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This Month's Tax Tips and News

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Welcome...
To November'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!
November 2017
· HMRC launch new business support service
· OTS outlines future work plans
· All change for termination payments
· Using the IHT gift exemptions
· November questions and answers
· November key tax dates
HMRC launch new business support service top
OTS outlines future work plans top
HMRC have launched a new service designed to directly help mid-sized businesses as they expand and grow.

The new Growth Support Service (GSS) will be open to some 170,000 mid-sized businesses registered in the UK who are undergoing significant growth, and who either have a turnover of more than £10 million, or more than 20 employees.
Read More
The Office of Tax Simplification (OTS) has published a paper outlining its future works programme, identifying areas of interest that the office will be looking at in the next twelve months and beyond.

The OTS is currently working on a review of VAT, and expects to publish its report in October or November 2017. Work has also commenced on a high-level paper on the business lifecycle which looks at key events and the various taxes which apply at these points. Read More
 
All change for termination payments top
As confirmed in the 2017 Spring Budget, the tax rules governing termination payments will change from 6 April 2018.

The term 'termination payment' is typically used as a generic summary for a lump sum payment, which is normally (but not always) made to an employee at the time the employment comes to an end. The current rules governing the taxation of termination payments are complex and over recent years, have been subject to manipulation by some employers seeking to minimise income tax and NIC liabilities. The forthcoming changes seek to clarify the rules, particularly in relation to the existing £30,000 tax-free exemption for genuine redundancy payments. Read More
 
Using the IHT gift exemptions top
November questions and answers top
As Benjamin Franklin observed in 1789 'In this world nothing can be said to be certain, except death and taxes.' More than two centuries on, this statement still rings true! These days however, inheritance tax is often referred to as a voluntary tax, because there are various ways to minimise liability to it, or even avoid it all together.

PETS

Any assets (cash or otherwise) that a person gives away during their lifetime, that do not fall under the exempt transfer rules, such as transfers between spouses and civil partners and gifts to charities, may escape inheritance tax as a potentially exempt transfer (PET).

There is no limit on the amount of PETs that can be made during a lifetime.

Broadly, for a PET to escape inheritance tax completely the donor needs to survive for seven years after making the gift. If he or she dies within the seven-year period, the PET is partially chargeable depending on the number of years that have elapsed since they made the gift.
Read More
Q. My wife and I are directors of a small company. Our two children also work for the company. Is there any advantage to the company paying for all our mobile phones? Answer

Q. I am an employee and pay basic rate tax under PAYE each month. My wife works part-time and earns £10,000 per annum and does not pay any tax. Can I benefit from her unused personal tax allowance? Answer

Q. My business manufactures and supplies seasonal novelties and is registered for VAT in the UK using the cash accounting scheme. We have recently won a large order for goods from another UK company, but they have requested to be paid in Euros. I understand that I need to show the VAT amount on the invoice in sterling, using one of the agreed methods of conversion published in HMRC VAT Notice 700 section 7.6. When the invoice is paid, as the exchange rate may have changed and be different to the one on the invoice, do I need to recalculate the VAT? Answer
 
November key tax dates top
2 - Last day for car change notifications in the quarter to 5 October - Use P46 Car

19/22 - PAYE/NIC, student loan and CIS deductions due for month to 5/11/2017

22 - Chancellor Philip Hammond will deliver the Government's Autumn 2017 Budget.
 
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
Beresfords Accountants are based in Folkestone, offering local business owners and individuals a wide range of services.

All clients are entitled to fixed fees, work delivered on time and unlimited phone support. Visit our website http://www.beresfordsaccountants.com for more information.
 

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