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31 July Tax

31 July may not seem like a very significant date for many people but for the self-employed it’s time to make another payment towards their tax liability. The position is complex but fifty percent of their tax liability to 5 April 2012 will have been paid in January 2012, together with any balance due for the previous year. The July payment is the remaining fifty percent of the 2011/12 tax liability. 

HMRC Enquiries - Play it "Tax Safe"

Last month the latest HMRC disclosure campaign came to an end.  This most recent in a long line of similar campaigns allowed online traders to register their intention of disclosing the income they had earned which hadn’t suffered tax with HMRC.  This adds these traders to the growing list of businesses including electricians and those in the medical profession who have been encouraged by HMRC to make an early disclosure of their untaxed income in exchange for a lower penalty. 

Armstrong Watson wins the Oaklea Trust Challenge and raises money for disabled and disadvantaged children and adults

Armstrong Watson entered two teams in the Oaklea Trust Challenge on Sunday 10 June. The challenge was won by Armstrong Watson’s South Lakes team, with its Carlisle team in 4th place. Six teams took part in the challenge.

Armstrong Watson’s winning South Lakes team, comprised Richard Rankin, David Squire, Richard Andrew and Phil Jackson.

Armstrong Watson’s Carlisle team comprised Andrew Kennon, Nathan Glaister, Kerryl Carter and Victoria Lawson.

The results were:
1st Armstrong Watson South Lakes

The Government's U-turn on Charity Tax

The Budget this year contained a number of tax rises which were quickly given nick-names by the press and opposition. We have already seen changes of heart over the so-called Pasty Tax and Caravan Tax where VAT increases were being introduced. Well-organised campaigns by those affected had clearly had the desired effects. This has been followed up by the abolition of the restrictions on charity tax relief. The Government had intended to restrict this relief to the higher of £50000 or 25% of the person’s annual income.

Charity Taxes

The Budget has generated some interesting headlines with the whole issue of charitable donations being thrust into the public eye. However, for those working in the charity sector and those individuals who wish to make generous gifts the important factors are simply what has changed and what remains the same.

Property Market Developments

The Stamp Duty holiday for first time buyers came to an end on 25 March 2012 and thresholds returned to a 1% levy on purchases over £125,001 to £250,000, 3% on purchases between £250,001 and £500,000 and 4% on purchases between £500,001 and £1,000,000, for all buyer types.

Happy Tax New Year

The weather has been more like summer than early spring and many people have been out enjoying themselves, probably unaware that this week the tax year ends and starts again.  For many this event is not that important but given that the Budget was just a few weeks ago, the changes confirmed in that statement will affect many people and some will not feel like celebrating but will feel the distinct chill of winter.

The Budget - Pain and Gain tomorrow?

Bob Wheatcroft, Partner and Head of tax at accountants Armstrong Watson comments on the Budget:

“Budget 2012 was the usual political affair with plenty of digs at the opposition by George Osborne. Most of the detailed changes were leaked to the press in some form in the previous week but we were still left with plenty to chew over.

Many Happy Returns

With the holiday season well behind us and the month of January stretching out in front my mind turns to the impending end of the filing season for tax year 20010/11 (the year ended 5 April 2011) on 31 January. This may mean very little to many people but, to those affected by the deadline, failure to comply can lead to a penalty, which can just add to the costs at this time of year.

Tax Returns are not required from everybody. You have to submit a return only if you fall into one of two categories.

Armstrong Watson appoints new Partner - Douglas Russell

Armstrong Watson is delighted to announce the appointment of Douglas Russell, new partner at its Dumfries office.

Douglas brings a wealth of experience to Armstrong Watson after spending 27 years in the profession, 17 of which were at partner level, initially with Scott & Paterson and most recently in Baker Tilly's Edinburgh office.