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November 2015

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To November’s Tax Tips & MYOB News.

IMPORTANT: As workplace pensions become imminent for many employers the pensions industry is starting to cash in.

Let us set up your Pension Scheme without a set up fee – before charges are introduced on 21st November.

November 2015
· Join us now to avoid pensions set up fee of £300!
· Update on Intermediaries Review
· November Questions and Answers
· November Key Tax Dates
Join us now to avoid pensions set up fee of £300! top
New Clients Welcome
If you have been considering joining our Business Companion Service now would be a good time to commit.  Don’t delay. From 21st November, the Peoples Pension, our chosen Workplace Pension provider will be charging £300 to set up each new employer.  And we suspect other providers will follow suit.  Join us now and we can avoid this cost. So don’t delay, join us now!

To recap our Business Companion Service includes all the support you would expect from an accountant – and extras you wouldn’t expect – like free software and training and business advice – as well as setting up your Auto Enrolment Pension Scheme.  See Our Business Companion Service.

Already our client? Action Needed
For our existing Business Companion Clients please decide if you are content with our choice of Workplace Pensions Provision. Unless you tell us otherwise we will set you up with the Peoples Pension over the next few days.  We will need to:
  • confirm who will be your Primary Contact (normally the Business Owner),
  • get your Bank Account Details (to set up a Direct debit to pay contributions),
  • be assured that you are happy with the Terms of the proposed scheme with the Peoples Pension.
Even if you don’t currently have eligible staff we may still need to set up a scheme for you – even if it is never used. We will not be committing your company to actual payments any earlier than your staging date.  If you would prefer to use a different pensions scheme please let us know and we will leave you to make your own arrangements.
Read More
Update on Intermediaries Review top
November Questions and Answers top
The Government estimates that around £420m a year is lost in tax and NICs by taxpayers ignoring or manipulating the intermediaries’ legislation (IR35). The September edition of this newsletter (see The future for intermediaries) contained details of the government’s consultation on proposals to improve the effectiveness of the rules. The consultation document set out proposals that could see the onus to verify the employment status of an individual being put on the shoulders of the ‘engager’. The option for aligning the IR35 test with that used for temporary workers in the agency rules, which is based on supervision, direction or control, was also discussed in the consultation document, along with the possible introduction of a rule that an engagement must last a certain minimum amount of time to be considered one of employment. Read More  Q. I am a director and employee of a trading limited company (A Ltd), of which I also own 100% of the shares. I am about to set up a holding company in the European Union, which will own 100% of the shares in A Ltd. I will own 100% of the new EU company. Will there be any capital gains tax or stamp duty payable on the transfer of shares? Answer

Q. I have recently registered for VAT. I understand that I can use a flat rate for working out the VAT payable to HMRC, but I am not sure how the scheme works and how to register for it. Answer

Q. I am a self-employed painter and decorator. I own two properties, one of which I rent out. My next self-assessment payment on account is due for payment shortly. I will need to pay £13,500 to HMRC. The rental property is currently worth around £20,000 less than I paid for it. If I were to sell it now, would I be able to off-set the loss against my self-assessment tax bill? Answer
November Key Tax Dates top
19/22 -PAYE/NIC, student loan and CIS deductions due for month to 5/11/2015
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 for a look at the resource on offer.’

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