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April’s tax and business news overview – Content supplied by TWD Accountants

Includes: Travel for Home-Based Business, VAT Changes, How Much To Pay Yourself, Q&A and Key dates
Travel for Home-Based Business

If you are self-employed your business may well be based at your home address, although you perform the majority of your work at your customers’ sites. This can apply to a range of trades from plumbers to computer consultants, and even medical professionals.

In order to claim the costs of travelling to your customers’ sites against your taxable profits, you need to show that your trading activity does not finish when you arrive home. The following records should help prove this:

- Precise records of all journeys to your customers’ sites, including the date, the mileage, and any public transport tickets and parking receipts.
- A diary of the time spent working on proposals, quotes and other business related paperwork at your home address.
- Business-related paperwork such as invoices and quotations should show your home address as the business base.
- Any insurance policy you need for your business should show your home address as the operational base for the business.
- Where your business is operated through a company, having the registered office for that company at the home address can also help. HMRC will be able to see these details, but you can hide them from prying eyes on the Companies House register.

You can also make a claim for the cost of running your business from home, so speak to us to see what can and cannot be claimed as a business expense.

VAT Changes

The Government has decided to tidy up some of the areas of VAT law where a different rate of VAT may be charged on very similar goods or services.

Food & drink
All food eaten on the supplier’s premises; ‘eat-in’ purchases, are subject to standard rate VAT (20%). However, the consumption area for the food may be a communal area shared with other retailers, or tables and chairs on the pavement, neither of which are technically on the retailer’s premises. In these cases the rules are to be redefined so that such areas next to the retailer’s premises will count as ‘eat-in’ areas, and the food sold to be eaten there will be standard rated.

Take-away food is subject to zero-rate VAT, unless it is hot food designed to be eaten straight away such as fish and chips. Some retailers argue that the food is only hot because is has been freshly baked, so charge zero-rate VAT. The law is to be clarified so that all hot food to take-away, other than freshly baked bread, will be subject to standard rate VAT.

Soft drinks designed to rehydrate, slake thirst or give enjoyment, are subject to standard rate VAT. However, some sports drinks are claimed to have nutritional values (e.g. protein enhancers), rather than the usual thirst-quenching properties of a soft drink. Hence the manufacturers have zero-rated those drinks. The law will be changed to make sure that all sports drinks are standard rated just like other soft drinks.

Land and buildings
The letting of a discrete area of land can be exempt from VAT, if the owner has opted to exempt the land or building. Self-storage lock-ups can fall into this exemption. However, other storage facilities where the customer does not have right of entry to a discrete area cannot be exempt from VAT. The law is to be changed to make sure that self-storage facilities are subject to standard rate VAT, whether or not the owner of the facilities has opted to exempt the whole building from VAT.

Miscellaneous items
Rental of hairdressers’ chairs have previously been exempt from VAT in certain cases, but will now always be subject to standard rate VAT.

Sales of caravans will be subject to standard rate VAT, but residential caravans designed and constructed for year-round living will be zero-rated for VAT.

Approved changes to listed buildings are zero-rated for VAT, but repairs to those buildings are standard rated. This encourages the building owners to alter their protected buildings rather than repair them. The law will be changed so all building materials and building services supplied for alterations of listed buildings will be standard rated.

These changes will generally take effect from 1 October 2012, but where the contract for work on a listed building had been signed by 21 March 2012, the zero rate will continue to apply.

How Much To Pay Yourself?

As the director and shareholder of your own company you can decide how much salary to pay yourself each month, in order to use your personal allowance in the mosttax efficient way. As a director of your personal company you do not have to pay yourself the national minimum wage unless you have an employment contract with your company.

From 6 April 2012 the tax free personal allowance is £675 per month (£8,105 per year), so you could take a salary at that level and pay no income tax. However, the monthly thresholds for paying class 1 national insurance (NI) are: £634 for employees and £624 for employers. If your salary is £675 gross per month, your company needs to deduct NI of £4.92 and pay employer’s NI of £7.04 on top.

If you take a lower salary of just over the NI lower earnings threshold of £464 per month you will get the NI credit, so your wages count towards your state pension entitlement, but you don’t pay any tax or NI and neither does the company. However, at that annual salary level (£5,568) you will be ‘wasting’ £2,537 of your tax free personal allowance. At £624 per month there will be no NI to pay and you only have £617 of unused personal allowance, so this is likely to be more beneficial.

As a director’s salary is an allowable expense for Corporation Tax purposes it is always beneficial to pay yourself a salary but talk to us first about the best salary level for you. The correct procedures also need to be in place when paying a salary and we will also need to take into account your other sources of income, as you may be using your personal allowance elsewhere.

April Question & Answer Section

Q. I am about to move abroad, for what I hope will be a permanent relocation. Can I continue to contribute to my tax-free ISAs in the UK?

A. To open an ISA you must be resident and ordinarily resident in the UK for tax purposes. This broadly means that you normally live in the UK. There are exceptions for members of the military and government employees who are sent to work abroad. Once you have emigrated, you will not be permitted to open a new ISA, or contribute to ISAs already held. Also the interest paid on the ISAs you already hold may be taxable in the country you live in.

Q. If a company pays for private medical insurance for its employees and the contract is between the employer and the insurance company, is there a tax charge on the employees? Can the company deduct the cost of the insurance from its profits?

A. Where the employees earn £8,500 or more a year, or are directors, there is a tax charge for the individuals based on the cost to the company of the insurance. There are exceptions to this tax charge for eye-tests required by health and safety legislation, annual medical checks or health screenings. The company can deduct the cost of the insurance from its profits, as it is part of the cost of employing staff.

Q. I bought an investment property about 6 years ago and after expenses I have a surplus of about £250 per month. I have never declared this income or paid tax on it. How do I go about putting this right?

A. The Taxman is running a series of campaigns to encourage people to come clean about unpaid tax, the latest of which is for people who sell through online markets. Although this is not your situation, you can make a disclosure of your rental profits. You will have to work out how much tax you owe and the interest due on that late paid tax, but we can help you with this. There will also be a penalty to pay, but as you are volunteering the information without being asked, the penalty should be minimal. The penalty could be about 10% of the tax due.

April Key Tax Dates

5th - End of 2011/12 tax year. Last day to use up your annual exemptions for capital gains tax, inheritance tax and ISA’s.

14th – Return and payment of CT61 tax due for quarter to 31 March 2012

19th - PAYE/NIC and CIS deductions due for month to 5/4/2012 or quarter 4 of 2011/12 for small employers.

30th – Additional daily penalties start of £10 per day up to a maximum of £900 for failing to file self assessment tax return due on 31 January 2012 (2010/11 tax return)

Content supplied by TWD Accountants –www.twdaccounts.co.uk

2012 Budget Headlines

• Personal Allowances
• Capital taxes
• Business Tax
• VAT

Personal Allowances

The big news for people is that the personal allowance will increase to £9,205 from 6 April 2013, so you have to wait another year for that extra tax-free income. The personal allowance has already been increased by £630 from 6 April 2012 to £8,105, and the other allowances are increased as indicated below.

A source of complexity for older taxpayers is the application and withdrawal of age-related allowances, which are given when the taxpayer reaches age 65. These age-related allowances are withdrawn when the taxpayer’s total income exceeds £25,400 (for 2012/13).

From 6 April 2013 those who reach age 65 on or after that date will not receive an age-related allowance, but will instead be entitled to the standard personal allowance of £9,205. This allowance is expected to rise to £10,000 in April 2014 or 2015. The existing age allowances given to people born before 6 April 1948, will be frozen at current rates as shown below.

Capital Taxes

Capital Gains Tax
There has been no change in the rates or thresholds for capital gains tax (CGT):

The rates for 2012/13 are…

Annual exemption – £10,600
Annual exemption for most trustees – £5,300
Rate for gains in basic rate band – 18%
Rate for gains above basic rate band – 28%
Rate for gains subject to entrepreneurs’ relief – 10%
Lifetime limit for entrepreneurs’ relief – £10,000,000

Stamp Duty
You pay stamp duty when you buy a property in the UK. There has been a lot of talk about how some people have avoided paying SDLT on high value homes. The tax avoidance scheme usually involves an off-shore company.

To deal with such schemes the Government has introduced new rates of SDLT on purchases of residential property valued at £2 million or more:

- 7% charge on purchases by individuals from 22 March 2012; and
- 15% charge on purchases made on or after 21 March 2012, by companies, collective investment schemes, or partnerships where a member is a company or a collective investment scheme

An annual tax charge may also be applied to the value of residential property held by certain companies, where each property is worth £2 million or more. Any such charge will apply from April 2013.
Overseas Owners
Currently only UK resident individuals pay CGT on gains, even when the property is located in the UK. The Government is considering how CGT can be applied to gains made on residential property in the UK, when the owner is resident in another country. Any changes will apply from April 2013 at the earliest.

Employee Shares
If you acquire shares through an approved share option scheme run by your employer, you must pay CGT on gains made when you sell those shares, after deduction of your annual exemption. The CGT will be charged at 18% or 28%, as the conditions for the entrepreneurs’ relief rate of 10% are unlikely to be met. The Government is considering changing the rules for approved share option schemes so the 10% rate can apply to shares acquired by employees. Any changes will apply from 6 April 2013 or later.

Inheritance Tax
The inheritance tax (IHT) nil rate band remains frozen until 2014/15. This is the amount of a person’s estate that is free of inheritance tax. However, for deaths occurring on and after 6 April 2012, when at least 10% of their estate has been left to charity, a reduced rate of IHT applies to the chargeable estate. Gifts made to charities are exempt from IHT.

The limits and rates for 2012/13 are…

Nil rate band: £325,000 (2011/12 – £325,000)
Rate payable on death: 40% (2011/12 – 40%)
Rate payable when 10% of estate left to charity: 36% (2011/12 – 40%)
Rate payable on lifetime gifts to certain trusts: 20% (2011/12 – 20%)

 
Business Tax

Simplification
The Government wants to simplify the accounts small businesses (partnerships and sole-traders) have to prepare for tax purposes. It is consulting on whether preparing accounts on a cash basis would be easier, and standard allowances could be used for the business use of vehicles and the proprietor’s home. Any changes are likely to apply from April 2013 or later.

Corporation Tax
The small profits corporation tax rate remains the same at 20% for the year from 1 April 2012.

However the main rate for large companies is reducing from 26% to 24% and will be 22% by the year from 1 April 2014.

Content provided by Twd Accountant

Professional accountant services for the self employed

New scheme to help Businesses like Tradesmen and small businesses to get cheaper loans have been announced by the national loan guarantee scheme

Banks will be able to give out loans to businesses at a lower rate, to enable the business sector to grow.

However the policies of the banks for lending remain the same and may not be all open to the scheme.

But on the positive side five banks have already signed up for the scheme.

Just to add a note that at the time of this posting . Opinion poles are changing all the time as to whether this scheme will really help the small businesses in need of a financial boost .

But feel free to read more and how it all works.

On the National Loan guarantee scheme http://www.bbc.co.uk/news/business-17437361

How it works http://nationalloanguaranteescheme.co.uk/

Contact information can be found at the bottom of this page

Irish construction workers that have found themselves without work will have the opportunity to head west to Canada.

Due to the aging population of skilled Canadian workers. There are positions to be filled for qualified tradesmen and managers.

There is a large amount of work scheduled with very little workforce to fill the skills required.

Representatives from the British Columbia Construction Association are in Ireland this week to discuss plans to fill up to 80,000 vacancies, and will be holding meetings with government departments and the Irish Construction Federation to discuss a predicted thousands of job vacancies expected to arise in the Canadian territory between now and 2014.

It is understood that securing the work in Canada could help fast-track visa applications, with Irish recruits being able to work in Canada within 90 days, and able to bring spouses when emigrating for work.

The president of the British Columbia Construction Association, Manley MacLachlan, who will be visiting an upcoming “Working Abroad” Expo in Dublin, described problems in filling vacancies back home

Ireland is targeted because of the very similar cultural differences between the two

There is a world of opportunity for suitable workers in the western province. We are in Ireland to find skilled labor, and our ministry of jobs, tourism, and innovation is also represented on this trip.”

For more information on this http://www.bccassn.com/

Want to become a tradesmen then i have a very special bonus for you that you can grab now even before you start with your training/apprenticeship in becoming a tradesmen.

This will only be for the first ten people that send me an email requesting this free professional top website site ready for you when you have registered as a tradesmen or in the process of starting your new business.

This step by step program to build a professional website plus all the bonuses and updates that come with this product for life.

The bonuses will be a crucial part in grabbing more customers plus other goodies to help you thrive in your new business.

I am selling this product for £39.95 which is worth every penny plus some. As it comes with marketing bonuses plus regular updates which you will not get anywhere else so this is a marvelous opportunity to get in the front seat to promote your business straight away.

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SEND EMAIL TO—- tellmartin2@gmail.com and simply write in the subject line special promotion please

I will then send you the download link where you will get the product. Everything will be explained in what to do next.

So get your free special promotion and start of on the right track

Amongst all the updates you get i have a really juicy one that can really help your business promotion coming up. this will be added in the product area for you to use.

Understanding Grants

Applying for a grants can be time-consuming and lot of work and quite competitive. Grants are usually given to businesses that qualify for particular scheme.

A Grant is defined as a sum of money given to a business or person for a project or purpose and usually will only cover a proportion of the total cost for a scheme. You must show that you can also cover the share of the cost for the amount you’re applying for.  A grant will not cover the full cost of the project or scheme. Normally will be 60% of the cost

Grants can be given financially and in the form of advice and services.

A grant will normally be given to a start-up only. So if you are already a business unless you have a specific project in mind the chances are you will not be eligible

Grant eligibility will be determined by location, size of business, reason why you are applying and industry

Get much more information on Grants

Type of Grants available

• Business start-ups and growth

• Financial difficulties in need of a boost

• Trade International

Government grants support will vary in England than Scotland Wales and Ireland

Before you apply for a grant make sure you meet the guide lines

If in doubt you may be better off finding different financial options for your business.

Do a business plan and present this to other sources of financial help. Get help with a Business plan

Get more in-depth explanations on grants here

Small: Short Text Link

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Sorry this offer has now ended this post will be removed shortly

Would you like to know how to promote your business using social media, google, payment process and design and upload your own unique logo

•  How to set up a your  business on Facebook
• How to set up your business on google places
•  How to set up online payments for your business
• How to design your own logo easily

Your free marketing package

So when ever you receive emails asking for information no matter how professional and convincing they sound just ignore.

This is known as phishing and many fall victims to these low life people sending emails from so-called legitimate services like banks, paypal, tax etc.

Just recently emails have been sent to inform small businesses of a tax rebate sounds nice right. HMRC will only ever inform you of a tax rebate through the post not email.

When ever you receive such emails whether the tax, banks or whatever just ignore it. Also ignore the scare mongering tactics that you receive too in many emails.

I know a lot of you know this happens and are aware but just a gentle reminder that they are all scams ready to pounce and take advantage.

From

Martin leyton wishing you a prosperous 2012

A Skilled Tradesman is still a very viable small business even in todays turbulent economy. Having a skill will always help you find a job.

As more and more houses/flats and commercial properties are still expanding then the need for  skilled tradesmen is still very much required. People work longer hours and have less time to entertain DIY.  Plus incomes have risen which means that people are more likely employ the services of a tradesmen. People look at properties as a good investment so extending or enhancing their properties will be an investment to them

The rental industry has also increased. As a tenant leaves the landlords will usually repair and refurbish the properties prior to the next tenant moving in.

Want career as a skilled tradesmen, then you will need to choose what trade that appeals to you. and there are many trades to choose from

You can choose to be a tradesmen in Industrial contractors, commercial and domestic.

Do you want to work outside the home or inside some trades of course will work both outside and inside the property.

Working in the UK  has a flexible climate allowing inside and outside work

But if you are considering work in other parts of the world then the climate may determine what type of trade you want to be in. Very hot countries sounds wonderful but constant heat pounding down on you every day can be extremely tiring and a health hazard.

What trade will be right for you. What do you think you will enjoy the most and that will interest you the most. It is worth making a list of possible trades and then narrow them down based on interest skill level training and rate of pay.

Once you have decided on a number of trades you would be interested in pursuing, then your research in where to begin starts.

Finding courses and training and what qualifications you will obtain is vital to your business the better the qualification in a particular trade the more flexible you will be in finding work and the income you will earn. My Resource Centre page will give you links for further information

Some trades will require you to have certificates to cover various work that you carry ou.

Apprenticeships

There are a number of apprenticeships available in the construction industry and vary on the type of qualification available to you. Not all trades are covered and you may need to seek privately if the trade you chose is not catered for. Contact local tradesmen and find out if there is  a position for you to learn from them. Also contact

For more information on skilled trades careers and Training or check out the Resource Centre page for more links and descriptions