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style='mso-yfti-irow:0;mso-yfti-firstrow:yes;mso-yfti-lastrow:yes'> <td width="100%" style='width:100.0%;padding:0cm 0cm 0cm 9.0pt'> <p class=MsoNormal><a name=top></a><b><span style='font-size:14.0pt; font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"'>Northams Chartered Accountants<o:p></o:p></span></b></p> </td> <td style='padding:0cm 0cm 0cm 0cm'> <p class=MsoNormal><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'><img id="_x0000_i1025" src="406.jpg"><o:p></o:p></span></p> </td> </tr> </table> <p class=MsoNormal><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'><br> <a href="http://www.northams.com"><span style='font-size:10.0pt;font-family: "Times New Roman","serif";mso-fareast-font-family:Calibri;mso-fareast-theme-font: minor-latin'><o:p></o:p></span></a></span></p> <p class=MsoNormal><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'><o:p>&nbsp;</o:p></span></p> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%" style='width:100.0%;mso-cellspacing:0cm;mso-yfti-tbllook:1184;mso-padding-alt: 0cm 0cm 0cm 0cm'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;height:17.25pt'> <td width=2 colspan=2 style='width:1.5pt;padding:0cm 0cm 0cm 0cm;height:17.25pt'> <p class=MsoNormal><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black'><img border=0 id="_x0000_i1026" src="box_tl.gif"><o:p></o:p></span></p> </td> <td width="100%" style='width:100.0%;padding:0cm 0cm 0cm 0cm;height:17.25pt'> <p class=MsoNormal align=center style='text-align:center'><b><span style='font-size:11.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black'>Budget Report April 2009<o:p></o:p></span></b></p> </td> <td width=2 style='width:1.5pt;padding:0cm 0cm 0cm 0cm;height:17.25pt'> <p class=MsoNormal><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black'><img border=0 id="_x0000_i1027" src="box_tr.gif"><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:1'> <td width=1 style='width:.75pt;padding:0cm 0cm 0cm 0cm'></td> <td colspan=2 valign=top style='padding:6.0pt 6.0pt 6.0pt 6.0pt'> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>Against a backdrop of unprecedented economic gloom, Mr Darling presented his Budget speech today.<o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>We have set out below some of the announced changes to our tax system that affect individuals and businesses. If you would like more information on how these changes will affect you, or your business, please call.<o:p></o:p></span></p> </td> <td width=1 style='width:.75pt;padding:0cm 0cm 0cm 0cm'></td> </tr> <tr style='mso-yfti-irow:2'> <td width=1 style='width:.75pt;padding:0cm 0cm 0cm 0cm'></td> <td colspan=2 valign=top style='padding:6.0pt 6.0pt 6.0pt 6.0pt'> </td> <td width=1 style='width:.75pt;padding:0cm 0cm 0cm 0cm'></td> </tr> <tr style='mso-yfti-irow:3;mso-yfti-lastrow:yes;height:.75pt'> <td colspan=4 style='padding:0cm 0cm 0cm 0cm;height:.75pt'></td> </tr> <![if !supportMisalignedColumns]> <tr height=0> <td width=1 style='border:none'></td> <td width=1 style='border:none'></td> <td width=744 style='border:none'></td> <td width=2 style='border:none'></td> </tr> <![endif]> </table> <p class=MsoNormal><a name=article1></a><span style='font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"'><o:p>&nbsp;</o:p></span></p> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%" style='width:100.0%;mso-cellspacing:0cm;mso-yfti-tbllook:1184;mso-padding-alt: 0cm 0cm 0cm 0cm'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;height:17.25pt'> <td width=2 colspan=2 style='width:1.5pt;padding:0cm 0cm 0cm 0cm;height:17.25pt'> <p class=MsoNormal><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black'><img border=0 id="_x0000_i1030" src="box_tl.gif"><o:p></o:p></span></p> </td> <td width="100%" style='width:100.0%;padding:0cm 0cm 0cm 0cm;height:17.25pt'> <p class=MsoNormal align=center style='text-align:center'><b><span style='font-size:11.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black'>Personal Tax Changes<o:p></o:p></span></b></p> </td> <td width=2 style='width:1.5pt;padding:0cm 0cm 0cm 0cm;height:17.25pt'> <p class=MsoNormal><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black'><img border=0 id="_x0000_i1031" src="box_tr.gif"><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:1'> <td width=1 style='width:.75pt;padding:0cm 0cm 0cm 0cm'></td> <td colspan=2 valign=top style='padding:6.0pt 6.0pt 6.0pt 6.0pt'> <p><strong><span style='font-family:"Arial","sans-serif"'>Personal Allowances 2009-10</span></strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'><o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>These remain as announced in the Pre-Budget report November 2008. From the 6 April 2009 the income tax personal and age related allowances are increased to:<o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>Age under 65 - &pound;6,475<br> Age 65 to 74 - &pound;9,490<br> Age 75 and over - &pound;9,640<o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>The income limit for aged related allowances (over 65's) is increased to &pound;22,900.<o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>Blind person's allowance increased to &pound;1,890.<o:p></o:p></span></p> <p><strong><span style='font-family:"Arial","sans-serif"'>Personal Allowances 2010-11</span></strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'><o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>The basic personal allowance will be reduced for taxpayers who earn more than &pound;100,000 per annum.<o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>Where an individual's income is above &pound;100,000 the basic personal allowance will be reduced by &pound;1 for every &pound;2 their income exceeds &pound;100,000.<o:p></o:p></span></p> <p><strong><span style='font-family:"Arial","sans-serif"'>Income Tax Rates 2009-10</span></strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'><o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>Starting savings rate 10%* - &pound;0 to &pound;2,440<o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>Basic rate 20% - &pound;0 to &pound;37,400<o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>Higher rate 40% - Over &pound;37,400<o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>* There is a 10p starting rate for savings only. If an individual's non savings taxable income exceeds the starting rate limit, the 10p starting rate for savings will not be available for savings income. <o:p></o:p></span></p> <p><strong><span style='font-family:"Arial","sans-serif"'>New 50% Income Tax Rates from 2010-11</span></strong><span style='font-size:9.0pt;font-family: "Arial","sans-serif"'><o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>From 6 April 2010 a new income tax rate of 50% will be applied to taxable income in excess of &pound;150,000. <o:p></o:p></span></p> <p><strong><span style='font-family:"Arial","sans-serif"'>Capital Gains Tax 2009-10</span></strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'><o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>The annual exempt amount for individuals is &pound;10,100 (and for most trustees &pound;5,050)<o:p></o:p></span></p> <p><strong><span style='font-family:"Arial","sans-serif"'>Inheritance Tax 2009-10</span></strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'><o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>The individual IHT allowance is increased to &pound;325,000.<o:p></o:p></span></p> <p><strong><span style='font-family:"Arial","sans-serif"'>Pensioners Taxback Campaign</span></strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'><o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>From autumn 2009 HM Revenue &amp; Customs will be targeting pensioners who receive the Pension Credit to help them reclaim tax they may have paid in error from bank or building society interest they have received.<o:p></o:p></span></p> <p><strong><span style='font-family:"Arial","sans-serif"'>ISA's</span></strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'><o:p></o:p></span></p> <p><strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>2009-10 </span></strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>The ISA limit is increased to &pound;10,200 (up to &pound;5,100 can be saved in cash) restricted to people aged 50 or over.<o:p></o:p></span></p> <p><strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>2010-11 </span></strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>The limit is increased to the same level for all age groups.<o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'><br> </span><strong><span style='font-family:"Arial","sans-serif"'>Pensions - limiting tax relief at higher rates</span></strong><span style='font-size: 9.0pt;font-family:"Arial","sans-serif"'><o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>From 6 April 2011 the Government intends to restrict tax relief for individuals with an annual income of &pound;150,000 or more. Relief will be withdrawn gradually so that taxpayers earning over &pound;180,000 will effectively achieve a 20% tax deduction, the same as a basic rate tax payer.<o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>Additionally, from&nbsp;22 April 2009, if the following conditions&nbsp;apply:<o:p></o:p></span></p> <p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; margin-left:36.0pt;text-indent:-18.0pt;mso-list:l0 level1 lfo1;tab-stops: list 36.0pt'><![if !supportLists]><span style='font-size:9.0pt;font-family: "Arial","sans-serif";mso-fareast-font-family:Arial'><span style='mso-list: Ignore'>1.<span style='font:7.0pt "Times New Roman"'>&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><![endif]><span style='font-size:9.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"'>Your income is over &pound;150,000<o:p></o:p></span></p> <p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; margin-left:36.0pt;text-indent:-18.0pt;mso-list:l0 level1 lfo1;tab-stops: list 36.0pt'><![if !supportLists]><span style='font-size:9.0pt;font-family: "Arial","sans-serif";mso-fareast-font-family:Arial'><span style='mso-list: Ignore'>2.<span style='font:7.0pt "Times New Roman"'>&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><![endif]><span style='font-size:9.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"'>You make additional contributions in excess of your existing ongoing contributions, and<o:p></o:p></span></p> <p class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; margin-left:36.0pt;text-indent:-18.0pt;mso-list:l0 level1 lfo1;tab-stops: list 36.0pt'><![if !supportLists]><span style='font-size:9.0pt;font-family: "Arial","sans-serif";mso-fareast-font-family:Arial'><span style='mso-list: Ignore'>3.<span style='font:7.0pt "Times New Roman"'>&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><![endif]><span style='font-size:9.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"'>Your total pension contributions in the year exceed &pound;20,000 (including contributions made by the employer).<o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>Then any higher rate tax advantage, on additional contributions above the &pound;20,000 limit, will be subject to a special annual allowance tax charge that will recover tax relief given at above basic rate.<o:p></o:p></span></p> <p><strong><span style='font-family:"Arial","sans-serif"'>Excise Duty increases</span></strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'><o:p></o:p></span></p> <p><strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>Alcohol Duty - </span></strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>From midnight 22 April alcohol duty will rise by 2%, equivalent to:<o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>1p on a pint of beer<br> 13p on a 75cl bottle of spirits<br> 4p on a 75cl bottle of wine<o:p></o:p></span></p> <p><strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>Tobacco Duty - </span></strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>After 6pm 22 April tobacco duty will rise by 2% which will add 7p to a pack of 20 cigarettes.<o:p></o:p></span></p> <p><strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>Fuel Increases - </span></strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>Duty increases will add 2 pence per litre to the cost of unleaded petrol and diesel from 1 September 2009.<o:p></o:p></span></p> <p><strong><span style='font-family:"Arial","sans-serif"'>Stamp Duty Land Tax</span></strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'><o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>The present exemption from SDLT of residential property sales up to &pound;175,000 is to be extended to 31 December 2009. After this date the SDLT threshold will revert to &pound;125,000 (&pound;150,000 in disadvantaged areas).<o:p></o:p></span></p> <p class=MsoNormal><span style='font-size:9.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"'><o:p>&nbsp;</o:p></span></p> </td> <td width=1 style='width:.75pt;padding:0cm 0cm 0cm 0cm'></td> </tr> <tr style='mso-yfti-irow:2;mso-yfti-lastrow:yes;height:.75pt'> <td colspan=4 style='padding:0cm 0cm 0cm 0cm;height:.75pt'></td> </tr> <![if !supportMisalignedColumns]> <tr height=0> <td width=1 style='border:none'></td> <td width=1 style='border:none'></td> <td width=744 style='border:none'></td> <td width=2 style='border:none'></td> </tr> <![endif]> </table> <p class=MsoNormal><a name=article2></a><span style='font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"'><o:p>&nbsp;</o:p></span></p> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%" style='width:100.0%;mso-cellspacing:0cm;mso-yfti-tbllook:1184;mso-padding-alt: 0cm 0cm 0cm 0cm'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;height:17.25pt'> <td width=2 colspan=2 style='width:1.5pt;padding:0cm 0cm 0cm 0cm;height:17.25pt'> <p class=MsoNormal><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black'><img border=0 id="_x0000_i1034" src="box_tl.gif"><o:p></o:p></span></p> </td> <td width="100%" style='width:100.0%;padding:0cm 0cm 0cm 0cm;height:17.25pt'> <p class=MsoNormal align=center style='text-align:center'><b><span style='font-size:11.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black'>Business Tax Changes<o:p></o:p></span></b></p> </td> <td width=2 style='width:1.5pt;padding:0cm 0cm 0cm 0cm;height:17.25pt'> <p class=MsoNormal><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black'><img border=0 id="_x0000_i1035" src="box_tr.gif"><o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:1'> <td width=1 style='width:.75pt;padding:0cm 0cm 0cm 0cm'></td> <td colspan=2 valign=top style='padding:6.0pt 6.0pt 6.0pt 6.0pt'> <p><strong><span style='font-family:"Arial","sans-serif"'>Furnished Holiday Lettings</span></strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'><o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>Two radical changes to the taxation of income and gains arising on the letting of furnished holiday lets property have been published today.<o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>1. Properties owned by UK tax payers situated in the European Economic Area can now qualify. Previously only properties situated in the UK qualified; and<o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>2. From 6 April 2010 the Furnished Holiday Lettings rules are to be repealed!<o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>Both of the changes have come about due to compliance issues with EEA legislation.<o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>All client's who own and let properties within the EEA, including the UK, may benefit from a strategic review of their present property tax planning due to these changes. It is vital that the narrow window of opportunity occasioned by this change be fully exploited. <o:p></o:p></span></p> <p><strong><span style='font-family:"Arial","sans-serif"'>Business Payment Support Service (BPSS)</span></strong><span style='font-size:9.0pt; font-family:"Arial","sans-serif"'><o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>If you call the BPSS to ask for time to pay tax you may owe, please take account of the following extension of the circumstances HMRC will now consider.<o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>If you are likely to make a trading loss in the current year, when these losses are determined you can generally claim for the loss to be carried back and set off against your previous year's profits. Obviously you would need to wait until the current years accounts are completed and a formal loss relief claim is made.<o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>In recognition of this right to set off losses, BPSS advisers how now been instructed to take reasonable estimates of these losses into account when they agree to deferred payment of your previous year's tax.<o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>If you need help estimating your tax losses in the current year we can help. <o:p></o:p></span></p> <p><strong><span style='font-family:"Arial","sans-serif"'>Further extension of carry back of loss relief</span></strong><span style='font-size:9.0pt; font-family:"Arial","sans-serif"'><o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>This further extension to loss relief's already available will enable both incorporated and unincorporated to carry back current losses, that were previously restricted to set off against the preceding year's profits only, to the previous 3 years profits. The following bullet points summarise the main points:<o:p></o:p></span></p> <ul type=disc> <li class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;mso-list:l1 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 relief is now available for two years. For limited companies, trading losses in an accounting period ending between 24 November 2008 to 23 November 2010. For unincorporated business losses agreed for a trading period that forms the basis period for 2008-09 and 2009-10.<o:p></o:p></span></li> <li class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;mso-list:l1 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"'>HMRC will make repayments occasioned by claims for the new relief on or after Budget Day 2009.<o:p></o:p></span></li> <li class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;mso-list:l1 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 amount of the loss that can be carried back one year is still unlimited. Any carry back to the earlier two years will be limited to &pound;50,000. The &pound;50,000 limit is an annual limit.<o:p></o:p></span></li> <li class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;mso-list:l1 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"'>Losses will be applied to the latest of the three years first.<o:p></o:p></span></li> <li class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;mso-list:l1 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"'>As this is an extension to existing loss relief legislation, the current relief's are still available.<o:p></o:p></span></li> </ul> <p><strong><span style='font-family:"Arial","sans-serif"'>Corporation Tax Rates</span></strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'><o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>The small companies rate from 1 April 2009 is unchanged at 21 %.<o:p></o:p></span></p> <p><strong><span style='font-family:"Arial","sans-serif"'>Temporary First Year Capital Allowances</span></strong><span style='font-size:9.0pt; font-family:"Arial","sans-serif"'><o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>Since 1 April 2008 (corporation tax) and 6 April 2008 (income tax) businesses that invest up to &pound;50,000 on certain plant and equipment can write off the entire amount against their taxable profits. <o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>Any excess expenditure, over the &pound;50,000 limit, is added to the pool of unrelieved expenditure and has qualified for a writing down allowance of 20%.<o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>Today the Chancellor has announced that to encourage investment he will create a temporary first year allowance of 40% which will be applied to the excess over the &pound;50,000 limit. <o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>The new 40% allowance will be available for just one year, from 1 April 2009 (corporation tax) and 6 April 2009 (income tax) and will apply to assets which would be added to the main capital allowance pool except for cars and assets used for leasing.<o:p></o:p></span></p> <p><strong><span style='font-family:"Arial","sans-serif"'>VAT Rate Change</span></strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'><o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>As expected the standard rate of VAT will be increased to 17.5% on 1 January 2010.<o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>With effect from 1st May 2009, the thresholds for registration and deregistration are increased to &pound;68,000 and &pound;66,000 respectively.<o:p></o:p></span></p> <p class=MsoNormal><span style='font-size:9.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"'><o:p>&nbsp;</o:p></span></p> </td> <td width=1 style='width:.75pt;padding:0cm 0cm 0cm 0cm'></td> </tr> <tr style='mso-yfti-irow:2;mso-yfti-lastrow:yes;height:.75pt'> <td colspan=4 style='padding:0cm 0cm 0cm 0cm;height:.75pt'></td> </tr> <![if !supportMisalignedColumns]> <tr height=0> <td width=1 style='border:none'></td> <td width=1 style='border:none'></td> <td width=744 style='border:none'></td> <td width=2 style='border:none'></td> </tr> <![endif]> </table> <p class=MsoNormal><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'><o:p>&nbsp;</o:p></span></p> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%" style='width:100.0%;mso-cellspacing:0cm;mso-yfti-tbllook:1184;mso-padding-alt: 0cm 0cm 0cm 0cm'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;height:.75pt'> <td colspan=3 style='padding:0cm 0cm 0cm 0cm;height:.75pt'></td> </tr> <tr style='mso-yfti-irow:1'> <td width=1 style='width:.75pt;padding:0cm 0cm 0cm 0cm'></td> <td valign=top style='padding:6.0pt 6.0pt 6.0pt 6.0pt'> <p><strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>DISCLAIMER - PLEASE NOTE:</span></strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'> 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.<o:p></o:p></span></p> </td> <td width=1 style='width:.75pt;padding:0cm 0cm 0cm 0cm'></td> </tr> <tr style='mso-yfti-irow:2;mso-yfti-lastrow:yes;height:.75pt'> <td colspan=3 style='padding:0cm 0cm 0cm 0cm;height:.75pt'></td> </tr> </table> <p class=MsoNormal><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'><o:p>&nbsp;</o:p></span></p> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%" style='width:100.0%;mso-cellspacing:0cm;mso-yfti-tbllook:1184;mso-padding-alt: 0cm 0cm 0cm 0cm'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;height:.75pt'> <td colspan=3 style='padding:0cm 0cm 0cm 0cm;height:.75pt'></td> </tr> <tr style='mso-yfti-irow:1'> <td width=1 style='width:.75pt;padding:0cm 0cm 0cm 0cm'></td> <td valign=top style='padding:6.0pt 6.0pt 6.0pt 6.0pt'> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Tahoma","sans-serif"'>Northams</span></p> <u1:p></u1: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><o:p></o:p></p> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Tahoma","sans-serif"'><u1:p>&nbsp;</u1:p></span></p> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Tahoma","sans-serif"'>Tel: 01404 45994<span style='mso-spacerun:yes'>  </span>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><u1:p></u1:p></span><o:p></o:p></p> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Tahoma","sans-serif"'><u1:p>&nbsp;</u1:p></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><o:p></o:p></p> <u1:p></u1:p> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Tahoma","sans-serif"'><u1:p>&nbsp;</u1:p></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.<span style='mso-spacerun:yes'>  </span>These bodies have their headquarters in the <st1:country-region u2:st="on"><st1:place u2:st="on">UK</st1:place></st1:country-region> and their rules of professional conduct can be obtained from their web sites.</span></p> </td> <u1:p></u1:p> <td width=1 style='width:.75pt;padding:0cm 0cm 0cm 0cm'></td> </tr> <tr style='mso-yfti-irow:2;mso-yfti-lastrow:yes;height:.75pt'> <td colspan=3 style='padding:0cm 0cm 0cm 0cm;height:.75pt'></td> </tr> </table> <p class=MsoNormal><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'><o:p>&nbsp;</o:p></span></p> <p class=MsoNormal><span style='font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'><o:p>&nbsp;</o:p></span></p> </div> </body> </html>