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This Month's Tax Tips and News

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Welcome...
To February'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!
February 2018
· Tax-free childcare now open to under 9's
· Two million couples still missing out on MA
· HMRC clarify VAT treatment of affiliation fees for sports clubs
· Latest MTD progress
· February questions and answers
· February key tax dates
Tax-free childcare now open to under 9's top
In April 2017 HMRC started rolling out tax-free childcare, a scheme designed to help working parents with the cost of childcare with up to £2,000 of support per child per year, or £4,000 for disabled children. The scheme is now open (from 15 January 2018) to parents whose youngest child is under 9, or who turned 9 on that date. All remaining eligible families with children under 12 can apply from 14 February 2018. This means that all eligible parents will have the opportunity to apply for tax-free childcare before the end of the current financial year.
Read More
 
Two million couples still missing out on MA top
HMRC clarify VAT treatment of affiliation fees for sports clubs top
Recent government statistics indicate that out of four million eligible couples, around half are still not benefiting from the income tax Marriage Allowance (MA). The allowance was first introduced in April 2015, which means that a backdated claim made in 2017/18 could be worth up to £662. It's worth checking to make sure claims are made, where appropriate. Read More HMRC recently published a reminder that the concession enabling clubs to treat affiliation fees as exempt from VAT, will be withdrawn with effect from 1 April 2018.

A sport's governing body, or similar umbrella organisation, often charges an affiliation fee to individual clubs who make an onward charge to their members. Where the clubs are non-profit making, the supply of this affiliation fee to their individual members is exempt from VAT. However, if the club is a profit-making commercial club, then the supply to their individual member is standard rated.
Read More
 
Latest MTD progress top
Draft regulations, together with a draft explanatory memorandum and a draft VAT Notice, covering required changes to the VAT regime under the Making Tax Digital (MTD) project were published for consultation in December 2017. The consultation runs until 9 February 2018, and it is expected that live pilot testing will then begin in spring 2018.

With this in mind, the Association of Taxation Technicians (ATT) has recently been urging software houses and HMRC to identify MTD-compliant software packages urgently to allow businesses to make an informed decision on which to use and help to avoid the need to make a troublesome mid-accounting period change.
Read More
 
February questions and answers top
February key tax dates top
Q. I own several properties jointly with my son. Most of them are rented out, but my son has lived in one of them for five years. My son is now considering buying a house on his own and this will become his main residence. Will he have to pay the higher stamp duty land tax charge on the purchase? Answer

Q. I am the sole director and 100% shareholder of a company. Can the company claim capital allowances for the cost of setting up a website? Answer

Q. What should we pay employees who are on jury service? Answer
2 - Last day for car change notifications in the quarter to 5 January - Use P46 Car

19/22 - PAYE/NIC, student loan and CIS deductions due for month to 5/2/2018

28 - First 5% penalty surcharge on any 2016/17 outstanding tax due on 31 January 2018 still unpaid

 
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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