100% Submission

January 2015 saw the usual period of collating those last minute tax returns but for the tenth year running, we achieved a 100% submission for those returns where we had received all the necessary information.  Unfortunately there were a very small number of clients who for numerous reasons could not get information to us and who will unfortunately be receiving a £100 automatic penalty and a further penalty for late payment of any tax falling due for payment.

We urge every client to collate their information in good time before the January 31 deadline and now is a good time to put a note in the diary to let us have any information before Christmas.

Newsletter 89

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

GOVERNMENT PUBLISHES GUIDANCE ON NEW 'FIT FOR WORK' SERVICE

 The Government has published guidance on its new Fit for Work service, which aims to help tackle the problem of long-term sickness absence.
- See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-89?viewunapprovedrecord=true#Government

ACCELERATED PAYMENT NOTICES

 HMRC have announced that they have secured almost all of the disputed tax due from the first group of tax avoidance scheme users to receive Accelerated Payment notices (APNs).
- See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-89?viewunapprovedrecord=true#Accelerated

HMRC WARN OF PHISHING EMAIL SCAM

 HMRC are warning taxpayers to be wary of the latest in a long line of email phishing scams that claims taxpayers have ‘made mistakes while completing their last tax form application’.
- See more at:  http://www.walkerthompson.co.uk/newsletters/Newsletter-89?viewunapprovedrecord=true#HMRC

AUTO ENROLMENT LETTERS AND UPDATED THRESHOLDS

 The Pensions Regulator (TPR) is to write to all small and micro businesses in the coming months as part of a new campaign to give them key information on auto enrolment, including when the duties affect their businesses.
- See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-89?viewunapprovedrecord=true#HMRC

GOVERNMENT WANTS SUGGESTIONS FOR BUDGET 2015

 HM Treasury is encouraging groups, individuals and representative bodies to submit their ideas for consideration in advance of Budget 2015.
- See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-89?viewunapprovedrecord=true#Budget

PENSION WISE

 The government has announced the launch of ‘Pension wise’ which will offer free and impartial guidance to people on the new pension freedoms which comes into effect in April.
- See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-89?viewunapprovedrecord=true#Pension

STRONG DEMAND FOR NATIONAL SAVINGS ‘PENSIONER BONDS’

 The National Savings & Investments website and helpline are experiencing a high volume of enquiries following the launch of their 65+ Guaranteed Growth Bonds which are being referred to as ‘pensioner bonds’.
- See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-89?viewunapprovedrecord=true#Strong

Newsletter 88

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

CHANGES TO THE CONSTRUCTION INDUSTRY SCHEME (CIS)

The government has announced that it will implement a package of improvements to the CIS. - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-88#Changes

VAT AND DIGITAL SERVICES

HMRC have issued some additional guidance for small businesses which supply digital services to consumers in other EU Member States. - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-88#VAT

1,773 ‘HAPPY RETURNS’ AT CHRISTMAS

HMRC have reported that they received 1,773 online tax returns on Christmas Day, with the busiest time for online returns on 25 December between midday and 1pm, when 148 Yuletide returns were delivered electronically. - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-88#Christmas

HOLIDAY PAY AND OVERTIME UPDATE

We have previously reported that in the judgment an Employment Appeal Tribunal (EAT) decided that holiday pay should reflect non-guaranteed overtime. - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-88#Holiday

TAX ON THE DIVERTED PROFITS DUBBED THE NEW 'GOOGLE TAX'

The government has published draft tax legislation to implement the new tax on diverted profits which has been referred to as the ‘Google tax’. - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-88#Tax

SOLICITORS’ TAX CAMPAIGN

Solicitors are being given the chance by HMRC to bring their tax affairs up to date or face tougher penalties, as part of a new tax campaign. - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-88#Solicitors

RTI: FILING PENALTIES AND APPEALS

In the latest Employer Bulletin HMRC are reminding employers that they are about to issue penalty notices to those employers who have failed to meet their RTI filing obligations. - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-88#RTI

Newsletter 87

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

AUTUMN STATEMENT

The Chancellor George Osborne delivered his Autumn Statement on 3 December - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-87#Autumn

STAMP DUTY LAND TAX (SDLT)

One of the Autumn Statement announcements is a major reform to SDLT on residential property transactions - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-87#Stamp

INCORPORATION - RESTRICTION OF RELIEF FOR GOODWILL AND ENTREPRENEURS’ RELIEF

Corporation tax relief is given to companies when goodwill and intangible assets are recognised in the financial accounts - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-87#Incorporation

EMPLOYMENT BENEFITS CHANGES AHEAD

In the Autumn Statement the government announced a package of measures which will impact the treatment of employee benefits in kind and expenses - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-87#Employment

PERSONAL ALLOWANCES AND TAX BANDS 2015/16

For those born after 5 April 1948 the personal allowance will be increased from £10,000 to £10,600 - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-87#Personal

STARTING RATE OF TAX FOR SAVINGS INCOME

From 6 April 2015, the maximum amount of an eligible individual’s savings income that can qualify for the starting rate of tax for savings will be increased to £5,000 from £2,880, and this starting rate will be reduced from 10% to nil - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-87#Savings

HOLIDAY PAY AND OVERTIME

In the judgment an Employment Appeal Tribunal (EAT) has decided that holiday pay should reflect non-guaranteed overtime - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-87#Holiday

ADVISORY FUEL RATES FOR COMPANY CARS

New company car advisory fuel rates have been published which took effect from 1 December 2014 - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-87#Advisory

DO YOU EMPLOY ANYONE UNDER THE AGE OF 21?

From the 6 April 2015, if any of your employees are under the age of 21 you may no longer need to pay employer Class 1 secondary National Insurance contributions (NICs) on their earnings - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-87#21

GIFT AID DECLARATION TO BE IMPROVED - POTENTIALLY SAVING CHARITIES BILLIONS OF POUNDS

The Gift Aid model declaration form is to be improved, to stop charities potentially losing out on billions of pounds of Gift Aid - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-87#Gift

HELPING EMPLOYERS IDENTIFY A PENSION SCHEME FOR AUTOMATIC ENROLMENT

The Pensions Regulator (TPR) has opened consultation on a proposal to publish a list of pension schemes that are available to any employer, regardless of the number or workers the employer has or their levels of pay - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-87#Pension

HMRC WARNING ‘TEN THINGS YOU NEED TO KNOW ABOUT TAX AVOIDANCE’

HMRC have published a list of factors to consider before buying into a ‘scheme’ - See more at: http://www.walkerthompson.co.uk/newsletters/Newsletter-87#HMRC

Autumn Statement

The Chancellor of the Exchequer yesterday delivered his Autumn Statement to the House of Commons

Some of the key points for business are summed up here

 http://www.bbc.co.uk/news/uk-politics-30307528

More detailed information will be available shortly through our office and in the Walker Thompson Newsletter

Stamp Duty

The Chancellor yesterday made some large changes in the way Stamp Duty will affect residential properties

Reform of residential property stamp duty so that rates apply only to that part of the property price that falls within each band

0% paid for the first £125,000 then 2% on the portion up to £250,000

5% up to £925,000, then 10% up to £1.5m; 12% on anything above that, saving £4,500 on average priced home

Changes to come into effect at midnight on Thursday, 4 December

Landlords

The Government has issued guidelines requiring Landlords of properties to verify the status of their tenants by requiring relevant ID and evidence of their rights to be in the UK. The scheme will begin in early 2015 within the West Midlands and will carry fines of up to £3,000 for Landlords who do not comply. Whilst there may appear to be all manner of excuses and reasons not to act as unofficial border agency “snoopers” we urge all private landlords to begin putting in measures to record tenants ID . 

See the links courtesy of BBC News.

http://www.bbc.co.uk/news/uk-england-birmingham-29059538

http://www.bbc.co.uk/news/uk-england-birmingham-30251741