Although the budget hasn’t changed things, we thought we’d remind you ahead of the end of month expense form filling exercise that fuel-only mileage rates increased on 1 June 2010. For all the detail just take a look at our data page.
All news posts for June, 2010
Vehicle taxation: Fuel-only mileage rates increased on 1 June 2010
Friday, June 25th, 2010Court closures in the offing
Thursday, June 24th, 2010The government has announced proposals for the closure of a substantial number of courts around the country. Locally, the closure of Magistrates courts in Alton, Andover, and Lyndhurst and in Epsom, Haywards Heath and Lewes are proposed with County Courts also being reduced in number. The Law Society is to seek the views of the profession to feed into a consultation exercise being undertaken by the Ministry of Justice. To see the proposals by county follow this link.
Merger most foul
Thursday, June 24th, 2010With a couple of the big boys (Mayer Brown and Simmons & Simmons) talking about merger, it brings to mind my experience of merger in the context of slightly (!) smaller law firms. Having experienced this several times and without going into details, I came to the view that the best way to test the water before committing was for both sets of partners to spend a weekend together, preferably in an isolated hotel. If at the end of it they were still talking, then perhaps it might be worth going to the next stage.
Now, don’t get me wrong. Merger can work but it’s not an easy fix. There is right way and a wrong way, both before a merger takes place and after the new beast emerges! My advice is, before you look at the numbers, look at the culture. If and only if the cultures fit move on to the serious business of due diligence.
Chris Coopey
Practice Director
Much ado about…?
Thursday, June 24th, 2010So, England are through and live to play another day… Sunday to be exact. Anyone who watched the match will have probably nibbled their finger nails to the quick as the final minutes ticked by. Let’s face it, it’s not easy being English…
As for the budget, what can we say? Well, ‘lots’ is the answer. It was definitely a budget of two halves (or was it three?) with the public sector getting a pasting and the general population not doing that much better. Business though did have something to celebrate with CT rates falling and some other positives for entrepeneurs, although set against the general doom and gloom of the biggest budget deficit since Brief Encounter was filmed, it seems we have a long climb to get out of this hole…
At Carpenter Box we’ve taken a slightly different view of reporting the budget. Try as we might we can’t beat the BBC to the headlines, so we’ve bided our time, watched the football and taken a more rounded view of things. To see what we think have a look at our budget newsletter.
What the budget means for you
Thursday, June 24th, 2010I have attached a link to a budget report prepared by the Professional Contractors Group (PCG) dealing with how the recent budget affects contractors and freelancers alike.
Any questions or concerns that arise form the budget please contact me to discuss them.
Is this the end of IR35? good news for contractors?
Thursday, June 24th, 2010Contractor and freelancer groups have welcomed the clearest statement yet from the Coalition Government that IR35 is to be abolished.
In an article for the Telegraph this morning Richard Tyler has interviewed Mark Prisk and it reads:
‘Individuals selling their services through small companies have their taxable income policed by the so-called IR35 legislation.
This will now be abolished, small business minister Mark Prisk said.
“We want to make sure that we could undertake a comprehensive review of small business taxation in a way that makes the need for the current IR35 legislation redundant.
“But we want to make sure whatever we change is a lasting settlement. One of the problems with IR35 is that it’s a constantly changing set of rules.”
This follows several other powerful organisations coming out in saying that the writing is on the wall for IR35 these include the PCG, FSB and ICAEW.
Feedback on the budget – good and bad?
Wednesday, June 23rd, 2010Following the budget yesterday, what are the implications for contractors and freelancers? Whilst the drop in corporation tax will be seen as beneficial – will the additonal burden of national insurance counteract this. Summaries are readily available from the BBC and other websites, however what are the financial impliactions for you as opposed to the Mr & Mrs average used in the examples. Feedback and thoughts as to how it affects you are welcome
Obsessed us? Never….
Monday, June 21st, 2010One more day to go before George Osborne presents his first and let’s hope his worst budget (it has to get better!) …
Here at Carpenter Box, we’ll all be glued to our computer screens as the news unfolds.
Balancing the needs of a coalition means that there will be some interesting shuffling on the parliamentary dance floor. Any rise in VAT will be particularly contentious. Basically, the Lib Dems are against them. Simon Hughes, the Lib Dem deputy leader has said ”.. it’s what’s called a regressive tax, everyone pays it irrespective of the wealth you have”.
Mmmm, it’s going to be an interesting afternoon!
Our budget newsletter will go out on the 23rd – keep an eye on your inbox or register at www.carpenterbox.com if you want to receive it.
Budget? What budget, but more importantly what might it mean?
Wednesday, June 16th, 2010The Conservative-Liberal Democrat government’s emergency Budget, set for 22 June, is likely to herald several tax changes.
Areas where there will be major announcements include capital gains tax, inheritance tax, corporation tax and national insurance contributions.
A number of the government’s plans have already been set out in previous statements, but there are still several details yet to be clarified.
One thing, though, is certain: tax planning will become ever more important. Planning, too, to make the most of what promises to be difficult economic times ahead.
Oh to be French?
Wednesday, June 16th, 2010
Pension age rises in France
So, France’s retirement age is going to rise from 60 to 62 over the next 8 years. The idea is part of ‘sweeping’ pension reforms from Eric Woerth, the French labour minister. He is quoted as saying that working for longer was “inevitable”, if the public finances were to come into balance.
Mr Woerth also said “All our European partners have done this by working longer. We cannot avoid joining this movement,”
Inevitably, the French Unions are bound to disagree. In fact, there were demonstrations against raising the retirement age before the measure was officially announced.
* In the UK, the default retirement age (DRA) for men remains at 65 for the present. The current UK retirement age for women is 60 but from this year the retirement age for women will increase so that by 2020 it will also be at 65. This will not affect women born before 1950. For women born after 6th April 1950 and 5th April 1955 the retirement age will be between aged 60 and 65. Women born from 6th April 1955 will have a retirement age of 65
And counting…
And it doesn’t stop there, because between 2024 and 2046 the retirement age for Men and Women is set to increase again to 68. This will be a graduated increase, and worth keeping in mind when arranging your pensions. Oh to be French!
Pension concerns? Contact Kate Scrace at Carpenter Box Wealth Management on 01903 534587