Horwath Clark Whitehill Tax Facts 2009-10

Apr 21, 2012 | Publisher: vickyszulist | Category: Business & Jobs |  

The Chancellor’s Budget Tax facts 2009/2010 If you would like to get in touch with Horwath Clark Whitehill, please ring your local office on the telephone number listed. Horwath Clark Whitehill LLP Cheltenham T: 01242 234421 Kent - Maidstone T: 01622 767676 - Tunbridge Wells T: 01892 700200 London T: 020 7842 7100 Manchester T: 0161 214 7500 Midlands - Kidderminster T: 01562 60101 - Walsall T: 01922 725590 Thames Valley T: 0118 959 7222 Associate members of Horwath Clark Whitehill UK ‘Group’ Hartlepool T: 01429 234414 Isle of Man T: 01624 627335 ‘Horwath Clark Whitehill’ refers to Horwath Clark Whitehill LLP (a limited liability partnership registered in England). We use the word ‘partner’ to describe a member of Horwath Clark Whitehill LLP. Horwath Clark Whitehill LLP is registered to carry on company audit work by the Institute of Chartered Accountants in England and Wales and is authorised and regulated by the Financial Services Authority. The office in the Isle of Man is Horwath Clark Whitehill LLC and the office in Hartlepool is Horwath Clark Whitehill (North East) LLP. These are both separate, independent firms and not part of Horwath Clark Whitehill LLP. Accordingly, these firms cannot be held liable for the acts or omissions of each other. The firms practising from these locations are registered to carry on company audit work by the Institute of Chartered Accountants in England and Wales and, apart from the Isle of Man, are regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales. Horwath International Association is a Swiss Verein. Each member of the association is licensed to include ‘Horwath’ in its legal name but remains a separate and independent legal entity. This information is published without the responsibility on our part for loss occasioned to any person acting or refraining from acting as a result of any information published herein. © 2009 Horwath Clark Whitehill LLP. All rights reserved. www.horwathcw.com Charitable Giving There is no minimum amount for a Gift Aid donation and all cash donations, of whatever size, made by a UK taxpayer are eligible for Gift Aid relief. Gift Aid declarations can be made in writing, on the telephone or over the internet and must contain the name and address of the donor, the name of the charity and a statement that the donor pays sufficient income or Capital Gains Tax to cover the tax reclaimed by the charity. Company donations to charity are made gross. The company claims tax relief in its computation and the charity receives no additional tax reclaim. Higher rate taxpayers can carry back their portion of Gift Aid relief to the previous year. Taxpayers can nominate a charity to receive all or part of a tax repayment due to them. Income and Capital Gains Tax relief applies for gifts to charity of listed shares and securities, AIM shares, units in authorised unit trusts, shares in OEICs as well as land and buildings. Example (2009/2010) £ Tax relief to individual (40% taxpayer) Net donation paid Higher rate tax relief on grossed up donation (20% x £1,000) Net cost to individual Charity’s position Net donation Grossed up at 22%* Gross receipt *Transitional relief continues the 22% tax recovery until 5 April 2011. N.B. References to ‘marriage’, ‘married’ and ‘spouse’ include ‘civil partnerships���, ‘civil partners’ etc. HMRC Interest Rates Income tax/Capital Gains Tax - late paid tax 2.5%* - over paid tax 0%* Corporation tax - periods ended post 30.6.99 - late paid tax 1.75%* - over paid tax 0%* Corporation tax quarterly instalment payments - under paid instalments 1.5%** - over paid instalments 0.25%** Inheritance tax 0%* VAT - on under declaration 2.5%* - on official errors 0%* *effective from 24 March 2009 **effective from 16 March 2009 The details in this leaflet are based on the latest available information. We have made every effort to ensure the accuracy of this publication but you should always obtain professional guidance before acting or refraining from any action as a result of its contents. © April 2009 VAT From From 1.1.2010 1.12.2008 Standard rate 17.5% 15% Fuel and power rate 5% 5% Installation of energy saving material 5% 5% VAT on fraction of gross price 7/47 3/23 Certain housing refurbishment work 5% 5% Annual turnover limits From From 1.5.2009 1.4.2008 - registration 68,000 £67,000 - deregistration 66,000 £65,000 Stamp Duty Land Tax (SDLT) Capital Allowances First year/ Writing-down initial allowance allowance Plant & machinery - long life nil 10% Plant & machinery - 'green technology' 100% nil Plant & machinery 40%* 20% Integral fixtures - 10% Low emission cars 110g/km 100% nil Industrial buildings nil 2% Agricultural buildings nil 2% Research & Development 100% nil Annual Investment Allowance (AIA) £50,000 max** *Temporary measure: companies y/e 31 March 2010 (other y/e 5 April 2010) **AIA of £50,000 is available to singleton companies. If a business is 'related' to another business the AIA is shared (e.g. in a group of companies where the businesses have similar activities or shared premises) or under the control of the same person. Transitional rules also apply. Individual Savings Accounts (ISAs) The ISA annual contribution limit is £7,200. There is a limit of £3,600 for the cash element. The annual limit for savers aged 50 or more increases to £10,200 (up to £5,100 cash) on 6 October 2009. ISA savings are exempt from income and Capital Gains Tax.

Tax Facts 2009-10.pdf

About vickyszulist

I am a partner at Crowe Clark Whitehill LLP, Chartered Accountants, based in Manchester. We offer audit tax and advisory services.

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