<![CDATA[Accountants of Worcester - Blog]]>Wed, 02 Dec 2015 10:21:12 -0800EditMySite<![CDATA[Help to Buy ISA]]>Fri, 27 Nov 2015 15:25:24 GMThttp://www.accountantsofworcester.co.uk/blog/help-to-buy-isaAs of December 2015, the Government, along with Banks, are launching a new ISA aimed specifically at first time home buyers.  To be eligible, you must be over 16 and have never had any financial interest in any previous property.  So, you can save up to £200 a month with the Government adding 25% interest to it.  The way it works is that an individual can save up to maximum of £12000.  When you are ready to buy your first home, you cash in your ISA, say £12000, the Bank will give you a letter confirming this to pass on to your Solicitor.  He/She in turn will apply to the Government for the extra 25%, in this example £3000.  So you will end up with £15000 as a deposit for a house, and the good thing is that if you are buying a property with someone else, they too can follow the same scheme.  In essence, you could end up with you and your partner saving £24000 with the Government adding £6000 to it.  The scheme is likely to be open until 2030, however, future Governments may amend or even cancel this scheme.  Take full advantage now!

David Carney  MAAT MIP
Accountants of Worcester, Unit 98a Polysec House, Blackpole Trading Estate West, Worcester, WR3 8T J.  Tel 01905 570780
<![CDATA[Workplace Pensions ]]>Wed, 13 May 2015 09:55:18 GMThttp://www.accountantsofworcester.co.uk/blog/workplace-pensionsWorkplace Pensions

Millions of workers are being automatically enrolled into a workplace pension by their employer. Once you’re enrolled, not only will you pay in to it but so will your boss and the government.

Example   John puts in £40, his employer puts in £30, the government adds £10 tax relief.

A total of £80 will be paid into John’s pension.

This is to make it easier for you to start saving. You can opt out if you want to, but that means losing out on employer and government contributions – and if you stay in you’ll have your own pension that you get when you retire.

Every employer must automatically enrol workers into a workplace pension scheme who:

·         are not already in one

·         are aged between 22 and State Pension age

·         earn more than £10,000 a year

·         work in the UK

If you’ve been automatically enrolled in a workplace pension

The law says a minimum percentage of your ‘qualifying earnings’ must be paid into your workplace pension scheme.

‘Qualifying earnings’ are either:

the amount you earn before tax between £5,824 and £42,385 a year

your entire salary or wages before tax

Your employer chooses how to work out your qualifying earnings.

Further reading suggests that this new scheme is going to put more admin pressure on smaller companies where they must enrol employees on to a scheme.  Outsourcing that task to an accountant is one way to continue trading without the additional headache it may bring!

<![CDATA[HMRC PENALTY POINTS]]>Tue, 10 Mar 2015 13:41:56 GMThttp://www.accountantsofworcester.co.uk/blog/hmrc-penalty-pointsHMRC are considering introducing 'motoring style' penalty points for late Self Assessment Tax Returns instead of the strict and rigid penalties which are in place at present.  This it hopes will identify the persistent offenders and not the usually compliant taxpayer who might make an oversight.......Watch this space....

David Carney  MAAT MIPAccountants of Worcester, Unit 98a Polysec House, Blackpole Trading Estate West, Worcester, WR3 8T J.  Tel 01905 570780

<![CDATA[´╗┐TAX RETURN - 31st JANUARY IS ALMOST UPON US]]>Fri, 09 Jan 2015 18:50:44 GMThttp://www.accountantsofworcester.co.uk/blog/tax-return-31st-january-is-almost-upon-usThe date for filing your Tax Return on the 31st of January is looming.  However, if it's your first time and you wish to do it online or instruct an agent to do it, please remember that when you register online HMRC sends an activation code out in the post.  This can take up to 10 days to land on your doormat and so makes filing the Return even more last minute.  Plan ahead and make sure you register by no later than the middle of the month, any later and be prepared to miss the deadline and face a standard £100 late filing penalty. 

David Carney  MAAT MIP
Accountants of Worcester
Unit 98a Polysec House, Blackpole Trading Estate West, Worcester, WR3 8TJ.  
Tel: 01905 570780

<![CDATA[Public/Private Debt Collection for HMRC]]>Fri, 09 Jan 2015 18:47:52 GMThttp://www.accountantsofworcester.co.uk/blog/publicprivate-debt-collection-for-hmrcThe government has launched a new public/private debt collection agency for government departments including HMRC.

Integrated Debt Services Limited, which is jointly owned by the government and TDX Group (an Equifax company, will provide a single point of access to a wide range of debt management and collection services. 

The service will initially be available to six departments including HMRC, the Department for Work and Pensions, the Home Office, the Student Loans Company, the Legal Aid Agency and the Driver and Vehicle Licensing Agency.

David Carney  MAAT MIP
Accountants of Worcester, Unit 98a Polysec House, Blackpole Trading Estate West, Worcester, WR3 8T J.  Tel 01905 570780

<![CDATA[TAX RETURN DEADLINE]]>Mon, 29 Dec 2014 14:55:38 GMThttp://www.accountantsofworcester.co.uk/blog/tax-return-deadlineThe 31 October paper-filing deadline for 2013/14 tax returns has now passed. Even if you have no tax to pay, or you eventually pay your tax on time, a late paper return will still land you with the £100 penalty.

David Carney  MAAT MIP

Accountants of Worcester, Unit 98a Polysec House, Blackpole Trading Estate West, Worcester, WR3 8T J.  Tel 01905 570780


<![CDATA[OVERDUE TAX]]>Sun, 09 Nov 2014 14:03:45 GMThttp://www.accountantsofworcester.co.uk/blog/overdue-taxCoding Out.  Up until the 24th of October 2014, persons who owed HMRC and were in PAYE employment or receiving a UK pension, could pay back the debt of up to £3000 by adjusting the tax code.  However, now, HMRC have introduced a sliding scale for those on an income of more than £30,000 p.a.  For a more detailed review of this, please access via http://www.hmrc.gov.uk/news/overdue-tax-individual.htm

David Carney  MAAT MIP

<![CDATA[NEW STATUTORY LAW REGARDING ANTENATAL APPOINTMENTS]]>Mon, 13 Oct 2014 17:46:03 GMThttp://www.accountantsofworcester.co.uk/blog/new-statutory-law-regarding-antenatal-appointmentsAs of now (October 2014), all Employees have the statutory right to time off to attend antenatal appointments if they are in a 'qualifying relationship' with a pregnant woman.  

It is at the discretion of the Employer as to how to treat this with regards to salary and as such, the Employee must ask their manager or HR first.  The Employer may adopt a paid leave, or request the Employee uses annual eave, or even treat it as unpaid time off (this final point may become the norm).  However, the Employer must utilise one approach and make it clear to all Employees how this rule is to be applied in the future, so as not to create potential issues by potentially changing the goal posts.

  1. Qualifying relationship being the pregnant woman's husband, partner or civil partner, the father of the child, the parent of the child or an intended parent where specific conditions are met.
  2. Absence from the workplace is a maximum of six and a half hours per appointment. 
  3. The appointment must be with a medical practitioner, midwife or nurse.
  4. This right begins as soon as the employee joins the company and there is no 'qualifying period'.

If you have any further questions regarding the new legislation please do not hesitate to give me a call.

David Carney MAAT MIP


<![CDATA[SELF EMPLOYMENT]]>Fri, 19 Sep 2014 21:57:21 GMThttp://www.accountantsofworcester.co.uk/blog/self-employmentFive rules to follow being self employed 

1. Keep your business bank account separate from your personal bank account. Buying stock on your own debit card can cause hours of cross checking for you or your accountant. 
2. Keep all receipts and bank statements. Try to ‘batch’ them in to relevant months. This will make it easier at the end of the year to complete each month. 
3. If you have a computer, create a simple spreadsheet showing basic purchases and sales, dates and amounts and when paid. This will help the accountant pinpoint the information quickly. 
4. Regularly check your paperwork to ensure everyone has paid you and you have paid others. 
5. And finally, ensure that you set aside a good percentage of your profit from sales to ensure that you have the funds to pay your tax liability at the end of the year. Never treat it as a savings pot to dip in to though!

David Carney  MAAT MIP]]>
<![CDATA[End of Year!]]>Fri, 19 Sep 2014 17:29:34 GMThttp://www.accountantsofworcester.co.uk/blog/end-of-yearIt's always crucial to keep all paperwork regarding HMRC and your tax/pay.  P60 end of year wages/deductions, along with P45's are crucial in helping your accountant complete a Tax Return.