Moore Accountancy February 2018 Newsletter
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Moore Accountancy Update

New staff member - Richard Griffiths

This month we welcome Richard to the Moore Accountancy team.

With many years of experience under his belt, Richard will be supporting Katie and Sid with accounts preparation and finalisation on an adhoc basis.

Look out for emails from him over the coming months.

Accessing Personal Tax Accounts (PTA)

The PTA brings all your tax information in one place for you to see.
You can access your personal tax account by registering here which we would highly recommend all clients do.

Information on the site includes:
  • seeing your tax code
  • checking your state pension
  • managing tax credits and child benefit
Reviewing the tax account will also allow you to check for errors with HMRC data, such as:
  • BR code operated against main income source, rather than a personal allowance of £11,850. 
  • Missing pension tax relief
  • Income sources still showing that are no longer live
  • Duplicated employments (they do happen despite the best efforts of agents, employers and HMRC)
  • Benefits in kind missing, or included when no longer provided, or incorrect as the benefit is now taxed via the payroll 
Let us know if you find something odd on your PTA which we can help resolve and that may affect your Self Assessment Tax Return.
Increase in Auto Enrolment (AE) Pension Contributions

If you have employees who are members of an auto enrolment pension scheme, you will need to make sure that at least the required minimum amount is paid by you and your staff into the scheme.

You must increase the minimum contributions from 6 April 2018 and then again from 6 April 2019 as per the summary below.

There is no requirement to inform your employees about this, but you may find that doing so allows you to deal with any difficulties in advance of the increase.

If Moore Accountancy run your payroll and you have an AE scheme, we will automatically calculate the new rate and advise you of this.

                       Member         Employer      Total min
At present            1%                  1%                2%
From 6/4/18         3%                  2%                5%
From 6/4/19         5%                  3%                8% 

 Creating new habits for 2018

Now that SATR season is over (until April) we have been looking at ways to improve ourselves and our business. 
Some of these may be useful for you too:
  • Get Organised - make lists, set goals and visions: This can help you stay focused on the big picture
  • Read About Your Industry - bookmark articles, subscribe to newsletters: We often continue as we are, but seeing what our peers do can improve us too
  • Healthy Mind & Body - these are very much linked with each other: In the office, we are trying to drink more water and do regular exercise
  • Unplug Ourselves - time away from the laptop/phone is critical for our sanity: We're trying to make sure we turn off our smartphones and focus on our families, friends and hobbies after hours.
What new habits have you hoped to start in 2018?

01/03/18   Corporation tax payment for companies with year ends to 31/05/17

01/04/18   Corporation tax payment for companies with year ends to 30/06/17

05/04/18   End of Tax Year 2017/18

LANDLORD? Think about Furnished Holiday Lettings (FHL)


There have been lots of changes to buy to let (BTL) in recent years but these do not affect properties which qualify as FHL.

Key Points include:
  • Finance Costs - the new interest restrictions do not apply
  • Profit from the "business" count as income for pension purposes
  • Entrepreneurs' relief can be applied for CGT on disposal of the FHL business
  • Capital allowances can be claimed on furniture and equipment.
There is however very strict criteria to qualify as a FHL:
  • It must be furnished and let commercially
  • FHL must be in UK or EEA
  • Must be let for 105 days a year
  • Must be available for letting for 210 days a year
  • Only allowable for short lets (ie no more than 31 consecutive days to same person)
  • Letting periods over 31 days, or to friends & family on a non commercial basis are excluded from the 105 days count
This is a complex area but may be worth thinking about if you are looking at a different type of long term investment.

Cloud Software

As a reminder, we are fully trained in the following cloud bookkeeping software. These are all Making Tax Digital (MTD) compliant and is an area that we shall be writing to you about in future newsletters.

The Worldwide Disclosure Facility (WDF)

We wrote to all clients in the summer about this.
Clients have until September 2018 to use HMRC’s WDF to bring their offshore
tax affairs up to date. Failure to make a disclosure and pay tax liabilities could lead to tougher penalties, or a civil or criminal investigation.
HMRC hosted a live Talking Points meeting on this subject on 31/08/17 which gave a clear understanding of the technical aspects of the WDF  and guidance on the clearance process to assist make a complete and correct disclosure.
View a recording of this meeting if you believe you have undeclared overseas income which needs to be advised to HMRC.

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Moore Accountancy · 1 Northway · Altrincham · Cheshire, WA14 1NN · United Kingdom

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