Did anyone see the Telegraph article this week about the property mogul who was asked to pay £5.5 million in tax “because of wife’s cooking”?

This shift in Revenue attitude is highly disturbing and leaves me wondering where it will all end. When are we going to stop this persecution of successful business people who have paid less tax than HMRC would like, not by doing anything illegal or even using artificial tax schemes, in fact there may not even have been a tax motivation to their actions at all, but the Revenue (encouraged by much of the media) seem to have simply decided that they should pay more!

The successful businessman in question year was James Glyn who moved to Monaco when he retired from a business that he was catapulted into running at the tender age of 21 following the early demise of his father. Thanks to his “meticulous and highly organised” mind and the support of his family, he led the business to phenomenal success and he was able to retire in 2005 after selling his company’s property interests.

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New £1.5m fund for small business capital projects opens

Welsh businesses are being invited to bid for grants from a £1.5m Welsh Government fund for capital projects that aims to encourage investment to support the creation of 250 jobs while also safeguarding and assisting several hundred more.

The SME Small Capital Investment Grant is open to eligible small and medium sized enterprise (SMEs) in Wales. Businesses have until 20th January 2014 to bid for grants of between £5,000 and £25,000 towards the cost of their project at an intervention rate of up to 50 per cent.

Economy Minister Edwina Hart said: “SMEs are vital to promoting economic growth. I want to ensure that they can access the finance they need to grow and create jobs.
“This fund is another example of how the Welsh Government is supporting businesses that are unable to access the finance they need through traditional sources. I would strongly advise any small business in Wales looking for investment to consider applying for support through this scheme.”

Contact us for more information if you have any capital projects in 2014

Tax Rules for Trusts to change again!

I am concerned that yet again we seem to have a proposed change in Trust rules that are disguised as simplification but do little more than further increase the amounts of tax that are potentially payable by Trusts. In my experience the decision to create a Trust is not taken lightly as they can be complex and do add another layer of administration in a person’s life.

And yes, there are no doubt a small minority of people who have used trusts to avoid tax but I would be interested to know what proportion of 1,500 Trusts that they receive Tax Returns from each year, HMRC believe have been set up for purely tax avoidance reasons. Every single one of the Trusts that we look after was set up for a genuine personal or commercial reason that had absolutely nothing to do with tax reduction yet the press (and government) seem to be striving to make people who use Trusts feel ashamed to do so.

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Small Business Saturday by HMRC

Are you a new business or thinking about starting a new business?  HMRC is providing a series of webinars on what it is calling “ Small Business Saturday” which may be of interest to you?

This series of Webinars will take place on 7 December, and will provide business start-ups with the opportunity to receive free tax advice in the format of four interactive, live webinars on that day.

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Exam Success

Well done to Natasha Rees on passing her ATT exam, she is now fully qualified ATT.

We take great pride at CST in making sure our staff take part in a wide range of training courses, Congratulations Natasha.