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Welcome

Welcome to the July 2015 edition of Rawcliffe & Co.'s monthly newsletter!

This newsletter aims to keep you informed with all issues tax related, including key dates and important deadlines, as well as offering the latest news from our practices in Blackpool and Kirkham.

The Second Budget 2015

George Osborne presented the first Budget of this Parliament on Wednesday 8 July 2015.

Our summary focuses on the tax issues likely to affect you, your family and your business. To help you decipher what was announced we have included our own comments.  Click the image [left] if you would like to read our full summary online.

If you have any questions please do not hesitate to contact us for advice.

Enterprise Vision Awards:
Our Partner Kirsten is a Finalist!


Congratulations to our very own Kirsten Shearer who has been selected to be a finalist in the Business and Personal Financial Services Category of this year's Enterprise Vision Awards. The awards are to be held at The Winter Gardens in Blackpool on the 25th September and celebrate women in business across the Northwest.

 Research & Development Tax Relief
Your Business could benefit

R&D is not restricted to people in white coats holding test tubes. It covers companies in virtually every industry- any which is undertaking some form of innovation in products and services as well as in their support functions. If you would like to find out whether your business might qualify for this potentially generous tax relief...

CONTACT US: R&D Tax Relief
Tax & Finance News
Budget News:

CHANGES TO TAXATION OF DIVIDENDS: The government will abolish the dividend tax credit from 6 April 2016 and introduce a new Dividend Tax Allowance of £5,000 a year. The new rates of tax on dividend income above the allowance will be 7.5% for basic rate taxpayers, 32.5% for higher rate taxpayers and 38.1% for additional rate taxpayers.

ANNUAL INVESTMENT ALLOWANCE: The maximum amount of the AIA was increased to £500,000 from 1 April 2014 for companies or 6 April 2014 for unincorporated businesses until 31 December 2015. However it was due to return to £25,000 after this date. The level of the maximum AIA will now be set permanently at £200,000 for all qualifying investment in plant and machinery made on or after 1 January 2016.

BUY TO LET LANDLORDS – INTEREST RELIEF TO BE RESTRICTED TO BASIC RATE
The Chancellor announced that the amount of income tax relief landlords can get on residential property finance costs (such as mortgage interest) will be restricted to the basic rate of tax. To give landlords time to adjust, the change will be phased in gradually over 4 years.

To find out more details about any of the above as well as any other changes in this years budget read our summary online.
 
HMRC’s new take on penalties
HMRC has confirmed its new approach to appeals made against tax return late filing penalties. It will now accept appeals without further comment or enquiry provided your excuse is reasonable    In May 2015 HMRC conceded that it doesn’t have the resources to thoroughly check every appeal and so has changed its guidance to tax inspectors. In essence it says they should accept an appeal at face value.

Chancellor considers cap on pension exit fees
Chancellor George Osborne has said that the Government will consider putting a cap on early exit penalties for people over 55 wishing to withdraw money from their pension savings, following complaints about providers charging ‘excessive’ fees. Not all pension companies are allowing partial cash withdrawals a significant number of savers have been looking to switch providers. Mr Osborne announced that the Treasury would investigate fees as part of a consultation starting this month focussing on costs, speed and ease of transferring to a new pension company.

Tax free childcare scheme
The new “tax-free childcare” (TFC) scheme to help parents pay for childcare will open in early 2017, delayed from late 2015. Some parents will be better off under the existing employer childcare vouchers scheme, and that can now run until 2017. TFC will be open to all parents who are employed or self-employed, but not those who are claiming tax credits or universal credit. Both parents must be working and neither must earn over £150,000. For every £8 the parents will pay into an account held with National Savings & Investments (NS&I) the Government will contribute a further £2, up to £2,000 per child per year.                                 

 
Top 5 Free Online Resources

Our pick of the top online resources for July that can help you better manage your business and personal finances.

1. Prepare for Auto Enrolment with 3 x 30-40 min webinars by Sage One. Sign up dates available throughout July.

2. 'Open to Export'
[new  website supporting small businesses  to start selling overseas.]  
Upcoming webinars including:
Getting started in more accessible markets: Europe 
Getting the most out of international trade shows & exhibitions
Understanding export documentation 


3. Free Landlord Resources by Landlord Vision including an Income/Expense Tracker and a number of guides to help you better manage your property business.

4. Going for Growth by Sage. A free e-book to unlock business growth. Numerous topics including technology that unifies your business processes and marketing for expansion.


5. Full ISA Guide by Money Saving Expert. ISAs are simply tax-free or tax-efficient accounts for your savings or investments. This guide will answer the most common questions about them.
Rawcliffe & Co Services
Accounts Preparation
One of the many services we offer is Preparation of Annual Accounts. Our experienced team will relieve you of the regulatory burden of preparing accounts, ensuring that financial statements are prepared in a timely and concise manner, in accordance with Generally Accepted Accounting Principles. Kevin Hendrickx and Rebecca Thompson are just two of the members in our accounts preparation team.
'I have worked for Rawcliffe & Co for five years and I co-manage the Accounts Preparation Team. My role includes maintaining the the list of work to be completed and the delegation of tasks within the team. If you have and questions about the preparation of your accounts do not hesitate to get in touch.'
Kevin@rawcliffeco.com
'I am a Supervisor within the Accounts Preparation Team. My role involves preparing accounts ready for approval by the Partners. I am specifically responsible for  clients registered for CIS [Construction Industry Scheme] and would be happy to help answer any questions you may have regarding CIS, bookkeeping and Corporation Tax.'
RebeccaT@rawcliffeco.com
Tax Dates
19 July
  • Deadline for postal payments to reach HMRC Accounts Office for any outstanding non electronic PAYE tax and Class 1 NICs for the tax year ending 5th April.
     
22 July
  • Deadline for electronic payments to be cleared in HMRCs  bank account for any outstanding PAYE and Class 1 NICs for the tax year ending April 2015.

31 July

  • 2014/15 second instalment SA liabilities are now due.
  • Payment of corporation tax liabilities for periods ended 31 October 2014 if not liable to pay by instalments.
  • Outstanding 2013/14 self-assessment tax returns now subject to a penalty of £300 or 5% of tax due whichever is higher (in addition to previous late filing penalties).

2 August

  • Filing date for form P46(Car) for quarter ended 5 July 2015.

5 August

  • First quarterly report by employment intermediaries for period 6 April to 5 July 2015.

7 August

  • Due date for VAT return and payment for 30 June 2015 quarter (electronic payment).
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Blackpool
Lancashire
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