Call us on 01792 466 428
Book a FREE Consulation

Cancelling VAT or VAT-MOSS Registration

If you registered for UK VAT in order to operate VAT-MOSS for your overseas sales of digital services to non-business customers, you may now find that the administration for such sales is just not worth the hassle. If so you may want to deregister for both UK-VAT and VAT-MOSS, and restrict your sales to UK-based consumers, or businesses located anywhere outside the EU.

The deregistration process for VAT-MOSS must be done online and it will take effect from the end of the calendar quarter in which notice to deregister…

Read More

Forms P11D and P9D

The forms P11D and P9D need to be submitted to HMRC by 6 July 2015 where expenses or benefits were provided to your employees in 2014/15, which are not covered by a dispensation, or are not otherwise exempt from tax. If the forms are not submitted on time, HMRC will issue penalties.

But how does HMRC know whether a P11D or P9D is due to be filed? In pre-RTI years when you completed the end of year form P35 you had to say whether a P11D was due. Those…

Read More

Morgan Hemp receive gold accreditation for trainee development

We are delighted to have been awarded a gold accreditation for our trainee development from ACCA (the Association of Chartered Certified Accountants) which is the global body for professional accountants.

The coveted award demonstrates the fact that Morgan Hemp shows the highest commitment to developing our trainee accountants.

Morgan Hemp Director, Martin Hudson said: “We are proud of the service we offer to our clients and our staff are the standard bearers for the Martin Morgan brand, so it is vital to us that every member of our team is…

Read More

What Tax Rate do you Pay?

A question we are often asked is, how can I reduce my tax bill?

A simple question on the face of it, but how simple is the UK tax system?

An income taxpayer might reasonably assume that there are only three rates of tax within the UK, basic rate tax at 20%, higher rate tax at 40% and the additional rate at 45%, and they would technically be correct.  However the reality of the UK tax system is that your personal circumstances…

Read More

Marriage allowance

If you are married or in a civil partnership, and born on or after 6 April 1935 you can now apply for the new marriage allowance. This is not an extra amount of tax free allowance, but a transfer of £1,060 of unused personal allowance from one spouse or civil partner to the other. It will save the couple tax of £212 for 2015/16.

The marriage allowance can only be claimed where one person has unused personal allowance and the other partner/spouse is taxed at no more than 20%….

Read More

Birthday surprise

Do you know when your younger workers will reach their key birthdays: 18 and 21? It is essential to know exactly when these dates fall, as reaching such a milestone will change the level of national minimum wage (NMW) which must be paid to that worker. The current and proposed NMW hourly rates are:

Age or status of employee: From 1 October 2014 From 1 October 2015
21 and over £6.50 £6.70
18 to 20 £5.13 £5.30
Under age 18 £3.79 £3.87
Apprentices under 19 or in 1st year £2.73 £3.30

An employee’s pay must be increased from the beginning of the pay period…

Read More

Charities and tax

If you help to run a charity you need to keep on top of the tax and audit regulations that apply to charities, and the gift aid scheme.

A person with earnings or pension income of less than £10,600 and interest of up to £5,000 will pay no income tax in 2015/16. These individuals should not make gift aid declarations for donations made on or after 6 April 2015, as they do not pay the income tax which the charity reclaims in respect of that donation.

As a charity you…

Read More

Pension freedom or liberation?

Pension freedom is a GOOD thing. The change in law from 6 April 2015 means that members of defined contribution pension schemes who are aged 55 or more should be able to draw what they want from their pension schemes. But “pension liberation” is a BAD thing. This is when scammers use confidence tricks to separate taxpayers from their pension savings, and the taxpayer has to pay high charges and tax penalties. Can you tell the difference?

If you are thinking about taking funds from your pension plan, you…

Read More

Budget March 2015 – Download our free guide (PDF)

In this analysis we have mainly concentrated on the tax measures that will directly affect individuals, employers and small businesses.

We are committed to ensuring all our clients don’t pay a penny more in tax than is necessary.

If you have any questions or would like one-to-one advice tailored to your needs, please call us on 01792 466 428 or email [email protected].

Read More

Company cars

Does your company still own or lease the car you use for private journeys? You may need to rethink that arrangement in light of the tax charges due to apply in the years ahead.

From 6 April 2015 all company cars will generate a tax charge for the driver and the employer, even electric cars will be taxed on 5% of their list price. The taxable benefit for other low emission vehicles (51-75g/kg) will leap up from 5% to 9% of the vehicle’s list price. The taxable benefit for…

Read More