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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.

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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.

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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.

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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.

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