Are your business rates set to increase?

Review your revaluation details or you may find yourself paying an incorrect amount in business rates…

For the first time since 2010 the Valuation Office Agency has been instructed by the government to revalue all non-domestic properties in the UK. This potentially means an increase in your business rates based on the new valuations.

  • New values will be published Friday (30th September 2016)
  • Come into effect for business rates from 1st April 2017.
  • You must register to discover the new valuations.
  • A new appeals process will be implemented.

 

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Register Now with the VOA

To try to limit the amount of appeals the Government has placed responsibility for verifying the new assessment is correct on ratepayers and their representatives. If you don’t review your details you may find yourself paying an incorrect amount in business rates!

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For more information read this PDF factsheet from our friends at Strettons and get in touch if you have any concerns about this or other matter related to Property
www.davisgrant.co.uk/contact_us/

National Insurance Planning – an essential guide

An overview of the types of national insurance and advice on how to make sure you don’t pay too much.

coverGet all the detail on the national insurance for:

  • Employees
  • Self-employed
  • Employers
  • Working overseas

Plus tips for reducing national insurance!

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Want to know whether it is worthwhile making voluntary contributions or if you are you could be reducing the amount you pay? Get in touch with your questions!

Davis Grant Insider September 2016

Your digital newsletter for September is available now! Learn about the crucial business and tax news headlines this month…

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  • Learn if you could have up to 100% of your apprenticeship training costs funded by the government.
  • Property wealth exceeds savings and pensions
  • New hourly national minimum wage rates come into effect on 1 October 2016.
  • Inheritance tax receipts totalled £4.7 billion in 2015/16 – a 22% increase on the previous year

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Please contact us if we can help you with these or any other tax or accounts matters.
www.davisgrant.co.uk/contact_us/

September’s Tax Tips & News

Our monthly update designed to bring you tax tips and news to keep you one step ahead of the taxman.

If you need further assistance just let us know or you can send us a question for our Question and Answer Section.

We are committed to ensuring none of our clients pay a penny more in tax than is necessary and they receive useful tax and business advice and support throughout the year.

Please contact us for advice on your own specific circumstances. We’re here to help!

This Month…

  • Dividend Allowance
  • CIOT examines new corporate offence proposals
  • FB 2016 amendment on OTS appointments proposed
  • EU consultation on ending VAT on eBooks
  • September Questions and answers
  • September Key Tax Dates

Dividend Allowance

Legislation included in Finance Bill 2016 implements the new 0% rate for dividend income, as well as changing the rates of tax for dividend income. Once enacted, the changes will apply from 6 April 2016. Broadly, the new nil rate applies to the first £5,000 of a person’s dividend income and is available annually.

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CIOT examines new corporate offence proposals

The Chartered Institute of Taxation (CIOT) has recently expressed its concerns that the new corporate offence of failure to prevent the criminal facilitation of tax evasion may lead to a string of prosecutions in relatively small cases where civil penalties can already provide enough punishment.

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FB 2016 amendment on OTS appointments proposed

The chairman of the Treasury Select Committee, Rt Hon. Andrew Tyrie MP, recently wrote to the Chancellor of the Exchequer, Rt Hon. Philip Hammond MP, to inform him that the Committee disagrees.

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EU consultation on ending VAT on eBooks

The future of the chargeable rate of VAT on digital publications and eBooks is under review as the European Commission (EC) has launched a two-month consultation with a view to abolishing the current full rate VAT.

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September Questions and answers

Q. I have recently changed jobs and need to use my car to make business journeys. Will I have to pay tax on the mileage expenses my employer reimburses me for these trips?
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Q. When do I need to register for VAT?
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Q. How can I make a complaint about a recent HMRC PAYE compliance check at my business premises?
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September Key Tax Dates

19/22 – PAYE/NIC, student loan and CIS deductions due for month to 5/9/2016

30 -Closing date to claim Small Business Rate Relief for 2015/16 in England

Need Help?

Please contact us if we can help you with these or any other tax or accounts matters.

In addition, if there’s anyone else who you think would benefit from the newsletter, please forward the email to them or ask them to contact us to be added to the newsletter list.

New Clients Welcome

If you are not already a client and are interested in becoming one, we would love to come to meet with you to discuss how we can help and provide you with a competitive quote for our services.

All new client consultations are provided free of charge and without obligation.

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Rooftop Crazy Golf Social Outing

At Davis Grant our large team of accountants love to escape the office and socialise with each other. Last friday after work a group of us headed down to play Crazy Golf on a rooftop in Stratford with views of the Olympic Park and new home of West Ham United!

It was a really fun evening that included some amazing food and entertainment…

To make the golf rounds manageable the group split into teams or three or four with all departments and positions mixed together. Groups included Directors, Managers and Trainees who all putted their wits against each other and pitched in to making the night a great success.

The scoring was quite rightly left to the Book-keepers and no-one could cry foul when it was one of their own Lorraine who tallied the best score.

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After the official round the evening got really interesting with some of the team taking part in Archery, another round of golf or simply enjoying some food, the live music, and the photo booth!

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Are you interested in advancing or starting your career with us? Learn more about our Team and opportunities on our website…

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Davis Grant Launch Powerful App

The Brand new App from Davis Grant

As a firm we are constantly looking for ways we can improve the service we offer our customers and we are proud to announce the launch of our brand new Davis Grant App. It’s completely free of charge and it’s available for iPhones, iPads and Android devices.

So the next time you need to look up a tax rate or work out a VAT calculation, our new App can help. It provides you with up to date, important accountancy data at your fingertips.

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PLUS:
Photo Receipt Management, Email and Store

Never lose a receipt again! Using the latest App, you can track receipts and expenses literally at the touch of a button. With minimal effort you can take a picture of any receipt and save it to your App. Any additional information can be added later and receipts stored by amount, category, and date. It can help you track all your expenses with ease and enable us to interact digitally with you.

GPS Mileage Tracking and Management tool

When it comes to mileage tracking, half the battle is keeping an accurate tab on your journeys. Using the built-in GPS on your device, it will automatically track your mileage, helping you to record every single trip at the touch of a button. It also manages trips as well, storing them and allowing you to view, edit or email them with complete ease.

Keeping in touch via ‘Push Notifications’

As a firm we are committed to finding ways to communicate and interact with clients in the most efficient possible way. The new App enables us to send push notifications to all App users. We will be using this feature to share important news, deadline reminders and financial updates with you.

This App was designed to provide every service you could ask from us. We’ve put your favourite business systems, invaluable tools and features such as calculators, tax tables, logbooks, receipt and income management, instant access to the latest financial news and information and valuable company info, directly from us. With all this on one App, our App will likely be your go-to tool in the future.

It’s available for iPhone, iPad and Android devices completely free of charge right now!

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Enjoy our App with our compliments!

August Tax Tips and News

Welcome to August’s Tax Tips & News, designed to bring you keep you one step ahead of the taxman.

We are committed to ensuring none of our clients pay a penny more in tax than is necessary and they receive useful tax and business advice and support throughout the year.

Please contact us for advice on your own specific circumstances. We’re here to help!

HMRC Annual Report Published

The National Audit Office has published a report on the 2015-16 accounts of HMRC. The report shows that HMRC raised £536.8bn of tax revenues during 2015-16, an increase of £19.1bn (3.7%) on 2014-15 and paid out £40bn in benefits and credits (approximately one-fifth of the government’s total benefit expenditure). The taxes that contributed to most of this increase were income tax and National Insurance Contributions (NICs), which together increased by £10.3bn (3.8%); corporation tax, which increased by £4.1bn (9.9%); and VAT, which increased by £2.1bn (1.8%). Capital gains tax and Insurance premium tax also recorded significant increases, by 28.1% (to £7.3bn); and 27.6% (to £3.7bn) respectively. The annual cost of running HMRC was £3.2bn in 2015-16 (£3.1bn in 2014-15).

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Spotlight on Tax Avoidance Schemes

HMRC have published Spotlight 31: change of date for withdrawal of transitional relief on investment growth, which covers the extension of the date of withdrawal of transitional relief currently available under FA 2011, Sch. 2, para. 59 from 30 November 2016 to 31 March 2017.

The withdrawal of the relief was announced at the 2016 Budget, as part of the package of changes to tackle the use of disguised remuneration avoidance schemes (such as Employee Benefit Trusts (EBTs) and contractor loans) and ensure that those who have used these schemes pay the correct amount of tax and National Insurance contributions.

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HMRC Focus on Contractor Loan Schemes

HMRC have recently published new guidance on contractor loan schemes, which have been widely marketed by scheme promoters as a method of receiving non-taxable income. HMRC are adamant that such schemes do not work and they are likely to challenge anyone using them.

In a contractor loans scheme, an individual is paid in the form of a loan from a trust or company, sometimes referred to as a remuneration trust. The payment is not made directly by the engaging company, and will be diverted through a chain of companies, trusts or partnerships. Scheme promoters have claimed that payments are non-taxable, because they are just loans and don’t count as income. However, since the loan is not paid back, the payments are to be treated as normal income and should be taxed accordingly. Those who use such schemes are highly likely to be regarded by HMRC as participating in tax avoidance arrangements, and this could result in additional taxes, penalties and interest becoming due.

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Casual Employees

Some employers will be considering taking on extra staff on a ‘casual’ basis to cover the summer period. There are a few issues which employers should think about when taking on people on a temporary basis.

Firstly, the employment status of the worker needs to be carefully considered. The term ‘casual worker’ is not precisely defined in statute. It is often used to refer to individuals who are engaged on an ‘as and when required’ basis, and often, the intention is that the individual will not have employment status and all the legal rights which permeant employees enjoy.

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August Questions and Answers

Q1. I have five employees who I recently took out for dinner to celebrate the success of the company. The total cost of the meal was £225. Do I have to report this as a benefit-in-kind to HMRC?
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Q2. Is there any update on Finance Bill 2016 Progress?
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Q3. How long do I need to keep VAT records for?
Answer

August Key Tax Dates

2 – Last day for car change notifications in the quarter to 5 July – Use P46 Car
19/22 – PAYE/NIC, student loan and CIS deductions due for month to 5/8/2016

Need Help?

Please contact us if we can help you with these or any other tax or accounts matters.

In addition, if there’s anyone else who you think would benefit from the newsletter, please forward the email to them or ask them to contact us to be added to the newsletter list. If you are not already a client and are interested in becoming one, we would love to come to meet with you to discuss how we can help and provide you with a competitive quote for our services.

 

New Clients Welcome

All new client consultations are provided free of charge and without obligation.

Visit our website www.davisgrant.co.uk for more information.