5 2


Look out for the Kite mark


ABOUT six weeks ago our firm was awarded the Law Society’s prestigious Quality Assured kite mark in the field of Wills and Inheritance Taxation. Very many firms already have


the appropriate kite mark for conveyancing, which is almost an essential mark enabling a firm to act on mortgage matters, but our Wills and Taxation quality is far less common - possibly because of the ever-changing nature of taxation complexities, which seem to come and go with every change of government or


change of Chancellor. Of course we cannot claim that other firms are less competent, but we can at least demonstrate that we have satisfied the Law Society’s examination standard and com- petence audit. We frequently come across


firms administering a deceased’s estate who are unaware that the ability to recover inheritance tax on shares that are later sold at a price below the probate figure will be negated the sales of any shares that have increased in value.


And that the transfer of a sec-


ond home by a husband to his terminally ill wife will uplift his base value for Capital Gains Tax when she leaves the house back to him by her Will. And that you can use your surplus capital to buy an annuity, which will count as surplus income that can be given away without limit for IHT purposes. With that surplus income, why not use it to pay the premiums on a policy in trust for your family? These are just some of the examples of strategies that we


employ to alleviate the taxation burden. Checking with the Law Soci-


ety you will find that there are only four firms in our county that bear the Wills and Inheritance kite mark, and we are quite proud to be one of them. For further advice about Will


drafting and Inheritance Tax issues contact John Pulham at:- Messrs Pulham & Co, Egmere House, Market Place, Saxmund- ham, IP17 1AG. Telephone (01728) 602084 or Email jsp@ pulham.co.uk


When is a hobby classed as a trading activity?


tion, before reselling the others, you may be recycling your col- lection in order to improve it. Instead,


(arguably from


HMRC’s point of view) if you purchased the job lot knowing the value of the whole but with- out knowing of the existence of that one special card, then that again is a trade. To alleviate the necessity of


FOR those of us with a hobby that either involves making craft goods, or collecting things such as antiques or models, we may well be regular participants at craft fairs, exhibitions or swap meets specific to our own par- ticular interests. However, fre- quent “trading activity” could be viewed by HM Revenue & Cus- toms (HMRC) as a business rather than a hobby and here is where things become a little more complicated. Firstly, let’s put things in per-


spective. If you use a car boot or an online auction site maybe once or twice a year in order to sell off personal items that you no longer have need for, you are not trading and have nothing to fear from HM Revenue & Cus- toms. (True, if you are selling a really high value item, you may be exposed to Capital Gains Tax but I will come back to that in a moment). This is different from buying an item in order to resell it at a profit which is a trading activity. Yes, the purchase of a single item can be classed as a trade. Complexities arise where you


may have a partially or self- funding hobby. For example, were you to purchase a job lot of cigarette cards purely to obtain one specific card for your collec-


having to register for Self- Assessment for occasional sun- dry trading activities, HMRC introduced a £1,000 trading allowance from April 2017. (There is another one very simi- lar available for sundry rental income for people who may let out their driveway, for example). The allowance is given auto- matically and means that if your turnover (total trading receipts) is less than £1,000 you need not tell HMRC and need not to include it on your Self-Assess- ment Tax Return (if you already file one), although if you do file already for other reasons, a “white-space note” may be pru- dent. The trading allowance is also available against more tra- ditional sources of trading activ- ities such as undertaking odd-


jobs but there are anti-avoidance measures in order to prevent employers taking advantage of the allowances when paying their staff. Although the allowance is


given automatically, you can elect to disclaim it. This may be for pension purposes or, for example, your trading expenses exceed your income. This would give the possibility of loss relief although if HMRC argue that what you actually have is a hobby, then loss relief would not be allowable against other income. VAT, however, is a different


issue. Whilst the threshold for registration of VAT is a turnover of currently £85,000, if you are already VAT registered, you would need to charge VAT on any income or goods sold through your part-time activities as well, even though you may be able to claim the £1,000 allow- ance. The above all relates to


income tax and the business taxes of NIC and VAT. Capital Gains Tax (CGT), however, can arise on the profit for any sale of an individual item (or collection


Pulham & Co Solicitors


A FULL RANGE OF LEGAL SERVICES EFFICIENT AND PERSONAL


Egmere House, Market Place, Saxmundham Telephone: (01728) 602084 Contact: John Pulham


0505825


of items) not otherwise subject to income tax. Some items, such as cars, are specifically exempt from CGT (otherwise everyone in the country would be perma- nently making capital losses) and there is also a “Chattel exemption” of £6,000 per item/ collection in order to exempt lesser value items from this tax. This means that only high value items (for example paintings) are likely to exceed the chattel exemption – available in addi- tion to your annual CGT allow- ance of currently £11,700 – and ultimately become subject to the CGT. For further information on


any of the above points or to dis- cuss your tax affairs generally, please do not hesitate to contact Robin Beadle at Ensors Char- tered Accountants, Saxmund- ham on 01728 603005.


This article seeks to address general business


and financial issues and due care has been taken in its preparation. Ensors cannot accept responsibility for loss incurred by any person, company or entity as a result of acting, or failing to act, on any mate- rial in this publication. Specialist advice should always be sought in relation to your particular cir- cumstances.


AS is usual at this time of year we have been inundated with requests to take in litters of kit- tens, and also pregnant queens who are about to give birth. The little bundles of fur are of course adorable, but each one will need to be found a home. If you want to offer a home to a kitten, please adopt from one of the many ani- mal charities, rather than buy it from, what may be, an unreliable source. When you adopt from CP you will be sure that the kit- ten has been health checked, vaccinated, microchipped, treat- ed for fleas and worms, socialised and where old enough, neutered. If not yet neu- tered, when adopted a voucher will be given to cover the cost. We will always follow up to ensure neutering is carried out. The continuing message from CP is that neutering should be carried out at about four months. It is fundamental to helping con- trol unwanted litters, reducing the risk of fighting and resulting infections, reducing the risk of disease and some cancers and


ALAN ROSS REMOVALS & STORAGE


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News from Framlingham and Saxmundham Cats Protection


limiting straying. Feline care: Kittens as they


grow. An adopted kitten will usually be about four months old when you take it home. This is a brief guide to ensuring a happy and healthy first year. Four Months: Continue


socialisation by making sure the kitten meets lots of different people and becomes familiar with activities around the home. It is a good time to get used to grooming and handling. Five months: Paw and eye co-ordina- tion will be improving by this stage. Toys will continue to be a source of fun and enjoyment. If not yet neutered talk to your vet now. Baby teeth will start to be lost at this stage. Six months: Your kitten may still be filling out, but growth will begin to slow down at this stage. Adult teeth will begin to appear. Although kittens may become less interested in play, given plenty of encouragement, most will still enjoy games and exploring! Eight months: Your kitten will be almost full grown and sexually mature. It may appear more independent, but will still need daily social inter- action and playtime will contin- ue to be important. Daily exer- cise sessions are essential to help keep your kitten active. 12


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Supply & installation of fine quality Carpets & Vinyls. Domestic & commercial 10 Year Stain resitant Carpets & Vinyl’s from £4.99m2 Save £££££’s - We will beat any genuine retailer quote We offer value for money. Free Uplift & Disposal. NO HIDDEN EXTRAS!


Supply & installation of fine quality


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We offer value for money. Free Uplift & Disposal. NO HIDDEN EXTRAS!


We bring the shop to you - Home sample service with hundreds of ranges to choose from in the comfort of your home


Supply & installation of fine quality Carpets & Vinyls. Domestic & commercial 10 Year Stain resitant Carpets & Vinyl’s from £4.99m2 Save £££££’s - We will beat any genuine retailer quote We offer value for money. Free Uplift & Disposal. NO HIDDEN EXTRAS!


We bring the shop to you - Home sample service with hundreds of ranges to chose from in the comfort of your home


Tel: 01728 604396


Find us on facebook for special promotions www.facebook.com/a1carpets4u


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months: Your kitten will be offi- cially an adult! The equivalent of about 16 in human years. To help keep your cat healthy and happy, continue to provide play and activities. During its first months a kitten


must have plenty of sleep to help it grow and develop, so always allow lots of undisturbed rest. Feeding a diet specially designed for kittens is also recommended to ensure a balanced intake to help support your cat’s health, vitality and happiness. Event Dates: Come and see us


at: Heveningham Hall Country Fair – June 30th/July 1st. Cat Quotes: ‘No matter how


much cats fight, there always seem to be plenty of kittens’ - Abraham Lincoln Looking for a home: This little


lad is Ajax, one of the many kit- tens in our care looking for a home. Could you find room in your life for one (or more) of them? See our website: www.fra-


mandsax.cats.org.uk or tele- phone 01728 723499 for more information about adopting cats in our care; event dates; cat-care leaflets; how to become a volun- teer fundraiser or fosterer and other ways you can support us. Also find us on Twitter, Face- book and YouTube.


SERVICES • SERVICES


066227 271563 038555 066227 066227


075557


018287


028392


086594


127368


038553


872419 701389


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