SHARP EDGE ISSUE 07 THE

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1 THE SHARP EDGE ISSUE 07 THIS ISSUE 2. THE TAXING SIDE OF PROPERTY LETS 3. BUSINESS AND TAX ROUND-UP 4. EATON PLACE 5. STAFF PROFILE 6. BUSINESS COMMUNITY 7. CAPITAL ALLOWANCES 8. DATES FOR YOUR DIARY Sharp Edge - August 2014

2 THE TAXING SIDE OF PROPERTY LETS 2/8 If you let out a property you may be entitled to claim allowances for certain equipment. The position has changed over recent years, with April 2013 seeing further revisions following the withdrawal of the non-statutory renewals basis. Here we provide an overview of the current situation. Furnished or unfurnished? The tax treatment of property lettings is largely dependent on whether the accommodation is considered to be furnished, unfurnished or a holiday let. While there is no legal definition of furnished, unfurnished or even part-furnished residential lettings, HMRC guidance suggests that a residential letting is classed as fully furnished if it includes items such as tables, chairs, beds, wardrobes and soft furnishings, as well as white goods (fridge, dishwasher, washing machine etc). Where the accommodation is only let with white goods it is considered partly furnished. However, even partly furnished properties are classed as unfurnished by HMRC and are thus subject to separate tax rules. Furnished residential lets Furnished Holiday Lettings Different rules apply to Furnished Holiday Lettings (FHLs), which are treated as if they were trades. Unlike residential lettings, the expenses can include capital allowances on furniture and kitchen equipment. Capital allowances are also available on plant and machinery used outside the property (such as vans and tools), although there are no capital allowances for the cost of the property itself or the land on which it stands. However, the 10% wear and tear allowance that you are entitled to if you have an ordinary rental business is not available for FHLs. To qualify as a furnished holiday let the property must meet certain qualifying conditions regarding the availability, letting period and pattern of occupation please contact us for details. Where a taxpayer lets a furnished residential property, plant and machinery capital allowances cannot be claimed on furniture, furnishings or fixtures within the property. By concession, a deduction can be claimed for a wear and tear allowance of 10% of the net rent from the furnished letting to cover the depreciation of items such as suites, beds, carpets, curtains, linen, crockery, cutlery, cookers, washing machines and dishwashers. Partly furnished and unfurnished properties The tax treatment is less favourable where a property is classified as unfurnished or partly furnished. No allowance is made for the cost of furnishings. Tax relief may, however, be available where the costs incurred on equipment can be classified as a repair. The rules are complex and are governed by principles established in a number of tax cases. Please contact us for more details. Energy-saving incentives Until 5 April 2015 landlords installing loft insulation, floor insulation, cavity wall insulation, hot water system insulation and draught proofing may claim an income tax deduction of up to 1,500 per property, known as the Landlord s Energy Saving Allowance. Please note that the allowance is not available under the Rent a Room scheme or for furnished holiday accommodation (see below). If you are letting out property you should ensure that you are making full use of the tax reliefs and allowances available to you. However, the rules are complex and it is important to seek expert advice please contact us for assistance. Annual Investment Allowance The maximum amount of the AIA has been increased from 250,000 to 500,000 for all qualifying expenditure on plant and machinery made from 1 April 2014 for corporation tax and 6 April 2014 for income tax. After 31 December 2015 the limit will be reduced to 25,000. Transitional rules will apply.

3 BUSINESS AND TAX ROUND-UP 3/8 Tax-free beneficial loan limit is doubled The tax-free threshold for employment related beneficial loans was doubled to 10,000 with effect from 6 April The move was first announced in the 2013 Budget and subsequently legislated for in the 2014 Finance Bill. The previous 5,000 loan threshold has been in place since it was first introduced in 1994, but the increase to 10,000 will accurately reflect the current levels of such loan arrangements. The new threshold applies to all beneficial loans such as those used for seasonal travel tickets, business cars or company shares, regardless of when they were taken out. Providing the outstanding balances on the loans do not exceed the new threshold at any time throughout the tax year, there is no tax charge. The Government predicts that 7,000 employers will benefit from the change, with companies expected to see a reduction in their administrative costs, either through no longer having to complete the P11D form or through no longer having to fill in the beneficial loans boxes on the form. The New ISA As of 1st July 2014, ISAs were reformed into the New ISA (NISA). From this date all existing ISAs became NISAs, and the overall annual subscription limit for these accounts increased to 15,000 for 2014/15. ISA savers are now able to subscribe this full amount of cash account and will also be able to transfer their investment from a stocks and shares account and vice versa. Changes to the National Minimum Wage The Government has confirmed that the National Minimum Wage will increase by 3%, with effect from 1 October The new hourly rates will be as follows: Age From 1/10/14 21 and over and Apprentices* 2.73 *Rate applies to apprentices under 19, or those 19 and over in the first year of apprenticeship Under new rules, the penalties for firms failing to comply with the regulations have increased. Please note that this article is based on the draft legislation available at the time of printing. For further advice and strategies to help keep your tax liability to a minimum, please contact us.

4 CHRIS WRIGHTON TELLS US A LITTLE ABOUT EATON PLACE Sharp Edge - August /8 So you ve got your own business but where do you operate from? With technological advances you could possibly operate from Starbucks! But in reality cafes are noisy, busy and the tables invariably wobble and while great for ad hoc meetings they re not great for working. But what other options are available to you? The most obvious option is to work from home; it s cheap and easy but is working at the kitchen table really for you? It can get very lonely; you need to keep the place tidy; do you have the discipline to work all day? And if you ve had a difficult day you can t go home to get away from it. But if you want to get away from the distractions of home, there are lots of shared office spaces popping up. These are large offices where you can hire a desk for a few hours or for number of days per week. Useful if you want to mix with other people but can be distracting depending on who else is in the office. If you are working from home or in a shared office space you will have the problem of answering the phone, invariably your mobile. Is this the right business image for you? If not have you considered a virtual office? Many businesses enjoy the benefits of increased efficiency with a mailbox facility and personalised message handling service designed to assist in promoting your business in a professional manner. Many business owners want to work from an office but signing up for a long lease is prohibitive. Small businesses need to be flexible and this is why the serviced office is suitable for many business owners. At Eaton Place you can rent an office for as little as one month. A single monthly payment covers the rent, rates, heat and light, parking and reception costs. As your business grows you can move to a larger room or if you need less space you can downsize. The Eaton Place team act as your reception staff greeting your guests and fielding your telephone calls. If you have a meeting with a number of customers you can use one of the two meeting rooms, with the Eaton Place team providing refreshments. If you would like to view Eaton Place and see if it is suitable for your business, call Kate Tombs on or her on Sharp Edge - August 2014

5 EATON PLACE STAFF PROFILE 5/8 Harold Sharp s serviced offices, Eaton Place, is maintained by 3 members of our team; Kate Tombs, Jane Liggett and Janet Fogerty. Together, they are responsible for liaising with all of the tenants in the building, providing admin and receptionist services to these tenants, as well as managing some of their bookkeeping and accounts requirements. To tell you a little about each of them: KATE TOMBS Kate is Eaton Place s office manager. She deals with the day-to-day requirements of the tenants and any potential tenant enquiries. Kate oversees the range of services provided to the tenants, including receptionist and telephone answering, clerical services, meeting room hire and provision of virtual office. Kate has been part of Eaton Place for 10 years this year! Outside of the office, she has a 2 year old little girl and spends most of her time doing family-orientated activities, although she does enjoy Zumba. A lot of people won t know that Kate is originally from Oxford and moved to Manchester when she was 18. JANE LIGGETT Jane is the financial controller at Eaton Place. She is a qualified experience accountant and not only looks after the finances and accounts of the Business Centre, but also assists some of the tenants with their bookkeeping. Similar to Kate, Jane will be celebrating her 10th anniversary at Eaton Place this October. Away from the office, Jane loves to travel and go on a combination of sun and ski holidays. One thing you won t know about Jane is that she used to be a punk rock fan and currently enjoys listening to both trance music and classical music! JANET FOGARTY Janet is a receptionist and assists with taking calls for the tenants, arranging their post and dealing with new tenant enquiries. She joined the team at Eaton Place just over 2 years ago and is keen to develop the Business Centre and increase awareness of it in the local community. You may not know that Janet is rather creative. She is a keen sewer and loves to make bespoke soft furnishings, whilst listening to Soul music. THE MOST OBVIOUS OPTION IS TO WORK FROM HOME; IT S CHEAP AND EASY BUT IS WORKING AT THE KITCHEN TABLE REALLY FOR YOU?

6 BUSINESS COMMUNITY 6/8 CHERISHED MOMENTS Cherished Moments is a day service for adults with various mental, physical and complex needs. Their aim is to prioritise people s needs and help them regain and maintain social skills while having fun in the process. They have their own disabled facilitated buses so they can collect their service users who would otherwise struggle to attend the centre. The days are packed with activities and entertainment such as hair and beauty treatments, arts and crafts, exercises, memory games, quizzes, bike riding, fishing, baking and many more. To contact Cherished Moments you can call on or alternatively you can VCP TAVERNS Located in the heart of the Great Northern Square, Taps Restaurant and Bar and Épernay Manchester are two must-see establishments. Since 2009 Taps has been offering an incredible menu whilst also boasting a mix of over 40 beers and ales, 16 of which can be found on the pouryour-own beer wall. Alternatively, Épernay Manchester, the city s leading champagne bar enchants it s guests with delectable, world class fine wines and champagne as well as over 40 cocktails. Both venues are available for personal and corporate hire. To enquire, please or HAROLD SHARP FANTASY FOOTBALL LEAGUE As a bit of fun, we have set up a Harold Sharp Barclays Fantasy Football league for those who would like to compete. If you haven t used Barclays Fantasy Football before, there are some brief instructions here on setting up your team and joining our league. The code for our league is Getting started Go to to register. Create your profile filling in all relevant details. Once your profile is complete, you will receive an . Your account is not active and you will not be able to log in until you have activated your account using the link on this . Once this is done, you can then log in. Follow the on screen instructions on how to select your team. You can join leagues as soon as you ve picked your team. Select the tab called Leagues. Then go to Join a league and tick the Private league box and select Next. Enter the Harold Sharp league code into the space provided and click Join Private League. This will add you into our league and you re ready to go! The Harold Sharp Business Community In every issue of The Sharp Edge we publicise our client s businesses in our Business Community pages. To feature in one of our upcoming issues, please

7 CAPITAL ALLOWANCES ANNUAL INVESTMENT ALLOWANCES 7/8 The annual investment allowance is currently 500,000, which could be regarded as very generous for most companies. But for those entrepreneurs with interests in other businesses that figure may be substantially lower. AIA increase The chancellor increased the annual investment allowance (AIA) to 500,000 in the 2014 Budget. The AIA, which allows businesses to claim a 100% tax deduction for the cost of equipment in the year of purchase, is more than many small companies can afford and so in practice won t be fully used by many. However, for some companies the AIA isn t so generous. Restrictions for related companies Where two or more companies are related and in the same group they can claim only one AIA between them allocating the qualifying expenditure as they see fit. Under the AIA rules companies are related if they either operate from the same premises or have very similar trades and group companies are those where one owns more than 50% in the other. This also applies where there are two or more related companies that are controlled by the same person. requirements and the most tax-efficient way of withdrawing earnings from your business. Associated companies The AIA doesn t have to be shared between companies that are associated. For tax purposes associated broadly means that there s some common ownership, but one company doesn t control the other. Other business structures Where an individual controls a limited company and also has a share in another business, such as partnership, each can claim the full AIA, even if the businesses operate from the same premises. Associated companies The AIA doesn t have to be shared between companies that are associated. For tax purposes associated broadly means that there s some common ownership, but one company doesn t control the other. Planning ahead After 31 December 2015 the AIA will fall to just 25,000 so try to ensure that any major expected expenditure is incurred before this date. In any event, contact us as this is a complex area and there are other issues that may affect the availability of AIA. THE CHANCELLOR INCREASED THE ANNUAL INVESTMENT ALLOWANCE TO 500,000 IN THE 2014 BUDGET.

8 REMINDER DATES FOR YOUR DIARY 8/8 SEPT End of CT61 quarterly period. 30 th Last day for UK businesses to reclaim EX VAT chargeable in Annual adjustment for VAT partial exemption calculations (May VAT year end). 31 st 1 st OCT Due date for payment of Corporation Tax for period ended 31 December th Individuals/trustees must notify HMRC of new sources of income/chargeability in 2013/14 if a Tax Return has not been received. 14 th Due date for income tax for the CT61 quarter to 30 September NOV 17 th /22 nd Quarter /15 PAYE remittance due. PAYE Settlement Agreement payment dates for 2013/ penalty if 2014 paper Tax Return not yet filed. Additional penalties may apply for futher delay. No penalties will apply if online return filed by 31 January st 31 st Deadline for paper submission of 2014 Tax Return without incurring penalties. Submission date of P46 (car) for quarter to 5 October. 2 nd Sharp Edge - August 2014 Holland House, 1-5 Oakfield Sale, Cheshire M33 6TT t f w e

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