blog-may-PAYE tax system

May 23

Changes to the PAYE Tax system using Real Time Information

HMRC have announced that from the end of May 2017 they will be using Real Time Information (RTI) to make adjustments to employee tax codes in-year as and when the need arises. HMRC states that this change in procedures will: offer more certainty to employers and their employees reduce the instances of unexpected tax bills […]

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blog-may-payroll public sector

May 19

Off payroll working in the public sector rules amended

From 6 April 2017, new tax rules were introduced which potentially affect individuals who provide their personal services via their own companies (PSCs) to an organisation which has been classified as a ‘public authority’. Amendments have now been made to the definition of a public authority. Where these rules apply: the public authority (or an […]

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blog-may-p11d deadline

May 17

P11D deadline approaching

The forms P11D which report details of benefits and some expenses provided to employees and directors for the year ended 5 April 2017, are due for submission to HMRC by 6 July 2017. The process of gathering the necessary information can take some time, so it is important that this process is not left to […]

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blog-may-general election tax law

May 15

General Election and tax law | Business response to General Election

General Election and tax law With the announcement of a snap General Election on 8 June the time available for scrutinising proposed legislation was short so the Finance Act was rushed through Parliament. Many clauses have not made it to the final legislation due to time constraints. These include the provisions to enable Making Tax […]

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tax free child care

May 08

Tax-Free Childcare to be rolled out from 28 April 2017

Tax-Free Childcare, the new government scheme to help working parents with the cost of childcare, will be launched from 28 April 2017. For every £8 a parent pays in, the government will pay in an extra £2. Parents can receive up to £2,000 per child, per year, towards their childcare costs making a total amount […]

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Sage-blog-headers-gender pay gap

May 04

Equality – Gender pay gap reporting

The government has introduced new requirements for all private and voluntary sector employers of over 250 people relating to equal pay reporting from April 2017. The Equality Act 2010 (Gender Pay Gap Information) Regulations 2017 (SI 2017/172) mean that large employers must calculate and publish the difference in mean and median pay and bonuses between […]

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Sage-blog-headers-minimum wage

May 02

National Minimum Wage rises again

Employers need to ensure they are paying their employees at least the appropriate National Minimum Wage (NMW) or National Living Wage (NLW) rate. The rates increase from 1 April 2017. From1 October  2016 From1 April2017 NLW rate for workers aged 25 and over £7.20* £7.50 the main rate for workers aged 21-24 £6.95 £7.05 the […]

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Sage-blog-headersworkplace pensions

Apr 27

Auto Enrolment Workplace Pensions and Making Tax Digital | Come to our drop in sessions!

Auto Enrolment Workplace Pensions and Making Tax Digital | Drop in sessions throughout May Things are going to be really busy at Sage & Company in May and we wanted to share our plans with you! We have recently begun to engage our clients in respect of the introduction of Auto Enrolment Workplace Pensions and […]

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Sage-blog-headers-national insurance

Class 4 National insurance u-turn

One of the significant announcements Chancellor Philip Hammond made on Budget Day was the proposed increases to the main rate of Class 4 National Insurance Contributions (NICs) paid by self-employed individuals from 9% to 10% from April 2018 with a further increase planned from 10% to 11% from April 2019. The Chancellor subsequently announced that […]

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Dividend Reduction

Apr 24

Reduction in the Dividend Allowance

It was announced in the Budget that the Dividend Allowance will be reduced from £5,000 to £2,000 from April 2018. Dividends received by an individual are subject to special tax rates. The first £5,000 of dividends are charged to tax at 0% (the Dividend Allowance). Dividends received above the allowance are taxed at the following […]

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VAT Flat Rate

Apr 19

VAT Flat Rate Scheme – Limited cost trader

Changes are being made to the VAT Flat Rate Scheme (FRS) which take effect from 1 April 2017. These changes may mean that the FRS is less attractive to some businesses and this may result in these businesses deciding to no longer operate under the FRS. In some cases where a trader has voluntarily registered […]

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facebook-post-Advisory-fuel-rates-for-company-cars-

Apr 17

Providing services to a public sector – off payroll working

In the latest Employer Bulletin HMRC advise those providing services to a public sector client through their own limited company to ensure they are ready for the new rules which took effect from 6 April 2017. The new rules for off payroll working, commonly referred to as IR35 or the Intermediaries legislation, take effect from […]

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Apr 14

Construction Industry – Subcontractor verifications

Construction Industry – Subcontractor verifications HMRC have confirmed in the latest Employer Bulletin that changes will be made to the verification of subcontractors in the construction Industry Scheme (CIS) from 6 April 2017. From now, contractors must use an approved method of electronic communication to verify their subcontractors. So from now on HMRC will no […]

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facebook post New Lifetime ISA-8

Apr 12

New Lifetime ISA

The Lifetime Individual Savings Account (ISA) is a longer term tax-free account that receives a government bonus. The accounts are available from now. HMRC have produced a helpful guide on the account. Some of which is reproduced below: Opening a Lifetime ISA You can open a Lifetime ISA if you’re aged 18 or over but […]

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facebook post £9.2 billion released - pension freedoms-8

Apr 10

Over £9.2 billion released by pension freedoms

Hundreds of thousands of savers have cashed in £9.2 billion from their pension pots since pension freedoms were introduced in April 2015. In April 2015, the government introduced significant pension reforms giving people the ability to access their pensions savings how and when they want. Over 1.5 million payments have been made using pension freedoms, […]

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facebook post Self assessment expense claims-8

Apr 06

Self assessment expense claims

HMRC have released a list of the most outlandish items which have been claimed as expenses. These include: Holiday flights to the Caribbean Luxury watches as Christmas gifts for staff – from a company with no employees International flights for dental treatment ahead of business meetings Pet food for a Shih Tzu ‘guard dog’ Armani […]

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FRA9UZ~1

Apr 04

Advisory fuel rates for company cars

New company car advisory fuel rates have been published which took effect from 1 March 2017. The guidance states: ‘You can use the previous rates for up to one month from the date the new rates apply’. The rates only apply to employees using a company car. The advisory fuel rates for journeys undertaken on or […]

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March-fo-business-tax and legal

Mar 16

March for Business – Tax and Legal Seminar, Beaches Hotel, Prestatyn 22nd March

Sage & Company are keen to help educate and support business owners, especially on the matters of Tax, after the recent Budget. As a firm of local Chartered Accountants we understand the needs of small businesses and their tax & legal requirements very well. We often take part in workshops, business events and luncheons to […]

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Sage and Co Budget summary 2017

Mar 10

Budget Summary March 2017

Budget 2017 Summary from Sage & Co This budget 2017 summary covers the key tax changes announced in the Chancellor’s speech and includes tables of the main rates and allowances. At the back of the Summary you will find a calendar of the tax year with important deadline dates shown. We recommend that you review […]

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TAX-BLOG-WEB

Mar 01

COMPANIES – TAX SAVING OPPORTUNITIES

COMPANIES – TAX SAVING OPPORTUNITIES Due to the ever changing tax legislation and commercial factors affecting your company, it is advisable to carry out an annual review of your company’s tax position. Pre-year end tax planning is important as the current year’s results can normally be predicted with some accuracy and time still exists to […]

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My firm and family can only but support and endorse your endeavours. Thank you for your ever willing help, from all colleagues at every level of Sage and Company, to reduce any concerns that I may have had to enable my life to be as ‘stress free’ from as many ‘financial worries’ as painlessly as it is possible to be, and with such a pleasant attitude and disposition.

 

 

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