Budget Summary 2013
There was much that was familiar about George Osborne’s fourth Budget. Many of his announcements had already been revealed in his Autumn Statement in December. Back then the economic outlook was bleak; little has changed.
The Chancellor did nevertheless manage to produce some surprises despite the economic constraints. For details of this year’s Budget click here
Under RTI, employers will be required to tell HMRC about tax, National Insurance (NIC’s) and other deductions when or before the payments are made instead of waiting until after the tax year.
HMRC envisage that all employers will have joined the RTI system by October 2013. Currently HMRC are running a pilot RTI service with volunteer employers.
RTI is intended to make the PAYE process less burdensome and make PAYE more accurate for individuals.
HMRC Launches Tax-Avoidance Drive Against Landlords
HMRC are targeting Landlords and second-home owners in a clampdown on avoidance of Capital Gains Tax and Income Tax.
People will be given until 9 August to reveal unpaid tax to HMRC in return for lenient treatment.
Please give us a call if you would like us to review your tax position.
New VAT Campaign
HMRC are going to get tough with businesses that miss VAT deadlines. HMRC have given until the end of February to bring their returns and payments up-to-date. They are also targeting business which have not registered for VAT when they should have.
If you need any help bringing your VAT affairs up-to-date, please give us a call.
From 1st January 2013, the Annual Investment Allowance was raised to £250,000 pa.
Child Benefit Opt-Out
From January 7th 2013 those entitled to Child Benefit, where they or their partner have an annual income exceeding £50,000, will have some of this clawed back through the tax system and may be required to complete a tax return. Where their income exceeds £60,000 the entire amount of benefit will be lost.
If an individual does not choose to opt-out of receiving Child Benefit and whose income is over £50,000, they should complete a tax return in order to account for the claw back of Child Benefit which they were not entitled to receive.
Please give us a call if you need help completing your tax return.
Income Tax higher rate will fall from 50% to 45% – Are you preparing for the 45% rate?
Should you be looking at deferring income into 2013/14 and making the most of the fall in the higher rate of tax?
There are many ways in which you can maximise the tax savings and higher rate tax payers should be making plans now. Please give us a call if you would like some advice on preparing for the change in rate.
Business Record Checks
HM Revenue & Customs have scheduled a new round of business records checks starting soon after 5 April 2013. Businesses should use this time to check their book-keeping meets HMRC’s requirements.
If you require any help with your book-keeping or would like us to undertake a review of your business records, please give us a call.
The current economic climate is really hurting businesses, and many will not survive. To do so requires more than a sound business; it requires excellent management of business resources, so that you can get through such adverse external conditions.
We have had first-class hands-on experience in managing and advising businesses through difficult times. Some of the areas in which we can help are:
- Cashflow forecasting
- Working capital management (debtors , creditors etc)
- Overhead reviews
- Redundancy planning
- Banking relationships
- Budgeting and forecasting
- Improvement of working methods
- Raising funds
- Strategic guidance
Give us a call, and we’ll help you get through this!
Articles you may find of interest…
- AIA – Annual Investment Allowance
- Audit Exemption
- Capital Allowances – Cars – April 2009
- Companies Act 2006
- Companies House Filing Dates
- Construction Industry Scheme
- Correct Tax Returns
- Dividend Timings
- Financial Thresholds April 2008
- Income Shifting
- Inheritance Tax Changes
- IR35 Guide
- Limited Liability Partnerships
- Paying PAYE on Time
- Pension Changes 2012
- Should you charge VAT to Overseas Customers?
- Stakeholders Pensions
- Tax Rate of Tax 60%
- Trading Disclosures
- Useful Figures
- VAT Fuel Scale Charges
- VAT Paper Returns