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font-family:"Times New Roman","serif";} </style> <![endif]--> </head> <body lang=EN-GB link=blue vlink=purple style='tab-interval:36.0pt'> <div class=WordSection1> <p class=MsoNormal><o:p>&nbsp;</o:p></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";mso-fareast-font-family:"Times New Roman"; color:black'>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";mso-fareast-font-family: "Times New Roman"'><img id="_x0000_i1025" 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"; mso-fareast-font-family:"Times New Roman"'><o:p>&nbsp;</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> <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"; mso-fareast-font-family:"Times New Roman"'><img border=0 id="_x0000_i1026" 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";mso-fareast-font-family: "Times New Roman";color:black'>Newsletter July 2010<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"; mso-fareast-font-family:"Times New Roman"'><img border=0 id="_x0000_i1027" 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"; mso-fareast-font-family:"Times New Roman";display:none;mso-hide:all'><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;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 is the first since the changes announced by George Osborne in his Emergency Budget, 22 June 2010. We have included an article that points out two significant tax changes, a reminder of a number of critical filing and payment deadlines this month, an explanation of National Insurance Contribution terminology and clarification of additional tax payable by higher rate tax payers on dividend income.</p> <p>Our next newsletter will be published on 5 August 2010.</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'> <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"; mso-fareast-font-family:"Times New Roman"'><a href="#article1">Northams - about us</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"; mso-fareast-font-family:"Times New Roman"'><a href="#article1"><span style='text-decoration:none;text-underline:none'><img border=0 id="_x0000_i1028" 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"; mso-fareast-font-family:"Times New Roman"'><a href="#article3">Critical filing deadlines July 2010</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"; mso-fareast-font-family:"Times New Roman"'><a href="#article3"><span style='text-decoration:none;text-underline:none'><img border=0 id="_x0000_i1029" 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"; mso-fareast-font-family:"Times New Roman"'><a href="#article5">Higher rate tax due on dividends received</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"; mso-fareast-font-family:"Times New Roman"'><a href="#article5"><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> </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'> <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"; mso-fareast-font-family:"Times New Roman"'><a href="#article2">Budget issues</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"; mso-fareast-font-family:"Times New Roman"'><a href="#article2"><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:1'> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-size:9.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"'><a href="#article4">National Insurance and State Pension credits</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"; mso-fareast-font-family:"Times New Roman"'><a href="#article4"><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> <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"; mso-fareast-font-family:"Times New Roman"'><a href="#article6">Tax Diary July/August 2010</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"; mso-fareast-font-family:"Times New Roman"'><a href="#article6"><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> </table> </td> </tr> </table> <p class=MsoNormal><a name=article1></a><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> <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"; mso-fareast-font-family:"Times New Roman"'><img border=0 id="_x0000_i1034" 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";mso-fareast-font-family: "Times New Roman";color:black'>Northams - about us<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"; mso-fareast-font-family:"Times New Roman"'><img border=0 id="_x0000_i1035" 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"; mso-fareast-font-family:"Times New Roman";display:none;mso-hide:all'><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;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><span style='font-size:10.0pt'>Northams&nbsp;are Chartered Accountants and Chartered Tax Advisers who specialise in providing a comprehensive range of services to</span><span style='font-size:4.5pt'> </span><span style='font-size:10.0pt'>small to medium size owner managed businesses.</span><span style='font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:"Times New Roman","serif"'> </span></p> <u1:p></u1:p> <p><span style='font-size:10.0pt'>We understand that today's business owners expect more than basic accountancy services.</span><span style='font-size:11.0pt;mso-bidi-font-size:10.0pt;font-family:"Times New Roman","serif"'>&nbsp; </span><span lang=EN style='font-size:10.0pt;mso-ansi-language:EN'><span style='mso-arabic-font-family:Tahoma;mso-cyrillic-font-family:Tahoma; mso-default-font-family:Tahoma;mso-greek-font-family:Tahoma;mso-hebrew-font-family: Tahoma;mso-latin-font-family:Tahoma;mso-latinext-font-family:Tahoma; mso-thai-font-family:Tahoma'>This is why in every case we tailor our services to our client's specific requirements. We </span><span style='mso-arabic-font-family:Tahoma;mso-cyrillic-font-family:Tahoma; mso-default-font-family:Tahoma;mso-greek-font-family:Tahoma;mso-hebrew-font-family: Tahoma;mso-latin-font-family:Tahoma;mso-latinext-font-family:Tahoma; mso-thai-font-family:Tahoma'>provide proactive support and advice to enable them to maximise what they get out of their businesses.&nbsp; </span><span style='mso-arabic-font-family:Tahoma;mso-cyrillic-font-family:Tahoma; mso-default-font-family:Tahoma;mso-greek-font-family:Tahoma;mso-hebrew-font-family: Tahoma;mso-latin-font-family:Tahoma;mso-latinext-font-family:Tahoma; mso-thai-font-family:Tahoma'>We have listened to our clients and as a result have developed our services to help with all their financial needs and to add value to their businesses.</span></span><o:p></o:p></p> <u1:p></u1:p> <p><span lang=EN style='font-size:10.0pt;mso-ansi-language:EN'><span style='mso-arabic-font-family:Tahoma;mso-cyrillic-font-family:Tahoma; mso-default-font-family:Tahoma;mso-greek-font-family:Tahoma;mso-hebrew-font-family: Tahoma;mso-latin-font-family:Tahoma;mso-latinext-font-family:Tahoma; mso-thai-font-family:Tahoma'>We offer a fixed fee service whereby all recurring services are provided for an annual fee agreed in advance. We include unlimited telephone calls at no extra cost which means clients can speak to us whenever they need to without worrying about cost.</span></span><o:p></o:p></p> <u1:p></u1:p> <p><span lang=EN style='font-size:10.0pt;mso-ansi-language:EN'><span style='mso-arabic-font-family:Tahoma;mso-cyrillic-font-family:Tahoma; mso-default-font-family:Tahoma;mso-greek-font-family:Tahoma;mso-hebrew-font-family: Tahoma;mso-latin-font-family:Tahoma;mso-latinext-font-family:Tahoma; mso-thai-font-family:Tahoma'>We aim to minimise tax liabilities and maximise profits by using our own 'Health-checklists' - provided to new clients and reviewed by us at no extra cost. </span></span><o:p></o:p></p> <u1:p></u1:p> <p><span lang=EN style='font-size:10.0pt;mso-ansi-language:EN'><span style='mso-arabic-font-family:Tahoma;mso-cyrillic-font-family:Tahoma; mso-default-font-family:Tahoma;mso-greek-font-family:Tahoma;mso-hebrew-font-family: Tahoma;mso-latin-font-family:Tahoma;mso-latinext-font-family:Tahoma; mso-thai-font-family:Tahoma'>We are always happy to talk to business owners without obligation. If you would like to know more about how we can help you,&nbsp;ring our principal Colin Gillard in strictest confidence&nbsp;on 07977 272333.</span></span></p> <u1:p></u1: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> <p align=center style='text-align:center'><b>Back to top&nbsp;&nbsp;</b><a href="#top"><span style='text-decoration:none;text-underline:none'><img border=0 id="_x0000_i1036" 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";mso-fareast-font-family:"Times New Roman"'><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"; mso-fareast-font-family:"Times New Roman"'><img border=0 id="_x0000_i1037" 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";mso-fareast-font-family: "Times New Roman";color:black'>Budget issues<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"; mso-fareast-font-family:"Times New Roman"'><img border=0 id="_x0000_i1038" 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"; mso-fareast-font-family:"Times New Roman";display:none;mso-hide:all'><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;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"'>Capital Gains Tax</span></strong></p> <p>The following changes affect chargeable gains on or after 23 June 2010.</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:l1 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"'>If your income, less all allowable deductions and reliefs, plus your net chargeable gains are less than the upper limit of the basic rate income tax band, &pound;37,400 for 2010-11, Capital Gains will still be subject to a flat rate of 18%. If higher, a flat rate of 28% will apply to gains, or the part of the gains that cause you to be a higher rate tax payer.<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:l1 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"'>If you dispose of qualifying assets on or after 23 June 2010 two aspects of CGT Entrepreneurs' Relief have changed:<o:p></o:p></span></p> <ul type=disc> <ul type=circle> <li class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;mso-list:l4 level2 lfo2;tab-stops:list 72.0pt'><span style='font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>There is a technical change to the way in which the relief is calculated, although effectively a flat rate of 10% will continue to apply, and<o:p></o:p></span></li> <li class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;mso-list:l4 level2 lfo2;tab-stops:list 72.0pt'><span style='font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>The lifetime gains that can benefit from the relief are increased from &pound;2m to &pound;5m.<o:p></o:p></span></li> </ul> </ul> <p><br> <strong><span style='font-family:"Arial","sans-serif"'>Furnished Holiday Lettings</span></strong></p> <p>It would appear that the threatened withdrawal of the tax benefits for owners of Furnished Holiday Lettings has been cancelled!</p> <p>For the tax year 2010-11 it is back to business as usual - letting activity is treated as a trade, CGT rollover and Entrepreneurs' Relief is available, rental losses can be set off against other income and so on.</p> <p>However, later this Summer the Government will be publishing a public consultation with a view to changing the tax treatment of Furnished Holiday Let property from 6 April 2011. Changes may include:</p> <ul type=disc> <li class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;mso-list:l0 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"'>An increase in the number of days qualifying properties have to be made available for letting and actually let.<br> A change in the way loss relief is given.<o:p></o:p></span></li> </ul> <p>We will advise when as and when the results of the consultation are published.</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> <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=July&amp;articleid=71933"><span style='text-decoration:none;text-underline:none'><img border=0 id="_x0000_i1039" 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_i1040" 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";mso-fareast-font-family:"Times New Roman"'><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"; mso-fareast-font-family:"Times New Roman"'><img border=0 id="_x0000_i1041" 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";mso-fareast-font-family: "Times New Roman";color:black'>Critical filing deadlines July 2010<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"; mso-fareast-font-family:"Times New Roman"'><img border=0 id="_x0000_i1042" 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"; mso-fareast-font-family:"Times New Roman";display:none;mso-hide:all'><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;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>Apart from the requirement to keep up-to-date with PAYE, Self Assessment, Corporation Tax and VAT filing and payment, there are two deadlines exclusive to the month of July. They are:</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:l3 level1 lfo4; 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"'>Tax Credits - If it is likely that you are going to be eligible for Tax Credits in 2010-11 you must have your application filed by the 6 July 2010 to qualify for a complete year. If you have missed the deadline all is not lost. You can file an application after this date, but you will lose some of the benefits to which you may have been entitled. The reason for the loss of benefits is the rule that applications can only be backdated for 3 months. If you have missed the deadline file your application asap.<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:l3 level1 lfo4; 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"'>P11Ds - You should have completed and filed these returns by 6 July 2010 and be sure to pay any Class 1A National Insurance Contributions due on benefits declared by 19 July 2010.<o:p></o:p></span></p> <p>A summarised list of payment and filing deadlines for July and August are set out in the Tax Diary below.</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> <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=July&amp;articleid=72109"><span style='text-decoration:none;text-underline:none'><img border=0 id="_x0000_i1043" 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_i1044" 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";mso-fareast-font-family:"Times New Roman"'><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"; mso-fareast-font-family:"Times New Roman"'><img border=0 id="_x0000_i1045" 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";mso-fareast-font-family: "Times New Roman";color:black'>National Insurance and State Pension credits<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"; mso-fareast-font-family:"Times New Roman"'><img border=0 id="_x0000_i1046" 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"; mso-fareast-font-family:"Times New Roman";display:none;mso-hide:all'><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;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>Lower Earnings Limit (LEL) - For 2010-11 the amount you can earn without involving National Insurance is &pound;97 per week. However, at this rate you will not qualify for credits towards your State Pension.</p> <p>Primary and Secondary threshold - For 2010-11 you will not pay Class 1 contributions until your earnings exceed &pound;110 per week. However, earnings over &pound;97 and up to &pound;110 per week will qualify as credits towards your State Pension.</p> <p>Consequently, you can clock up contributions towards your State Pension without actually paying National Insurance!</p> <p>Note: Coincidently &pound;97.65 a week is the current, basic State Pension.</p> <p>When you do actually pay Class 1 contributions you will accumulate credits towards a basic State Pension and the additional State Pension.</p> <p>The above comments apply to employed persons. If you are self-employed and pay Class 2 and possibly Class 4 contributions you will accumulate credits towards the basic State Pension but not the additional State Pension.</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> <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=July&amp;articleid=72285"><span style='text-decoration:none;text-underline:none'><img border=0 id="_x0000_i1047" 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_i1048" 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";mso-fareast-font-family:"Times New Roman"'><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"; mso-fareast-font-family:"Times New Roman"'><img border=0 id="_x0000_i1049" 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";mso-fareast-font-family: "Times New Roman";color:black'>Higher rate tax due on dividends received<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"; mso-fareast-font-family:"Times New Roman"'><img border=0 id="_x0000_i1050" 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"; mso-fareast-font-family:"Times New Roman";display:none;mso-hide:all'><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;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>We are often asked to clarify the amount of tax payable by shareholders when dividends are paid, particularly, by private companies.</p> <p>Dividends are distributions of company retained profits, after any corporation tax due has been deducted. To acknowledge the corporation tax deduction dividends paid are treated as if a tax credit of 10% has been deducted prior to payment. This 10% tax credit clears any standard rate income due but cannot be refunded. Accordingly, if your total, taxable income, after all allowances and reliefs have been deducted, is less than &pound;37,400 for the tax year 2010-11, there is no further income tax to pay on dividends received.</p> <p>Because the tax credit of 10% only covers your basic rate income tax liability, higher rate tax payers will have to pay additional tax. The amount applied to the notional gross dividend (cash dividend plus the notional tax credit) is as follows:</p> <ul type=disc> <li class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;mso-list:l2 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"'>If you are a higher rate tax payer but your income does not exceed &pound;150,000 then the additional tax due is 22.5% of the notional gross dividend;<o:p></o:p></span></li> <li class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;mso-list:l2 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"'>If your income exceeds &pound;150,000 the additional tax due is 32.5% of the notional gross dividend.<o:p></o:p></span></li> </ul> <p>This produces marginal rates of tax on the actual cash dividends received of 25% and 36.1%! If your dividend income causes you to cross tax bands, then the dividends will be taxed partly at each tax rate.</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> <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=July&amp;articleid=72461"><span style='text-decoration:none;text-underline:none'><img border=0 id="_x0000_i1051" 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_i1052" src="http://www.taxupdates.co.uk/uktw/images/arrow.gif"></span></a> </p> </td> </tr> </table> <p class=MsoNormal><a name=article6></a><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> <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"; mso-fareast-font-family:"Times New Roman"'><img border=0 id="_x0000_i1053" 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";mso-fareast-font-family: "Times New Roman";color:black'>Tax Diary July/August 2010<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"; mso-fareast-font-family:"Times New Roman"'><img border=0 id="_x0000_i1054" 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"; mso-fareast-font-family:"Times New Roman";display:none;mso-hide:all'><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;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 July 2010</span></strong> - Due date for corporation tax due for the year ended 30 September 2009.</p> <p><strong><span style='font-family:"Arial","sans-serif"'>6 July 2010</span></strong> - Complete and submit forms P11D return of benefits and expenses and P11D(b) return of Class 1A NICs.</p> <p><strong><span style='font-family:"Arial","sans-serif"'>6 July 2010</span></strong> - Deadline for submission of new Tax Credit application for 2010-2011, if you want to secure a full year's claim.</p> <p><strong><span style='font-family:"Arial","sans-serif"'>6 July 2010</span></strong> - Deadline for submitting form 42 (reporting of transactions in employment related securities).</p> <p><strong><span style='font-family:"Arial","sans-serif"'>19 July 2010</span></strong> - Pay Class 1A NICs (by the 22 July 2010 if paid electronically).</p> <p><strong><span style='font-family:"Arial","sans-serif"'>19 July 2010</span></strong> - PAYE and NIC deductions due for month ended 5 July 2010. (If you pay your tax electronically the due date is 22 July 2010)</p> <p><strong><span style='font-family:"Arial","sans-serif"'>19 July 2010</span></strong> - Filing deadline for the CIS300 monthly return for the month ended 5 July 2010. </p> <p><strong><span style='font-family:"Arial","sans-serif"'>19 July 2010</span></strong> - CIS tax deducted for the month ended 5 July 2010 is payable by today.</p> <p><strong><span style='font-family:"Arial","sans-serif"'>1 August 2010</span></strong> - Due date for corporation tax due for the year ended 31 October 2009.</p> <p><strong><span style='font-family:"Arial","sans-serif"'>19 August 2010</span></strong> - PAYE and NIC deductions due for month ended 5 August 2010. (If you pay your tax electronically the due date is 22 August 2010)</p> <p><strong><span style='font-family:"Arial","sans-serif"'>19 August 2010</span></strong> - Filing deadline for the CIS300 monthly return for the month ended 5 August 2010. </p> <p><strong><span style='font-family:"Arial","sans-serif"'>19 August 2010</span></strong> - CIS tax deducted for the month ended 5 August 2010 is payable by today.</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> <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=July&amp;articleid=72637"><span style='text-decoration:none;text-underline:none'><img border=0 id="_x0000_i1055" 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_i1056" 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"; mso-fareast-font-family:"Times New Roman"'><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;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"; mso-fareast-font-family:"Times New Roman"'><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;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> <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. 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> </tr> <u1:p></u1:p> </table> <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> </tr> </table> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><o:p>&nbsp;</o:p></span></p> </div> </body> </html>