Our New Year’s resolution to continue December’s winning streak for the rest of the season suffered an early blow on our visit to Winchester on 10th January. With the match poised at two-all, IGT Winchester fielded their star attraction, Gregory Gaultier.

The world number three defeated TWP St George’s Hill star Tom Richards in straight games, much to the delight of the home fans who had flocked to see their hero in action.

TWP St George’s Hill was back on the road again on 31st January, with a trip to Chichester for another closely contested battle. With Team Chichester just two points behind us in the table going into this match, there was everything to play for.

Wins for Dominique Lloyd-Walter and Mark Krajcsak saw TWP St George’s Hill take an early two-nil lead. However, the next two matches resulted in the team being pegged back to two-all for the second time in the month.

Fortunately, National Champion Daryl Selby was on hand to lead us to victory, beating Nafiizwan Adnan in four games.

As we continue with the second half of the season, we would welcome your support as we take on UWE Bristol at home on 14th February. Indeed, this Valentine’s Day encounter would be a perfect opportunity to show your love for the team!

If you would like to attend, please contact your TWP partner.

HMRC have also advised that:

‘The SA deadline remains midnight on 31 January. But HMRC will treat all returns that come in by midnight on 2 February as though they were submitted by 31 January. No customer will have to pay interest on payments due on 31 January that are paid on 1 or 2 February.’

Acting Director General Personal Tax, Stephen Banyard, said:

‘We’ve always been very clear that we want the returns – not the penalties. For that reason, we don’t want anyone who can’t get through for help and advice on 31 January to be disadvantaged in any way.’

Internet link: HMRC press

There are several ways of reducing the impact of this big reduction, including careful timing of when you buy. Please contact us to discuss the opportunities in your particular circumstances.

HMRC advise that those wishing to make payments using this method should contact their bank or building society before making a payment to confirm:

• the service available to you
• whether there are any single transaction or daily limits on the amount you can pay
• their latest cut off times for making a payment.

HMRC are also reminding taxpayers to ensure that they always use the correct bank account details and reference number.

Internet link: HMRC news

The problem with the cheaper route is that capital gains tax treatment, in the hands of the shareholders receiving something from the company, is not automatic (as would be the case under a liquidation). Instead certain conditions have to be met; if they are not, the receipts from the company are taxed as income instead.

Under proposals applying from 1 March 2012, the cheaper route will only be available on distributions from the company of a maximum of £25,000. This unwelcome move needs to be fully considered, so if and when your plan is to close the business down please talk to us to maximise the tax attractions. With care the rate of CGT will only be 10% which will usually be a good deal less than being charged to income tax.

Businesses which may be affected include those in catering, food processing, construction, hotels, leisure and security.

HMRC has warned there is a risk that employers could unknowingly hire workers who are in the UK illegally or are earning below the National Minimum Wage. This could result in enquiries by HMRC and costs for the business, damaged reputation and even prosecution.

Marie-Claire Uhart, Director of Specialist Investigations, said:

‘HMRC has found problems with fraud and unpaid taxes in the labour provider field and this might increase as companies employ more casual labour for the Games. HMRC routinely tackles attempts to defraud the Exchequer, including the use of false invoices and hijacked VAT registrations.’

‘Businesses that use labour providers can help prevent these forms of tax abuse – and avoid involvement in fraudulent supply chains – by being alert and asking the right questions.’

The following link includes a list of questions which businesses should ask before using the services of a gangmaster.

Internet link: News release

If you are unsure that your coding notice is correct and would like some further guidance please do get in touch.

Good news for many

The majority of taxpayers will see an increase in their tax code as the personal allowance for those under 65 increases from £7,475 to £8,105.

Those individuals with simple tax affairs (just one employer with no reliefs or benefits or tax underpayments brought forward) will generally not receive a coding notice. Their current coding of 747L will be automatically uplifted to 810L following general instructions to employers.

Although the personal allowance is increasing, the point at which taxpayers start to pay the higher rate of 40% tax on their taxable income is decreasing (from £35,000 to £34,370). This means that basic or higher rate taxpayer will generally benefit from the same tax saving of £126.

The withdrawal of the personal allowance for those with income over £100,000 income limit applies for 2012/13. The reduction in the personal allowance is by £1 for every £2 of adjusted net income above the income limit. Adjusted net income for these purposes is broadly all income after adjustment for pension payments, charitable giving and relief for losses. Individuals with adjusted net income of at least £116,210 will not be entitled to a personal allowance for 2012/13.

Internet links: HMRC news  HMRC guidance on tax codes

The rules came into effect from 1 October 2011 so the 12 week period commenced from 1 October 2011 for existing agency workers. Where these workers are still engaged by the hirer, they now qualify to receive pay and basic working conditions equivalent to directly employed employees.

Where an agency worker is at the entity for less than 12 weeks, a minimum break of more than six weeks between assignments with the same employer will be necessary for the rights not to be available.

Guidance on the Agency Workers Regulations can be found on the BIS website.

Internet link: BIS guidance