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Moore Accountancy May 2018 Newsletter
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Moore Accountancy Update

Updated Moore Accountancy Privacy Notice

As part of the GDPR process (see below) we have an updated privacy policy relating to our website.

Have a look at https://mooreaccountancy.co.uk/privacy-policy/ so you understand how we use your personal data.


As part of the process we will be sending out an email over the next couple of days requesting you to "OPT-IN" to this newsletter.

We hope you will do so, so that you can continue to get updates from us each month.
GDPR - basic information

We wrote about GDPR in our last newsletter and are doing so again, as it will have an impact on the majority of our clients and connections.

In order to maintain business links with EU countries, the UK will need to create EU equivalent rules and regulations. GDPR is an example of this and must be complied with if businesses want to trade with the EU. The GDPR regulations are more favourable to consumers than businesses.

As personal information becomes more regularly shared and businesses now hold huge volumes of customer data, there is a need for management and control over what businesses can do with that information. 

GDPR gives regulators the ability to apply large fines for non-compliance. As such, businesses need to take these new regulations seriously and will need to implement changes to the way they operate, depending on the type of personal data that they hold.   This will include customer records, databases, CRM systems, etc. They will also need to ensure that they have appropriate policies and procedures in place with regard to any personal data that they hold or process. 

It’s also worth reviewing supplier contracts to ensure that these contracts are GDPR compliant. Finally, your recruitment and HR policies and procedures should be reviewed to ensure that personal data is managed in a way that is compliant with GDPR.


The ICO have a 12 step guide as a starter - download and read it here.

KEY DATES

19/05/18   PAYE & NIC deductions for quarter and month ended 05/05/18

31/05/18   Corporation tax payment for year to 31/08/17

 

Form P11ds to include benefits provided by salary sacrifice

Employers need to report all Benefits in Kind (BiKs), including those under the Optional Remuneration Arrangements (OpRAs) or “salary sacrifice” arrangements, to HMRC on form P11D, unless they are registered to voluntarily payroll benefits.

OpRAs are where an employee gives up the right to an amount of earnings in return for a Benefit in Kind (BiK) and includes flexible benefit packages with a cash option, cash allowances and salary sacrifice.

All BiKs are now valued at the higher of the cash given up or the value of the BiK. Many previously non-taxable BiKs are now taxable, valued on the cash given up. 
Note however that cars with emissions of 75g CO2 / km or less, pensions, pension advice, childcare and Cycle to Work benefits are unaffected.

We will be writing to all our payroll clients over the next month to check whether any BIKs have been provided to employees or directors.
 

Got a lodger? Don't forget to claim "Rent A Room" relief

The current scheme allows gross rents up to £7,500 to be exempt from tax, where rooms within the taxpayer’s main residence are rented out.

Note that where the gross rental income exceeds £7,500, say £12,000, the excess of £4,500 would be taxable.
Alternatively the taxpayer may deduct costs of providing the living accommodation such as a proportion of mortgage interest and light and heat.

If these allowable expenses amounted to £9,000 then it would be more appropriate to be taxed on the net rental profit of £3,000.

Note also that the scheme only provides relief where the rooms let are in the taxpayer’s main residence and if the property is jointly owned, the relief would be £3,750 each. 

Let us know using your Self Assessment Checklist if this is something you are doing.

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

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