JPC Financial Ltd - Accountants and Tax

Charitable giving - cap on tax relief

berni — Tue, 15 May 2012 08:23:26 +0000

Currently individuals can offset their entire income against income tax reliefs, and as
a result pay no income tax at all. Budget 2012 announced from 6 April 2013 there
will be limits to the amount of income tax relief individuals can claim.

House price watch

berni — Tue, 15 May 2012 08:17:34 +0000

Your home may well be one of your major assets. Even if you are not planning on moving in the near future, it is always a good idea to keep abreast of the latest changes in the housing market.

More: www.parfittcresswell.com

LSB calls for regulation of will writing services

berni — Tue, 15 May 2012 08:15:13 +0000

The LSB has today announced proposals to bring will-writing and estate administration services within the scope of legal services regulation. The proposals would, for the first time, see these services brought within the list of 'reserved activities' and all those who provide these services will be regulated.

More: www.lawsocietymedia.org.uk

Government seeks to raise small claims limit for personal injury cases

berni — Tue, 15 May 2012 08:13:27 +0000

The government is to launch a consultation on raising the small claims limit, currently £1,000, for personal injury cases to £5,000.

Justice Secretary Ken Clarke announced in February the increase in the limit for other cases from £5,000 to £10,000, but personal injury cases did not feature.

Instead the MoJ said: "There will be no change to the current limit for personal injury and housing disrepair claims."

IR35 business entity tests published

berni — Thu, 10 May 2012 14:22:04 +0000

HMRC has begun the process of overhauling its operation of the IR35 regime for personal services companies with new guidance that sets out some basic risk factors that will affect a contractor’s chances of being investigated.

The overhaul will mean an increase in IR35 investigations, the tax department confirmed.

HMRC readies IR35 test kit

berni — Wed, 09 May 2012 11:48:25 +0000

After several weeks of debate and backroom lobbying, HMRC is due to release a “business entities test” to help personal services companies assess their risk of being caught by IR35 rules.

Child benefit: Effects of Budget 2012 changes

berni — Mon, 23 Apr 2012 12:48:50 +0000

Tax experts are warning that child benefit could be the next area for controversy arising from the March Budget - if there is anyone willing to campaign on behalf of parents with large families earning more than £50,000.

More: accountingweb.co.uk

Stamp duty land tax (SDLT)

berni — Mon, 23 Apr 2012 09:27:47 +0000

A new rate of 7% will be introduced where the chargeable consideration for a residential property is more than £2 million. This will have effect where the effective date (normally the date of completion) is on or after 22 March 2012, unless the contract was entered into before that date.

An even higher rate of 15% will apply to such residential properties if the purchaser is a 'non natural person', for example a company. This will have effect where the effective date of the transaction is on or after 21 March 2012.

EPC legislation changes for landlords and agents

berni — Mon, 23 Apr 2012 09:27:06 +0000

From 6th April 2012 changes to the legislation on Energy Performance Certificates (EPCs) will be introduced. These new rules only apply to properties which are first marketed for rent on or after the 6th April 2012. They do not apply if the property is already on the market for rent.

Both landlords and agents will need to be aware and comply with the new rules. Below are the key points in the new legislation:

House price watch

berni — Mon, 23 Apr 2012 09:26:17 +0000

Your home may well be one of your major assets. Even if you are not planning on moving in the near future, it is always a good idea to keep abreast of the latest changes in the housing market.

Each month we will compile a comparison of 3 major national house price indexes to keep you in touch with where the market is heading. Please note that there will also be regional variations.

Source