The summer issue of the Hart Shaw newsletter, ?Money Matters? is now available to download for free from our website.?
Money Matters, Summer 2011 newsletter from Hart Shaw
Our newsletter starts with the news that from 6 April 2011, anyone with tax irregularities involving offshore affairs could face a penalty of up to 200%. If this is an area of concern for you, it is important to make sure all your affairs are in order as HMRC mean business! Significant new penalties are also in place for the late filing of the 2010/11 self assessment tax returns and the late payment of tax due. Our article ?I?m late?? explains further.
HMRC are also taking a close look at loans made to directors of family companies which have been written off to see if they give rise to a national insurance liability. ?All a-loan against HMRC? looks at the arguments HMRC put forward to win their case. Our article ?Van-tastic? reviews the tax position on employer provided vans as this has also become an area of interest to HMRC.
With the new tax year now underway, we look at how the new level of personal allowances and national insurance changes impact on the individual tax payer.
Our newsletter does contain some lighter news! Business owners may wish to take advantage of the grants and funds available to help businesses to grow and owners of agricultural property will enjoy reading ?Relieving the IHT burden?.
In addition to the newsletter you will find special briefings where we look in more detail at:
Pensions 2011/12 ? the changes explained
Every so often UK governments tackle the thorny issue of the amount of tax relief which it is appropriate to allow for contributions into a pension scheme and the extent of taxation when the funds are withdrawn from a scheme when the taxpayer retires. The Finance Bill 2011 sets out new limits on the amount of tax relief that may be available but also introduces relaxations to the system of accessing the funds in retirement.
Our briefing sets out the main features of the new regime including points to consider in planning for retirement and taking your money in retirement.
Business Travel and Subsistence ? What you can and cannot claim
Travelling and subsistence expenditure incurred by the self-employed or by employees can give rise to many problems. If travelling and subsistence expenses are incorrectly claimed it may be some years before HMRC review your tax returns. An overclaim could therefore lead to additional tax, interest and possible penalties.
Our briefing highlights the main areas to consider in deciding whether tax relief is available on these expenses
Please contact us if you have any questions regarding any of the articles we have included in our newsletter or if you would like further information on a topic we haven?t covered. Your views are always important to us and we would welcome any feedback you could give us.
Please click here to download your copies.
Source: http://hartshaw.wordpress.com/2011/06/06/money-matters-hart-shaws-summer-2011-newsletter/
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