Spring Statement 2019

The Chancellor’s Spring Statement took place yesterday. There was not a lot new apart from clarifying that MTD (Making Tax Digital) will not yet be rolled out for taxes other than VAT, which is coming in from 1 April 2019. We have summarised what was said, together with other topics of interest (‘Looking Ahead’) in our newsletter which we hope you will find of interest. Please download it here.

Our summary includes updated forecasts for the UK economy and public finances, as published by the Office for Budget Responsibility. The Chancellor pledged to bring forward the £700 million reforms for business apprenticeships, and also announced that a £26.6 billion ‘deal dividend’ would be made available to help boost the economy, providing a Brexit agreement can be reached.

For advice on any of the topics covered in our Spring Statement newsletter, and how they may have an impact on your business or personal finances, please give us a call on 01763 853 633.

Liric March newsletter

For all the updates from Liric, please click here.

Xero Gold Partner

Liric December newsletter

For the latest news and reminders from Liric, please click here.

Autumn Budget 2018

This year’s Autumn Budget was presented earlier than usual, due in part to the crucial final stages of the government’s Brexit talks with the EU. Measures for businesses included a cut in business rates for small retail properties in England, together with an increase in the Annual Investment Allowance from £200,000 to £1 million. Individuals will benefit from an increase in the income tax personal allowance a year earlier than planned, in April 2019. The higher rate threshold will also increase at this time.

We’ve put together a Budget Newsletter with all the key points. We give you an overview of the announcements arising from the Chancellor’s speech, and consider how they could affect your personal and business finances.

Please click here to read our Budget Newsletter now.

You can also find more in-depth information in our app which includes fully updated ‘Budget News’.  Just visit our home page for the link to download the app, or download it direct from the iTunes Store or Google Play (search for MyAccountants and then use the code ‘Liric’).

Liric November newsletter

Did you catch our November newsletter – if not click here

 

 

Spring Budget 2017

The Chancellor’s 2017 Budget contained some important announcements and confirmed a number of changes planned for the new tax year.

There was both good and bad news for sole traders and small businesses in today’s Budget. Following this, we have put together a review which contains the latest tax and financial information, which we trust you will find useful. Please click here to download.

For more information on how the changes in the Budget may affect you, please contact us

In Brief:

Class 4 NICs will increase from 9% to 10% in April 2018, and then to 11% in April 2019 for those earning more than £8,060. Employees currently pay 12%. Class 2 contributions – as previously announced – will be abolished from April 2018. This will affect you if you are self-employed.

In addition, Hammond announced that the tax-free dividend allowance – introduced last year – will be reduced from £5,000 to £2,000 from April 2018. This will affect you if you trade as a Limited Company.

As plans for Making Tax Digital (MTD), continue apace, Hammond also announced that for businesses with turnover below the VAT registration threshold this will be delayed by one year to April 2019 to allow more time to prepare for the changes.

Businesses that have an annual turnover below the VAT registration threshold will have an extra year before they are required to keep records digitally and send HMRC quarterly updates.

Those businesses trading above the VAT threshold will still be required to keep digital records and send HMRC quarterly updates from April 2018.

The exemption threshold for MTD remains at £10,000.

At Liric, we are working on ensuring all our clients have the systems they will need to ensure they comply and there will be much more about this in future newsletters.

 

Paying your self assessment tax – deadline 31 January 2016

HMRC will not be issuing paper statements and payslips to self-assessment taxpayers to remind them of the 31 January 2016 filing and payment date unless the taxpayer has filed their 2014/15 tax return by 31 December 2015, and has not opted for digital only communications from HMRC.

HMRC will not be issuing paper SA reminders and payslips for taxpayers who file their 2014/15 tax returns in January 2016 or for those taxpayers who have opted for digital-only SA communications from HMRC. Payment options available without a payslip are by debit/credit card, CHAPS/BACS, direct debit or via online or telephone banking.

Payment by cheque through the post is available but only with a paying in slip. If you do not have a paying in slip you can print a payslip but this cannot be used to pay over the counter at a bank, building society or Post Office.

Further details on how to pay can be found on the HMRC website – GOV.UK at: https://www.gov.uk/pay-self-assessment-tax-bill

fee protection

RENEWALS BASIS IS BACK FOR BUY TO LET LANDLORDS

Following the restriction of tax relief for mortgage interest and the 3% increase in Stamp Duty Land Tax all is not doom and gloom for buy to let landlords. Following on from the consultation this summer the draft Finance Bill 2016 includes the legislation to reintroduce tax relief for the replacement of furnishings in buy to let properties from 6 April 2016.

 

This will apply to both furnished and unfurnished lettings and will mean that the cost of replacing items such as cookers and washing machines will again qualify for relief following the withdrawal of a concession from 6 April 2013.

Note that the alternative, and simpler, 10% wear and tear allowance will be withdrawn from 6 April 2016 for those letting properties fully furnished.

Those letting properties under the more stringent furnished holiday letting rules will continue to be able to claim the Annual Investment Allowance which provides 100% tax relief for the initial furnishing as well as renewal of furniture in holiday properties.

Christmas Parties – top tips

It’s that time of year again, Christmas. Which means the Works Christmas Do.

So we thought it would be useful to give you as employers some top tips for the occasion.

Top tips for Christmas parties:

– Employment law still applies during any events outside of the workplace. This means that a business is still at risk if any incidents do occur

 Christmas parties should be enjoyable, but don’t make attendance compulsory. Family commitments or religious reasons may preclude attendance

 Consider timing. Putting it on a Wednesday night may mean that bizarrely attendance is down on Thursday

 Invite all employees though. Even those you’ve forgotten about on maternity leave etc​

– Circulate a memo reminding your employees of what constitutes acceptable non-discriminatory behaviour, and the disciplinary consequences they will face should they fail to comply

But what if you didn’t do this?

Ok so there are some risks and this is a serious issue, but is a huge policy going to help you? Maybe but also maybe not.

Sadly employees do stupid things, whether it’s at Christmas or not.

Whether they’ve read a policy or not, after 10 pints of lag​er and half a bottle of free wine they aren’t going to remember it and will likely do as they drunkenly want. It will need to be dealt with, but in reality you cannot legislate for every situation.

So beware – but enjoy

How will the 2015 Autumn Statement affect you and your business?

Download our guide to the 2015 Autumn Statement Autumn-budget-statement-2015.pdf.

 

Our summary offers an overview of the key business, tax and financial measures announced in the Autumn Statement which could affect you and your business. Major announcements include the reversal of cuts to tax credits, the introduction of a new 3% stamp duty surcharge for buy-to-let properties and second homes, and an extension of the doubling of small business rate relief for a further year.

 

For tailored advice on any of the topics covered within the Autumn Statement, and how they may have an impact on your business or personal finances, please give us a call on 01763 853633.

 

We offer far more than traditional tax and compliance services, and can advise on a range of strategies designed to minimise your tax bill, improve profits and maximise your personal wealth.