Our summary of the Chancellor's Autumn Statement

On Wednesday 5 December the Office for Budget Responsibility (OBR) published its updated forecast for the UK economy.
Chancellor George Osborne responded to that forecast in a statement to the House of Commons later on that day.
In the period since the Budget in March a number of consultation papers and discussion documents have been published by HMRC and some of these proposals are summarised on the link below.
Draft legislation relating to many of these areas will be published on 11 December.
We will provide an update for you on 12 December if significant changes are announced.
Our summary also provides a reminder of other key developments which are to take place from April 2013.
The Chancellor's statement
His speech and the subsequent documentation was a 'mini-Budget' announcing tax measures in addition to the normal economic measures.
Our summary concentrates on the tax measures which include:

• changes to personal allowances and tax bands
• changes to pensions reliefs
• a tenfold increase in the Annual Investment Allowance to £250,000
• a further reduction in the main rate of corporation tax
• announcements regarding the General Anti Abuse Rule and other 'abusive arrangements'.

To read our summary -
http://www.clayshawbutler.com/ard/merge_doc.asp?AID=518&MergeFile=autumn_statement_2012.htm

Advice on child benefit tax changes

From January 7, those entitled to Child Benefit, where they or their partner have annual income exceeding £50,000, will have some of this clawed back through the tax system.
And where either income exceeds £60,000 the entire amount of benefit will be lost through extra tax .
To prevent this happening, you can 'opt' not to receive the benefit in the first place, but opt back in, within two years of the end of the tax year if you change your mind.
Please contact us if you want more details.
Clay Shaw Butler
Chartered Accountants
01267 228500
www.clayshawbutler.com

Tax events due on November 19

The following Tax Events are due on 19 November 2012:
PAYE, Student loan and CIS deductions are due for the month to 5th November 2012
What this means for you?
This deadline is relevant to employers who have made PAYE deductions from their employees' salaries and to contractors who have paid subcontractors under the CIS. The contractors' monthly return showing details of payments made to subcontractors must also be filed by today even if a nil return.
Employers are required to make payment to HMRC of the income tax, national insurance and student loan deductions. Contractors are required to make payment to HMRC of the tax deductions made from subcontractors under the CIS.
Where the payment is made electronically the deadline for receipt of cleared payment is 22nd November 2012. Penalties may apply if payment is made late.

Clay Shaw Butler's Amanda completes the half marathon

Clay Shaw Butler accountant Amanda Russell completed the Cardiff half marathon.
She joined a team of six other runners raising money for a small country in west Africa called Burkina Faso.
Amanda said: "I finished in 1 hour 57 minutes and so far we have raised more than £3000 for the Burkina Faso project, although we are still pushing to reach our group target of £5000 and there’s still time to give at http://www.justgiving.com/teams/BurkinaFaso
"You can also donate by texting FASO50 £5 to 70070. You can change the amount to any sum you want to give.
"There was an amazing atmosphere in Cardiff on what turned out to be a dry and fresh morning. There was plenty of hustle and bustle before we started and I bumped into numerous well-known faces on the journey up to the start line.
"The crowd of runners was daunting and the water stations were eventful, ducking, diving and jumping over bottles! Everyone was in high spirits around the course and the spectators were brilliant at keeping morale high on the way around although being told at mile 10 that you’re nearly there and it's all downhill from now on was a blatant lie!
"I was very glad to see the finish line, although finishing the experience off with steak and chips and tales of the days events made all the pain a distant memory! All in all, I thoroughly enjoyed the experience and would definitely do it again . . . just not for a few weeks!
"I'd like to thank all family, friends, customers and clients who helped support me and gave generously to our charitable cause."
Amanda added: "The United Nations rates Burkina Faso as the world's third poorest country and so they need as much help and money as we can give to allow them a chance to become self sustainable. The money being raised is specifically being put towards flood prevention.
"Remember: Donating through JustGiving is simple, fast and totally secure. Your details are safe with JustGiving - they'll never share them with anyone or send you unwanted emails. Once you donate, they'll send your money directly to the charity. They'll make sure Gift Aid (an additional 28%) is reclaimed on every eligible donation by a UK taxpayer, too. That means more money goes to the charity, faster, with JustGiving."
Amanda Russell ATT FCCA is a Relationship Accountant with Clay Shaw Butler chartered accountants and business consultants in Carmarthen.
The team at Clay Shaw Butler can be contacted on 01267 228500 or through the website atwww.clayshawbutler.com

News on tax events due in November

The following Tax Events are due on 02 November 2012:

Deadline for submitting P46(car) for employees whose car/fuel benefits changed during the quarter to 5th October 2012
What this means for you?
This deadline is relevant to employers who provide any employees with the use of a car. The form P46 (car) only needs to be completed where a car is first provided or an additional car is provided, or an employee ceases to have the use of a car without replacement. The completion of the form enables HMRC to amend the individual's coding notice to reflect the change in benefit.
Where one car is merely replaced with another, this may be reported online.

Tax events due on October 31

The following Tax Events are due on 31 October 2012:

Deadline for submission of 2011/12 self assessment returns if you require HMRC to compute your tax liability and/or if tax underpaid is to be collected by adjustment to your 2013/14 PAYE code
What this means for you?
This deadline is only relevant for those individuals who complete a 'paper' self assessment tax return and who are employees. Where you have an underpayment of up to £3,000 only, you may request that HMRC collect any tax outstanding by making an adjustment to your tax code for the year 2013/14.
Please note that where your return is submitted online then the filing deadline for 'coding out' is 30 December 2012.
If we have already dealt with this matter on your behalf you need take no action.

Deadline for submitting 'paper' 2011/12 self assessment returns
What this means for you?
This deadline is relevant to individuals who need to complete a self assessment tax return for 2011/12 and wish to file the return in a 'paper' form. Self assessment returns submitted after this date must be submitted electronically.
Please note that this deadline is not relevant if we are going to submit an online return for you or you are going to deal with the completion of an online return yourself. The deadline for submission of online returns is 31 January 2013.
If we have already dealt with this matter on your behalf you need take no action.

Lunch is all about business for Carmarthen businesswomen

A pair of West Wales businesswomen have set up an innovative lunch-time networking forum for businesses called Beyond20. Sarah Wynne, of Chartered Accountants and Business Consultants Clay Shaw Butler, and Jo Watson, of Antur Insurance, have established a new Carmarthen-based forum for ladies to meet for business networking.
The first two lunchtime meetings have been held at the Angel Vaults restaurant in Carmarthen and have been a great success, with more than 20 ladies attending the October event.
The next meeting is planned for Wednesday, November 14, at the Angel Vaults, 12.30pm.
“There are quite a few business networking meetings and organisations around, but nothing quite like this,” said Sarah Wynne, Relationship Accountant with Clay Shaw Butler.
“The first pilot lunch was very successful. The group is aimed at getting businesswomen together to network and discuss the key issues facing businesses in West Wales today. We call the group Beyond20, being a nod to the fact that the proportion of women in senior management is only 20% - the group aims to push that boundary.
“It’s a very novel idea and one which met with widespread approval from the ladies who attended.
“The idea is to hold a lunch on the second Wednesday of the month. Basically, we have seen a gap in the market for networking and our idea was to provide a friendly and reasonably informal forum for like-minded businesswomen in West Wales to get together and help develop their business ideas.
“Lunch starts at 12.30. There is a fixed menu for food and we are developing a structure for the meeting which meets everyone’s approval as we go along. Places at the lunch are on a first-come-first-served basis.”
Anyone interested in attending can contact -
Sarah Wynne FMAAT ACA, Relationship Accountant, Clay Shaw Butler, 01267 228 500, email, SarahWynne@clayshawbutler.com
The team at Clay Shaw Butler can be contacted on 01267 228500 or through the website at www.clayshawbutler.com

Pictures above of Sarah Wynne and Jo Watson, top.