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Slaters & Co Accountants March 2017 Newsletter - 01782 566101.
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March 2017 Newsletter

Welcome to our bi-monthly Newsletter.

At Slaters, our aim is to provide a flexible friendly accountancy service which exceeds clients’ expectations. With this in mind, in each newsletter, we are featuring members of our friendly team so that you can put a face to the name.

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


Meet the Team.

This month, we would like to introduce our Reception team, Debbie Price and Cath Poyner. Debbie and Cath are the first point of contact for clients, whether in person or over the telephone. They take great pride in responding efficiently and effectively to your enquiries so that the best possible service is provided.
Debbie Price (left)                                             Cath Poyner (right)
Debbie Price
Debbie has been with the team at Slaters since 2011, having previously worked in payroll at Premier Foods. Debbie particularly enjoys her role at Slaters because of the friendly clients and colleagues she comes into contact with every day. In her spare time, Debbie enjoys spending time with her grandchildren, visiting Trentham Gardens and socialising with friends and family.
Cath Poyner
Cath joined the team at Slaters in November 2015. Prior to this she worked locally in office administration for over 37 years and gained experience in various rolls within a busy environment. At Slaters, Cath’s aim is to always help and greet everybody in a professional and friendly manner and to always smile and make visitors welcome. Cath is married with 2 grown up children and 5 wonderful grandchildren.
 
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, with 162,000 people accessing £1.56 billion flexibly from their pension pots over the last three months, according to HMRC figures.


New Lifetime ISA
The Lifetime Individual Savings Account (ISA) is a longer term tax-free account that receives a government bonus. The accounts will be available from 6 April 2017. HMRC have produced a helpful guide on the account. Click below to read our article for more details:

Self Assessment 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
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 take effect from 6 April 2017.

The new rules for off payroll working, commonly referred to as IR35 or the Intermediaries legislation, take effect from 6 April 2017.



 
Chancellor's Spring Budget Summary
Just in case you missed our recent special newsletter focussing on the Chancellor's Spring Budget and how it might affect you, here's another chance to read it.

Year End Tax Planning
With the end of the tax year looming there is still time to save tax for 2016/17. We have set out some points you may want to consider.
  • Make full use of your ISA allowance - ISAs can offer a useful tax free way to save, whether this is for your children's future, a first home or another purpose. Individuals may invest  up to a limit of £15,240 for the 2016/17 tax year. A saver may only pay into a maximum of one Cash ISA, one Stocks and Shares ISA and one Innovative Finance ISA per year. Savers have until 5 April 2017 to make their 2016/17 ISA investment.
Advisory fuel rate 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 after
1 March 2017 are:




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 6 April 2017, contractors must use an approved method of electronic communication to verify their subcontractors. So from 6 April 2017 HMRC will no longer accept any telephone calls to verify subcontractors and from then contractors must verify subcontractors using:
  • the free HMRC CIS online service, or
  • commercial CIS software.
This change is one of a series made to CIS to increase HMRC efficiency and accuracy, and to reduce administration. HMRC are also reminding contractors that they have also introduced additional features of the online system including the ability to amend returns online, and the addition of an online message/alert service.

Contact us for help with CIS issues.


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Slaters & Co Accountants
162A London Road, Chesterton, United Kingdom
Newcastle Under Lyme
Stoke on Trent, Staffordshire ST5 7JB
United Kingdom


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