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Welcome...
To December's Tax Tips & News, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman.

If you need further assistance just let us know or you can send us a question for our Question and Answer Section.

We are committed to ensuring none of our clients pay a penny more in tax than is necessary and they receive useful tax and business advice and support throughout the year.

Please contact us for advice on your own specific circumstances. We're here to help!
December 2017
· Abolition of Class 2 NICs delayed
· Childcare scheme extended
· HMRC consult on PAYE reporting requirements
· Employment status case turned on right of substitution
· December questions and answers
· December key tax dates
Abolition of Class 2 NICs delayed top
On 2 November 2017, the Government announced a one year delay to the abolition of Class 2 National Insurance Contributions (NICs). Class 2 NICs will now be abolished from 6 April 2019 rather than 6 April 2018.

The delay will allow time for the government to engage with interested parties and Parliamentarians with concerns relating to the impact of the abolition of Class 2 NICs on self-employed individuals with low profits.
Read More
 
Childcare scheme extended top
HMRC consult on PAYE reporting requirements top
HMRC have recently confirmed that the second phase of the roll-out of the new 30 hours free childcare has commenced.

Broadly, from September 2017, the new 30 hours free childcare offer for working parents of three and four year olds in England doubled the previous 15 hours of free childcare, saving eligible working families up to £5,000 a year. From 24 November 2017, the service will also be available to parents whose youngest child is under six or who has their sixth birthday on that day. Read More
HMRC have launched a technical consultation seeking comments on draft legislation which will amend the PAYE requirements (provided for in the PAYE Regulations) for employers in respect of car data reporting and optional remuneration arrangements. If enacted, the changes will apply from 6 April 2018.

Car data reporting requirements

Legislation was introduced at April 2016 that provided for employers to choose to tax most benefits-in-kind (BiKs) through their payroll rather than at the end of the year. These BiKs are reported to HMRC though Real Time Information (RTI), and remove the need for employers to submit forms P11D at the end of the year.

However, for company cars, HMRC still need employers to provide data regarding the cars and when draft legislation for voluntary payrolling was published for consultation in July 2015, HMRC advised that additional reporting requirements relating to car and car fuel benefit would be introduced for employers choosing to payroll car and car fuel benefit.
Read More
 
Employment status case turned on right of substitution top
Employment status tax cases often make the headlines in the professional press and the recent case involving Deliveroo riders was no exception. The meal delivery firm won the case in the Central Arbitration Committee (CAC), confirming that its riders are not 'workers'. This is the latest challenge to the employment status of 'gig economy' workers.

In this case, the Independent Workers Union of Great Britain (IWGB) sought to argue that riders were workers, so that they could claim union recognition, thus affording them certain collective rights regarding the minimum wage entitlement, holiday and sick pay, and pension contributions.

The CAC rejected the claim that the riders were 'workers', hinging the case on the riders' 'ability to turn down a job both before and after accepting it'.
Read More
 
December questions and answers top
December key tax dates top
Q. My wife and I jointly owned a property that we originally lived in for many years, although it has been rented out for the last 10 years. My wife has recently died and I am now the sole owner of that property. I intend to sell it and give the proceeds to my two children (both aged in their 40's). Will there be capital gains tax on the sale proceeds? Answer

Q. I am a sole trader and registered for VAT. The business pays for the fuel in my car, which I use for both business and private mileage. How do I account for VAT on the fuel using HMRC's fuel scale charges? Answer

Q. I have not yet paid my self-assessment payment on account, which was due on 31 July 2017. Will I be charged a penalty for paying late? Answer
19/22 - PAYE/NIC, student loan and CIS deductions due for month to 5/12/2017

30 - Deadline for 2016/17 self-assessment online returns to be filed if you are an employee and want tax underpaid to be collected by adjustment to your 2018/19 PAYE code (for underpayments of up to £3,000 only)
 
Need Help? top
New Clients Welcome top
Please contact us if we can help you with these or any other tax or accounts matters.

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About Us top
Stead Robinson Accountants are based in HOLMFIRTH, Working together to deliver you an exceptional service so you can get what you want from your business and achieve your goals.

All our clients are entitled to a tailored service that suits you and your business, fixed fees, work delivered on time, and unlimited phone support... and that's not all. Our team go that extra mile and pride ourselves on being more than your box standard accountants yet accounts who are passionate and dedicated to you and your business.

Call us on 01484 665023 or Visit http://www.steadrobinson.co.uk/ to find out what we can do for you today!

 

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