and relief for video games and animation. It also discusses measures around SDLT avoidance, employee ownership, IR35 rules, and international tax issues.
Our Spring Tax Updates will be taking place across the region in March 2018.
The update will include the following:
• Comment on the latest legislative changes
• Provide practical advice
• Help to prepare for the end of the tax year
• Give thoughts on the current tax policy
Our Spring Tax Updates will be taking place across the region in March 2018.
The update will include the following:
• Comment on the latest legislative changes
• Provide practical advice
• Help to prepare for the end of the tax year
• Give thoughts on the current tax policy
Our Spring Tax Updates will be taking place across the region in March 2018.
The update will include the following:
• Comment on the latest legislative changes
• Provide practical advice
• Help to prepare for the end of the tax year
• Give thoughts on the current tax policy
Our Spring Tax Updates will be taking place across the region in March 2018.
The update will include the following:
• Comment on the latest legislative changes
• Provide practical advice
• Help to prepare for the end of the tax year
• Give thoughts on the current tax policy
Profit extraction and investment for family and OMB businesses - Bodmin/RedruthPKF Francis Clark
This practical seminar will look at options and opportunities available under current and proposed tax legislation. We will examine the taxation consequences but also highlight broader commercial and practical issues in relation to profit extraction and investment. Our aim is that delegates will have a better idea of how to ensure they and their businesses continue to thrive.
Our Spring Tax Updates will be taking place across the region in March 2018.
The update will include the following:
• Comment on the latest legislative changes
• Provide practical advice
• Help to prepare for the end of the tax year
• Give thoughts on the current tax policy
Our Spring Tax Updates will be taking place across the region in March 2018.
The update will include the following:
• Comment on the latest legislative changes
• Provide practical advice
• Help to prepare for the end of the tax year
• Give thoughts on the current tax policy
Our Spring Tax Updates will be taking place across the region in March 2018.
The update will include the following:
• Comment on the latest legislative changes
• Provide practical advice
• Help to prepare for the end of the tax year
• Give thoughts on the current tax policy
Our Spring Tax Updates will be taking place across the region in March 2018.
The update will include the following:
• Comment on the latest legislative changes
• Provide practical advice
• Help to prepare for the end of the tax year
• Give thoughts on the current tax policy
Our Spring Tax Updates will be taking place across the region in March 2018.
The update will include the following:
• Comment on the latest legislative changes
• Provide practical advice
• Help to prepare for the end of the tax year
• Give thoughts on the current tax policy
Profit extraction and investment for family and OMB businesses - Bodmin/RedruthPKF Francis Clark
This practical seminar will look at options and opportunities available under current and proposed tax legislation. We will examine the taxation consequences but also highlight broader commercial and practical issues in relation to profit extraction and investment. Our aim is that delegates will have a better idea of how to ensure they and their businesses continue to thrive.
Our Spring Tax Updates will be taking place across the region in March 2018.
The update will include the following:
• Comment on the latest legislative changes
• Provide practical advice
• Help to prepare for the end of the tax year
• Give thoughts on the current tax policy
Payroll legislation is constantly changing and keeping fully up to date can be challenging. Our Taunton payroll and auto enrolment manager, Kirsty Small, will present a comprehensive update and will guide you through all the recent legislative changes and those that will be coming up in the near future. She will also draw your attention to common problems and pitfalls that clients regularly need help and advice with.
Topics covered will include:
• Legislation changes – recent and to come
• GDPR
• Auto Enrolment – triennial review and update
• General update
• Apprenticeship levy
Profit extraction and investment for family and OMB businesses - ExeterPKF Francis Clark
This practical seminar will look at options and opportunities available under current and proposed tax legislation. We will examine the taxation consequences but also highlight broader commercial and practical issues in relation to profit extraction and investment. Our aim is that delegates will have a better idea of how to ensure they and their businesses continue to thrive.
Our Budget Presentation slides from June 2010. Given David Smith\'s comments in the Sunday Times on 10 July 2011 I thought it was worth uploading this.
Create Wealth Through Tax for GPs (RCGP presentation Aug 18)Hannah Xu MAAT
1. The universal rules about tax
2. Maximizing Allowances
3. Saving money on childcare (please note rule change on Oct 18)
4. Sole trader vs limited company
5. When it is worthwhile to register a limited company for locum GPs
6. How to withdraw money from business tax efficient ways
7. Tax reduction strategies for £100k plus earners
8. Q&A
Regulations, Acts, and everything else you need to know about payroll legisla...Softworld
Karen Thomson, Associate Director of Policy & Research, Institute of Payroll Professionals
Legislation now and for the future including: Heyday challenge and its implications for payroll; Scottish Arrestment Orders; agency workers; pension reforms.
VAT Club: UK - Capital Goods Scheme briefingAlex Baulf
Please find the slidepack from the Real Estate breakout session at Grant Thornton's VAT Club event held in London on 16th September 2015. This high level briefing on the UK's Capital Goods Scheme (CGS) covers:
Why does CGS matter?
Does CGS apply to me?
• Fully taxable businesses
• Non-business implications
• Work done in stages
• Examples
SKS Ward Mackenzie_Tax_Rates_Allowance_Pocket_GuideJoannaGreen14
Capital allowances are an entirely legitimate, recognised part of the UK tax regime. Unlike many HMRC reliefs, capital allowances allow tax relief to be given or denied by statutory principle (Capital Allowances Act 2001), rather than by virtue of accounting standard.
Some of the rules on capital allowances are very complex – even for trained professionals. Claiming this relief requires a variety of expertise including; legal, taxation, accounting and valuation, which are all skills that our dedicated experts have.
NL Tax Advantages Sole Proprietorship vs Private Limited CompanyJürgen van de Sande
Workshop for Eindhoven Startups Foundation about Dutch Tax Advantages Sole Proprietorship (eenmanszaak) vs Private Limited Liability Company (besloten vennootschap, B.V.)
Questions? Contact me by:
Phone: +31 (0)40 244 42 88
Email: info@dewert.nl
Twitter: @jurgenvdsande
The complete guide to understanding VAT returns for small businesses in the UK. Our presentation includes: VAT principles and how VAT is collected, the different types of VAT rates and categories they apply to, how VAT returns are calculated for small businesses selling exempt products, VAT registration rules and advice, the three VAT schemes explained, useful real-world examples and much more.
Payroll legislation is constantly changing and keeping fully up to date can be challenging. Our Taunton payroll and auto enrolment manager, Kirsty Small, will present a comprehensive update and will guide you through all the recent legislative changes and those that will be coming up in the near future. She will also draw your attention to common problems and pitfalls that clients regularly need help and advice with.
Topics covered will include:
• Legislation changes – recent and to come
• GDPR
• Auto Enrolment – triennial review and update
• General update
• Apprenticeship levy
Profit extraction and investment for family and OMB businesses - ExeterPKF Francis Clark
This practical seminar will look at options and opportunities available under current and proposed tax legislation. We will examine the taxation consequences but also highlight broader commercial and practical issues in relation to profit extraction and investment. Our aim is that delegates will have a better idea of how to ensure they and their businesses continue to thrive.
Our Budget Presentation slides from June 2010. Given David Smith\'s comments in the Sunday Times on 10 July 2011 I thought it was worth uploading this.
Create Wealth Through Tax for GPs (RCGP presentation Aug 18)Hannah Xu MAAT
1. The universal rules about tax
2. Maximizing Allowances
3. Saving money on childcare (please note rule change on Oct 18)
4. Sole trader vs limited company
5. When it is worthwhile to register a limited company for locum GPs
6. How to withdraw money from business tax efficient ways
7. Tax reduction strategies for £100k plus earners
8. Q&A
Regulations, Acts, and everything else you need to know about payroll legisla...Softworld
Karen Thomson, Associate Director of Policy & Research, Institute of Payroll Professionals
Legislation now and for the future including: Heyday challenge and its implications for payroll; Scottish Arrestment Orders; agency workers; pension reforms.
VAT Club: UK - Capital Goods Scheme briefingAlex Baulf
Please find the slidepack from the Real Estate breakout session at Grant Thornton's VAT Club event held in London on 16th September 2015. This high level briefing on the UK's Capital Goods Scheme (CGS) covers:
Why does CGS matter?
Does CGS apply to me?
• Fully taxable businesses
• Non-business implications
• Work done in stages
• Examples
SKS Ward Mackenzie_Tax_Rates_Allowance_Pocket_GuideJoannaGreen14
Capital allowances are an entirely legitimate, recognised part of the UK tax regime. Unlike many HMRC reliefs, capital allowances allow tax relief to be given or denied by statutory principle (Capital Allowances Act 2001), rather than by virtue of accounting standard.
Some of the rules on capital allowances are very complex – even for trained professionals. Claiming this relief requires a variety of expertise including; legal, taxation, accounting and valuation, which are all skills that our dedicated experts have.
NL Tax Advantages Sole Proprietorship vs Private Limited CompanyJürgen van de Sande
Workshop for Eindhoven Startups Foundation about Dutch Tax Advantages Sole Proprietorship (eenmanszaak) vs Private Limited Liability Company (besloten vennootschap, B.V.)
Questions? Contact me by:
Phone: +31 (0)40 244 42 88
Email: info@dewert.nl
Twitter: @jurgenvdsande
The complete guide to understanding VAT returns for small businesses in the UK. Our presentation includes: VAT principles and how VAT is collected, the different types of VAT rates and categories they apply to, how VAT returns are calculated for small businesses selling exempt products, VAT registration rules and advice, the three VAT schemes explained, useful real-world examples and much more.
What does the budget means for you and your clients and, importantly, any tax planning opportunities for high net worth individuals and business owners.
Most observers do not believe that further curbs on public spending can reduce our debts to an acceptable level, thus suggesting that George will have to increase taxes in a way that will not hurt the average citizen. It also suggests that hopes of reforms that reduce tax yields are likely to prove unrealistic. In particular, an increase in the IHT limit (other than the promised limited relief for family homes) seems unlikely. We also expect further pain for non-doms and tax avoiders. We think that some tax relief for small businesses is likely, but as such businesses create scope for tax evasion and avoidance, we are sceptical as to how helpful these are likely to be in practice.
The Finance Act 2015 - How does it affect your clients? By CBW TaxRobert Maas
How will the many significant changes in the Finance Act 2015 affect your clients?
Let us share with you our thoughts on all of the main changes in the Finance Act.
Our Spring Tax Update will be taking place across the region between the 8th and 10th March 2017.
The update will include the following:
•An update on the latest HMRC consultations
•Analysis of the tax announcements in the 2017 Budget
•A review of the current property tax environment
•The latest on Making Tax Digital and interaction with cloud accounting
This presentation discusses the American Taxpayer Relief Act of 2012, better known as the “fiscal cliff” legislation, extended many key tax provisions from the Bush era for both individuals and businesses. Also addressed were the key tax provisions contained in this Act as well as a number of other tax planning issues that you should be aware of this year.
This presentation was part of a CPE webinar. Full details at http://www.macpas.com/webinar-recap-2013-tax-update/.
More info at www.macpas.com
The passage of the Tax Cuts and Jobs Act will have widespread and long lasting implications throughout the country and will change how most taxpayers will prepare their tax returns. Citrin Cooperman recently hosted a seminar in Philadelphia to provide insight on where we are now, how we plan to move forward, and how the new law will impact your overall business and tax strategies. Join us to get answers to questions in the following areas:
Corporate and Businesses
Pass-Through Entities
International Issues
Individuals
Intuit Presents Tax Law Changes for Tax Year 2012intuitaccts
Get the very latest on important tax law changes that will impact returns for Tax Year 2012 from Intuit's Mike D'Avolio. These changes seem to come later and later each year. Let’s us do the legwork and keep you up to speed on current status of tax law changes and extensions.
Thinking of setting up in the UK but unsure on the things to consider? Our quick guide narrows it down to 10 easy steps!
For further information and advice, please contact gabi.olson-welsh@ocsolicitors.com, or 020 7067 4300.
10 THINGS TO CONSIDER WHEN SETTING UP IN THE UKAna Gresa Pico
Thinking of setting up in the UK but unsure on the things to consider? Our quick guide narrows it down to 10 easy steps!
For further information and advice, please contact ana.gresapico@ocsolicitors.com, or 020 7067 4300.
3. Personal Tax - Contents
• Personal Allowances and Related Issues
• 50p Rate
• Capital Gains Tax
• Other Personal Tax Measures
• EIS and SEIS
• SDLT Avoidance
• IR35
• Employee share ownership
• Inheritance Tax
• Booze, Fags & Petrol
4. Personal allowances and related issues
• The Government is committed to increasing the
personal allowance to £10,000 by 2015
• Increase to £8,105 for 2012/13
• £9,205 for 2013/14
• Corresponding adjustments to the basic rate band
6. The End of the 50p Rate
from 6 April 2013
• £16bn of income advanced in
2010 – not forecast by Labour
• Raised £1bn when £3bn was
expected and forecast
• Other measures to cover
measure
7. Capital gains tax
Current situation
• Annual exemption remains £10,600
• Entrepreneurs’ relief - 10% on the first £10m of gain
• Basic rate taxpayers taxed at 18% on gains over the
annual exemption up to the limit of the basic rate
band
• Gains made by higher rate taxpayers are taxed at 28%.
• Foreign currency bank accounts to be removed from
the charge to CGT from 6 April 2012
8. Other Personal Tax Measures
• Statutory residence test delayed until April 2013
• Non-dom investment relief begins April 2012
• Income tax charge on child benefit from 7 January
2013 where either partner has income over £50k
• From 2013 cap on unlimited reliefs of over
£50,000. 25% maximum shelter
10. Enterprise Investment Scheme (EIS)
changes
• Rate increased to 30% from last April
From 6 April 2012:
• Increase in max size of qualifying company for both EIS to £15m
and <250 employees
• Max amount which can be invested in an individual company
increased to £10m
• Annual limit on investment for an individual is £1m
• Connection via a holding of 30% of loan capital is removed
• Qualifying shares can now include shares with certain
preferential rights to dividends
• The definition of qualifying trades has been amended to exclude
businesses based on feed in tariffs for electricity generation
11. Seed Enterprise Investment Scheme(SEIS)
• Investments made on or after 6 April 2012 for five years
• 50% income tax relief is given on qualifying
investments, whatever your marginal rate of tax – tax credit to
reduce tax bill
• For one year only in 2012/13 where gains are reinvested in SEIS
shares the original gain will be exempted, rather than deferred
• 78% tax relief in 2012/13!
• Capital gains tax is not charged on disposal (conditions include
hold for three years)
• Income tax relief will be withdrawn on the same basis as for EIS
if the shares are not held for at least 3 years
• Relief can be claimed in prior year
12. Seed Enterprise Investment Scheme(SEIS)
• £150,000 maximum raise per company
• Gross assets must not exceed £200,000 immediately before the investment is
made
• No EIS or VCT investment must have been made before the issue of SEIS shares
• Fewer than 25 full time employees
• The trade must be a genuine new trade and only within two years of
incorporation
• 70% of the funds raised must have been spent on qualifying activities
• Maximum annual investment of £100,000 per investor
• The investor must not own more than 30% of the company or be an employee
• Usual plethora of conditions about qualifying trades and disqualifying events
13. Personal Service Companies
• New package of measures
aimed at PSCs
• HMT suggested that PAYE
could be collected on
payments to PSCs
• Consultation process to follow
14. Employee Ownership
• Nick Clegg’s big vision
• Previously EMI option holders
unlikely to get entrepreneurs
relief
• This will be changed going
forwards
• EMI allowance increase from
£120k to £250k
15. SDLT Avoidance
• Properties purchased or
bought in a company now
targeted with high rates of
SDLT
• Applies to properties with a
value in excess of £2m
• Immediate effect
16. Inheritance tax
• Nil rate band is currently frozen
at £325,000 until 2015
• New rate of 36% from 6 April
2012 where at least 10% of the
estate is given to charity.
17. Booze, Fags and Petrol
• Beer up 3p a pint
• Cider up 3p a litre
• Wine up 11p a bottle
• Spirits up 41p a bottle
• Cigarettes up 37p a pack
• Cigars up 12p a tin
• Petrol no change
19. Corporate & Business Taxes - Contents
• Corporation tax rates
• Capital allowance changes
• R&D
• Patent box
• Video Game & Animation relief
• ESC C16
• Overseas issues
• GAAR
• National Insurance
• VAT
20. Corporation tax rates
2010/11 2011/12 2012/13 2013/14 2014/15
First
21% 20% 20% 20% 20%
£300,000
Upper rate
28% 26% 24% 23% 22%
on £1.5m
• Note - bands subdivided by number of associates
• Main rate will reduce to 22% by 1 April 2014
(lowest rate UK has ever known)
21. Capital allowance changes
From April 2012
• WDAs reduced to
– 20% to 18% for plant & machinery
– 10% to 8% for integral features
• AIA down to £25,000 from £100,000
• No 100% ECAs on assets in respect of which the feed-in tariff (FIT)
or renewable heat incentive (RHI) is received
• Expenditure on solar panels will only qualify for CAs at 8% (not
18%)
• Business Premises Renovation Allowance – extended to 2017
• Flat conversion allowance - 100% relief ends April 2013
22. Capital allowance changes
Capital Allowances For Plant Fixtures from April 2012
• Purchaser and all future owners of the property could forfeit
entitlement to claim on any plant fixtures unless done properly
• Allowances can be in the region of 10% - 30% of the purchase price
of a property
• The current rules allow a property owner to claim capital
allowances at any time whether or not any previous owner has
made a claim
• Fundamental need for tax DD on property acquisitions and advice
on disposal
23. R&D
From 1 April 2012
• SME rate 225% from 200%
• Repayable R&D credits for loss making SMEs reduced
from 12.5% to 11%
• Remove PAYE/NIC Cap CTAPs ending on or after 1
April 2012
• Remove £10k minimum claim limit from 2012 or after
1 April 2012
• Move to 'above the line' tax credit system from 2013
24. Patent box
• Corporation tax rate of 10% on the exploitation of
patents and some other intellectual property
• From 1 April 2013
• Phased in from 2013; full benefit from 2017
• Deduction calculated to reduce the tax to 10% on relevant
income
• Elect in
• Includes patents granted by certain other EU national patent
regimes, the UK Intellectual Property Office and the European
Patent Office
• Can claim 10% rate on profits for six years prior to the grant
• No special regime for SMEs
25. Video Game & Animation Relief
• Applies to the ‘creative sector’
• Similar to film tax credits
• Consultation to follow
• Effective 1 April 2013
26. ESC C16
• No longer exists; legislated with amendments
• Winding up unwanted company value below
£25,000
• No clearance required - capital
• Winding up unwanted company value above
£25,000
• Liquidation costs
27. International Issues
• CFC reform - new ‘gateway test’
• CFC reform - HMRC guidance essential
• Update to the foreign branch exemption rules
• Consultation on ToAA and s.13 TCGA
28. Tax Avoidance
‘I regard tax evasion and
indeed aggressive tax
avoidance as morally
repugnant.’
George Osborne – Chancellor
21 March 2012
29. General Anti-Avoidance Rule - GAAR
• Economic & political climate
• Graham Aaronson QC
• Double reasonableness test
• Clearance procedure
• Avoidance or mitigation
• Impact on cost of advice
30. National Insurance Holiday
• ‘NIC holiday’ for small start-up
companies taking on new
employees –
• Far less take up than the
Chancellor originally predicted
(12,827 as at 16 February
2012)
• Local geography is important
31. Value Added Tax - Thresholds
• VAT registration threshold £77,000 from 1 April
2012 (currently £73,000)
• Deregistration threshold £75,000 from 1 April
2012 (currently £71,000)
• Fuel scale charges – new rates from 1 May 2012
32. Value Added Tax - Admin
• All VAT returns to be filed online from 1 April 2012
• All VAT registrations, deregistrations and variations
to be online from 31 October 2012
• The VAT threshold for businesses not established
in the UK will be removed from 1 December 2012
33. Value Added Tax - Avoidance
HMRC have proposed to address anomalous VAT borderlines
by applying VAT to the provision of:
– Self storage facilities
– Approved alterations to listed buildings
– Catering
– Sports drinks
– Holiday caravans
– Rental of hairdressers’ chairs
34. Disclaimer & copyright
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