Morgan Hemp Blog

Cancelling VAT or VAT-MOSS Registration

Friday, May 1, 2015

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…

Forms P11D and P9D

Friday, May 1, 2015

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…

Auto-enrolment exemptions

Friday, May 1, 2015

Have you received a letter from The Pension Regulator (TPR) telling you to “ACT NOW” to prepare for auto-enrolment? The letter gives you just a few weeks to nominate a contact to receive communications about auto-enrolment, with the threat of fines or prosecution if you don’t take action.

The “staging date” for your business will be stated in the letter. This is the date by which you must have a pension scheme ready for your employees to join, if you do indeed need one.

A large number of small companies…

ATED Reporting

Friday, May 1, 2015

The annual tax on enveloped dwellings (ATED) now applies to residential properties worth over £1m that are owned by a company, or a partnership with one or more corporate members, or in some cases a unit trust.

The ATED charge starts at £7,000 per year for properties worth over £1m but no more than £2m, and increases in steps to £218,200 per year for properties worth over £20m. This tax is normally payable to HMRC by 30 April within the year that charge applies to, which starts on 1…

Cancelling VAT or VAT-MOSS Registration

Friday, May 1, 2015

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…

Forms P11D and P9D

Friday, May 1, 2015

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…

Morgan Hemp receive gold accreditation for trainee development

Friday, May 1, 2015

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…

What Tax Rate do you Pay?

Friday, April 24, 2015

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…

Marriage allowance

Wednesday, April 1, 2015

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%….

Birthday surprise

Wednesday, April 1, 2015

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…