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  • Who We are
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Xero Experts!

16/9/2016

 
Our in-house team of Xero experts continues to go from strength to strength. This week Kelly Smith, Karen Gibb & Maya Bhardwa have become Xero certified!

​Why not take a look at how Xero could benefit your business.

ACCA exam passes

16/9/2016

 
We pass on our huge congratulations to Dan Burnell (ABS Semi-Senior) and Stacey White (ABS Trainee), who have this week passed their ACCA - F4 Law exams!

Xero Certified Team grows

12/9/2016

 
Congratulations to Dan Burnell and Steph Blount who are the latest members of our team to become Xero Certified. 

Our team of Xero experts continues to grow. If you would like to see how your business could benefit from Online Accounting, please visit our Xero page for more info.

VAT Relief on Pension Schemes Costs?

5/9/2016

 
Are you due some VAT back on your businesses pension scheme costs? 

​In the past HMRC have always taken the view that investment management services provided in respect of assets in a pension scheme were liable to 20% VAT.  However following the recent outcome of tax cases heard in the European Court, their policy relating to some of the services provided was found to be incorrect.
If a pension scheme qualifies as a special investment fund (SIF) then the element of fees paid relating only to the management of these investments should be VAT exempt.  A SIF is a fund that has more than one member and more than one investment, and where members share the risk of these investments.  There is the possibility of going back 5 years to reclaim the VAT on the element of these costs.
If you think you may be affected by the above then you should contact your pension scheme to see if a VAT refund is due for you.

HMRC outline Making Tax Digital plans

5/9/2016

 
HMRC have issued a series of consultation documents outlining further plans for the government’s Making Tax Digital (MTD) initiative.  HMRC have published six consultation documents on MTD. The six consultations set out detailed plans on how HMRC propose to make tax digital and to simplify the tax system. The consultations look at the following areas:
  • How digital record keeping and regular updates will operate - this considers compulsory digital record-keeping and quarterly ‘updates’ to HMRC and an End of Year declaration within nine months of the end of the period of account.
  • Options to simplify tax for unincorporated businesses, including changes to basis periods, extending cash basis accounting and reducing reporting requirements for unincorporated businesses.
  • Extending cash basis accounting to unincorporated property businesses.
  • Voluntary pay as you go arrangements, where taxpayers can pay what they want when they want, subject to the normal payment on account rules. Regular direct debit arrangements and quarterly payments on account are also being considered.
  • Changes to tax administration, including changes to the enquiry regime, penalties for late submission of quarterly updates and End of Year declarations and also the late payment of tax.
  • How HMRC will make better use of the information which they currently receive from third parties, including updating of PAYE codes more regularly and coding out of bank interest via PAYE.
Commenting on the plans, Jane Ellison Financial Secretary to the Treasury said:
‘This new system will make the UK’s tax administration more efficient and straightforward and will offer businesses greater clarity when it comes to paying their tax bills.’

However professional bodies have expressed their concerns about HMRC’s proposals. Frank Haskew, Head of the Tax Faculty at the Institute of Chartered Accountants in England and Wales, said:
‘This is not the time to be rushing through fundamental changes to business processes that are likely to result in major upheaval and extra costs, especially when the business benefit to the UK has not been clearly demonstrated.’ 

Under the Government’s plans, the changes to the tax system will be introduced gradually between 2018 and 2020. We will keep you informed of developments.
Internet link: GOV.UK MTD

HMRC genuine and phishing/bogus emails and calls

5/9/2016

 
HMRC have issued an update of their guidance on how to recognise genuine HMRC contact be it via email or text.
They have also issued a warning regarding two telephone scams that they are aware of.
The details of the two phone scams are as follows:
  • Taxpayers receive telephone calls claiming to be from HMRC requesting personal information in order to receive a tax refund, or to demand money for an unpaid tax bill.
  • A recorded message is left, allegedly from HMRC, advising ‘that HMRC are bringing a lawsuit against the individual and is going to sue them. The recipient is asked to phone 0161 8508494 and press “1” to speak to the officer dealing with the case.
HMRC are advising that taxpayers should not reply to the message and should report this to Action Fraud, or you can call Action Fraud on 0300 123 2050.
Internet links: HMRC guidance Employer Bulletin

Government urged to delay the launch of Lifetime ISA

5/9/2016

 
The government is being urged by both pension providers and banks to delay the April 2017 launch of the new Lifetime ISA as they are warning that they will not be ready to offer the savings product by this time.
A new Lifetime ISA introduces a new type of savings account for adults under the age of 40. Individuals will be able to contribute up to £4,000 per year and receive a 25% bonus from the government. Funds, including the government bonus, can be used to buy a first home at any time from 12 months after opening the account, and can be withdrawn from age 60 completely tax-free.
Further details of the new account, which is expected to be available from 2017, are as follows:
  • Any savings an individual puts into the account before their 50th birthday will receive an added 25% bonus from the government.
  • There is no maximum monthly contribution and up to £4,000 a year can be saved into a Lifetime ISA.
  • The savings and bonus can be used towards a deposit on a first home worth up to £450,000 across the country.
  • Accounts are limited to one per person rather than one per home, so two first time buyers can both receive a bonus when buying together.
  • Where an individual already has a Help to Buy ISA they will be able to transfer those savings into the Lifetime ISA in 2017, or continue saving into both. However only the bonus from one account can be used to buy a house.
  • Where the funds are withdrawn at any time before the account holder is aged 60 they will lose the government bonus (and any interest or growth on this) and will also have to pay a 5% charge.
  • After the account holder’s 60th birthday they will be able to take all the savings tax-free.

In the article published by This is Money pension providers Aegon and Standard Life have stated that they have delayed their plans until final details regarding the Lifetime ISA are released.
The Financial Conduct Authority (FCA) is yet to consult on the initiative. Steven Cameron, Pensions Director at Aegon, stated that a consultation is ‘likely to take three months’ to carry out.
Meanwhile, a spokesperson for Standard Life said: ‘As we want the Lifetime ISA to be a success, we would prefer that its launch is delayed until providers receive more detail on the product and how it is to be implemented.’
The Treasury is expected to confirm full details in the autumn.
Internet link: Article

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