Newsletter 109

Headlines from our latest newsletter.  Please click on any of the links below for more information :

AUTUMN STATEMENT UPDATE

On Wednesday 23 November the Chancellor Philip Hammond presented his first, and last, Autumn Statement along with the Spending Review
- See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-109#Autumn

SEASONAL GIFTS TO EMPLOYEES - MAKE SURE THEY ARE TAX FREE

At this time of year some employers may wish to make small gifts to their employees
- See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-109#Seasonal

ADVISORY FUEL RATES FOR COMPANY CARS

New company car advisory fuel rates have been published which took effect from 1 December 2016
- See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-109#Advisory

‘NO EXCUSES’ FOR AUTO ENROLMENT MISTAKES SAY TPR

The Pensions Regulator is reminding employers and their advisers, that they need to comply with their auto enrolment duties or face penalties
- See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-109#TPR

MAKING TAX DIGITAL UPDATE

Over the summer HMRC published six consultation documents on Making Tax Digital
- See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-109#Digital

RECOGNISING GENUINE CONTACT FROM HMRC - SPOTTING PHISHING

HMRC have updated their guidance on how to spot genuine contact from HMRC, and how to tell when an email or text message is phishing or bogus
- See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-109#Phishing

CHRISTMAS CLOSURE

Our office will close for the Christmas break on Friday 23rd December 2016 at 5:15pm re-opening on Tuesday 3rd January 2017 at 9:00am

SEASONAL GIFTS TO EMPLOYEES - MAKE SURE THEY ARE TAX FREE

At this time of year some employers may wish to make small gifts to their employees
- See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-109#Seasonal

Newsletter 108

Headlines from our latest newsletter.  Please click on any of the links below for more information:

PAYE LATE FILING PENALTIES

HMRC have published the latest issue of the Employer Bulletin with articles on a variety of topics relevant to employers - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-108#PAYE

LATEST GUIDANCE FOR EMPLOYERS

Statutory Maternity Leave and Childcare Vouchers

Following the decision of an Employment Appeal Tribunal (Peninsula Business services v Donaldson) regarding Childcare Vouchers (CCVs), salary sacrifice and maternity leave, HMRC are considering what guidance is needed
- See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-108#PAYE

TAX GAP FALLS TO 6.5%

The Office for National Statistics has announced that the UK tax gap fell in 2014/15 to its lowest ever level of 6.5%
- See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-108#TAX

HMRC UPDATE PHISHING GUIDANCE

HMRC have updated their guidance to taxpayers on how to spot phishing scam emails
- See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-108#PHISING

NEW WEBSITE TO HELP CHARITIES TACKLE FRAUD

The Charity Commission for England and Wales, together with members of the Charity Sector Counter Fraud Group, have launched a new website to help charities tackle fraud
- See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-108#CHARITIES

PLANS TO ALLOW PENSIONERS TO SELL ANNUITIES ABANDONED

The government has announced that it is shelving plans to allow pensioners to sell their annuities for a lump sum
- See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-108#ANNUITIES

PAYE LATE FILING PENALTIES

HMRC have published the latest issue of the Employer Bulletin with articles on a variety of topics relevant to employers - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-108#PAYE

PAYE LATE FILING PENALTIES

HMRC have published the latest issue of the Employer Bulletin with articles on a variety of topics relevant to employers - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-108#PAYE

PAYE LATE FILING PENALTIES

HMRC have published the latest issue of the Employer Bulletin with articles on a variety of topics relevant to employers - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-108#PAYE

PAYE LATE FILING PENALTIES

HMRC have published the latest issue of the Employer Bulletin with articles on a variety of topics relevant to employers - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-108#PAYE

Newsletter 107

Headlines from our latest newsletter.  Please click on any of the links below for more information :

AUTUMN STATEMENT PLANS

The Chancellor of the Exchequer, Philip Hammond, will present his first Autumn Statement to Parliament on Wednesday 23 November 2016 http://www.walkerthompson.co.uk/newsletters/Newsletter-107#Autumn

TAX FREE CHILDCARE

HMRC have announced further details of the new Tax Free childcare scheme which is to be introduced in 2017
http://www.walkerthompson.co.uk/newsletters/Newsletter-107#Childcare

DEADLINE FOR ‘PAPER’ SELF ASSESSMENT TAX RETURNS

For those individuals who have previously submitted ‘paper’ self assessment tax returns the deadline for the 2015/16 return is 31 October 2016
http://www.walkerthompson.co.uk/newsletters/Newsletter-107#Deadline

INCREASE IN NMW RATES

The National Minimum Wage (NMW) is a minimum amount per hour that most workers in the UK are entitled to be paid. NMW rates increases came into effect on 1 October 2016
http://www.walkerthompson.co.uk/newsletters/Newsletter-107#NMW

VAT CLAIM ON COMPANY CARS ALLOWED

HMRC recently lost a first tier tribunal case on the recovery of VAT on the purchase of six cars
http://www.walkerthompson.co.uk/newsletters/Newsletter-107#VAT

UPDATED GUIDANCE ON GIFT AID

HMRC have updated their guidance for charities and community amateur sports clubs (CASC) on claiming Gift Aid on donations
http://www.walkerthompson.co.uk/newsletters/Newsletter-107#Updated

LIFETIME ISA

Following consultation the government has issued further details of the new Lifetime ISA account which is expected to be available from April 2017
http://www.walkerthompson.co.uk/newsletters/Newsletter-107#ISA

Newsletter 106

Headlines from our latest newsletter.  Please click on any of the links below for more information:

HMRC OUTLINE MAKING TAX DIGITAL PLANS

HMRC have issued a series of consultation documents outlining further plans for the government’s Making Tax Digital (MTD) initiative - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-106#HMRC

GOVERNMENT PROPOSE NEW SANCTIONS FOR TAX AVOIDANCE

The government has announced new proposals for sanctions for ‘enablers and users of tax avoidance which is defeated by HMRC’ - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-106#Government

ACCOUNTING STANDARDS AND THE TAX IMPLICATIONS OF NEW UK GAAP

HMRC have updated their guidance on the tax implications of changes to the ‘generally accepted accounting practice’ used to prepare financial statements as many UK companies will be required to apply one of the EU-endorsed IFRS, FRS 101 or FRS 102 over the next few years - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-106#Accounting

HMRC GENUINE AND PHISHING/BOGUS EMAILS AND CALLS

HMRC have issued an update of their guidance on how to recognise genuine HMRC contact be it via email or text - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-106#Phishing

HMRC GENUINE AND PHISHING/BOGUS EMAILS AND CALLS

HMRC have issued an update of their guidance on how to recognise genuine HMRC contact be it via email or text - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-106#Phishing

COMPLAIN TO HMRC - ONLINE

HMRC have always had complaints procedures and have extended these to now include an online form which can be used to make complaints about your self-assessment and PAYE - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-106#Complain

GOVERNMENT URGED TO DELAY THE LAUNCH OF LIFETIME ISA

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 - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-106#ISA

ADVISORY FUEL RATES FOR COMPANY CARS

New company car advisory fuel rates have been published which take effect from 1 September 2016 - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-106#Fuel

GUIDANCE FOR EMPLOYERS

HMRC have issued their latest guidance to employers in the August edition of the Employer Bulletin
- See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-106#Employers

GOVERNMENT URGED TO DELAY THE LAUNCH OF LIFETIME ISA

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 - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-106#ISA

HMRC OUTLINE MAKING TAX DIGITAL PLANS

HMRC have issued a series of consultation documents outlining further plans for the government’s Making Tax Digital (MTD) initiative - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-106#HMRC

Start Up Loans Scheme

The Government backed scheme launched in September 2012 has apparently seen over £72million written off or fall into default according to the British Business Bank.

If correct this represents 31% of the total monies loaned under the programme and is a sum greater than the amounts so far repaid in the last 4 years. Questions are being asked regarding why taxpayers are seemingly funding a scheme where success is measured more by the amount of money which passes out the door and the speed with which this is achieved rather than by the commercial returns coming back in.  A spokesman for BIS says that “over a quarter of a billion pounds has gone out to entrepreneurs through the scheme, creating thousands of jobs and generating a return on investment to UK plc of £3 for every £1 spent”  (Independent i)

That comment from BIS serves only to reinforce the fact that they are fully aware of what is going out whilst not fully understanding perhaps that if companies cannot repay their loans then they are presumably in difficulty and will be reducing payroll rather than extending it further and not providing a return on investment at all !

Apple hit with €13bn tax bill

News of the supposedly good deal struck between Apple Corporation and Ireland is perhaps not altogether surprising. The allegation that tax underpaid could amount to 13bn Euros apparently “sends a clear message that EU member states cannot give unfair tax benefits to selected companies” according to EU Competition Commissioner Margrethe Vesteger.

Ms Vesteger was a former member of the Danish Parliament, the same country which offered Goldman Sachs, Citigroup, Merrill Lynch and others, arrangements which deprived Denmark of substantial tax revenues.

With the banks’ help, stock owners avoid paying Danish authorities the dividend taxes they would otherwise owe on their holdings of companies like Maersk, Novo Nordisk, Danske Bank, Tryg and Carlsberg, among others.

Clearly it would seem that the principles of “Do as I say, not as I do” are alive and well and living in the EU.

Newsletter 105

Headlines from our latest newsletter.  Please click on any of the links below for more information :

RESIDENTIAL PROPERTY INCOME AND INTEREST RELIEF

The government has issued guidance and examples on the restriction of income tax relief for interest costs incurred by landlords of residential properties - See more at: http://www.walkerthompson.co.uk/Newsletter-105#Relief

TPR LATEST PENSIONS AUTO ENROLMENT AWARENESS

According to the latest research by the TPR, based on surveys carried out between February and April 2016, the understanding amongst small employers of their duties under pensions auto enrolment saw a significant rise from 68% to 81%
- See more at: http://www.walkerthompson.co.uk/Newsletter-105#Pensions

HMRC LATEST ‘TAX CHEAT’ TARGETS

HMRC have launched a new taskforce to tackle wealthy tax cheats who are living beyond their means in Northern Ireland and expect the campaign to recover approximately £18 million - See more at: http://www.walkerthompson.co.uk/Newsletter-105#Targets

LATEST ONS LABOUR MARKET STATISTICS

The ONS has announced that in the three months from March to May 2016, the number of people in work increased - See more at: http://www.walkerthompson.co.uk/Newsletter-105#Statistics

UPDATED STUDENT LOAN DEDUCTION GUIDANCE

HMRC have issued updated guidance to employers on how to deal with student loan deductions via the PAYE system - See more at: http://www.walkerthompson.co.uk/Newsletter-105#Student

WORKING IN HOT TEMPERATURES

ACAS have some guidance on ‘hot weather’ working - See more at: http://www.walkerthompson.co.uk/Newsletter-105#Hot

CHARITY NEWS

Annual returns

The Charity Commission, which is the relevant body for charities registered in England and Wales, has announced that its latest annual return is now available and can be found on GOV.UK - See more at: http://www.walkerthompson.co.uk/Newsletter-105#News

LATEST ONS LABOUR MARKET STATISTICS

The ONS has announced that in the three months from March to May 2016, the number of people in work increased - See more at: http://www.walkerthompson.co.uk/Newsletter-105#Statistics

RESIDENTIAL PROPERTY INCOME AND INTEREST RELIEF

The government has issued guidance and examples on the restriction of income tax relief for interest costs incurred by landlords of residential properties - See more at: http://www.walkerthompson.co.uk/Newsletter-105#Relief

Newsletter 104

Headlines from our latest newsletter.  Please click on any of the links below for more information :

UK SET TO LEAVE THE EU

With the referendum votes counted and the United Kingdom vote to exit the European Union there will be many issues to consider - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-104#UK

BANKS AND CHARITIES URGED TO DO MORE TO PROTECT SCAM VICTIMS

The Chartered Trading Standards Institute (CTSI) has called for banks and charities to take greater responsibility for those who may be vulnerable to scams - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-104#Banks

CONTRACTORS MONTHLY RETURNS

From April 2016 changes have been made to the Construction Industry Scheme (CIS). Part of the reforms were that contractors must file their monthly returns online - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-104#Contractors

HAVE YOU ACCESSED YOUR PERSONAL TAX ACCOUNT?

HMRC are advising employers that their employees may benefit from accessing their Personal Tax Account - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-104#Tax

HOLIDAY ENTITLEMENT

Now is the time of year when many of us turn our thoughts to holidays and it is important to get holiday entitlement and holiday pay right - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-104#Holiday

LABOUR MARKET STATISTICS

The latest ONS labour market statistics show a 55,000 rise in employment in the three months to April 2016 - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-104#Labour

UK SET TO LEAVE THE EU

With the referendum votes counted and the United Kingdom vote to exit the European Union there will be many issues to consider - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-104#UK

Newsletter 103

Headlines from our latest newsletter.  Please click on any of the links below for more information.

ADVISORY FUEL RATES FOR COMPANY CARS

New company car advisory fuel rates have been published which took effect from 1 June 2016 - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-103#Advisory

PAYE 3 DAYS GRACE AND RISK BASED PENALTIES TO CONTINUE

HMRC have confirmed, in their updated guidance, that the three day easement and risk assessed approach to issuing penalties will continue to apply for 2016/17 - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-103#PAYE

VAT FLAT RATE SCHEME GUIDANCE UPDATED

HMRC have issued updated guidance on the operation of the VAT Flat Rate Scheme which allows taxpayers to calculate the VAT payable by applying a flat rate percentage to their VAT inclusive turnover, rather than netting off output and input VAT due on sales and purchases - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-103#VAT

NAO REPORT SAYS HMRC'S CUSTOMER SERVICE QUALITY 'COLLAPSED'

According to a report by the National Audit Office (NAO) the quality of service at HMRC 'collapsed' over an 18 month period between 2014 and 2015 - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-103#NAO

HMRC UPDATE PHISHING SCAM ADVICE

HMRC have updated their guidance to taxpayers on how to spot phishing scam emails - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-103#Phishing

HMRC URGES CLAIMANTS TO RENEW TAX CREDITS ONLINE

HMRC are urging people to renew their tax credits claim well before the 31 July deadline - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-103#Renew

P11D DEADLINE APPROACHING

The forms P11D, and where appropriate P9D, which report details of expenses and benefits provided to employees and directors for the year ended 5 April 2016, are due for submission to HMRC by 6 July 2016 - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-103#P11D

Walker Thompson Client Wins Major Regional Award

On 21st April 2016, Kim Knowles & Sherod Williams were invited to join ND&P Solicitors Ltd – Neil Davies & Partners at the Birmingham Law Society Legal Awards dinner at the International Convention Centre in the heart of Birmingham.

This prestigious awards evening brought together over 500 legal professionals from Birmingham and the wider West Midlands region to honour & reward individuals & firms across twelve hotly contested categories. The Birmingham Law Society is rare in that it embraces all facets of the local legal world so includes within its membership not only solicitors but barristers, legal executives, paralegals & in house commercial legal teams.

We were entertained by “Britain’s Got Talent” finalists The Neales before the awards were made by the evening’s host, former MP, journalist & author Gyles Brandreth. With a background of lawyers in his family, Gyles performed magnificently in his address to the audience before being invited to present the main awards of the evening.

Kim & Sherod have supported ND&P Solicitors from the early beginnings of the firm and we were all the more delighted when it was announced that their client was the winner in the Law Firm of the Year category for smaller firms offering niche services. ND&P offer bespoke legal solutions in matters of insolvency & commercial litigation to a diverse & international base of clients.

Our warmest congratulations go to the Partners and Staff at ND& P Solicitors

Enjoying the mood of success

(L-R)Sukhbir Mall & Neil Davies – Directors of ND&P Solicitors, Suki Mann - Associate Solicitor & Sherod Williams- Walker Thompson Accountants

Newsletter 100

Headlines from our latest newsletter.  Please click on any of the links below for more information :

DIVIDEND ALLOWANCE AND RATES OF TAX

Further details have been provided of the new rates of income tax on dividends and the new Dividend Allowance which will apply to dividends received on or after 6 April 2016 - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-100#Dividend

NATIONAL LIVING WAGE - EMPLOYERS ADVISED TO GET READY

The Department for Business, Innovation and Skills (BIS) is advising employers to begin preparing for the introduction of the National Living Wage (NLW) which comes into effect from 1 April 2016 - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-100#National

SCOTTISH BUDGET - INCOME TAX AND LBTT

The Scottish Government set out tax and financial plans for the future in their draft Budget on 16 December 2015 - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-100#Scottish

SELF ASSESSMENT DEADLINE APPROACHING

HMRC have reported that:

• a record breaking 24,546 people submitted their tax return online on New Year’s Eve - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-100#Deadline

HMRC INTRODUCE ADVANCE ASSURANCE FOR R&D

HMRC have introduced Advance Assurance for companies that claim Research and Development (R&D) tax relief - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-100#HMRC

TAX HELPLINE FOR THOSE AFFECTED BY SEVERE WEATHER AND FLOODING

HMRC have set up a helpline (number is 0800 904 7900) and will enable anyone affected to get practical help and advice on a wide range of tax problems they may be facing - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-100#Flooding

NUISANCE CALL COMPANIES WARNED TO EXPECT MORE FINES

The Information Commissioner’s Office (ICO) is warning companies making nuisance calls to expect more fines in 2016 - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-100#Nuisance

DIVIDEND ALLOWANCE AND RATES OF TAX

Further details have been provided of the new rates of income tax on dividends and the new Dividend Allowance which will apply to dividends received on or after 6 April 2016 - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-100#Dividend