ACTIVE
Big night for Cadets A
Local ATC members welcomed several special guests, including the Lord Mayor of Sheffield, to a celebration dinner at their Bailey Barracks at Greenhill
‘DINING in Night’ at Greenhill’s Bailey Barracks TA Centre was a huge
success, with more than 80 guests attending.
Hosted by 366 King Ecgbert’s Squadron ATC, the annual dinner saw current and ex-cadets, their families and squadron staff enjoy a five-course meal.
Diners were joined by guest of honour Coun John Campbell, the Lord Mayor of Sheffield.
As well as the chance to look around the squadron’s headquarters, guests had the opportunity to use a flight simulator, chat with cadets and staff and view pictures which tell the story of the group’s 37 years.
The Lord Mayor of Sheffield, Coun
John Campbell, with ex-Cadet Flt Sgt Bob Wilson
The 366 King Ecgbert Squadron hopes to continue running this popular event, with next year’s dinner already booked and arranged with the chef. Based at Bailey Barracks and always recruiting, anyone interested should call 0114 237 3344 for more information. 366 Squadron is open from 7pm- 9.30pm every Monday and Thursday.
Cadets Abbie Linell and Taylor Shelley
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Cadet Will Hukin and Cpl Rosie Birchenough Year end Planning - Time to invest
Now may well be a good time to invest in new plant and equipment before the end of your financial year and set the whole cost against your profits for the year.
From 1 January 2013 the Annual Investment Allowance was increased from £25,000 to £250,000 for a 2 year period. The only way you would be able to claim the full £250,000 in the current financial year is if your year end was 31 December 2013. For accounting periods straddling 1 January 2013 the allowance is time apportioned between the old rate and the new. With a 30 June year end the allowance for the whole year is £137,500 being half of the £25k plus half the £250k. This is further complicated by the date you purchased the asset. The timing of when you buy replacement assets needs to be carefully planned as getting it wrong could make a significant difference to what tax relief you get. Normally we would advise to buy new assets just before the year end rather than just after but as the rules currently stand it may pay to postpone your investment until the next financial year. This allowance is not available on cars. Speak to us or your accountant before you decide to buy.
The Co2 level at which you can write off the cost of a new car reduces from 110gm/km to 95gm/km from 1April for a company and 6 April 2013 for a sole trader or partnership. If you are thinking of buying such a car now may be the time to do so before the rate changes.
For those claiming child tax credits where 1 of the parents is earning over £50,000 you may already be aware that from 7
January 2013 the higher earner will lose this benefit by way of a tax charge on a tapered basis up to earnings of £60,000 when the whole of the benefit is lost. Even if you lose the benefit or decide not to receive it, you should continue to claim for any new children to protect your state pension entitlement.
Roger Rose and Heather Craggs Does your business undertake research and development
work? Are you making the most of the tax benefits related to such work? Now is the time to consider if what you do comes under this category.
Other considerations before the tax year end include making sure that if you have the funds available to use your ISA allowance and make sure you make your pension scheme contributions before 5 April 2013.
If you would like help and advice on any of the above, please do not hesitate in giving us a call.
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