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The 2016/17 tax year ended on the 5th April 2017.

You can now prepare and submit your tax return.

Doing so as early as possible gives you plenty time to budget for any outstanding liabilities as they don’t have to be paid until 31st January 2018!

Contact us on 01698 373200 for more information.

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Many more people are using their own limited companies to provide services to clients.  Commonly knows as personal service companies (PSCs), they have been on HMRC’s radar for some time.  New rules for PSCs engaged in the public sector are being introduced by HMRC from April 2017.

Where you provide your services to a public authority client through a PSC, and there is a deemed employment relationship – the agency, recruitment company or public sector body, must now operate payroll taxes on the individual behind the limited company.

In essence, this means that Income Tax and primary Class 1 NIC should be deducted from any payment being made to the PSC.  The fee payer (agency or public sector body) would also have to pay secondary Class 1 NIC on the payment.

An online tool will be available for agencies or public sector clients to establish whether the ‘off-payroll’ working legislation should apply.

More information can be found by accessing HMRC’s guidance HERE.

Alternatively, contact the office on 01698 373200 to review your position with one of our accountants.

 

 

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The Chancellor today announced that he would not proceed with plans to increase the rate of Class 4 National Insurance Contributions paid by the self-employed.

Just a week after making the announcement in the Spring Budget, Mr Hammond said “In the light of what has emerged as a clear view among colleagues and a significant section of the public, I have decided not to proceed with the Class 4 NIC measure set out in the budget.”

Class 2 NIC will still be scrapped as originally planned.

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HMRC have recently confirmed the changes they are making to the VAT flat rate scheme for so called ‘limited cost traders’.  Those businesses who fall into this category will have to apply a flat rate of 16.5% to their sales regardless of the sector within which they operate.  For more information contact us on 01698 373200.

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No doubt you will have heard about the various changes introduced by the Chancellor in the Spring Budget.  These included an increase in Class 4 National Insurance Contributions paid by those in self employment and a reduction in the dividend allowance.  If you want to find out more about how these changes might affect your business, contact the office on 01698 373200.

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Time is running out to ensure that your tax return for the year 2013/14 is submitted by the deadline date of 31st January 2015.    HMRC have a strict penalty schedule for late filing of a return AND additional penalties for filing an incorrect tax return.  Contact us as soon as possible for help and advice on completing your return.

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The pressure on the government to generate increased tax revenues has been well publicised in recent years.  As a consequence, the number of tax enquiries undertaken by HMRC has increased significantly.

Any taxpayer can be targeted by HMRC to check that they are paying the right amount of tax – answering these enquiries takes time and they can often drag on for months.  It can cost thousands of pounds to defend you, whatever the result.

It is as important as ever for you to protect yourself against such costs.

To maintain your peace of mind, we offer a Tax Enquiry Fee Protection Service.  This service is backed by an insurance policy under which we can claim the costs of defending clients in tax enquiries.  Clients who subscribe to the service are also able to obtain advice free of charge around the complex areas of Health & Safety and Employment Law.

For further information, contact Scott or Elaine on 01698 373200 or email us on info@feelyaccountants.co.uk

 

 

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Feely & Company is a family run practice of chartered accountants offering a range of accountancy, taxation, payroll and wider business services. Established more than 20 years ago, the firm prides itself on adopting a friendly, client focused approach.

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Would you like to be involved in owning and running a football team?  Would you like to benefit the local community?  The Well Society Business Club offers a range of sponsorship packages for businesses with a variety of benefits – including advertising, free match tickets, access to players for promotional activities and use of the function suites at Fir Park for meetings, conferences, etc.  On top of this you will, through membership of the Well Society, be part of one of the most exciting things to happen in Scottish football – where supporters, businesses and the local community have the chance to own a controlling share of their local team!  Contact Tom Feely now for more information on this exciting opportunity!

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From 6th April 2013 employers had to start reporting PAYE information to HMRC in real time.  This means that an employer has to send details to HMRC every time they pay an employee, at the time they pay them.  There are several actions that you need to take – CONTACT US NOW for help and advice.