Tel: 01495 302 382

24 James Street, Ebbw Vale. NP23 6JG

Association of Chartered Certified Accountants

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April 2020 – Capital Gains Tax changes – main residence

Posted on by Steve

There are 3 significant changes which are as follows:-
(1) Lettings relief will only apply if the letting was undertaken whilst the owner was living in the property.
(2) The final period of exemption is reducing from 18 months to 9 months.
(3) The transaction will need to be reported on a stand alone Capital Gains Tax return within 30 days of completion and a payment made within the same time frame for the Capital Gains Tax arising.

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2019 TAX RETURN DEADLINE

Posted on by Steve

Don’t forget that the 2019 Self Assessment Tax return forms need to be filed by the 31st January 2020 to avoid late filing penalties with HMRC.

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GDPR – 25TH MAY 2018

Posted on by Steve

As accountants we hold a lot of sensitive information about our clients. The nature of our relationship with clients means that we have always had a responsibility over how we handle sensitive information. Although there are a number of rules that we adhere to the changes which are due to be implemented shortly mean that we will need to work harder to protect this information.
Clients can request details from us at any time of who has access to their information and how it is being used. They can withdraw their consent over this date at any point.
If anyone wishes to discuss this with us further please speak to Steve about the matter.

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Workplace Pensions

Posted on by Steve

From the 6th April 2018 there will be increases to the minimum contributions payable http://www.thepensionsregulator.gov.uk/employers/contributions-funding-tax.aspx. You should ensure that you are complying with the new rates to avoid penalties arising.

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Increase in National Living Wage and Minimum wage rates

Posted on by Steve

From the 1st April 2018 there will be increases in the National Living wage and Minimum wage rates. https://www.nidirect.gov.uk/articles/national-minimum-wage-and-living-wage. It is advisable that you review your staff rates to confirm that you are not in breach of the new rates.

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Making Tax Digital (MTD)

Posted on by Steve

From April 2019 entities that submit Vat returns because they are over the Vat threshold (currently £85000) will have to keep their records digitally for Vat purposes and provide their Vat return information to HMRC through Making Tax Digital compatible software. Currently 87% of these business currently submit their Vat returns through the Government Gateway but from April 2019 this option will no longer be available to those businesses that exceed the Vat registration threshold.

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New Dividend Tax April 2016

Posted on by Steve

The changes to dividend taxation announced in the July budget impact significantly on the decision about incorporation. Following the changes made in December 2014 affecting goodwill on incorporation, this change makes it even less attractive for some clients to run their business through a limited company. From April 2016 there will be a dividend Tax allowance of £5000, but after this dividends will be liable to Tax at 7.5% in the basic rate band, 32.5% in the higher rate band and 38.1% in the additional rate band.

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RTI Penalties

Posted on by Steve

Employers with less than 50 employees will now receive penalties if their real time information submissions are submitted late from the 6th March 2015. It is important therefore that submissions are made on or before each payday to avoid these penalties. If you need advice about this matter please contact us at the office.

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Auto Enrolment

Posted on by Steve

This has been publicised on television and in the press. Most employers should now obtain their staging date. This can be done by visting www.thepensionregulator.gov.uk/employers/what-is-my-staging-date.aspx and entering your PAYE reference number. You will then be able to access your staging date and be able to produce a plan of important dates affecting your business. If you need your PAYE reference number please phone us at the office.

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Real Time Information (RTI)

Posted on by Steve

From the 6th April 2013 employers will have to start reporting PAYE information to HMRC in real time. This is referred to as Real Time Information or RTI.

This means that employers (or their accountant, bookkeeper or payroll bureau) will have to send a submission to HMRC electronically following every pay day. All employees have to be included on the submission including employees who are below the PAYE thresholds.

Penalties will eventually be levied for late submissions.

If you business has a PAYE scheme in operation and has fewer than 9 employees than you are able to use free software e.g. HMRC basic PAYE tools.

Any further information you need on this matter please contact any member of staff at our office.

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Contact Us

For further information or to arrange a consultation please fill out the form or contact us using one of the following methods...

Garry White & Co
24 James Street
Ebbw Vale
NP23 6JG.

Office: 01495 302382
Mobile: 07977 729071
Fax: 01495 303260