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Ashgates have passed their Cyber Essentials Certification! In addition to Ashgates IT, we take our Cyber Security very seriously to ensure that our data is secure and transferred in an encrypted manner. Cyber Essentials is a Government backed scheme, helping organisations improve their defences & demonstrate publically, their commitment to Cyber Security. Having reviewed our own policies, procedures and defences it is great to know that we not only comply but also exceed the requirements in many areas. If you would like to see how Cyber Essentials can benefit your business, working to secure your customers data and demonstrate your commitment to Cyber Security, please get in touch with Ashgates IT and for more information.  Following the lengthy build up, Making Tax Digital for VAT is here!
But do not worry as you still have plenty of time to ensure that you are compliant as most VAT returns mandated to be submitted through the new system will not be due for submission for a few months from now. Legislation requires that from your first VAT period starting on or after today you must maintain financial records in a digital format, this can be anything from Xero, Sage50Cloud or even a spreadsheet and compatible bridging software. In addition to maintaining digital records, you must also ‘opt in’ to be compliant as this is not done automatically by HMRC. Please contact us should you require further information of what compatible digital accounting system is best for you and how to ensure your future VAT returns remain compliant. The new tax year brings changes to income tax bands and allowances.
The personal allowance is £11,850 for 2018/19 and increases to £12,500 for 2019/20. There is a reduction in the personal allowance for those with 'adjusted net income' over £100,000. The reduction is £1 for every £2 of income above £100,000. So for 2018/19 there is no personal allowance where adjusted net income exceeds £123,700. For 2019/20 there is no personal allowance available where adjusted net income exceeds £125,000. The forms P11D which report details of benefits and some expenses provided to employees and directors for the year ended 5 April 2019, are due for submission to HMRC by 6 July 2019. The process of gathering the necessary information can take some time, so it is important that this process is not left to the last minute.
Chancellor Philip Hammond delivered the Spring Statement on Wednesday 13 March 2019 amidst all the Brexit debates.
In his speech the Chancellor provided an update on the economy and responded to the Office for Budget Responsibility forecasts. In addition he launched consultations on various aspects of the tax system together with updates on earlier consultations. One area subject to consultation is the Structures and Buildings Allowance (SBA). The government has delayed its planned increase in probate fees indefinitely.
The delay has been attributed to 'pressure on Parliamentary time' caused by Brexit debates and votes. The government has published additional documents containing advice on Brexit for UK small businesses.
HMRC is phasing in its landmark Making Tax Digital (MTD) regime, which will ultimately require taxpayers to move to a fully digital tax system. Under the new rules, businesses with a taxable turnover above the VAT threshold (currently £85,000) must keep digital records for VAT purposes and provide their VAT return information to HMRC using MTD functional compatible software.
Gavin says "I am very much looking forward to the continued development of my role at Ashgates, both in terms of further developing my existing client relationships and working with new clients of the firm in the future.
Ashgates is a fantastic place to work, with a great group of people and client service is always very clearly at the heart of everything we do. I could not be prouder to be appointed as Partner and to be part of the firm’s long term future." |
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