Further changes to the PSC register

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The People of Significant Control (PSC) register is changing again.

Since 26 June 2017, directors are required to update their PSC register at Companies House within 28 days of any change to keep their register ‘current’.

However, this information will no longer be included in the confirmation statement, and companies are required to keep their registers up to date using forms PSC01-09.

These changes are very important and any directors who fail to comply may face a fine or even a prison sentence of up to two years.

Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.

Making Tax Digital Delayed until 2020

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The Treasury have delivered what is potentially good news for many (yes, you have read that correctly).  Making Tax Digital, or MTD to give it its affectionate moniker, has been both delayed and reduced in terms of requirement.

For businesses that are VAT registered, VAT returns will still have to be submitted via MTD compatible software from 1 April 2019, but in terms of quarterly reporting for tax and national insurance (NI) purposes,  MTD has been delayed until at least April 2020.

The new timetable for income tax and NIC reporting is as follows, although the £85,000 small business threshold is subject to change.

Annual turnover

Old timetable

New timetable

Over £85,000

6 April 2018

At least April 2020

From £10,000 – £85,000

6 April 2019

At least April 2020 but on a voluntary basis

Companies

1 April 2020

At least April 2020

It appears that the Government have quite enough on their plate without launching MTD and undoubtedly many taxpayers will welcome the delay!

Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.

Christine Green is completing LEJOG for Women V Cancer

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After receiving a bike for her 70th birthday last year, Christine Green, wife of Green & Co’s founder Hugh, felt in need of an adventure, and what could be better than to cycle from down south in Lands’ End, all the way up to her birth country, Scotland. Some of you may know this cycle as LEJOG.

With such a huge challenge, Christine was originally going to complete it without fundraising, but after a number of enquiries, she organised a JustGiving page, scrapped her PAYG phone and upgraded to a smartphone, and is even doing a daily blog.

So who is the well deserving charity? Christine decided on CAF – Women V Cancer which supports three cancers under one umbrella – breast, ovarian and cervical. This disease in any form is something we can all relate to, either personally or through family and friends and it’s one that impacts on all women from Lands’ End to John O’Groats.

Over the last 4 weeks, having planned her course using a mixture of routes from the Sustrans guide on National Cycle Networks and the Cicerone End to End route, Christine has been racking up the miles.

Now in Scotland, and nearing the finish line, we wanted to share her inspirational story. If you would like to follow Christine on her journey or support her by making a donation, please follow through to her JustGiving page using the button below.

JustGiving - Sponsor me now!
Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.

Accountant Cycles 360 Miles and Raises £10,000 for Charity

Tour De Cymru

This weeks edition of the South Wales Argus features an article on Nick Park’s 360 mile cycle as part of the Leonard Cheshire Tour de Cymru.

A Cwmbran accountant successfully cycled 360-miles across Wales as part of the Leonard Cheshire Tour de Cymru team challenge; raising more than £10,000 in the process.

Nick Park, partner at Green & Co Accountants and Tax Advisors, braved the terrain of rural Wales as he cycled across five days from Anglesey to south east Wales, finishing at the Leonard Cheshire home in Llanhennock, near Newport.

Nick said: “It was a huge privilege to take part in the Tour de Cymru organised by Leonard Cheshire Disability to celebrate 100 years of the birth of Leonard Cheshire.”

Leonard Cheshire Disability is the second largest disability charity in the UK and it supports thousands of people by improving their opportunities and helping them to pursue their goals and to live full lives.

Nick said: “We travelled 360 miles visiting eight of the Leonard Cheshire Services in Wales. The welcome we had from the residents and staff was overwhelming. Their enthusiasm and engagement was inspiring. Many of the residents had taken part in the challenge by riding static bikes in whatever way their disability allowed. They were awarded medals for their enormous efforts and it was very emotional and humbling to see how much it meant to them. One resident at Danybryn in Cardiff said that taking part had renewed her determination to learn to walk again.”

Nick and his team has so far raised £10,537.

Green & Co Accountants and Tax Advisors specialise in business growth and tax minimisation for businesses across Wales and the South West of England.

Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.

HMRC Cash Crackdown

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HMRC has shopkeepers in its sights at the start of a new crackdown on cash payments.

Returns submitted to HMRC by shops and restaurants, whom it believes may not be declaring all of the cash payments they take, are to be crosschecked against the number of card payments taken.

HMRC estimate around 30% of transactions in these business are paid for in cash, and it is thought that investigations will centre on businesses recording more than 90% of their transactions are paid by card.

There are concerns, however, that the new plans could lead to lengthy and unnecessary investigations which could be financially damaging for small businesses.

Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.

Introduction to Xero Seminar – 8 June 2017

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Does your business currently use Xero or are you considering moving your accounting to a cloud based system?

We would like to invite you to the Parkway Hotel and Spa in Cwmbran, on 8 June 2017, between 9am and 11am, to teach you how to utilise Xero to its full potential and how Xero can benefit your business.

Xero account manager, Ian Phillips, will be coming along to provide you with the following:

  1. A brief summary of Making Tax Digital
  2. An overview of what Xero is and how it can benefit your business.
  3. How to use Xero to streamline your businesses reconciliation process
  4. How to save time and money using Xero.
  5. Tips & Tricks to help you get the most from your accounting system
  6. Running reports to understand your business.
  7. Questions and Answer session to help answer any questions or problems you may be facing.

Eventbrite - Introduction to Xero: Seminar from Green & Co Accountants

For any enquiries about this event, please contact Katie Williams at Green & Co on 01633 871122, Email: katie@greenandco.com.

First Welsh Landlord Fined Under Rent Smart

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A Welsh landlord was the first to be fined last week under the new housing regulations in Wales.

Appearing before magistrates in Newport, charges were brought against him which included failing to register a property of multiple occupancy.  Since November 2016, all landlords must register and declare multiple occupancy properties with Rent Smart Wales, as well as undertaking training to ensure they are aware of their obligations under the legislation covering rental properties.

The property owner in question was fined a total of £4,550 covering numerous offences under the Housing (Wales) Act.  A representative from Rent Smart has called the prosecution a “milestone” and says it sends out a message that non-compliant landlords cannot continue to ignore the regulations without penalty.

Those who haven’t already done so are urged to come forward and register now to avoid falling foul of the law.

Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.

Gwent Landlord Forum – 31 May 2017

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2017 is flying by and changes to Landlord regulations seem to be keeping pace. So we would like to invite you to attend the 3rd Gwent Landlord Forum of this year, taking place on Wednesday 31 May between 6pm and 8pm, at The Parkway Hotel and Spa.

As always, our invitation goes out to all who may be interested so if you know someone who is a landlord or thinking about becoming a landlord, please do pass this invitation on to them – we are always happy to welcome new guests.

Speakers

Neil Soundy of Neil Soundy Financial Services Limited will be talking about:

  • Buying via Limited Company/Special Purpose Vehicle (SPV)/Trading Company.
  • Lower rental coverage requirements via Limited Company/SPV.
  • Buying Multi Unit Block or HMO.
  • Basic taxation on Limited Company Buy To Let (BTL)
  • Use of Tenancy in Common on existing personal BTL’s
  • Possibility of transferring existing personal BTL’s to Limited Company.
  • Airbnb for landlords

Daniel Bellis, Policy Officer with the Residential Landlords Association (RLA) will be speaking about:

  • The Renting Homes Act and how they are creating standardised contracts across the rental sector.
  • He will also cover other changes, such as Fit for Human Habitation regulations, changes in abandonment procedure and changes to joint contracts.
  • With over 20 different regulation still to finalise before landlords start using the new system, a lot has already changed since the Act was first passed.

Eventbrite - Gwent Landlord Forum

For any enquiries about this event, please contact Katie Williams at Green & Co on 01633 871122, Email: katie@greenandco.com.

The Rising Tide of Auto Enrolment

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Over the course of the next two years Auto Enrolment Pension contribution rates are rising. These changes will affect you as an employer as well as your employees.

Currently the total minimum amount is 2% of qualifying earnings, of which the minimum for the employer to pay is 1%. This means that the employee normally also pays 1%.

From 5 April 2018, these rates will increase. The new total minimum will be 5%, with the minimum employer contribution rising to 2%. From 5 April 2019, they will rise again to 8% and 3% respectively.

Of course, both the employee and the employer can chose to pay more into the scheme should they wish. For instance, if an employer wishes to contribute to his employees’ pension the whole 2% currently prescribed, the employee would not need to add anything, as the minimum amount has been reached.

If you are staging soon, or have perhaps passed your staging date, and would like any help don’t leave it too late! Our dedicated payroll team will be happy to help ease the burden.

Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.

Some Employee Perks Are Being Lost and It Could Be Costly

Green & Co

Green & Co feature in the South Wales Argus discussing the tax changes for employee perks.

The new tax year has seen a raft of changes, with more legislative reform scheduled to come into effect over the next few years.

From changes in dividends, stamp duty, and national insurance (with a U-turn thrown in for good measure) the way that people are taxed is an ever-evolving landscape. However, it’s not just directors, landlords and the self-employed who have been targeted with new legislation.

Barrie Kenyon, partner at Green & Co Accountants and Tax Advisors said: “From 6th April, the tax and employer national insurance advantages of a salary sacrifice or salary exchange scheme was removed. This means that any employees who have swapped their salary for benefits, which typically include additional holiday days, will now pay the same tax as if they were buying them out of their post-tax income. The Chancellor, Philip Hammond, announced the changes in the autumn statement believing the previous schemes were unfair. From earlier this month, they have started to come into effect.

“However, these changes do not affect those employees who have reduced their salary for pension contributions, childcare purposes such as vouchers, workplace nurseries or directly contracted childcare, the cycle to work scheme and ultra-low emission company cars with co2 emissions of or less than 75g/km.

“The schemes were seen as attractive to both employees and employers, with reduced tax liabilities benefiting both parties.”

Mr Kenyon stressed that there were some caveats that accompany the changes: “If any arrangements which were in place before April 2017 relate to cars with co2 emissions over 75g/km, accommodation or school fees: these arrangements will be protected until April 2021. Also, other arrangements agreed prior to April 2017 that do not fall into the aforementioned categories will be protected until the end of the current tax year in April 2018.”

It is estimated that millions of workers from across the UK will pay more tax due to these changes, with the Treasury believing that these schemes are costing too much in lost tax receipts and national insurance contributions. It is estimated that the reform will cost employers in the UK around £85M this tax year, whilst increasing another £260M by April 2021 when the full changes will come into effect.

If you are worried about any of these forthcoming changes, please contact us at Green & Co for further help and guidance.

Green & Co Accountants and Tax Advisors specialise in business growth and tax minimisation for businesses across Wales and the South West of England.

For proactive advice, contact Green & Co Accountants and Tax Advisors on 01633 871 122, follow @Green_and_Co on Twitter or email barrie@greenandco.com.

Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.