Tax Matters July 2009
Welcome
Welcome to the first Tax Matters, an e-newsletter for Littlejohn clients and contacts that aims to help you keep up-to-date with tax legislation and deadlines. In this edition we focus on measures from the April Budget.
If you're a high earner you'll no doubt be concerned about the new 50% tax rate. But there are ways to ease the pain, and we outline our suggestions below.
There's also troubling news if you let a holiday property. HMRC has tightened the rules, so inheritance tax will now apply. And special capital gains tax reliefs will soon be withdrawn - so acting quickly is the answer. We also summarise the tax reliefs available to businesses making trading losses. We explain how you might save tax and boost your business cash flow.
Recent Budgets have brought significant changes to capital allowances and we summarise what is now available. From next year, new rules for VAT may mean updating your systems in preparation and we explain what that could mean for you.
You may think that being a tax defaulter could never apply to you. Just in case, we have sound guidance on the Government's New Disclosure Opportunity - a last chance to set the record straight and avoid unnecessary penalties.
Finally, there are some notes on the new foreign profits rules and the tax-related responsibilities of senior financial officers. We will be returning to these issues in more detail in future editions of Tax Matters.
If you need advice on any aspect of your tax affairs, or would like to discuss any of the issues raised in this newsletter, please don't hesitate to contact us.
Thomas Moore
Partner & Head of Tax Division
In this issue
- How to cope with higher rate taxes
- Tax rate increases will affect trusts
- Keep your name off the list of shame
- Furnished holiday lettings - time to let go?
- ‘Carry back' extension for trading businesses
- New foreign profits rules
- Responsibilities of senior financial officers
- Capital allowances: are you claiming in full?
- VAT change in 2010
