Archive:October 2015

Please find below all the articles from October 2015.

Morgan Hemp Fuels Expansion With More Recruitment

Friday, October 2, 2015

Morgan Hemp is continuing with its steady expansion, having boosted the team with another new recruit.

The firm has taken on a new Junior Accounts Clerk, who is studying towards his professional accountancy qualifications, AAT Level 3. Morgan Hemp recruited two other Junior Accounts Clerks in the spring of this year.

Joe Parker, aged 20, has joined the Morgan Hemp team as an integral part of the continued growth of the Swansea-based company – highlighted by the firm’s expansion into neighbouring premises in recent years.

Joe, from Penllergaer, brings with him…

South Wales Accountancy Firm on the Ball With Mumbles Youth Team Sponsorship

Friday, October 2, 2015

Swansea accountancy firm Morgan Hemp are on the ball when it comes to supporting youth football. They have sponsored Mumbles Rangers Albion Under 13s boys 11-a-side team, providing new shirts.

The chartered certified accountants have long associations with the Mumbles team, with one of the company directors, Mark Robinson, being a regular team coach for the Under 12 girls.

Mark said they were delighted to give their backing to the young squad.

“We are very happy to show our support for grass roots sport and it is great to see so…

Spotlight on Contractor Loan Schemes

Friday, October 2, 2015

According to recent guidance published by HMRC, contractors and freelancers have been bombarded by promoters who make claims that they can help individuals take home up to 90% of their income using a contractor loan scheme. Broadly, promoters have been using this type of scheme to reduce the amount of tax paid on income by making payments which purport to be ‘loans’ from a trust or a company. Normally, a contractor would receive the contract income directly and pay tax on it. These arrangements artificially divert the income…

IHT on Main Residence Nil-rate Band and Downsizing Proposals

Friday, October 2, 2015

HMRC have published a technical note covering the proposals, announced in the Summer Budget 2015, to phase in a new residence nil-rate band (RNRB) from 6 April 2017 when a residence is passed on death to a direct descendant.

The proposed rate bands are:

– £100,000 in 2017-18
– £125,000 in 2018-19
– £150,000 in 2019-20
– £175,000 in 2020-21

It is proposed that from 2021-22 the band will rise in line with the consumer price index (CPI).

Broadly, the proposals mean that where part or all of the RNRB might be lost because the…

October Question and Answer Section

Friday, October 2, 2015

Q. I am a VAT-registered sole trader, owning a cycle shop in my local town. I am thinking of opening a second shop in another town and am wondering how I will deal with this for self-assessment and VAT. Will I need to register the new shop for VAT separately and complete two VAT returns – one for each business?

A. I presume you are going to be selling similar goods and providing similar services in the new shop. If that is the case, you will be able to…

Changes to NICs for the Self-employed

Friday, October 2, 2015

From 2015-16 onwards, the collection of Class 2 contributions will be through the self-assessment system. This means that Class 2 NICs can now be paid together with income tax and Class 4 NICs in one chunk on the 31 January following the end of the relevant tax year. In the past, most people have paid Class 2 contributions monthly by direct debit. Following the final payment in July 2015, HMRC have cancelled such direct debit payments, ready for the switch over to the new system of payment under…

Tax Credit Changes Approved

Friday, October 2, 2015

The government has recently confirmed that the draft Tax Credits (Income Thresholds and Determination of Rates) (Amendment) Regulations 2015, which were laid before Parliament on 7 September 2015, are compatible with the European convention on human rights. Following a lengthy parliamentary debate, the draft regulations have been approved and are expected to apply from 6 April 2016. The implication of these regulations means that most tax credit claimants will have their working tax credit (WTC) and child tax credit (CTC) reduced from April 2016, but the impact of…

October Key Tax Dates

Friday, October 2, 2015

1 – Due date for payment of Corporation Tax for the year ended 31 December 2014

5 – If a Tax Return has not been received, individuals and trustees must notify HMRC of new sources of income and chargeability in 2014/15

14 – Return and payment of CT61 tax due for quarter to 30 September 2015

19 – Tax and Class 1B national insurance due on PAYE settlements for 2014/15

19/22 – PAYE/NIC, student loan and CIS deductions due for month to 5/10/2015 or quarter 2 of 2015/16 for small employers

31 -…

New Job Vacancy

Thursday, October 1, 2015

Semi Senior Accountant PERMANENT – FULL TIME Swansea Area, Salary TBC

We are broadening our horizons. Do you want to do the same? Morgan Hemp, one of the most respected Chartered Certified Accountancy Firms in South West Wales, is looking for a semi-senior accountant to join its expanding team.

We are looking for a diligent practitioner with over three years experience for this role, which will be focused on preparing financial statements, management accounts, corporate and personal tax returns,…