Chartered Accountants Eastbourne, East Sussex at Caladine

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Testimonials

TESTIMONIALS

John has guided me over many years from the heady and carefree days of being a Sole Trader, through the pitfalls of Partnerships to the rather more serious and grown up world of Limited Companies. To say that accounting can be fun is perhaps going a bit too far, but he and Caladine have made the accounting and taxing process easy to understand, and exceptionally painless. Honesty and Confidentiality are two of the many qualities I have experienced with them over the last 15 years. And if you get him in a good mood, he’ll even buy you lunch. What more could you ask from an accountant?

Dave Cooke of D & T Cooke Ltd

"CCLI has worked with Caladine since 1991, during this time CCLI has seen substantial growth both in the UK and throughout Europe. The support, advice and attention to detail that Caladine gives is outstanding. We are grateful for their input and see our working relationship as a "partnership" within our ministry."

Andy Bodkin of CCL

In our long association, John and his team have not only provided a professional, efficient, ethical and reliable service, but added to it a level of personal care and commitment that is rare and refreshing in the world of business.

Graham Kendrick, Makeway Music

Since he began his practice John has been our Accountant on personal, corporate and charity matters. We commend his insight, wisdom and advice. He brings a human perspective to a technical profession.

Geoff Booker of Quicken Trust

Caladine are what every business needs along with a friendly bank manager - an extension to your business taking the stress out of all the red tape that government has created and letting us get on with the work. We really appreciate having Caladine as our accountants

With very kind regards

Chris Powell of Verite CM

John has been dealing with my accounts for over ten years now, and he and his team have been efficient, helpful and reliable throughout. I warmly recommend them.

Stuart Townend, Songwriter

“It has been a joy to work with John from the early stages of thinking about setting up the UK’s first beach sports centre through to achieving our dream. It would not have happened but for his encouragement and advice.

At all times I have found John and his excellent team of staff to be professional, supportive and reasonable with their charges. Despite having moved from Eastbourne to Brighton I have not hesitated in continuing to work with Caladine.

I would be very happy to give a reference if any potential clients would find that helpful”

Alan Randall
Director
Yellowave Ltd

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LATEST NEWS

Budget 2010

As predicted, the budget was a relatively tame affair in view of the approaching General Election.

The scale of Government debt did not allow for much in the way of Budget giveaways. However, we particularly welcome the doubling of the Annual Investment Allowance from £50,000 to £100,000, providing 100% capital allowances on plant and machinery and the doubling of the CGT Entrepreneurs’ Relief. Additionally, a two year Stamp Duty Land Tax holiday has been introduced for first time buyers purchasing residential property costing up to £250,000.

Income tax

· Basic rate tax to remain at 20% and higher rate tax at 40%.

· No changes to the levels of personal allowances. These will remain at £6,475 for those under 65, £9,490 for those aged 65 to 74 and £9,640 for those aged 75 or over.

· The starting rate of 10% will continue to apply for the first £2,440 of savings income.

· The following changes announced in the 2009 Budget will take effect as from 6 April 2010:

o 50% rate of income tax for individuals with income in excess of £150,000.

o tapering of personal allowances for individuals with income in excess of £100,000.

o restriction on tax relief for pension contributions for individuals with income over £150,000. (This will also affect some individuals with income in excess of £130,000 if, taken together with the value of employer pension contributions made on their behalf, income exceeds £150,000).

· The annual ISA limit will be raised from £7,200 to £10,200 from 6 April 2010, of which £5,100 can be saved in cash. The annual ISA limits will increase in line with inflation.

· Broader relief for Gift Aid payments, to include EU and EEA charities.

National Insurance

· No new changes to national insurance contribution rates were announced in the 2010 Budget. However, rates of employee, employer and self-employed national insurance will rise by 1% from 6 April 2011, as announced in earlier Budgets.

Capital Gains Tax (CGT)

· CGT to remain at 18%.

· The lifetime limit on gains qualifying for the Entrepreneurs’ Relief will double from £1m to £2m from 6 April 2010, such that £2m of qualifying gains will be taxed at an effective rate of 10%.

Inheritance Tax (IHT)

· IHT to remain at 40%.

· The IHT nil rate band of £325,000 has been frozen until 2014/15.

Corporate tax

· Main corporation tax rate to remain at 28% and the small company rate at 21%.

· Doubling of the Annual Investment Allowance from £50,000 to £100,00 from 1 April 2010, providing 100% capital allowances on plant and machinery.

· No corporation tax relief for close companies in respect of the release or write-off of loans or advances made to participators (or associates of participators) from 24 March 2010.

VAT

· VAT to remain at 17.5%. However, we expect this to increase following the General Election.

· The registration threshold is to be increased from £68,000 to £70,000 on 1 April 2010.

· The deregistration threshold is to be increased from £66,000 to £68,000 on 1 April 2010.

Stamp Duty

· Two-year Stamp Duty Land Tax holiday for first-time buyers on

residential property costing up to £250,000, where the effective

date (normally the date of completion) is on or after 25 March

2010 and before 25 March 2012.

· From 6 April 2011, Stamp Duty Land Tax at 5% will apply to

residential property costing over £1m.

Budget Charities

Inserted into the 2010 Budget Press Releases announced by HM Revenue & Customs is the intention to introduce legislation in 2010 to extend UK charitable tax relief to certain organisations equivalent to UK Charities and Community Amateur Sports Clubs (CASC) in the EU in the European Economic Area (EEA) and the countries of Norway and Iceland.

More importantly at the same time changes are to be introduced:

Introducing the definition of a Charity across all Charity tax relief and Charity exemption as administered by HM Revenue & Customs (HMRC).
Limit the scope for fraudulent claims for charitable tax relief.
Remove inconsistencies in the current rules.
Ensure that HMRC can maintain a cost efficient service to Charities.
Introduce rules on charitable gifts going overseas.

These new rules will mostly have effect later in 2010/11 subject to a commencement order. With the following exceptions:

Restrictions on the payment of charitable funds outside the UK which will have effect on or after 24 March 2010.
A new definition of a Charity which will apply to donations by individuals to Charities under Gift Aid on or after 6 April 2010.

It is also proposed to introduce new procedures for dealing with Gift Aid repayment claims.

The concern regarding all of this is of course the definition of a Charity to be introduced throughout all legislation. In addition Charities will also be required to have their Trustees and executive staff meet a new “fit and proper personal test”.

It will be interesting to see how this definition is worded in due course and whether the definition of a Charity is limited – of course all this is linked to the new public benefit rules. As further information become available we will post this onto our website.