February 2012

Capital Grant Scheme

The Catchment Sensitive Farming (CSF) Capital Grant Scheme is now open.  The funding is directed towards farms located within target areas of priority catchments.  In this region there are 8 main catchments as shown on the map.  Catchment number 52, 60, 61 and 62 are new for the 2012/13 year.

Why make a Will?

I’m sure at some point you have already thought about making a Will; by doing so you are providing for the welfare of your family and ensuring the efficient management of your estate.

Regardless of your age, if you have assets or a family or friend that you would like to provide for, the only certain way to ensure they inherit, is to plan in advance and make a Will.

Focus on Pensions

One of the most common questions asked to me is that “pensions aren’t very good are they?”  Pensions may not have had the best publicity over recent years but I think a broad brush statement such as they’re not worth having is very wide of the mark.

A pension should be simply regarded as a savings plan with valuable tax advantages attached to it.  Recent legislation has altered the amounts that can be contributed to personal pensions; the maximum that can be added in any one year is £50,000, although there are options available that can allow you to contribute up to £200,000.

Giving you the support you need to get your VAT right

Are you a VAT registered business? Have you signed up for VAT online?  Be ready for the deadline and sign up now – its easy to do.

From the 1 April 2012 all VAT registered businesses regardless of their turnover will be legally required to submit their VAT returns online and pay any VAT due electronically. Using the online services is quick, easy and secure and in most cases gives you extra time to submit your return and pay any VAT due.

Exemptions

How to reclaim CIS Tax suffered, if you are a…

…Limited Company

Did you know that any CIS tax deductions that your Limited company has suffered, can be offset throughout the tax year?  If you are due to pay any PAYE tax and National Insurance liabilities or any CIS tax deductions the company has made from its own subcontractors, then the amount of CIS tax suffered can be deducted from this amount.  Don’t wait until the end of the tax year if you don’t have to!

PAYE ...Now is the time to start to prepare to file your P35 ‘Employers Annual Return’ for the tax year 2011/2012.

Yes, it is approaching that time of year again!

Here are a few reminders...

Plan ahead
•    Check that you are registered with HM Revenue & Customs (HMRC) to file your P35 ‘Employers Annual Return’ online as this is now a requirement.

•    Check that your employee records have the correct National Insurance number and dates of birth, that P11’s balance and that the correct payments of tax and national insurance have been deducted and paid over to HMRC, hefty penalties can be imposed if this is not correct.

HMRC Bulletin: Extension of tax campaigns

Campaigns are schemes set up by HM Revenue & Customs (HMRC) to provide opportunities for you to voluntarily put your tax affairs in order.

Each campaign focuses on a different sector and if you intend taking part, you need to comply with the time limits for the relevant campaign.  If you owe tax and don't come forward, it could cost you more if HMRC have to come to you.

If you are worried that you may not have declared some income or gains in the past, you may be eligible to disclose your affairs under a current campaign.