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Moore Accountancy March 2019 Newsletter
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Moore Accountancy Update


MEET THE TEAM

Over the coming months we think it would be useful to (re)introduce our core team to you.

This month is Lucy Webster.

Lucy focuses on four key elements of client work:
  • Payroll and pensions
  • VAT returns
  • Bookkeeping and software queries
  • Confirmation Statements and other adhoc work
She works 4 days a week at Moore Accountancy, and manages an Aerial Arts fitness business on the side.

Her office hours are generally Monday to Thursday 12-6:30pm
 
Out of work Lucy enjoys arranging weekend breaks away, attending yoga sessions, eating good food, and walking her whippet with her partner.
PAYROLL CHANGES

PENSIONS : The amounts that employers and workers will be required to pay into workplace pensions are due to increase from 6 April unless the worker opts out. The new limits will be 5% from the worker and 3% from the employer. The total minimum contribution will therefore increase from the current 5% overall to 8%.

In some schemes, the employer has the option to pay in more than the legal minimum. In these schemes, the employee can pay in less as long as the business puts in enough to meet the total minimum contribution of 8%.


NATIONAL MINIMUM AND LIVING WAGE : If staff are currently being paid minimum wage you will need to ensure that in April this is increased to the new levels. The blog post here (https://mooreaccountancy.co.uk/payroll-changes-for-new-2019-20-tax-year/ ) gives the new rates which are legally required to be paid.

DIRECTORS SALARIES : In early April Lucy will be writing separately to our payroll clients to see what new monthly salary they wish to take for the 2019/20 year.

Please ensure you read and respond to the email to ensure no delays to payroll processing.

THE END OF THE TAX YEAR

We have written in previous newsletters about things to think about before the end of the tax year.
As a reminder you will want to consider:
  • Not losing your personal allowance (if adjusted net income exceeds £100,000) - consider pension contributions and gift aid.
  • Maximising your pension allowance from your own contributions or those of your employer/business
  • Investing in your ISA. Consider investing in children or grandchildren's ISAs or the help to buy ISA if looking at buying your first home
  • Capital Gains exemption - consider selling shares or assets across two tax years to utilise the £11,700 CGT allowance.
For directors of companies, consider trivial benefits - up to £300 each tax year can be provided to yourself (in a maximum of £50 limits).
It can not be cash /cash voucher, in return for services or part of a contractual obligation or habitual.

Examples include:
  • John Lewis voucher
  • Flowers on the birth of baby, or birthday/anniversary
  • Expensive bottles of wine
Our blog from last year (https://mooreaccountancy.co.uk/5-tax-planning-points-to-consider-before-the-new-tax-year/ ) still holds true, although some of the values have increased slightly. 

CLOUD SOFTWARE ROADSHOWS AND TUTORIALS

Many online bookkeeping software providers have roadshows which are a good port of call to find out more about the product and how to use it, as well as voice issues you may have when using it.

Coming up Xero has a local business session in Manchester on Thursday 9th May (https://www.xero.com/uk/events/roadshow/local-business-sessions/). 

Aside from this they have a very useful Xero U(niversity) with links to videos to help use the product better - https://www.xero.com/uk/training/small-business/s/small-business/explore-xero/1

QuickBooks also have similar things. Their courses are chargeable but they have many blog articles and a good help function (https://quickbooks.intuit.com/uk/blog/small-business/ )

Finally Sage One have a video hub with many short webinars for you to follow (https://uk.sageone.com/video-hub/ )

If you use any of the above products and need our help with training then please get in touch, so that we can provide a bespoke quote for you.

MTD for VAT

As detailed in our previous newsletters, this takes effect from 1/4/19.
This will affect compulsory VAT registered clients from their first VAT return starting after 1/4/19.

All Moore Accountancy VAT clients should receive an email in March regarding MTD - please get in touch with us if you have any further queries about this.


Please see link to blogs here, if you have not already read any (https://mooreaccountancy.co.uk/making-tax-digital-mtd-more-detailed-information/)

KEY DATES

19/03/19 - PAYE & NIC deductions for month ended 05/03/19 (February payroll)

31/03/19 - Corporation tax payment for year to 30/06/18

01/04/19 - MTD for VAT starts to apply to VAT record keeping and VAT reporting for return periods commencing after this date

05/04/19 - End of 2018/19 tax year, Many tax actions need to be taken at this date (look out for our separate emails)

06/04/19 - New workplace pension limits apply, 5% from the worker and 3% from the employer, an overall minimum of 8% of earnings


19/04/19 - PAYE & NIC deductions for month ended 05/04/19 (March payroll) and Final RTIs and submissions for the tax year

30/04/19 - Corporation tax payment for year to 31/07/18

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

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