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text-indent:-18.0pt;} @list l4:level9 {mso-level-tab-stop:324.0pt; mso-level-number-position:left; text-indent:-18.0pt;} ol {margin-bottom:0cm;} ul {margin-bottom:0cm;} --> </style> <!--[if gte mso 10]> <style> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0cm 5.4pt 0cm 5.4pt; mso-para-margin:0cm; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Times New Roman","serif";} </style> <![endif]--> </head> <body lang=EN-US link=blue vlink=purple style='tab-interval:36.0pt'> </div> <p class=MsoNormal><span lang=EN-GB style='mso-ansi-language:EN-GB'><o:p>&nbsp;</o:p></span></p> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=650 style='width:487.5pt;mso-cellspacing:0cm;mso-yfti-tbllook:1184;mso-padding-alt: 0cm 0cm 0cm 0cm'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;mso-yfti-lastrow:yes'> <td style='padding:0cm 0cm 0cm 0cm'> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="99%" style='width:99.0%;mso-cellspacing:0cm;mso-yfti-tbllook:1184;mso-padding-alt: 0cm 0cm 0cm 0cm'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;mso-yfti-lastrow:yes'> <td width="99%" style='width:99.0%;padding:0cm 0cm 0cm 9.0pt'> <p class=MsoNormal><a name=top></a><b><span style='font-size:13.5pt; font-family:"Arial","sans-serif";color:white'>Northams Chartered Accountants<o:p></o:p></span></b></p> </td> <td valign=top style='padding:0cm 0cm 0cm 0cm'> <p class=MsoNormal align=right style='text-align:right'><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'><img border=0 id="_x0000_i1027" src="http://www.taxupdates.co.uk/uktw/banner_images/406.jpg"><o:p></o:p></span></p> </td> </tr> </table> <p class=MsoNormal><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'><o:p>&nbsp;</o:p></span></p> <p class=MsoNormal><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'><o:p>&nbsp;</o:p></span></p> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="99%" style='width:99.0%;mso-cellspacing:0cm;background:#01CCEC;mso-yfti-tbllook: 1184;mso-padding-alt:0cm 0cm 0cm 0cm'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;mso-yfti-lastrow:yes'> <td width=2 style='width:1.5pt;padding:0cm 0cm 0cm 0cm'> <p class=MsoNormal><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'><img border=0 id="_x0000_i1028" src="http://www.taxupdates.co.uk/uktw/images/box_tl.gif"><o:p></o:p></span></p> </td> <td width="99%" style='width:99.0%;padding:0cm 0cm 0cm 0cm'> <p class=MsoNormal align=center style='text-align:center'><span style='font-size:13.5pt;font-family:"Arial","sans-serif";color:white'>Newsletter August 2011<o:p></o:p></span></p> </td> <td width=2 style='width:1.5pt;padding:0cm 0cm 0cm 0cm'> <p class=MsoNormal><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'><img border=0 id="_x0000_i1029" src="http://www.taxupdates.co.uk/uktw/images/box_tr.gif"><o:p></o:p></span></p> </td> </tr> </table> <p class=MsoNormal><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'><o:p>&nbsp;</o:p></span></p> <table class=MsoNormalTable border=0 cellpadding=0 width="99%" style='width:99.0%;mso-cellspacing:1.5pt;background:#F6F6F6;mso-yfti-tbllook: 1184;mso-padding-alt:0cm 0cm 0cm 0cm;border:##01CCEC'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td width="99%" colspan=3 style='width:99.0%;padding:.75pt .75pt .75pt .75pt'> <p>Our newsletter this month contains the following articles: HMRC's published list of assets that can be sold without capital gains tax charge, a note of tax exemptions for amateur sports clubs, a change to the reporting of property transactions, and, HMRC are reconciling PAYE tax records for 2010-11 - under and over payment notices are on their way!</p> <p>Our next newsletter will be published 6 September 2011.</p> </td> </tr> <tr style='mso-yfti-irow:1;mso-yfti-lastrow:yes'> <td width="45%" valign=top style='width:45.0%;padding:.75pt .75pt .75pt .75pt'> <div align=right> <table class=MsoNormalTable border=0 cellpadding=0 style='mso-cellspacing: 1.5pt;mso-yfti-tbllook:1184;mso-padding-alt:0cm 0cm 0cm 0cm'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'><a href="#article1">Tax free chargeable gains</a><o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'><a href="#article1"><span style='text-decoration:none;text-underline:none'><img border=0 id="_x0000_i1030" src="http://www.taxupdates.co.uk/uktw/images/arrow.gif"></span></a><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:1'> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'><a href="#article3">Keeping tabs on property purchasers</a><o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'><a href="#article3"><span style='text-decoration:none;text-underline:none'><img border=0 id="_x0000_i1031" src="http://www.taxupdates.co.uk/uktw/images/arrow.gif"></span></a><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:2;mso-yfti-lastrow:yes'> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'><a href="#article5">Tax Diary August/September 2011</a><o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'><a href="#article5"><span style='text-decoration:none;text-underline:none'><img border=0 id="_x0000_i1032" src="http://www.taxupdates.co.uk/uktw/images/arrow.gif"></span></a><o:p></o:p></span></p> </td> </tr> </table> </div> </td> <td width="10%" style='width:10.0%;padding:.75pt .75pt .75pt .75pt'></td> <td width="45%" valign=top style='width:45.0%;padding:.75pt .75pt .75pt .75pt'> <table class=MsoNormalTable border=0 cellpadding=0 style='mso-cellspacing: 1.5pt;mso-yfti-tbllook:1184;mso-padding-alt:0cm 0cm 0cm 0cm'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'><a href="#article2">Amateur sports clubs tax exemption</a><o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'><a href="#article2"><span style='text-decoration:none;text-underline:none'><img border=0 id="_x0000_i1033" src="http://www.taxupdates.co.uk/uktw/images/arrow.gif"></span></a><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:1;mso-yfti-lastrow:yes'> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'><a href="#article4">First the good news and then...</a><o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'><a href="#article4"><span style='text-decoration:none;text-underline:none'><img border=0 id="_x0000_i1034" src="http://www.taxupdates.co.uk/uktw/images/arrow.gif"></span></a><o:p></o:p></span></p> </td> </tr> </table> </td> </tr> </table> <p class=MsoNormal><a name=article1></a><span style='font-size:9.0pt; font-family:"Arial","sans-serif"'><o:p>&nbsp;</o:p></span></p> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="99%" style='width:99.0%;mso-cellspacing:0cm;background:#01CCEC;mso-yfti-tbllook: 1184;mso-padding-alt:0cm 0cm 0cm 0cm'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;mso-yfti-lastrow:yes'> <td width=2 style='width:1.5pt;padding:0cm 0cm 0cm 0cm'> <p class=MsoNormal><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'><img border=0 id="_x0000_i1035" src="http://www.taxupdates.co.uk/uktw/images/box_tl.gif"><o:p></o:p></span></p> </td> <td width="99%" style='width:99.0%;padding:0cm 0cm 0cm 0cm'> <p class=MsoNormal align=center style='text-align:center'><span style='font-size:13.5pt;font-family:"Arial","sans-serif";color:white'>Tax free chargeable gains<o:p></o:p></span></p> </td> <td width=2 style='width:1.5pt;padding:0cm 0cm 0cm 0cm'> <p class=MsoNormal><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'><img border=0 id="_x0000_i1036" src="http://www.taxupdates.co.uk/uktw/images/box_tr.gif"><o:p></o:p></span></p> </td> </tr> </table> <p class=MsoNormal><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'><o:p>&nbsp;</o:p></span></p> <table class=MsoNormalTable border=0 cellpadding=0 width="99%" style='width:99.0%;mso-cellspacing:1.5pt;background:#F6F6F6;mso-yfti-tbllook: 1184;mso-padding-alt:0cm 0cm 0cm 0cm;border:##01CCEC'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;mso-yfti-lastrow:yes'> <td width="99%" style='width:99.0%;padding:.75pt .75pt .75pt .75pt'> <p>There's a lot of information published about the amount of capital gains tax you will need to pay if you sell a chargeable asset. And of course you can sell chargeable assets and the first &pound;10,600 of taxable gains is exempt from a tax charge in the current tax year, 2011-12.</p> <p>We thought it might be of interest to list items that can be sold with no fear of capital gains tax arising on the sale. Here's HMRC's published list and please note that a chattel, referred to in the list, is the personal variety; defined as 'an item of movable, personal property'. In plain English personal effects or household goods:</p> <ul type=disc> <li class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;mso-list:l2 level1 lfo1;tab-stops:list 36.0pt'><span style='font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>private motor vehicles<o:p></o:p></span></li> <li class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;mso-list:l2 level1 lfo1;tab-stops:list 36.0pt'><span style='font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>an individual's only or main residence (having gardens or grounds of half a hectare or less) which has been occupied as such throughout the period of ownership<o:p></o:p></span></li> <li class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;mso-list:l2 level1 lfo1;tab-stops:list 36.0pt'><span style='font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>tangible moveable property, that is items such as household goods and personal effects, worth less than &pound;6,000<o:p></o:p></span></li> <li class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;mso-list:l2 level1 lfo1;tab-stops:list 36.0pt'><span style='font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>chattels with a predictable life of 50 years or less (unless used for the purposes of a trade, profession or vocation)<o:p></o:p></span></li> <li class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;mso-list:l2 level1 lfo1;tab-stops:list 36.0pt'><span style='font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>SAYE (Save-as-you-earn) contracts<o:p></o:p></span></li> <li class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;mso-list:l2 level1 lfo1;tab-stops:list 36.0pt'><span style='font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>National Savings Certificates<o:p></o:p></span></li> <li class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;mso-list:l2 level1 lfo1;tab-stops:list 36.0pt'><span style='font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>Premium Bonds<o:p></o:p></span></li> <li class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;mso-list:l2 level1 lfo1;tab-stops:list 36.0pt'><span style='font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>British Government Securities<o:p></o:p></span></li> <li class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;mso-list:l2 level1 lfo1;tab-stops:list 36.0pt'><span style='font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>qualifying corporate bonds<o:p></o:p></span></li> <li class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;mso-list:l2 level1 lfo1;tab-stops:list 36.0pt'><span style='font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>certain investments in Personal Equity Plans, Individual Savings Accounts and under the Business Expansion Scheme<o:p></o:p></span></li> <li class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;mso-list:l2 level1 lfo1;tab-stops:list 36.0pt'><span style='font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>the receipt of personal injury compensation<o:p></o:p></span></li> <li class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;mso-list:l2 level1 lfo1;tab-stops:list 36.0pt'><span style='font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>the receipt of winnings from betting, including pool betting, or lotteries or games with prizes.<o:p></o:p></span></li> </ul> <p class=MsoNormal><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'><o:p>&nbsp;</o:p></span></p> <p align=center style='text-align:center'><b>Click here for a call back from our office regarding this article.&nbsp;&nbsp;</b><a href="http://www.taxupdates.co.uk/servlet/com.scl.horus?version=2&amp;service=uktw&amp;function=moreinfo&amp;memberid=NOR01&amp;month=August&amp;articleid=87548"><span style='text-decoration:none;text-underline:none'><img border=0 id="_x0000_i1037" src="http://www.taxupdates.co.uk/uktw/images/email.gif"></span></a> &nbsp;&nbsp; <b>Back to top&nbsp;&nbsp;</b><a href="#top"><span style='text-decoration:none;text-underline:none'><img border=0 id="_x0000_i1038" src="http://www.taxupdates.co.uk/uktw/images/arrow.gif"></span></a> </p> </td> </tr> </table> <p class=MsoNormal><a name=article2></a><span style='font-size:9.0pt; font-family:"Arial","sans-serif"'><o:p>&nbsp;</o:p></span></p> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="99%" style='width:99.0%;mso-cellspacing:0cm;background:#01CCEC;mso-yfti-tbllook: 1184;mso-padding-alt:0cm 0cm 0cm 0cm'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;mso-yfti-lastrow:yes'> <td width=2 style='width:1.5pt;padding:0cm 0cm 0cm 0cm'> <p class=MsoNormal><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'><img border=0 id="_x0000_i1039" src="http://www.taxupdates.co.uk/uktw/images/box_tl.gif"><o:p></o:p></span></p> </td> <td width="99%" style='width:99.0%;padding:0cm 0cm 0cm 0cm'> <p class=MsoNormal align=center style='text-align:center'><span style='font-size:13.5pt;font-family:"Arial","sans-serif";color:white'>Amateur sports clubs tax exemption<o:p></o:p></span></p> </td> <td width=2 style='width:1.5pt;padding:0cm 0cm 0cm 0cm'> <p class=MsoNormal><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'><img border=0 id="_x0000_i1040" src="http://www.taxupdates.co.uk/uktw/images/box_tr.gif"><o:p></o:p></span></p> </td> </tr> </table> <p class=MsoNormal><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'><o:p>&nbsp;</o:p></span></p> <table class=MsoNormalTable border=0 cellpadding=0 width="99%" style='width:99.0%;mso-cellspacing:1.5pt;background:#F6F6F6;mso-yfti-tbllook: 1184;mso-padding-alt:0cm 0cm 0cm 0cm;border:##01CCEC'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;mso-yfti-lastrow:yes'> <td width="99%" style='width:99.0%;padding:.75pt .75pt .75pt .75pt'> <p>If you help run a local sports club, i.e. the kid's football team, tennis club or other organised sports activity, you may be interested to learn you can apply to HMRC to be treated as a registered community amateur sports club, a CASC.</p> <p>If your club fits the following criteria there are a number of significant tax exemptions. The main qualifying conditions are:</p> <ul type=disc> <li class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;mso-list:l0 level1 lfo2;tab-stops:list 36.0pt'><span style='font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>the club must be open to the whole community <o:p></o:p></span></li> <li class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;mso-list:l0 level1 lfo2;tab-stops:list 36.0pt'><span style='font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>the club's main purpose must be to provide facilities for eligible sports, and to encourage people to take part in them<o:p></o:p></span></li> <li class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;mso-list:l0 level1 lfo2;tab-stops:list 36.0pt'><span style='font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>the club must be organised on an amateur basis<o:p></o:p></span></li> </ul> <p>The club must also be able to show that:</p> <ul type=disc> <li class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;mso-list:l4 level1 lfo3;tab-stops:list 36.0pt'><span style='font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>it is set up and provides its facilities in an eligible area<o:p></o:p></span></li> <li class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;mso-list:l4 level1 lfo3;tab-stops:list 36.0pt'><span style='font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>it is managed by fit and proper persons<o:p></o:p></span></li> </ul> <p>The corporation tax reliefs that you can expect if you do register exempt the following sources of income:</p> <ul type=disc> <li class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;mso-list:l3 level1 lfo4;tab-stops:list 36.0pt'><span style='font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>trading profits, if the turnover is no more than &pound;30,000 per year (if turnover is more than &pound;30,000 all trading profits are taxable)<o:p></o:p></span></li> <li class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;mso-list:l3 level1 lfo4;tab-stops:list 36.0pt'><span style='font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>income from letting property, if the rent is no more than &pound;20,000 per year (if letting income is more than &pound;20,000 no exemption is possible)<o:p></o:p></span></li> <li class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;mso-list:l3 level1 lfo4;tab-stops:list 36.0pt'><span style='font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>any interest your CASC gets<o:p></o:p></span></li> <li class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;mso-list:l3 level1 lfo4;tab-stops:list 36.0pt'><span style='font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>any capital gains it makes<o:p></o:p></span></li> <li class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;mso-list:l3 level1 lfo4;tab-stops:list 36.0pt'><span style='font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>any Gift Aid donations<o:p></o:p></span></li> </ul> <p>Additionally you may qualify for relief from non-domestic rates. In England, Wales and Scotland this amounts to 80% rates relief. Contact your Local Authority finance department to apply.</p> <p class=MsoNormal><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'><o:p>&nbsp;</o:p></span></p> <p align=center style='text-align:center'><b>Click here for a call back from our office regarding this article.&nbsp;&nbsp;</b><a href="http://www.taxupdates.co.uk/servlet/com.scl.horus?version=2&amp;service=uktw&amp;function=moreinfo&amp;memberid=NOR01&amp;month=August&amp;articleid=87393"><span style='text-decoration:none;text-underline:none'><img border=0 id="_x0000_i1041" src="http://www.taxupdates.co.uk/uktw/images/email.gif"></span></a> &nbsp;&nbsp; <b>Back to top&nbsp;&nbsp;</b><a href="#top"><span style='text-decoration:none;text-underline:none'><img border=0 id="_x0000_i1042" src="http://www.taxupdates.co.uk/uktw/images/arrow.gif"></span></a> </p> </td> </tr> </table> <p class=MsoNormal><a name=article3></a><span style='font-size:9.0pt; font-family:"Arial","sans-serif"'><o:p>&nbsp;</o:p></span></p> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="99%" style='width:99.0%;mso-cellspacing:0cm;background:#01CCEC;mso-yfti-tbllook: 1184;mso-padding-alt:0cm 0cm 0cm 0cm'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;mso-yfti-lastrow:yes'> <td width=2 style='width:1.5pt;padding:0cm 0cm 0cm 0cm'> <p class=MsoNormal><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'><img border=0 id="_x0000_i1043" src="http://www.taxupdates.co.uk/uktw/images/box_tl.gif"><o:p></o:p></span></p> </td> <td width="99%" style='width:99.0%;padding:0cm 0cm 0cm 0cm'> <p class=MsoNormal align=center style='text-align:center'><span style='font-size:13.5pt;font-family:"Arial","sans-serif";color:white'>Keeping tabs on property purchasers<o:p></o:p></span></p> </td> <td width=2 style='width:1.5pt;padding:0cm 0cm 0cm 0cm'> <p class=MsoNormal><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'><img border=0 id="_x0000_i1044" src="http://www.taxupdates.co.uk/uktw/images/box_tr.gif"><o:p></o:p></span></p> </td> </tr> </table> <p class=MsoNormal><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'><o:p>&nbsp;</o:p></span></p> <table class=MsoNormalTable border=0 cellpadding=0 width="99%" style='width:99.0%;mso-cellspacing:1.5pt;background:#F6F6F6;mso-yfti-tbllook: 1184;mso-padding-alt:0cm 0cm 0cm 0cm;border:##01CCEC'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;mso-yfti-lastrow:yes'> <td width="99%" style='width:99.0%;padding:.75pt .75pt .75pt .75pt'> <p>From 4 July 2011 the forms that are required to be submitted to HMRC when a property is purchased have changed.</p> <p>The significant change is that the 'lead' purchaser is now required to enter information on the form that will enable HMRC to track down their tax records!</p> <p>The unique identifiers required are:</p> <ul type=disc> <li class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;mso-list:l1 level1 lfo5;tab-stops:list 36.0pt'><span style='font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>for individuals, their National Insurance number<o:p></o:p></span></li> <li class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;mso-list:l1 level1 lfo5;tab-stops:list 36.0pt'><span style='font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>for companies and partnerships, their Unique Taxpayer Reference (UTR) or VAT registration number<o:p></o:p></span></li> </ul> <p>So please bear in mind that when you buy a property from now on details of the purchase will likely be sitting on your file at the tax office.</p> <p class=MsoNormal><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'><o:p>&nbsp;</o:p></span></p> <p align=center style='text-align:center'><b>Click here for a call back from our office regarding this article.&nbsp;&nbsp;</b><a href="http://www.taxupdates.co.uk/servlet/com.scl.horus?version=2&amp;service=uktw&amp;function=moreinfo&amp;memberid=NOR01&amp;month=August&amp;articleid=87238"><span style='text-decoration:none;text-underline:none'><img border=0 id="_x0000_i1045" src="http://www.taxupdates.co.uk/uktw/images/email.gif"></span></a> &nbsp;&nbsp; <b>Back to top&nbsp;&nbsp;</b><a href="#top"><span style='text-decoration:none;text-underline:none'><img border=0 id="_x0000_i1046" src="http://www.taxupdates.co.uk/uktw/images/arrow.gif"></span></a> </p> </td> </tr> </table> <p class=MsoNormal><a name=article4></a><span style='font-size:9.0pt; font-family:"Arial","sans-serif"'><o:p>&nbsp;</o:p></span></p> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="99%" style='width:99.0%;mso-cellspacing:0cm;background:#01CCEC;mso-yfti-tbllook: 1184;mso-padding-alt:0cm 0cm 0cm 0cm'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;mso-yfti-lastrow:yes'> <td width=2 style='width:1.5pt;padding:0cm 0cm 0cm 0cm'> <p class=MsoNormal><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'><img border=0 id="_x0000_i1047" src="http://www.taxupdates.co.uk/uktw/images/box_tl.gif"><o:p></o:p></span></p> </td> <td width="99%" style='width:99.0%;padding:0cm 0cm 0cm 0cm'> <p class=MsoNormal align=center style='text-align:center'><span style='font-size:13.5pt;font-family:"Arial","sans-serif";color:white'>First the good news and then...<o:p></o:p></span></p> </td> <td width=2 style='width:1.5pt;padding:0cm 0cm 0cm 0cm'> <p class=MsoNormal><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'><img border=0 id="_x0000_i1048" src="http://www.taxupdates.co.uk/uktw/images/box_tr.gif"><o:p></o:p></span></p> </td> </tr> </table> <p class=MsoNormal><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'><o:p>&nbsp;</o:p></span></p> <table class=MsoNormalTable border=0 cellpadding=0 width="99%" style='width:99.0%;mso-cellspacing:1.5pt;background:#F6F6F6;mso-yfti-tbllook: 1184;mso-padding-alt:0cm 0cm 0cm 0cm;border:##01CCEC'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;mso-yfti-lastrow:yes'> <td width="99%" style='width:99.0%;padding:.75pt .75pt .75pt .75pt'> <p>Last month HMRC started an automated reconciliation of UK taxpayers' PAYE records. </p> <p><strong><span style='font-family:"Arial","sans-serif"'>Tax overpayments 2010-11</span></strong></p> <p>Initially HMRC will be looking for taxpayers who have overpaid tax. By the end of September 2011 HMRC should have submitted forms P800s and refunded any tax overpaid. It is estimated that up to 3.5m taxpayers will be repaid an average of &pound;340 each.</p> <p><strong><span style='font-family:"Arial","sans-serif"'>Tax underpayments 2010-11</span></strong></p> <p>In the following quarter, to the end of December 2011, HMRC will be sending out P800s to taxpayers who have underpaid tax for 2010-11. It is estimated that 1.2m people will owe an average of &pound;550 each. In most cases the tax will be recovered by reducing code numbers for 2012-13.</p> <p>It is worth noting that for 2010-11 the amount below which underpayments are written off is reduced from &pound;300 to &pound;50. Also the maximum liability that can be recovered by a reduction in a code number will increase from &pound;2000 to &pound;3000 for 2012-13.</p> <p class=MsoNormal><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'><o:p>&nbsp;</o:p></span></p> <p align=center style='text-align:center'><b>Click here for a call back from our office regarding this article.&nbsp;&nbsp;</b><a href="http://www.taxupdates.co.uk/servlet/com.scl.horus?version=2&amp;service=uktw&amp;function=moreinfo&amp;memberid=NOR01&amp;month=August&amp;articleid=87083"><span style='text-decoration:none;text-underline:none'><img border=0 id="_x0000_i1049" src="http://www.taxupdates.co.uk/uktw/images/email.gif"></span></a> &nbsp;&nbsp; <b>Back to top&nbsp;&nbsp;</b><a href="#top"><span style='text-decoration:none;text-underline:none'><img border=0 id="_x0000_i1050" src="http://www.taxupdates.co.uk/uktw/images/arrow.gif"></span></a> </p> </td> </tr> </table> <p class=MsoNormal><a name=article5></a><span style='font-size:9.0pt; font-family:"Arial","sans-serif"'><o:p>&nbsp;</o:p></span></p> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="99%" style='width:99.0%;mso-cellspacing:0cm;background:#01CCEC;mso-yfti-tbllook: 1184;mso-padding-alt:0cm 0cm 0cm 0cm'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;mso-yfti-lastrow:yes'> <td width=2 style='width:1.5pt;padding:0cm 0cm 0cm 0cm'> <p class=MsoNormal><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'><img border=0 id="_x0000_i1051" src="http://www.taxupdates.co.uk/uktw/images/box_tl.gif"><o:p></o:p></span></p> </td> <td width="99%" style='width:99.0%;padding:0cm 0cm 0cm 0cm'> <p class=MsoNormal align=center style='text-align:center'><span style='font-size:13.5pt;font-family:"Arial","sans-serif";color:white'>Tax Diary August/September 2011<o:p></o:p></span></p> </td> <td width=2 style='width:1.5pt;padding:0cm 0cm 0cm 0cm'> <p class=MsoNormal><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'><img border=0 id="_x0000_i1052" src="http://www.taxupdates.co.uk/uktw/images/box_tr.gif"><o:p></o:p></span></p> </td> </tr> </table> <p class=MsoNormal><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'><o:p>&nbsp;</o:p></span></p> <table class=MsoNormalTable border=0 cellpadding=0 width="99%" style='width:99.0%;mso-cellspacing:1.5pt;background:#F6F6F6;mso-yfti-tbllook: 1184;mso-padding-alt:0cm 0cm 0cm 0cm;border:##01CCEC'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;mso-yfti-lastrow:yes'> <td width="99%" style='width:99.0%;padding:.75pt .75pt .75pt .75pt'> <p><strong><span style='font-family:"Arial","sans-serif"'>1 August 2011</span></strong> - Due date for corporation tax due for the year ended 31 October 2010.</p> <p><strong><span style='font-family:"Arial","sans-serif"'>19 August 2011</span></strong> - PAYE and NIC deductions due for month ended 5 August 2011. (If you pay your tax electronically the due date is 22 August 2011).</p> <p><strong><span style='font-family:"Arial","sans-serif"'>19 August 2011</span></strong> - Filing deadline for the CIS300 monthly return for the month ended 5 August 2011. </p> <p><strong><span style='font-family:"Arial","sans-serif"'>19 August 2011</span></strong> - CIS tax deducted for the month ended 5 August 2011 is payable by today.</p> <p><strong><span style='font-family:"Arial","sans-serif"'>1 September 2011</span></strong> - Due date for corporation tax due for the year ended 30 November 2010.</p> <p><strong><span style='font-family:"Arial","sans-serif"'>19 September 2011</span></strong> - PAYE and NIC deductions due for month ended 5 September 2011. (If you pay your tax electronically the due date is 22 September 2011).</p> <p><strong><span style='font-family:"Arial","sans-serif"'>19 September 2011</span></strong> - Filing deadline for the CIS300 monthly return for the month ended 5 September 2011. </p> <p><strong><span style='font-family:"Arial","sans-serif"'>19 September 2011</span></strong> - CIS tax deducted for the month ended 5 September 2011 is payable by today.</p> <p class=MsoNormal><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'><o:p>&nbsp;</o:p></span></p> <p align=center style='text-align:center'><b>Click here for a call back from our office regarding this article.&nbsp;&nbsp;</b><a href="http://www.taxupdates.co.uk/servlet/com.scl.horus?version=2&amp;service=uktw&amp;function=moreinfo&amp;memberid=NOR01&amp;month=August&amp;articleid=86928"><span style='text-decoration:none;text-underline:none'><img border=0 id="_x0000_i1053" src="http://www.taxupdates.co.uk/uktw/images/email.gif"></span></a> &nbsp;&nbsp; <b>Back to top&nbsp;&nbsp;</b><a href="#top"><span style='text-decoration:none;text-underline:none'><img border=0 id="_x0000_i1054" src="http://www.taxupdates.co.uk/uktw/images/arrow.gif"></span></a> </p> </td> </tr> </table> <p class=MsoNormal><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'><o:p>&nbsp;</o:p></span></p> <table class=MsoNormalTable border=0 cellpadding=0 width="99%" style='width:99.0%;mso-cellspacing:1.5pt;background:#F6F6F6;mso-yfti-tbllook: 1184;mso-padding-alt:0cm 0cm 0cm 0cm;border:##01CCEC'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;mso-yfti-lastrow:yes'> <td width="99%" style='width:99.0%;padding:.75pt .75pt .75pt .75pt'> <p><strong><span style='font-family:"Arial","sans-serif"'>DISCLAIMER - PLEASE NOTE:</span></strong> The ideas shared with you in this email are intended to inform rather than advise. Taxpayers' circumstances do vary and if you feel that tax strategies we have outlined may be beneficial it is important that you contact us before implementation. If you do or do not take action as a result of reading this newsletter, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.</p> </td> </tr> </table> <p class=MsoNormal><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'><o:p>&nbsp;</o:p></span></p> <table class=MsoNormalTable border=0 cellpadding=0 width="99%" style='width:99.0%;mso-cellspacing:1.5pt;background:#F6F6F6;mso-yfti-tbllook: 1184;mso-padding-alt:0cm 0cm 0cm 0cm;border:##01CCEC'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;mso-yfti-lastrow:yes'> <td width="99%" style='width:99.0%;padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Tahoma","sans-serif"'>Northams</span></p> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Tahoma","sans-serif"'>21-23 New Street</span></p> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Tahoma","sans-serif"'>Devon&nbsp; EX14 1HD</span></p> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Tahoma","sans-serif"'>&nbsp;</span></p> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Tahoma","sans-serif"'>Tel: 01404 45994&nbsp; Fax: 01404 46470 web: </span><span style='font-size:10.0pt'><a href="http://www.northams.com/"><span style='font-size:7.5pt;font-family: "Tahoma","sans-serif";color:purple'>www.northams.com</span></a></span></p> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Tahoma","sans-serif"'>&nbsp;</span></p> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Tahoma","sans-serif"'>Northams is registered for VAT under reference no 540590849.</span></p> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Tahoma","sans-serif"'>&nbsp;</span></p> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Tahoma","sans-serif"'>The Principal of the firm is a member of the Institute of Chartered Accountants of England and Wales (ICAEW) and the Chartered Institute of Taxation.&nbsp; These bodies have their headquarters in the UK and their rules of professional conduct can be obtained from their web sites.</span></p> </td> </tr> </table> </td> </tr> </table> <p class=MsoNormal><span lang=EN-GB style='mso-ansi-language:EN-GB'><o:p>&nbsp;</o:p></span></p> </div> </body> </html>