HMRC tightens up the rules
HMRC has confirmed that the temporary relaxation of when PAYE information is reported will end as planned on April 5th 2016.
The relaxation allowed businesses with 9 employees or less to report PAYE information ‘on or before’ the last payday in the tax month.
This means that PAYE reporting must take place ‘on or before’ each payday in the new tax year.
More details can be found on the Running Payroll section of the HMRC website.
If you find managing all the of the PAYE rule changes a hassle why not use our Payroll Bureau service? It’s a low-cost way to make your life easier and ensure you stay compliant.
Set up an appointment to discuss your needs today. Call 01384 235549 or email email@example.com.
Lewis Smith & Co. – Accountants for Pensnett businesses.
A Major Change to Dividend Taxation
HMRC has now clarified the structure and tax rates of its new Dividend Allowance.
From April 6th 2016 the new tax regime will replace the Dividend Tax Credit and many limited company owners will see a significant tax increase.
The changes are designed to reduce “tax motivated incorporation” where small companies pay a salary within the tax free band and then use dividends to minimise NI payments.
Under the new rules there is a £5,000 tax free Dividend Allowance but 3 new bands will apply to dividend income above that amount.
- 7.5% (basic rate)
- 32.5% (higher rate)
- 38.1% (additional rate)
Unfortunately the new Dividend Allowance also applies to dividends from investments (unless they are protected by an ISA).
If you are unsure of the impact on the changes on your business talk to Lewis Smith & Co. today. We offer a free, no-obligation initial consultation.
Call 01384 235549 or email firstname.lastname@example.org to book an appointment.
Lewis Smith & Co. – Full taxation planning service available. CT to VAT
Photo courtesy of Alan Carver on Flickr
Saturday 2nd July is the big day
The annual Friends of Alfie Johnson Summer Ball will take place on Saturday 2nd July at its spiritual home: Earls Suite at the Copthorne Hotel, Merry Hill.
Tickets are £40 per person or 375 for a table of 10. The evening features many opportunities for dance, revelry and fun as our very own Stephen Duffen knows all too well (we still have the pictures Stephen so behave).
Lewis Smith & Co. will be supporting the event as usual by filling a table with carefully selected members of staff and handpicked clients.
More details of activities and how to book your tickets are available on the Friends of Alfie Johnson website. Take a look today and we look forward to seeing you on the 2nd.
Everybody crossed the line on time
In another record-breaking year Lewis Smith & Co. succeeded in getting all of its clients self assessment returns filed ahead of the January 31st deadline.
In fact this year there was noticeable increase in people providing their paperwork well ahead of time. That has its benefits for both parties as Lewis Smith & Co. Director Andrew Smith explains:
“Earlier filing certainly makes our life easier from a resourcing perspective but the real advantages are for our clients.
Apart from reducing the stress and minimising the chance of getting a penalty, it really means that we get chance to plan people’s tax affairs. There are still tax breaks available. The greater the forewarning the more we can use!”
It’s never too soon to start planning for your next self assessment return. If you haven’t yet considered changes in pension legislation, new rules for landlords or the proposals for small business taxation then maybe you should get in contact with us today.
Call 01384 235549 to arrange an appointment or email us at email@example.com.
Lewis Smith & Co – Accountants for businesses in Tipton
HMRC Guidance on Recognising Bogus Emails.
Most of you will have received “phishing” emails that try to trick you into providing personal or financial information. They range from the faintly ludicrous Nigerian bank account stories to fully branded, personalised messages that are hard to distinguish from the real thing.
Emails that appear to come from HMRC are quite common and, just like other scam emails, they are designed to capture personal and financial information that helps crooks get access to your money or even your identity.
HMRC has just released some advice to help you spot the scams. It comes in 2 parts: the first part listing genuine types of digital correspondence and the second part identifying signs that an email might be fake.
So watch out for incorrect email addresses in the From field of the email (it should be @hmrc.gov.uk), requests for personal information and any attached files, amongst other things.
Lewis Smith & Co. manages the relationship with HMRC for many of its clients. If you want to reduce the hassle of dealing with the taxman and remove some of the threat of phishing why not contact us today.
Set up a free, no-obligation appointment by calling 01384 235549 or email firstname.lastname@example.org.
Lewis Smith & Co. – Accountants for Oldbury businesses
Are you ready for the big rise?
The national minimum wage rises by 50p in April this year from £6.70 to £7.20 for people aged 25 and over.
The government has softened the blow for small businesses by a 50% increase in the National Insurance contributions (NICs) employment allowance, which rises to £3,000 per year. According to George Osbourne the reduction in employer NICs offsets the increase in minimum wage for the equivalent of 4 full time members of staff.
So it’s high time to check your payroll to make sure that you are ready for both the wage rise and the increased allowance.
Not paying £7.20 might upset your staff. Not claiming the allowance will definitely up set you.
If sorting all of this out has become too much hassle then why not talk to Lewis Smith & Co. about our payroll bureau? We can take care of everything right down to the payslips.
Call us today on 01384 235549 or email email@example.com to find out more.
Lewis Smith & Co. – Accountants for Netherton businesses
How to start 2016
The last cork has popped on the bubbly and the Christmas decorations have come down.
There’s a New Year to look forward to starting with…
Tax returns. Or to use the proper terminology “self-assessment tax return”.
Remember that the online forms for the 2014-2015 tax year must be completed and filed by January 31st 2016. If your form is received late then you will get fined.
Once that’s out of the way then maybe it’s time to do a little tax planning?
With changes such as a large increase in the minimum wage, auto enrolment pensions and new rental property taxation amongst others, both your personal and business tax affairs might need some tweaking.
How about setting up a free, no-obligation meeting with one of our partners?
Lewis Smith & Co. has a reputation for offering practical, helpful advice to our customers and ensuring they pay no more tax then they should.
Make an appointment today. Call 01384 235549 or email firstname.lastname@example.org.
Lewis Smith & Co. – Use our Pensions Auto-Enrolment Service to take away the hassle
Photo credit to K.D. Schroeder, Crystal_ball_by_Ron_Bodoh.JPG, User:KDS4444, License: CC-BY-SA 3.0
Happy Christmas from Lewis Smith & Co.
Just to let you know that our team are recharging their batteries over Christmas ready tax return time in the New Year.
Our offices will be closed on Wednesday 23rd December 2015 and reopen on Monday 4th January 2016.
Have a wonderful festive season and lets all look forward to a prosperous New Year.