Monthly Archives: June 2016

What is next for Brexit

Clients who are concerned by the uncertainty created by the Brexit vote should contact us. There are steps we can all take now that will ease our progress through the transition.

Essentially, we need to be financially fit. The areas of our businesses that we should fine tune are:

  1. Record keeping. There has never been a time...
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Brexit vote wins the day

In a decision that has staggered the rest of Europe, the UK has voted to leave the EU.

George Osborne emerged today to reassure us all that everything was under control. This, in the face of continuing political hiatus: our prime minister has resigned, almost, and the main opposition party is locked in internal, leadership wranglings.

George...

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Annual return morphs into a confirmation statement

The following change in Companies House (CH) filing requirements will apply from the end of June 2016. The following post sets out the changes that will apply:

From 30 June 2016, the annual return is being replaced. Instead, you’ll now file a confirmation statement at least once a year. You need to check and confirm the...

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In or out

This article was posted three days before the UK decides if it wants to stay or leave the EU.

It feels as if everything is on hold pending this result. Government departments are being unusually quiet: no press releases, no announcements, no changes in legislation.

It is a well-quoted cliché, but it really does feel like the...

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HMRC bogus emails extended to phone calls

Many of us have received emails purporting to be from HMRC that urge us to provide personal information in order to receive an outstanding tax refund. Sometimes, these “phishing” communications include veiled threats: send information or you will be pursued for large, outstanding tax liabilities.

The perpetrators of the emails want you to respond, the “pot-of-gold”...

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P11D processing errors and late filing

The deadline for filing forms P11D is 6 July 2016. You will be liable to a penalty of £100 per 50 employees for each month or part month your P11D(b) is late. The P11D(b) is the form used to submit your individual P11Ds to HMRC. You’ll also be charged penalties and interest if you’re late...

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Do you have under-declared property income

HMRC have a long running campaign to encourage property owners who receive rental income from property, and who have not declared this income on their tax return, to get their tax affairs in order. The following example, reproduced from HMRC’s website, shows how this can occur.

 Beena age 23

 

• Moved to Leeds to work...

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Personal savings allowance

From 6 April 2016, if you are a basic rate taxpayer you’ll be able to earn up to £1,000 in savings income tax-free. Higher rate taxpayers will be able to earn up to £500. This is called the Personal Savings Allowance.

Due to this change in legislation, banks and building societies will no longer be deducting...

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Cycle to work

The following notes set out the general scope of the Cycle to work scheme. This provides a number of tax advantages that employers can use to encourage employees to cycle to work.

Who can use the scheme?

Employers of all sizes across the public, private and voluntary sectors can implement a tax exempt loan scheme for their...

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HMRC ticked off by National Audit Office

The National Audit Office (NAO) has published a report criticising HM Revenue and Customs (HMRC) for periods of poor customer service last year.

Responding to the report, Ruth Owen, HMRC’s Director General for Customer Services said:

We recognise that early in 2015 we didn’t provide the standard of service that people are entitled to expect and we...

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