Put some time aside this summer and get your financial and personal affairs in order. Make life easier for everyone and keep a concise record of where all your personal information, assets and papers can be located and leave it with a trusted source like your accountant, solicitor or with your bank.
For some of you VAT returns will be paperless from 1 April 2010. If your business is VAT registered with an annual net turnover of £100,000 or more, you’ll have to submit your VAT returns online and make electronic payments. The same applies to all newly VAT registered companies irrespective of turnover. The rest of you will still have the option of paper returns for now. This may not last forever though as HM Revenue & Customs (HMRC) will be reviewing the situation in 2012.
Good news – VAT can now be paid online by credit or debit card. But credit card payments will attract a 1.25% transaction fee. If you have any worries or concerns please ring me 01344 620495.
There is fear among home owners about changes to tax on second homes in the wake of the MP expenses debacle. If you have more than one property you may be able to change which one should be considered your main home and therefore is exempt from Capital Gains tax (currently 18%) when sold.
My guess is that if this arrangement is soon to be off limits for MPs then you can bet there will be restrictions and rule changes for the humble tax payer too. If you’d like to know more about ways to reduce tax on property then please give me a ring 01344 620495.
Read the Summer Budget 2010