2 – Last day for car change notifications in the quarter to 5 October – Use P46 Car
19/22 – PAYE/NIC, student loan and CIS deductions due for month to 5/11/2016
Read MoreNovember key tax dates
Tuesday, November 1, 2016
Uncategorised
Please find below all the articles that have been categorised as 'Uncategorised'.
Restriction of tax relief on finance costs for individual landlords
Tuesday, November 1, 2016
New provisions will take affect from April 2017, which will see tax relief for finance costs on residential properties being gradually restricted over a period of three years, until, by 2020/21, all financing costs incurred by a landlord will be restricted to the basic rate of income tax.
Such finance costs include mortgage interest, interest on loans to buy furnishings and fees incurred when taking out or repaying mortgages or loans. No relief is available for capital repayments of a mortgage or loan.
Landlords will no longer be able to…
Read MoreNMW increases take effect
Tuesday, November 1, 2016
New rates for the National Minimum Wage (NMW) took effect from 1 October 2016, and employers must ensure that they implement them accordingly. The rates are as follows:
– 25 and over – £7.20 per hour;
– 21- to 24-year-olds – £6.95 an hour;
– 18- to 20-year-olds – £5.55 an hour;
– 16- to 17-year-olds £4.00 an hour; and
– Apprentice rate – £3.40 an hour.
The increased NMW penalty took effect from 1 April 2016 and applies to any notice of underpayment relating to a pay reference period beginning on or after…
Read MoreHelp-to-Save
Tuesday, November 1, 2016
The Savings (Government Contributions) Bill is currently making its way through Parliament, having had its second reading in the House of Commons on 17 October 2016. Broadly, if enacted, the Bill will introduce two new schemes – the lifetime ISA and Help-to-Save – both of which are designed to support more people as they try to save for the future.
Help-to-Save will target working families on the lowest incomes to help them build up their savings. The scheme will be open to some 3.5 million adults in receipt of…
Read MoreNovember questions and answers
Tuesday, November 1, 2016
Q. I have recently set up my own business after having been employed for many years. Although I am hopeful that I will eventually make a profit, I anticipate that I am likely to make a small loss in each of my first three years of trading. What is the best way for me to utilise these losses for tax purposes?
A. If a business is being carried on on a commercial basis with a view to making a profit, it is generally possible to claim relief for a trading…
Read MoreBoosting your finances ahead of the Year End
Wednesday, October 26, 2016
Are your business and personal financial arrangements as tax-efficient as possible? As the end of the tax year approaches, we can help to ensure that you are making the most of all of the available opportunities to save tax and improve your profitability.
Please take some time to read through our 2016/17 Year End Strategies Guide, which contains practical guidance and ideas to implement before 5 April 2017.
With our useful tips and expert assistance, we can help you and your business…
Read MoreDon’t Let Poor Planning Put Your SME, Or Your Nest Egg, at Risk.
Thursday, October 20, 2016
Here at Morgan Hemp we are keen to share our expertise with the Swansea Bay community and beyond. So we are pleased to have organised our first Business Breakfast on the subject of: Planning for a Successful Business Exit.
The event goes ahead at Swansea Marriott on November 3, in conjunction with HR Specialists Effective HRM and sponsored by HSBC Bank PLC.
This inaugural event is invitation-only, but please email: [email protected] if you would like to come along to the next one.
To give you a flavour of…
Read MorePlanning to Reward Staff With Some Christmas Vouchers?
Thursday, October 20, 2016
Q. I am keen to give my employees some vouchers from a high street retailer as an added Christmas bonus this year. Are there any tax implications?
A. Planning ahead is key as the answer could be yes or no depending on the amount and type of voucher.
No – If the voucher is worth £50 or less and meets certain other criteria, then it can be given tax-free to the employee.
Yes – If you give incentives – either as cash or as redeemable vouchers – then you may be…
Read MoreOctober Key Tax Dates
Saturday, October 1, 2016
1 – Due date for payment of Corporation Tax for the year ended 31 December 2015
5 – If a Tax Return has not been received, individuals and trustees must notify HMRC of new sources of income and chargeability in 2015/16
14 – Return and payment of CT61 tax due for quarter to 30 September 2016
19 – Tax and Class 1B national insurance due on PAYE settlements for 2015/16
19/22 – PAYE/NIC, student loan and CIS deductions due for month to 5/10/2016 or quarter 2 of 2016/17 for small employers
31 -…
Read MoreOctober Questions and answers
Saturday, October 1, 2016
Q. I have recently started a new job and, for the first time in my career, I have been provided with a company car. I have to pay for fuel for private use but my employer says I can claim mileage for business journeys. Will I have to pay tax on fuel payments?
A. In addition to the company car benefit charge, employees have to pay tax on any fuel their employer provides that is used for private mileage. For 2016-17 you would calculate this amount by multiplying the…
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