July 2011

When you buy a property in the UK you must generally submit a Stamp Duty Land Tax return (SDLT) to the Stamp Office within 30 days of completion of the deal. Your solicitor will normally do this for you. The SDLT return must now include an identity number such as National Insurance number and date of birth of the lead purchaser. Where the purchaser is a company the company’s tax reference number (UTR) or VAT registration number should be used. Partnerships should use their UTR or VAT registration number. 

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Capital Allowances trap

If you leave the decision of whether to buy new equipment until the end of your accounting year, you could get caught out by the changes to capital allowances effective from April 2012. Large purchases made from 1 April 2012 to the end of your accounting period may not qualify in full for the 100% deduction against profits in the year of purchase. Ask us to help you plan your purchases so you maximise your capital allowances.

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The PDV is a free HMRC tool to help employers manage PAYE notices and reminders. The tool was updated on 17 June, so the new version should be downloaded and installed ASAP.

CLICK HERE TO DOWNLOAD THE PDV TOOL

Creating & Preserving Wealth – July 5th Jockey Club Newmarket

Once again a beautiful July morning and the perfect location of The Jockey Club Newmarket welcomed almost 50 delegates to the annual summer seminar held by CKLG Accountants and Money Matters Wealth Management.

The theme of this year’s seminar was Creating & Preserving Wealth and after registration and breakfast on the terrace, delegates listened to presentations from Katie Holmes of CKLG Accountants, Tom Elliott, Global Strategist from J.P.Morgan Asset Management and Adrian Atkinson of Money Matters Wealth Management.

Our feedback indicated that the presentations were well received and the excellent talk by Tom Elliott gave us all a fascinating insight into the stock market recovery over the last two years. This annual event is now well established as one of the key financial seminars in the region and one not to be missed!

If you would like to be added to our mailing list for our forthcoming seminars please contact rebecca.curry@cklg.co.uk     

The French Government’s has shelved its plans to impose a 20% annual tax on the rateable value of residential properties owned by individuals who were not resident in France for tax purposes. However, changes to French wealth tax will go ahead which will bring into the ambit of that tax properties worth €1.3 million or more that are owned by a company.

French Wealth Tax - find out more!

If you company is solvent but  has ceased trading and you want to close it down, you should inform HMRC of the date it ceased trading as soon as possible. This date will be the end of an accounting period, which is known as a stub period.  The accounts and tax return for the last full accounting period must normally be submitted online. However, HMRC will accept a paper tax return and accounts for the stub period and any subsequent period to the date the company ceases to exist. We can help you with these final forms and accounts.

CLICK HERE - HMRC guidance on the final CT return

Everyone in the Eastern Region is being asked to get creative with their wardrobe and wear something green for Magpas – The Emergency Medical Charity. The charity urges people to give Green Day a go and so CKLG Accountants held their fundraising day on Wednesday 29th June.

All CKLG staff paid a £1 to wear green and had an amazing selection of cakes for the "Tea at 10" to sell to all the residents of Quy Court.

A grand total of £164.85 was raised through selling the cakes and holding a raffle! Well done to all and a big thank you to those who supported us and supplied the delicious cakes!

The second on-account payment of income tax for 2010/11 is due for payment on 31 July 2011. You can pay this tax electronically by instructing your bank, or through the HMRC website. If you would rather pay by cheque you should use the personalised payslip attached to your self-assessment statement. If you have lost this personalised payslip you can download a blank payslip from the HMRC website (see link below). Send this completed payslip with your cheque for the tax due to the HMRC Accounts office in Bradford. As a safety measure write your Unique Tax Reference (UTR) number on the reverse of the cheque.

 Blank SA payslip to download

HMRC is planning to target tax evasion by online traders by harvesting information from the internet and comparing it to other sources such as bank interest and tax returns. If you have paid tax on all of your profits and earnings you have nothing to fear, but those who earn a little bit extra by selling things they make or buy need to declare this income to HMRC. If you have not registered your business with the Tax Office, you should complete form CWF1 by 5 October 2011 to do so. HMRC will then send you a tax return form for 2010/11, which we can help you to complete.

CLICK HERE TO DOWNLOAD FORM CWF1