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Welcome...
To January'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!
January 2018
· New Budget timetable and Spring Statement date confirmed
· Fulfilment House Due Diligence Scheme
· Consider a partnership
· New tax bands announced in Scottish Budget
· January questions and answers
· January key tax dates
New Budget timetable and Spring Statement date confirmed top
HM Treasury has confirmed that the Spring Statement will take place on Tuesday 13 March 2018.

At Autumn Statement 2016, the Chancellor announced that in future there will be a single fiscal event each year - the annual Budget statement, which will be delivered in the autumn. Autumn Budget 2017 was the first Budget in this new cycle. From Spring 2018, an annual Spring Statement will accompany an updated economic and fiscal forecast from the Office for Budget Responsibility. The Chancellor has said that he will not make significant tax or spending announcements at the Spring Statement, unless the economic circumstances require it.
Read More
 
Fulfilment House Due Diligence Scheme top
Consider a partnership top
The new Fulfilment House Due Diligence Scheme will open for online applications on 1 April 2018. From that date, businesses in the UK that store any goods imported from outside the European Union (EU) owned by, or on behalf of, someone established outside the EU, will need to apply for HMRC approval if those goods are offered for sale. The deadline for applications from existing businesses falling within the scope of the scheme is 30 June 2018, and there are penalties for late applications. For businesses that commence trading on or after 1 April 2018, the application deadline date is 30 September 2018. Read More Whilst forming a partnership can be an extremely flexible way for two or more people to own and run a business together, it is important to appreciate that under this type of trading vehicle, the partners themselves do not have individual protection. If one of the partners resigns, dies, or goes bankrupt, the partnership has to be dissolved, even though the business itself may not need to cease. Although there is no legal requirement to do so, it is highly recommended that, on forming a partnership, a formal partnership deed is drawn up. Many partnerships ask a solicitor to help with this, but it is possible for the partners to drawn one up themselves.
Read More
 
New tax bands announced in Scottish Budget top
In the Scottish Budget, which took place on 14 December 2017, Scotland's Financial Secretary, Derek Mackay, announced that two thirds of income taxpayers will pay less next year on their current income. However, new bands of income tax were also announced, which will see taxes rise for Scottish taxpayers in the middle income bracket.

The Draft Budget 2018/19 proposes a progressive income tax policy which protects low earning taxpayers through the introduction of a new Starter Rate of tax.
Read More
 
January questions and answers top
January key tax dates top
Q. I have recently bought a residential property to rent out. To enable me to purchase this property I took out a mortgage on my own home and I used the money to buy the rental property. Can I claim tax relief for mortgage interest against my rental income? Answer

Q. I am an IT consultant and I provide my services via my limited company, which operates outside the IR35 rules. I started working on my current contract just over two years ago - although when I started, I did not know that it would last this long. Do the temporary work place rules on allowable expenses apply in this situation? Answer

Q. How is an estate valued for inheritance tax purposes? Answer
1 - Due date for payment of Corporation Tax for the year ended 31 March 2017

14 - Return and payment of CT61 tax due for quarter to 31 December 2017

19/22 - PAYE/NIC, student loan and CIS deductions due for month to 5/1/2018 or quarter 3 of 2017/18 for small employers

31 - Deadline for filing 2017 Self Assessment personal, partnership and trust Tax Returns - £100 first penalty for late filing even if no tax is due or tax due is paid on time

- Balancing self assessment payment due for 2016/17
- Capital gains tax payment due for 2016/17
- First self assessment payment on account due for 2017/18
- Interest accrues on all late payments
- Half yearly Class 2 NIC payment due
- Further penalty of 5% of tax due or £300, whichever is greater for personal tax returns still not filed for 2015/16
- 5% penalty for late payment of tax unpaid for 2015/16 self assessment

 
Need Help? top
New Clients Welcome top
Please contact us if we can help you with these or any other tax or accounts matters.

In addition, if there's anyone else who you think would benefit from the newsletter, please forward the email to them or ask them to contact us to be added to the newsletter list.
If you are not already a client and are interested in becoming one, we would love to come to meet with you to discuss how we can help and provide you with a competitive quote for our services.

All new client consultations are provided free of charge and without obligation.
 
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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