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Welcome… To October’s Tax Tips & MYOB News. Workplace Pensions? Is your Staging Date coming up?  If so, have a look at the Auto Enrolment guidance on our website.  This is just one of the many services included in our comprehensive Business Companion service, which provides plenty of one to one support.  If you have any questions about this – or our other services – just get in touch!   October 2016 · Finance Bill 2016 receives Royal Assent · AccountEdge Video Training · Marriage Allowance · Lifetime ISA guidance updated · October Question and Answer · October Key Tax Dates Finance Bill 2016 receives Royal Assent top   AccountEdge Video Training top The Finance Bill 2016 finally received Royal Assent on 15 September, enacting proposals announced in the 2016 Budget, Autumn Statement 2015 and Summer Budget 2015. Amongst other things, Finance Act 2016 includes provisions relating to income tax rates and allowances; restrictions on tax reliefs for travel and subsistence expenses (in effect since April 2016), the reduction of the lifetime allowance on pension contributions from £1.25m to £1m (again, effective from 6 April 2016); and the reduction in the main rate of corporation tax to 17% for financial year 2020. Read More With a number of new users we have been engaged in quite alot of training.  Using AccountEdge software is fairly clear for those who have used MYOB in the past.  For new users the basic processes can seem a little daunting… as with anything new.  There is excellent guidance available on all the processes you might normally need.  We have provided a full list of guidance videos. Try them out! Incidentally you can get more detailed guidance in our permanent manual ‘Tricks of the Trade’:   Marriage Allowance top Is there a difference between your and you spouse’s earnings?  If so you may benefit from the Marriage Allowance.  We last mentioned this in April 2015, but thought it would be worth repeating.  The conditions are: 1.    You’re married or in a civil partnership (just living together doesn’t count). 2.    One of you needs to be a non-taxpayer, which usually just means earning less than the £11,000 personal allowance (£10,600 for 2015/16). 3.     The other one of you needs to be a basic 20% rate taxpayer (couples with a higher- or additional-rate taxpayer aren’t eligible for this allowance). This means you’d normally need to earn less than £43,000 (£42,385 for 2015/16) Amazingly the HMRC do not allow us, as your agents, to apply for this tax break for you.  You have to do it personally.  It is important that the person who earns less makes the claim.  You need you and your partner’s National Insurance numbers.  You also need a way to prove your identity with details of either your bank account, deposit account, P60 details, three most recent payslips, or your passport number and expiry date.  Simply use the following website: https://www.gov.uk/apply-marriage-allowance   Lifetime ISA guidance updated top   October Question and Answer top HM Treasury has updated its factsheet on the new Lifetime Individual Savings Account (ISA), which are expected to launch in April 2017. Key features of the new ISA include: – Accounts may be opened by investors aged between 18 and 40. – Savings invested in the account before age 50 will attract a government bonus of 25%. – A maximum of £4,000 may be saved each year on which the 25% bonus will be paid. This equates to a maximum bonus of £1,000 a year. – Some or all of the money can be used to buy a first home, or it can be saved until the investor is 60. Read More Q. I have recently started a new job and, for the first time in my career, I have been provided with a company car. I have to pay for fuel for private use but my employer says I can claim mileage for business journeys. Will I have to pay tax on fuel payments? Answer Q. I am a director of a limited company, which is registered for VAT. I have recently formed a limited partnership, with my limited company being the only general partner and another business being a limited partner. HMRC have written to me advising that I am unable to register the limited partnership for VAT as my limited company is already VAT-registered. Is this correct? Answer Q. Having been an employee of a company for many years, I was appointed to the board of directors from 1 March 2016. I understand that Class 1 National Insurance Contributions (NICs) are calculated differently for directors. Can you please explain how it works and let me know what will happen for the rest of the current tax year? Answer   October Key Tax Dates top 14 – Return and payment of CT61 tax due for quarter to 30 September 2016 19 – Tax and Class 1B national insurance due on PAYE settlements for 2015/16 19/22 – PAYE/NIC, student loan and CIS deductions due for month to 5/10/2016 or quarter 2 of 2016/17 for small employers 31 – Deadline for 2015/16 self assessment paper returns to be filed for HMRC to do the tax calculation. If a paper return is being filed also the deadline for tax underpaid to be collected by adjustment to your 2017/18 PAYE code (for underpayments of up to £3000 only)   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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