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Welcome… To January’s Tax Tips & MYOB News, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman. Wishing you a happy and prosperous 2016!   January 2016 · Floods in Hebden Bridge · Making Tax Digital: Launch of PTAs · 2016 Fuel and Van Benefit Rates Set · Introducing Innovative Finance ISAs · January Questions and Answers · January Key Tax Dates Floods in Hebden Bridge top Thanks to those who have written to ask how are faring.  There have only been a few homes actually inundated in our town.  We were not one of those unlucky few.  Although we have had some significant leaks through our roof.  We have shared with our neighbours a litany of phone and power cuts.  This has removed our broadband until Wednesday.  Power cuts have made work difficult and damaged our network.  We have also been busy helping others.  Please bear with us. There has been significant damage to our town centre, with dozens of businesses closed and much lost stock and fittings.   The clients we represent in town will continue, largely due to commitment of the customers.  Amazingly several shops are already open including our favourite restaurant, favourite baker, a newsagent, a florist, two butchers, an off licence and five of the town’s pubs.  Several others will be ready shortly.  Despite the efforts of hundreds of local volunteers and despite generous donations, there will be a number of businesses that will not reopen.  In common with other businesses in the town, more seriously damaged than our own, our window now bears a notice: ‘Proud to live and work in this great town’.     Making Tax digital: Lauch of PTAs top   2016 Fuel and Van Benefit Rates Set top As part of a £1.3bn investment to transform HMRC into one of the most digitally advanced tax administrations in the world, HMRC have published a report and discussion paper setting out how new procedures for interacting with HMRC and paying tax will be implemented under the Making Tax Digital banner. It is intended that by April 2016, every individual and small business will have access to their own secure digital tax account that enables them to interact with HMRC digitally. By 2020, businesses and individual taxpayers will be able to register, file, pay and update their information at any time of the day or night, and at any point in the year, to suit them. For the vast majority, there will be no need to fill in an annual tax return. The government is also to consult on the issue of payment – on options to simplify the payment of taxes, align payment arrangements and bring payment dates closer to the time of the activity or transactions generating the tax liability. HMRC will be running a series of consultation events in January and February 2016 to discuss these issues with stakeholders. Read More The Van Benefit and Car and Van Fuel Benefit Order 2015 (SI 2015/1979) comes into force on 31 December 2015 and takes effect for the tax year 2016-17 and subsequent tax years. The Order contains provisions for the following: – the cash equivalent of the van benefit will rise from £3,150 to £3,170 for 2016-17; – the van fuel benefit will increase from £594 to £598; and – the cash equivalent of the benefit of fuel for a car is calculated by applying the ‘appropriate percentage’ (normally calculated by reference to the CO2 emissions of the car) to the figure in ITEPA 2003, s 150(1). SI 2015/1979 provides that this figure will rise from its current level of £22,100 to £22,200 for 2016-17. Read More   Introducing Innovative Finance ISAs top   January Questions and Answers top From 6 April 2016, a new type of Individual Savings Account (ISA) will be launched – the Innovative Finance ISA. This new ISAs will be able to hold peer-to-peer (P2P) loans, which often pay significantly higher returns than cash accounts. Broadly, P2P lenders act as middlemen by matching people who wish to invest cash with those who want to borrow money. From 6 April 2016, interest and gains from P2P loans will qualify for tax advantages where these loans are made through an Innovative Finance ISA. There are currently two types of ISA – cash ISA and stocks and shares ISA. The ISA Regulations specify which investments qualify for each of these accounts. Read More Q. What is our IHT position following a change of ownership? Answer Q. CGT annual exemption and entrepreneurs’ relief. Can the annual capital gains tax (CGT) exemption be utilised against a capital gain that qualifies for entrepreneurs’ relief? Answer Q. Can I claim for laundering my uniform? My employer provides me with a uniform that bears our company logo. I am required to maintain the uniform at my own expense without a contribution from my employer. Can I claim tax relief for the costs of keeping it clean? Answer   January Key Tax Dates top 1 -Due date for payment of Corporation Tax for the year ended 31 March 2015 14 – Return and payment of CT61 tax due for quarter to 31 December 2015 19/22 – PAYE/NIC, student loan and CIS deductions due for month to 5/1/2016 or quarter 3 of 2014/16 for small employers 31 – Deadline for filing 2015 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 2014/15 – Capital gains tax payment due for 2014/15 – First self assessment payment on account due for 2015/16 – 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 2013/14 – 5% penalty for late payment of tax unpaid for 2013/14 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 discuss how we can help and provide you with a competitive quote for our services. See details of our Business Companion Service.   About Us top Simple Accounting Limited offers a cost effective Business Companion service to business owners who use MYOB, Acclivity, Mamut, Solar Accounts, Quickbooks or Clearbooks. ‘All clients using these software packages can benefit from our support. Visit our website http://www.simpleaccounting.co.uk for a look at the resource on offer.’   If the images do not show. If the images contained within this email do not show correctly please add this email to your safe senders list.

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