http://www.rowlandsaccountants.co.uk The latest news from Rowlands Accountants en-en http://rowlandsaccountants.co.uk/images/Rm501logoBlack.gif http://rowlandsaccountants.co.uk http://rowlandsaccountants.co.uk/news/art/4/ http://rowlandsaccountants.co.uk/news/art/4/ Scope of the Annual Investment Allowance (AIA) The AIA now offers full and immediate tax relief (similar in effect to a repair cost) for all sizes of business, for the first ;pound;100,000 of expenditure on plant and machinery in the year. Before April 2010 the figure was ;pound;50,000. Cars and expenditure on ;lsquo;green;rsquo; technology continue to be treated separately, but the AIA is available for expenditure on all other plant and machinery, including long-life assets and ;lsquo;integ... Tue, 07 Sep 2010 00:00:00 -0500 http://rowlandsaccountants.co.uk/news/art/20/ http://rowlandsaccountants.co.uk/news/art/20/ Feed-In Tariffs are payments to anyone who owns a renewable electricity system, for every kilowatt hour they generate. Both private and business users are eligible for such payments. By installing FITs-eligible renewable energy systems in your home or business you can make energy, make money and make a difference to the environment! How much can you claim? You may be entitled to claim up to 41.3p/kWhr generated, depending on the type and size of your installation. In addition, you save on yo... Tue, 07 Sep 2010 00:00:00 -0500 http://rowlandsaccountants.co.uk/news/art/18/ http://rowlandsaccountants.co.uk/news/art/18/ Corporation tax Rates will change ;ndash; small company rate to 20% in April 2011 Full company rate ;ndash; to 27% in April 2011 - to 26% in April 2012 - to 25% in April 2013 - to 24% in April 2014 Capital Allowances The 20% pool will become an 18% pool The 10% pool will become an 8% pool The AIA will fall to ;pound;25K All in April 2012 National Insurance All rates are increasing by 1% in April 2011. The employer threshold is increasing by ;pound;21 per week above infla... Fri, 25 Jun 2010 00:00:00 -0500 http://rowlandsaccountants.co.uk/news/art/17/ http://rowlandsaccountants.co.uk/news/art/17/ The acquisition of the former Gerry Proudlock Practice in Hexham by Rowlands was finally completed on 31st March 2010. Rowlands were in negotiations with Gerry Proudlock and had reached an agreement to acquire the practice prior to his unexpected death in January 2010.Fortunately the acquisition was eventually completed as originally anticipated through Gerry executors.Gerry;rsquo;s philosophy of client care matched that of Rowlands therefore the acquisition has proved to be seamless with a... Tue, 04 May 2010 00:00:00 -0500 http://rowlandsaccountants.co.uk/news/art/15/ http://rowlandsaccountants.co.uk/news/art/15/ Emma Glover, Tax Partner, explains the Revenue;rsquo;s benchmark scale rates which employers can use to make subsistence payments to employees who incur costs of food while out working free of tax and National Insurance contributions (NICs). The system only suggests scale rates for day subsistence payments and therefore overnight stays must be dealt with separately. Benchmark system/rules HMRC has set rates for meal expenses that it will accept for all employers. As long as the employee has ... Tue, 27 Apr 2010 00:00:00 -0500 http://rowlandsaccountants.co.uk/news/art/16/ http://rowlandsaccountants.co.uk/news/art/16/ Firstly, a brief explanation of the new regime.Two key changes were introduced last month: The personal allowance is withdrawn on a tapered basis for individuals with income between ;pound;100,000 and ;pound;113,000.This means that the effective rate of income tax for individuals with income in range is 60%. The income tax rate for individuals with taxable income of over ;pound;150,000 is 50%. Therefore, there are two particular groups of individuals who may wish to take act... Tue, 27 Apr 2010 00:00:00 -0500 http://rowlandsaccountants.co.uk/news/art/14/ http://rowlandsaccountants.co.uk/news/art/14/ Income tax There were no new announcements in relation to income tax and personal allowances. Capital gains tax and entrepreneurs;rsquo; relief The Chancellor confirmed that the capital gains tax rate would not be increased as part of his measures and this would remain at the flat rate of 18%. The lifetime limit for entrepreneurs;rsquo; relief will increase to ;pound;2m for disposals on or after 6 April 2010 meaning an effective CGT rate of only 10% on the first ;pound;2m of qualifying g... Thu, 25 Mar 2010 00:00:00 -0500 http://rowlandsaccountants.co.uk/news/art/13/ http://rowlandsaccountants.co.uk/news/art/13/ ;lsquo;Small;rsquo; employers can reclaim 104.5% of SMP payments to employees.To work out the average salary you would get the EWC (Expected Week of Confinement) then go back 15 weeks before baby is due then 8 weeks or 2 months prior to that. If paid weekly ;divide; the total by 8, if paid monthly add the 2 months x 6 ;divide; 52 to give an average then 9/10 of the average is paid for the first 6 weeks then the lower rate for 33 weeks. To qualify as a ;lsquo;small;rsquo; employer your Gr... Mon, 15 Mar 2010 00:00:00 -0500 http://rowlandsaccountants.co.uk/news/art/12/ http://rowlandsaccountants.co.uk/news/art/12/ R;D tax credits are a company tax relief that can either reduce a company’s tax bill or, for some small or medium sized companies, provide a cash sum. What is R;amp;D? Broadly an activity may be R;amp;D if it seeks to achieve a significant advance in science or technology through the resolution of a scientific or technological uncertainty.It is amazing how many activities can fall within this definition, for example in the field of design and engineering where problems or uncertainties are f... Thu, 14 Jan 2010 00:00:00 -0600 http://rowlandsaccountants.co.uk/news/art/11/ http://rowlandsaccountants.co.uk/news/art/11/ Enquiries - commissions HMRC has recently published confirmation that it is attempting to identify cases for enquiry where commissions may have been omitted from Tax Returns. As a first stage in this process they have already requested information from institutions such as BUPA and Sun Life.As a second stage they have just announced a ;ldquo;Tax Health Plan;rdquo;. Tax Health Plan ;ndash; First deadline 31st March 2010 HM Revenue ;amp; Customs is offering an opportunity for medical prof... Thu, 14 Jan 2010 00:00:00 -0600 http://rowlandsaccountants.co.uk/news/art/10/ http://rowlandsaccountants.co.uk/news/art/10/ New Penalty Regime Explained A new penalty regime is being introduced on 6th April 2010. You may have to pay a penalty if you do not pay the PAYE or CIS tax due each month, on time and in full. The penalties are a percentage of the amount you pay late.They start at 1% and increase to 4%.There are also penalties of 5% if PAYE or CIS tax is unpaid after six and twelve months. A table summarising the penalties due is set out below. How do you avoid penalties? Pay the correct amoun... Thu, 07 Jan 2010 00:00:00 -0600 http://rowlandsaccountants.co.uk/news/art/6/ http://rowlandsaccountants.co.uk/news/art/6/ Emma Glover explains various simple planning ideas in relation to Inheritance Tax planning. What is Inheritance Tax? Inheritance Tax is charged on the assets you own on your death and on certain lifetime gifts.In broad terms if an individual has assets of over ;pound;325,000, or a married couple over ;pound;650,000, Inheritance Tax is payable at 40% on their wealth above this figure when they die. The best planning - Exempt Gifts Certain gifts are exempt from tax irrespective of their size... Wed, 16 Dec 2009 00:00:00 -0600 http://rowlandsaccountants.co.uk/news/art/8/ http://rowlandsaccountants.co.uk/news/art/8/ The advantages of making investments in shares which give significant Revenue-approved tax reliefs. Enterprise Investment Scheme The Enterprise Investment Scheme (EIS) is the most recent manifestation of the use of the tax system to attempt to encourage equity investment in smaller trading companies. It can be of benefit to you either if you wish to minimize your tax liabilities or you wish to encourage additional equity investment into your company. EIS investment relief is given to qualifyi... Mon, 16 Nov 2009 00:00:00 -0600