WELCOME BACK - NEW TERM: REFOCUS
We love September at Moore Accountancy HQ.
The kids are back at school and a break from the office has given us a renewed lease of life and a chance to refocus on the business and our clients.
The summer is always challenging for our small team but with the office back to capacity we can ensure that we are back on track with client meetings and calls, and of course getting both company accounts and self assessment returns produced and filed on a timely basis.
We are hoping (as we do every year!) that we are not burning the midnight oil in January, so would appreciate clients sending their SATR information to us sooner rather than later.
As we always say, it is better to get it filed and know your tax liability before Christmas rather than stressing about not knowing how much to pay HMRC in January at the same time as paying off the Christmas credit card bills.
The checklist to aid information gathering is here, if you can not find your original email.
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Changes to Childcare Voucher Scheme
For many years employers running a PAYE scheme have been able to offer childcare vouchers as a way of supporting parents within their organisation. However, given the forthcoming changes, there are some things you should consider.
Employers can continue to offerthe current scheme to eligible staff, however, it will only be available to those who sign up before 04/10/18. From this date onwards, any new applicants will only be eligible for the government led programme which requires no involvement on the employer's behalf. This new scheme instead asks individuals to deposit funds into an account on the HMRC website, and the government will also contribute up to £2,000 per child per year.
Which scheme employees are better off with will depend on individual situations. The childcare calculator can be used to work out which type of support is best.
If you or your staff wish to use childcare vouchers and do not already have a scheme, then you MUST let us know by the 25th September so that it can be set up before the deadline and deductions are taken from your salary prior to the scheme closure date.
Please contact us if you wish to discuss these options further.
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Government announces Class 2 NIC will not be abolished (self employed workers)
The move was originally proposed by George Osborne while he was Chancellor and was intended to simplify the tax system for the self-employed and offer them more equal access to contributory benefits.
A significant number of self-employed individuals on the lowest profits would have seen the voluntary payment they make to maintain access to the State Pension rise substantially. Having listened to those likely to be affected by this change the Government has concluded that it would not be right to proceed during this parliament, given the negative impacts it could have on some of the lowest earners.
There are also concerns that the Chancellor will raise NICs' rates in the upcoming Autumn Budget. Watch this space....
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