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</o:shapelayout></xml><![endif]--> </head> <body bgcolor="#D6DBE9" lang=EN-GB link=blue vlink=purple style='tab-interval: 36.0pt'> <div class=Section1> <p class=MsoNormal style='margin-left:120.0pt;text-indent:-120.0pt;tab-stops: 120.0pt;mso-layout-grid-align:none;text-autospace:none'><o:p></o:p></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;mso-yfti-lastrow:yes'> <td width="100%" style='width:100.0%;background:#011F79;padding:0cm 0cm 0cm 9.0pt'> <p class=MsoNormal><a name=top></a><span class="style1"><b><span style='font-size:14.0pt; font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"'>Stephens &amp; Co<br> Newsletter July 2007<o:p></o:p></span></b></span></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="http://www.taxupdates.co.uk/uktw/banners/252.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.resultsforbusiness.co.uk"><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> <div style='border:solid gray 1.0pt;padding:1.0pt 1.0pt 1.0pt 1.0pt' width="100%"> <div style='border:solid black 1.0pt;padding:4.0pt 4.0pt 4.0pt 4.0pt' width="100%"> <p class=MsoNormal align=center style='text-align:center'><b><u><span style='font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"; color:blue'><a href="http://www.resultsforbusiness.co.uk"><span style='mso-ansi-font-size:12.0pt;mso-bidi-font-size:12.0pt'>Click here to visit our website </span><span style='mso-ansi-font-size:12.0pt;mso-bidi-font-size: 12.0pt;font-family:"Times New Roman","serif";mso-fareast-font-family:Calibri; mso-fareast-theme-font:minor-latin;color:windowtext;text-decoration:none; text-underline:none'><o:p></o:p></span></a></span></u></b></p> </div> </div> <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:white'><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="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:white'>Newsletter July 2007<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:white'><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> <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"'>News this month for travellers taking large sums of cash abroad, or into the UK, a note for pensioners taking State Pension benefits for the first time, possible tax opportunity for owners of commercial buildings and a re-run of the increased benefit charges for van users (including penalties for non-compliance of the new Anti-smoking rules).<o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>Our next newsletter will be published on 7 August 2007.<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'> <table class=MsoNormalTable border=0 cellpadding=0 width="100%" style='width:100.0%;mso-cellspacing:1.5pt;mso-yfti-tbllook:1184'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;mso-yfti-lastrow:yes'> <td valign=top style='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-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"'><a href="#article1"><span style='font-size:10.0pt'>Taking cash abroad - new cash declaration rules commence 15 June 2007</span></a><o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"'><a href="#article1"><span style='font-size:10.0pt;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-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"'><a href="#article3"><span style='font-size:10.0pt'>Commercial Buildings - Time is running out for certain tax claims</span></a><o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"'><a href="#article3"><span style='font-size:10.0pt;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-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"'><a href="#article5"><span style='font-size:10.0pt'>Tax Diary July/August 2007</span></a><o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"'><a href="#article5"><span style='font-size:10.0pt;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=50 style='width:37.5pt;padding:.75pt .75pt .75pt .75pt'></td> <td valign=top style='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-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"'><a href="#article2"><span style='font-size:10.0pt'>State Pensions - tax return declarations</span></a><o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"'><a href="#article2"><span style='font-size:10.0pt;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;mso-yfti-lastrow:yes'> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"'><a href="#article4"><span style='font-size:10.0pt'>Vans - tax smoke screen!</span></a><o:p></o:p></span></p> </td> <td style='padding:.75pt .75pt .75pt .75pt'> <p class=MsoNormal><span style='font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman"'><a href="#article4"><span style='font-size:10.0pt;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> </table> </td> </tr> </table> </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:white'><img border=0 id="_x0000_i1033" src="http://www.taxupdates.co.uk/uktw/images/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:white'>Taking cash abroad - new cash declaration rules commence 15 June 2007<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:white'><img border=0 id="_x0000_i1034" src="http://www.taxupdates.co.uk/uktw/images/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"'>A new European Union (EU) law on travellers declaring &quot;cash&quot; came into force on 15 June 2007 in the UK and throughout the EU. It has been introduced to help combat money laundering, including tax evasion.<o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>It only applies to persons who:<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:l0 level1 lfo1;tab-stops:list 36.0pt'><span style='font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>are entering the UK from a non EU country, or&nbsp;<o:p></o:p></span></li> <li class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;mso-list:l0 level1 lfo1;tab-stops:list 36.0pt'><span style='font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>are travelling from the UK to a non EU country <o:p></o:p></span></li> </ul> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>and are carrying &quot;cash&quot; of 10,000 Euros, about &pound;6,500, or more (or the equivalent in other currencies).<o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>&quot;Cash&quot; includes not only currency notes and coins but also cheques of any kind (including travellers' cheques) and banker's drafts. <o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>For this purpose the Isle of Man and the Channel Islands are non EU countries and so the declaration is required from persons travelling there from the UK or entering the UK from there (whether by air or sea) with sufficient &quot;cash&quot;.<o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>Travellers are required to declare the &quot;cash&quot; to HM Revenue &amp; Customs (HMRC) at the place of their departure from, or arrival in, the UK. <o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>Forms on which to make the declaration are available at ports and airports and are also downloadable from the HMRC internet site. The forms require information about the amount of money, its owner, its origin, its intended use and the intended recipient as well as details of the traveller's name, address, nationality, passport number and occupation and the journey being made.<o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>The intention is that travellers should simply drop their completed form into a box before boarding their boat or plane, retaining a carbon copy which they should produce if challenged.<o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>Travellers could face a penalty of up to &pound;5,000 if they fail to comply with the obligation to declare, or provide incorrect or incomplete information. <o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>Under existing law &quot;cash&quot; of more than &pound;1,000 may be seized anywhere in the UK (including at ports and airports) if a customs or police officer has reasonable grounds to suspect that it is either the proceeds of, or is intended for use in, unlawful conduct. This &quot;cash&quot; may then be forfeit to the Crown if no acceptable explanation for it can be provided.<o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>It is expected that HMRC will use information from &quot;cash&quot; declarations in their efforts to counter tax evasion and other crime.<o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>There will still be no declaration required for people travelling between the UK and other EU countries. <o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>The countries of the EU are Austria, Belgium, Bulgaria, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Gibraltar, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, (including the Canary Islands), Sweden, and the United Kingdom (not including the Isle of Man and the Channel Islands). <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> <p align=center style='text-align:center'><b><span style='font-size:9.0pt; font-family:"Arial","sans-serif"'>Click here for a call back from our office regarding this article.&nbsp;&nbsp;</span></b><span style='font-size:9.0pt; font-family:"Arial","sans-serif"'><a href="http://www.taxupdates.co.uk/servlet/com.scl.horus?version=2&amp;service=uktw&amp;function=moreinfo&amp;memberid=STE05&amp;month=July&amp;articleid=17129"><span style='font-size:10.0pt;text-decoration:none;text-underline:none'><img border=0 id="_x0000_i1035" 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='font-size:10.0pt;text-decoration:none;text-underline:none'><img border=0 id="_x0000_i1036" src="http://www.taxupdates.co.uk/uktw/images/arrow.gif"></span></a> <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=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:white'><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="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:white'>State Pensions - tax return declarations<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:white'><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> <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"'>Most pensioners will be aware that their State Pension is taxed as earned income.<o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>If you delay taking your pension you may become entitled to take the deferred benefit as an increase in your weekly/monthly pension, or as a lump sum.<o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>Both of these options are taxable and need to be entered on your tax return from the fiscal year that you first receive the pension and if taken, the lump sum.<o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>If you are a tax client we obviously are aware of your age and therefore eligibility for State Pension benefits. However we will not know if you have decided to defer taking your pension and if so, that you may be receiving a lump sum at some time in the future.<o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>It would be helpful if you could keep us informed so that we can properly advise on any resulting tax liabilities that may arise - and when they may fall due for settlement.<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> <p align=center style='text-align:center'><b><span style='font-size:9.0pt; font-family:"Arial","sans-serif"'>Click here for a call back from our office regarding this article.&nbsp;&nbsp;</span></b><span style='font-size:9.0pt; font-family:"Arial","sans-serif"'><a href="http://www.taxupdates.co.uk/servlet/com.scl.horus?version=2&amp;service=uktw&amp;function=moreinfo&amp;memberid=STE05&amp;month=July&amp;articleid=17372"><span style='font-size:10.0pt;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='font-size:10.0pt;text-decoration:none;text-underline:none'><img border=0 id="_x0000_i1040" src="http://www.taxupdates.co.uk/uktw/images/arrow.gif"></span></a> <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=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=article3></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:white'><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="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:white'>Commercial Buildings - Time is running out for certain tax claims<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:white'><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> <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"'>From April next year fixtures and fittings included in the sale or purchase of a commercial building will be treated differently for capital allowance purposes. At present you can claim a tax writing down allowance of 25% per annum. (This rate is applied to the tax written down value at the beginning of each year.) <o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>From April 2008 these types of fixtures and fittings are to be re-classified as long-life assets and the annual tax allowance will be reduced to 10%.<o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>This does point up an interesting tax planning opportunity for purchasers of commercial property who did not sign a particular tax election when the property was bought.<o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>The tax election referred to here is a Section 198 claim. This election effectively binds both the seller and purchaser of a commercial property to an agreed valuation for fixtures and fittings included in the sale. This agreement is irrevocable - cannot be subsequently changed. <o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>If you did sign such an election what we are about to suggest will not apply!<o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>If you did not sign a S198 election you are free to have the original split of the purchase price between the cost of the building and it's fixtures and fittings re-examined for tax purposes. If you can provide the Revenue with sufficient evidence (professional valuations etc) you may be able to increase the amount attributed to fixtures and fittings. This can be achieved even if a number of years has passed since you bought the property.<o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>The benefit is an increase in your claim for capital allowances from the date of purchase of the property until 5 April 2008. (If you still own the property at that date.)<o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>Time is running out so please give us a call if you would like us to examine past claims on commercial property that you own.<o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>&nbsp;<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> <p align=center style='text-align:center'><b><span style='font-size:9.0pt; font-family:"Arial","sans-serif"'>Click here for a call back from our office regarding this article.&nbsp;&nbsp;</span></b><span style='font-size:9.0pt; font-family:"Arial","sans-serif"'><a href="http://www.taxupdates.co.uk/servlet/com.scl.horus?version=2&amp;service=uktw&amp;function=moreinfo&amp;memberid=STE05&amp;month=July&amp;articleid=17615"><span style='font-size:10.0pt;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='font-size:10.0pt;text-decoration:none;text-underline:none'><img border=0 id="_x0000_i1044" src="http://www.taxupdates.co.uk/uktw/images/arrow.gif"></span></a> <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=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=article4></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:white'><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="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:white'>Vans - tax smoke screen!<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:white'><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> <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"'>Most users of commercial vehicles will now be aware that private use of a van will trigger a benefit in kind charge of &pound;3,000 per annum - this applies from 6 April 2007. Plus an additional &pound;500 if the van owner provides an employee with fuel for private use.<o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>The Revenue do allow certain incidental non-business use without incurring a benefit charge including home to work mileage.<o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>It is worth reviewing contracts of employment and other procedures to keep employees the right side of the benefit legislation. Of course they will then need to comply with the ban!<o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>If commercial vehicle users would like more information on the Revenue's definition of &quot;incidental private use&quot; please give us a call.<o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>What employers may not realise are the fines that may be levied on themselves and/or their employees if they fail to observe the new &quot;Anti-Smoking&quot; legislation that applies in England from 1 July 2007. (In Wales these regulations came into force on 2 April 2007, Northern Ireland 30 April 2007. Scotland introduced the legislation on 26 March 2006).<o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>Believe it or not a vehicle used solely for business purposes is likely to be considered &quot;business premises&quot; for the purposes of the Anti Smoking legislation. You are obliged to display No Smoking signs in such vehicles.<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"'>Smoking in a smoke free vehicle carries a potential fine of &pound;200.<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"'>Failing to display a No Smoking sign carries a potential fine of up to &pound;1,000 per offence.<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"'>Failing to prevent smoking in a smoke free vehicle carries a potential fine of up to &pound;2,500 per offence.<o:p></o:p></span></li> </ul> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>Again the requirements of this legislation should be included in your contracts of employment.<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> <p align=center style='text-align:center'><b><span style='font-size:9.0pt; font-family:"Arial","sans-serif"'>Click here for a call back from our office regarding this article.&nbsp;&nbsp;</span></b><span style='font-size:9.0pt; font-family:"Arial","sans-serif"'><a href="http://www.taxupdates.co.uk/servlet/com.scl.horus?version=2&amp;service=uktw&amp;function=moreinfo&amp;memberid=STE05&amp;month=July&amp;articleid=17858"><span style='font-size:10.0pt;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='font-size:10.0pt;text-decoration:none;text-underline:none'><img border=0 id="_x0000_i1048" src="http://www.taxupdates.co.uk/uktw/images/arrow.gif"></span></a> <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=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=article5></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:white'><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="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:white'>Tax Diary July/August 2007<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:white'><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> <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-size:9.0pt;font-family:"Arial","sans-serif"'>1 July 2007</span></strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'> - Due date for corporation tax due for the year ending 30 September 2006.<o:p></o:p></span></p> <p><strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>6 July 2007</span></strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'> - Complete and submit forms P11D return of benefits and expenses and P11D(b) return of Class 1A NIC's.<o:p></o:p></span></p> <p><strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>6 July 2007</span></strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'> - Deadline for submission of new Tax Credit application for 2007-2008, if you want to secure a full years claim.<o:p></o:p></span></p> <p><strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>19 July 2007</span></strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'> - Pay Class 1A NIC's (by 22 July 2007 if paid electronically).<o:p></o:p></span></p> <p><strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>19 July 2007</span></strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'> - PAYE and NIC deductions due for month ending 5 July 2007. (If you pay your tax electronically the due date is 22 July 2007)<o:p></o:p></span></p> <p><strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>19 July 2007</span></strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'> - Filing deadline for the CIS300 monthly return for the month ending 5 July 2007. <o:p></o:p></span></p> <p><strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>19 July 2007</span></strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'> - CIS tax deducted for the month ending 5 July 2007 is payable by today.<o:p></o:p></span></p> <p><strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>31 July 2007</span></strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'> - Deadline for Tax Credit renewal submissions - notification of income for 2006-2007.<o:p></o:p></span></p> <p><strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>31 July 2007</span></strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'> - Due date for second payment on account of self assessment tax 2006-2007. <o:p></o:p></span></p> <p><strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>1 August 2007</span></strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'> - Due date for corporation tax due for the year ending 31 October 2006.<o:p></o:p></span></p> <p><strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>19 August 2007</span></strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'> - PAYE and NIC deductions due for month ending 5 August 2007. (If you pay your tax electronically the due date is 22 August 2007)<o:p></o:p></span></p> <p><strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>19 August 2007</span></strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'> - Filing deadline for the CIS300 monthly return for the month ending 5 August 2007. <o:p></o:p></span></p> <p><strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>19 August 2007</span></strong><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'> - CIS tax deducted for the month ending 5 August 2007 is payable by today.<o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"'>&nbsp;<o:p></o:p></span></p> <p class=MsoNormal><span style='font-size:9