Practice News

10th December 2015

GA- Wear a Christmas Jumper Day in aid of St Barnabas House in Worthing

Once again the GA Team got in the festive spirit in aid of St Barnabas House
in Worthing who provide specialist palliative care to adults in our area. It
is a charity close to our hearts as they provided excellent care to Lu's
Mum, Jill Cooper.
If you would like to donate please visit
http://www.stbarnabas-hospice.org.uk/

16th July 2013

GA Ladies - Race for Life

The ladies of GA, past and present, took part in The Race for Life on Sunday, this wasn't a competition to see who was the fastest or who could raise the most money, this was about GA being a team and helping one another to help individuals that have been diagnosed with cancer.

15th March 2010

Tax Problems for 2010/11

The last date for submitting your Tax Return and avoiding a penalty (31 January 2010) has now passed.  Hopefully we have been able to file your Return on time and your affairs are up-to-date.

However, it is now time to start thinking about your Returns for 2010/2011!  The Chancellor announced his pre-budget report (which has been renamed ‘pre-election report’ by some commentators, as higher tax increases were widely expected) in December 2009.

However, whoever is in power after the 2010 election are likely to have to make harder decisions so that the gap between Government spending and revenues can be closed.

The current Government has already proposed to increase taxes for higher earning taxpayers from 2010/2011.  The measures introduced include: -

1. A new 50% higher tax rate (currently 40%) for incomes of over £150,000 p.a.
2. The loss of the personal allowance (currently £6,475) with reductions starting when ‘adjusted’ income exceeds £100,000.  The allowance will be lost completely when income rises above £113,000 giving an effective marginal tax rate of 60% between these ranges.  At a tax rate of 40% the personal allowance is currently worth £2,590 p.a.
3. New complex rules have already been introduced to limit tax relief on pension contributions where income exceeds £150,000.
4. For 50% taxpayers the effective dividend rate will increase from 32½% to 42½%.
5. National Insurance charges are also due to increase by 1% from 2010/2011.

Taking the above factors into account, it is worth considering whether any preventive action can be taken.

On the ‘plus’ side Capital Gains Tax (perhaps surprisingly) remains at 18%.  Tax charged on capital gains could, therefore, be as much as 32% lower than income tax rates and also avoid national insurance costs.  If income can legitimately be converted to capital then this would be beneficial but action should be taken sooner rather than later if possible.  There is a risk that the capital gains tax rate will be reviewed and increased in the future.

The small companies corporation tax rate is set to remain at 21% for 2010/2011 (it was previously proposed to increase this to 22%), so leaving funds within a corporate entity may also help avoid higher tax charges.

2008/09 is the first year that the new rules for non-domiciled UK taxpayers have been implemented and we have encountered a number of problems in dealing with complex issues relating to these returns.

A number of the above points are complex and should be considered on an individual basis.

More details on the changes announced in the 2009 budget and pre-budget report can be found on our new look web-site.  If you would be interested in receiving future notifications by e-mail then please let us know.

The proposed date for the 2010 budget is 24 March.  We will of course keep you up-to-date with the main changes that are announced but some of the points above may, however, need to be implemented before 5 April 2010, so this letter is intended to give sufficient advance warning of the changes already announced.  It will be interesting to see what further changes are proposed in the 2010 budget, particularly with the next General Election being only months away.

If you would like to discuss any points arising then please feel free to contact us.

Thank you for your continued valued custom and we hope that 2010 does not prove to be a ‘taxing’ year for you.

8th March 2010

Changes to Electronic Filing from April 2010

From 1st April 2010 changes will be introduced to the way many businesses will be required to submit their VAT Return. It will become necessary for the following businesses to file their returns online:

• A business with an annual VAT exclusive turnover of more than £100,000
• A business which registers for VAT on or after 1 April 2010

Any business may however opt to file their VAT returns online and it is expected that from 2012 at the latest it will be compulsory for all businesses to file their returns electronically.

An additional requirement is that any VAT due will have to paid by electronic means, such as DD, internet banking, BACS direct credit, Bank Giro etc.

A major benefit to filing online is that, in most cases, there is a 7 day extension to the normal date of payment.
 
You will be receiving information regarding these changes direct from HMR&C.

We suggest you register online as quickly as possible to avoid any problems when the VAT Return is due. If you prefer, we can undertake to prepare and file your VAT Returns online as your agent. If you are interested in this or if you would like any further help with this then please give us a ring.

If we prepare VAT returns on your behalf please forward any notifications from HMR&C to us as quickly as possible.

End of year payroll (P35)
Almost all employers are required to file their Employer Annual Return (P35) and P14 forms online from April 2010. It is therefore important that you register with HMR&C at the earliest opportunity unless you have already done so.

If we already deal with your payroll registration has already been completed and we are enclosing an agent authorisation form, which we would appreciate you signing and returning to us as soon as possible to ensure the prompt filing of year end forms.

If you require any advice or we can be of any assistance in connection with your payroll please let us know.

1st December 2009

IT’S FULL STEAM AHEAD IN SHIP STREET!

Our move from Brighton to Shoreham-by-Sea went well (although not without a few ‘moments’ as was to be expected . . . .) and now we are at full steam ahead in our new premises.

It is quite amazing how after all the planning, organising, and work involved in moving business premises everything settles down – and after only a short time in our new offices it seems as though we have been here for years!
Already many of our clients and friends have been to visit us, and we are looking forward to welcoming many more in the months ahead.

First of all we have some good news about the G/A team.

We are delighted to tell you that both Sarah Johnson and Richard Chapman have accepted the invitation to become Partners within G/A.  This is effective, as from 1 December 2009, and we extend a warm greeting to each of them in their new role.

There is no doubt our capabilities and client services will be enhanced accordingly both immediately and in the longer term.  I am sure the many clients who already know Sarah and Richard will welcome these appointments.
As a result David Povah can now step back as a Partner with G/A – also from December 2009 – something he has been looking to achieve for many months!  It will allow him to spend more time with his family and travel around the lesser known parts of Europe, such as Serbia, Croatia and Montenegro – all of which he thoroughly enjoys.

But, and we are delighted to say this, it is not time to say goodbye to David!  He will still be available to continue advising both G/A and his many clients as he has agreed a 3 year Consultancy period with us that will take him well into 2012.

You may already have spoken to Eve Thomas who replaces June Kilner.  June was always going to be a very hard act to follow but Eve has taken up the challenge in admirable fashion.

We have at last also updated our website which we hope you will find helpful.  Our web address is www.gibson-appleby.co.uk  If you have any comments or suggestions regarding this site we will be delighted to hear from you.
An interesting fact to finish with . . . .    Shoreham has its own Airport – it is the oldest licensed airfield in the UK – and has a Grade II* listed Art Deco style terminal building.  So if you are thinking of visiting us you can arrive by land (car or train), sea, or even air!  Definitely one up on Brighton . . . . .
We look forward to hearing from you – and hopefully to welcoming you to Shoreham.
Yours sincerely

 P J WATTS
Gibson Appleby