At Slaters, our aim is to provide a flexible friendly accountancy service which exceeds clients’ expectations.
If you have any questions or need to speak to a member of our team then please do not hesitate to contact us on 01782 566101 or Contact@SlatersAccountants.co.uk
Pensions Auto enrolment compliance
The Pensions Regulator (TPR) has begun carrying out employer spot checks to make sure employers are complying with their automatic enrolment duties and that they are giving their staff the workplace pensions they’re entitled to. According to the TPR these inspections help them to understand any challenges employers are facing, and whether TPR need to make any changes to their guidance. This also enables them to identify employers who fail to meet their duties, and take enforcement action where necessary.
TPR have confirmed that they will continue with their checks over the coming months generally sending a statutory notice to the employers they have selected ahead of their visits.
Get the process right
Deadline for 'paper' self assessment tax returns
For those individuals who have previously submitted ‘paper’ self assessment tax returns the deadline for the 2016/17 return was 31 October 2017. Returns submitted after that date must be submitted electronically or they will incur a minimum penalty of £100. The penalty applies even when there is no tax to pay or the tax is paid on time.
If you would like any help with the completion of your return please do get in touch 01782 566101.
DIARY OF MAIN TAX EVENTS JANUARY / FEBRUARY 2017
Auto enrolment for new employers
Under pensions auto enrolment employers have to enrol qualifying employees into a workplace pension. Duties include paying contributions for the employee. The process of auto enrolment has been phased in from October 2012 when the largest employers had to comply with the rules. However the rules are set to change and new employers will have to comply with their automatic enrolment legal duties, as soon as they employ their first member of staff.
DIARY OF MAIN TAX EVENTS JANUARY / FEBRUARY 2017
Download our handy Tax Rate Guide 2017/18
We've compiled a handy Tax Rate Guide. Please feel free to download for your reference. If you'd like to speak to our member of our team regarding any tax matters please call 01782 566101
Making Tax Digital for VAT
The government have issued information on how Making Tax Digital for Business (MTDfB) is expected to work for VAT once the rules are introduced in April 2019.
Under the proposed rules, which have been issued subject to consultation, VAT registered businesses with turnover over the VAT registration threshold will be required to submit their VAT return digitally using software. Businesses with a turnover above the VAT threshold (currently £85,000) will have to:
keep their records digitally (for VAT purposes only) and
provide their VAT return information to HMRC through Making Tax Digital (MTD) functional compatible software.
Advisory fuel rate for company cars
New company car advisory fuel rates have been published which took effect from 1 September 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 after
1 September 2017 are:
Budget on Wednesday 22 November and 14 December
Chancellor Philip Hammond has announced that he will deliver the Autumn Budget on Wednesday 22 November.
The Autumn Budget will be the second Budget to be delivered this year, and will outline the government’s proposed tax changes and spending plans in response to forecasts from the Office for Budget Responsibility (OBR).