Budget highlights – March 2013
– Personal allowance increased to £9,440 for the year 2013/14, and a further increase to £10,000 in 2014/15.
– A £2,000 Employment Allowance for businesses and charities to set against their employer national insurance contributions from April 2014.
– The small profits rate of CT will remain at 20% from April 2013, the main rate of CT will be unified by April 2015, providing a single rate of CT of 20%.
– Annual Investment Allowance limit increased from £25,000 to £250,000 for a two year time period for all qualifying investments in plant and machinery made on or after 1st January 2013.
– CGT annual exemption currently £10,600, wil rise to £10,900 for 2013/14, £11,000 for 2014/15 and £11,100 for 2015/16.
– The VAT registration threshold will rise from £77,000 to £79,000 and the deregistration threshold will increase from £75,000 to £77.000, both from 1 April 2013.
Proposal for SME records checks by HMRC
HM Revenue & Customs has driven ahead with a ‘Pilot Scheme’ for HMRC records checks. Although there were assurances that there would be no ‘live’ action on SME Records Reviews, warning letters have been issued to a number of pilot cases.
Tax Agents and HMRC – Proposed review
We are currently studying the detail, with a view to responding to a Survey of Members in practice by ICAS. Basically, we welcome the acknowledgement by HM Revenue & Customs of the vital role played by professional tax advisers such as this firm in assisting taxpayers to comply with tax law and administrative requirements.
Staff update July 2011
We are delighted to welcome Alistair Bryson, a school leaver, to the accountancy and business tax services team. Alistair will be contributing to the team at Clement and Co as a trainee accountant, initially working towards an AAT qualification. Then training to qualify for membership of ACCA will be the next step.