SME Blog

Budget 2010 - tax planning

cathycorns@mercerhole.co.uk (Cathy Corns) — Mon, 15 Mar 2010 10:53:57 +0000

We know the tax rates for this year almost certainly - we are confident of this at least until Budget Day (24th March).

Changes to partial exemption rules

janestacey@mercerhole.co.uk (Jane Stacey) — Wed, 10 Mar 2010 15:49:30 +0000

As part of an ongoing consultation process, HMRC have recently announced further changes to the partial exemption rules.

Budget 2010 - Chancellor's statement announced for Wednesday 24 March 2010

rachelhaddow@mercerhole.co.uk (Rachel Haddow) — Wed, 10 Mar 2010 09:45:36 +0000

Budget 2010 - Chancellor Alistair Darling's statement announced for Wednesday 24 March 2010 and a general election to follow shortly after.

Filing of accounts and annual returns at the Charity Commission

wendybambrick@mercerhole.co.uk (Wendy Bambrick) — Wed, 03 Mar 2010 09:00:09 +0000

Charities have ten months from the end of the financial year to send their Accounts and Annual Return to the Charity Commission.

Tax framework for business

cathycorns@mercerhole.co.uk (Cathy Corns) — Mon, 01 Mar 2010 09:40:58 +0000

The Treasury has recently issued a "Tax framework for business" document. The principles outlined - competitive rates, fairness, simplicity, stability and certainty.

Connecting with donors

wendybambrick@mercerhole.co.uk (Wendy Bambrick) — Thu, 25 Feb 2010 10:06:28 +0000

The Charities Aid Foundation (CAF) has published a report entitled, 'How to Connect with Donors'. It has found that sophisticated donors want charities to demonstrate their effectiveness and to adopt new forms of communication.

Gift Aid reform

wendybambrick@mercerhole.co.uk (Wendy Bambrick) — Thu, 18 Feb 2010 10:35:02 +0000

The Government has given charities and donors a relatively short deadline in which to make their views known on how the Gift Aid regime might be changed.

Buying out a shareholder

juliandobbin@mercerhole.co.uk (Julian Dobbin) — Mon, 15 Feb 2010 09:53:41 +0000

Shareholder buyouts are increasing common and provide a potentially amicable way of parting company - if the valuation is independent.

Losses on unquoted trading company shares

davidmansell@mercerhole.co.uk (David Mansell) — Fri, 12 Feb 2010 10:45:52 +0000

Most tax advisers can tell clients about the tax relief potentially available if they have suffered losses on unquoted trading company shares for which they subscribed (ie new shares issued by the company).

End of tax year financial planning 2009/2010 - pensions

amcclean@ngale.co.uk (Anne McClean) — Wed, 10 Feb 2010 09:37:19 +0000

As the end of the tax year approaches there are many issues to consider when it comes to pension planning.

When can a charity have an Independent Examination instead of an Audit?

wendybambrick@mercerhole.co.uk (Wendy Bambrick) — Tue, 02 Feb 2010 13:56:52 +0000

What is an Independent Examination? Independent Examination (IE) is an alternative to a financial full audit for smaller charities - a legally acceptable form of external scrutiny of their end of year accounts.

Charities and gift aid claims - changing time limits

wendybambrick@mercerhole.co.uk (Wendy Bambrick) — Tue, 02 Feb 2010 09:44:14 +0000

Gift Aid is a very important component of the finances of many charities. Provided that they have clear evidence of the donations, it is currently possible for charities to claim tax on gift aided donation for up to six back years. Some charities word gift aid declarations to this effect.

A return of Management Buy Outs (MBOs)?

juliandobbin@mercerhole.co.uk (Julian Dobbin) — Mon, 01 Feb 2010 09:09:44 +0000

MBOs are a common exit route for business owners. A return of confidence and liquidity should see MBOs become more prevalent in 2010.

Buying an insolvent business from an administrator (Part II)

juliandobbin@mercerhole.co.uk (Julian Dobbin) — Wed, 27 Jan 2010 14:19:28 +0000

Buying an insolvent business from an administrator carries great risks, and potentially, rewards. A targeted due diligence is crucial to protect the buyer.

New Year - New VAT rules

janestacey@mercerhole.co.uk (Jane Stacey) — Tue, 26 Jan 2010 10:40:46 +0000

Just a reminder that the VAT rate reverted back to 17.5% on 1 January. As outlined in my previous blog, special transitional rules apply to supplies spanning that date.

Transferring property between spouses

cathycorns@mercerhole.co.uk (Cathy Corns) — Sun, 24 Jan 2010 10:32:45 +0000

For rental properties, particularly with the higher rates of tax next year, joint ownership may be more tax beneficial.

Pension changes - watch redundancy payments

cathycorns@mercerhole.co.uk (Cathy Corns) — Fri, 22 Jan 2010 10:30:14 +0000

Employers and employees need to watch out for the new provisions on pension contributions tax trap when negotiating redundancy arrangements, if (broadly) taxable income exceeds £130,000.

HMRC announce yet another phishing attempt

cathycorns@mercerhole.co.uk (Cathy Corns) — Wed, 20 Jan 2010 09:30:39 +0000

HMRC has just announced yet another phishing attempt using its name to try and obtain personal details.

PAYE - late payment penalties

cathycorns@mercerhole.co.uk (Cathy Corns) — Mon, 18 Jan 2010 10:25:23 +0000

HMRC has now published a factsheet setting out to whom the new late payment penalties, starting 6 April 2010, will apply, how much they will be and when they will be issued.

Ten must do financial new year resolutions

amcclean@ngale.co.uk (Anne McClean) — Thu, 14 Jan 2010 09:09:11 +0000

Ten must do financial new year resolutions. 1. Review your income and outgoings. 2. Review your mortgage. 3. Use your ISA allowances...