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Nichola's SME Budget Summary

Dear [NAME]

Anyone for some last minute tax planning? The CGT rate for high earners rises to 28% from tomorrow, the 23 June 2010.

Otherwise, the significant changes announced by the new Chancellor, George Osborne all take place in 2011. These include a rise in VAT to 20%, a bank levy, a drop in corporation tax and perhaps, the final nail in the coffin of tax-avoidance for EBTs and EFURBs.

I have prepared you a summary of the best bits:

Budget 2010: at a glance

There will be a full analysis and links to all our updates next week.

All the best

Nichola

Nichola Ross Martin FCA
Tax Director

www.rossmartin.co.uk
Your online Virtual Tax Partner: practical support for accountants, tax advisers and their clients

NEWS

What is the VAT fraction?
Just divide by 6 from 4/1/2011

Taxable BIKs? HMRC boss tops the gravy train
Tax trivia with a quick guide to tax and third party benefits.

Round up from previous weeks:

VAT reclaim windfall for holiday home owners
A recent decision by the VAT tribunal means that the VAT: DIY Housebuilders and Converters VAT Refund Scheme does apply to holiday homes.

VAT on gifts: repayment claims?
An EU court ruling means that some businesses may be able to reclaim VAT previously declared on gifts.

Lease Premium schemes: New Disclosure Opportunity
HMRC focuses on schemes designed to avoid tax and NICs on employer provided accommodation.

Advisory fuel rates (company car drivers)
New rates from 1 June.

Stamp Duty & Stamp Duty Land Tax
New Tax Data entry

Tax Data
Add to your favourites, a growing library of tax data, rates and allowances.


Updates, New tax guides and checklists

Tax penalties: CIS
The only good thing to say about CIS penalties is...? No, we can't think of anything either. Lots of box ticking for builders.

Employment related securities: basics for small companies
FREE guide: start here for our new series on shares and securities.

Enterprise Management Incentives (EMIs)
FREE guide to tax-advantaged share options.

EMI: checklist
LOCKED (for subscribers) Planning a share scheme? We provide a step-by-step checklist.

Tax penalties: P11Ds
UPDATED to resolve queries about interaction of tax and NICs regs.

Recent new guides PAID subscribers only (because you're worth it :)

Tax Avoidance Schemes
Better the devil you know? We run through the top favourites (from HMRC approved to contrived and artificial) for Income Tax, Corporation Tax, Capital Gains Tax and SDLT.

Converting part of a home into an office
NEW for Directors: do you pay or does the company foot the bill? We examine the tax consequences.

Converting part of a home into an office
NEW for the Self-Employed: the tax position is interesting from CGT to SDLT to VAT.

 

KEY reading this quarter (subscribers only)

Accounts: tax health check (self-employed)
A practical tax toolkit (think HMRC's toolkits but add planning, useful tips and tax know-how)

Employers' Quarterly Tax Briefing
Top tips, tools, links and planning ideas for 2010/11 and beyond...More

Property profits and losses
This essential tax tool is an excellent source of online CPD. Download this onto your mobile, train staff, and of course brief your clients...More

Practical Tax Toolkits
For companies, these are continuing to be updated

Surplus cash CGT & IHT Relief and ESC C16
Company has large cash surplus: how does this affect Entrepreneurs' Relief, Business Property Relief, and what if you try and dissolve the company? Updated: for Budget...More


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