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Hart Parry Update

Once again, the busy January Tax Return deadline has passed, and the end of another tax year is looming; it is therefore the ideal time to provide you with key updates.

Independent Firm of the Year, Wales
In case you didn’t see us in the newspapers, Hart Parry received national recognition at the British Accountancy Awards 2011. We were delighted to be named Independent Firm of the Year, Wales, at the Accountancy Age sponsored event in London. The award is testimony to the hard work of our team, and the excellent relationship we have with our clients.

New Year, new location
After several years at our current office on the High Street in Bangor, we have taken the decision to relocate to Parc Menai. We are hopeful that everything will be in place for us to move in May; we will write to you closer to the time with detailed information. Our new premises will be more convenient for the majority of our clients, however, we are more than happy to come out to clients’ premises, should getting to Parc Menai prove difficult for anyone.

Tax Investigations
The risk of HMRC launching a tax enquiry remains high, with several small businesses being the subject of investigations over the last 12 months. Our Tax Investigations Service, covering the cost of helping you during an enquiry, remains outstanding value; if you haven’t already subscribed, we urge you to consider doing so next year. We will be writing to you shortly with full details of the renewal procedure.

Tax planning
Now is an important time to ensure that you have maximised your potential tax savings for the current year, and planned for the start of the next tax year, 2012/13, which is quickly approaching. A few key considerations are as follows:
ISA allowance – Ensure that you make full use of your ISA limit before 5 April if possible.
Annual Investment Allowance – The allowance for spend on new capital equipment remains at £100,000 until 31 March 2012, when it will reduce to £25,000. Make the most of this by undertaking any planned capital expenditure before April.
PAYE – Good news for most is that the earnings threshold at which employers and employees start paying NI is set to increase again in April, from £136 per week to £144 per week. Additionally, the tax free personal allowance is set to rise to £8,105 per year.

Keep up to date
For those of you with internet access, follow us on Twitter @HartParry or ‘like’ us on Facebook to keep up to date with Hart Parry, and receive current information which may be useful for you.
As ever, if you have any queries, please do not hesitate to contact a member of our team.