Blog & Calculators

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Working Hours and Office Closures- 15th November 2018

Please also note the details of our opening times over the December, Christmas and New Year period:

Thursday 6th December 2018- Office Closed from 12:30

Then office open as normal to the week ending Friday 21st December 2018

Monday 24th December 2018- Open from 08:00 to 12:30

Tuesday 25th December 2018- CLOSED

Wednesday 26th December 2018- CLOSED

Thursday 27th December 2018- Open from 08:00 to 13:00

Friday 28th December 2018- Open from 08:00 to 13:00

Monday 31st December 2018- Open from 08:00 to 13:00

Tuesday 1st January 2019- CLOSED

Wednesday 2nd January 2019 onwards- Open (normal hours)

Susan Hartley

Making Tax Digital Update- 21st August 2018

HM Revenue and Customs (HMRC) announced its new Making Tax Digital (MTD) in the March 2015 Budget but since then, there have been many consultations and changes in the implementation dates. The aim is for HMRC to be interacting digitally with all taxpayers.

When does it start & how will it work?

MTD had been planned to start in April 2018. It will now start in April 2019 and only at that date for businesses with a turnover above the VAT threshold in order to meet their VAT obligations. The deadlines for sending VAT returns and making payments are not changing.

From April 2019, businesses above the £85,000 threshold have to provide their VAT information to HMRC through Making Tax Digital software. This software will not be provided for free by HMRC. The software will be offered by third parties and HMRC has no plans to endorse a particular provider.

Businesses will send summary data to HMRC about their business each quarter, or more often if the business prefers. The summary data will consist of total income and total expenditure.

So what next?

HMRC are currently running a private pilot for volunteer VAT businesses and this was on an invite-only basis.  The intention being that HMRC could work with software providers in order to test their systems on a small scale. Later this year a more public VAT pilot will be launched, though no specifics have been released.

On 13 July HMRC published VAT Notice 700/22 which explains the rules for Making Tax Digital for VAT and outlines what information you must keep on file digitally for VAT purposes. It also sets out what counts as functional compatible software for VAT.

A ‘stakeholder communications pack’ was also made available on this date for VAT purposes, please click here to read this pack.

On 14 August HMRC released promotional material to tell us that they are working with more than 150 software suppliers who will provide software in time for April 2019 to meet the VAT requirements. Currently, 40 software providers are able to support the pilot scheme.

Earlier this year, HMRC began inviting self-employed individuals and agents to join the Making Tax Digital (MTD) pilot for income tax. The aim being that taxpayers will see an estimate of how much tax they owe rather than waiting until the normal due dates.

HMRC have changed the timetable on a number of occasions and they are now adopting a wait and see attitude to see how the pilot scheme and the scheme for VAT registered business works in practice before implementing a scheme for others caught within the MTD net. Making Tax Digital for taxes other than VAT will begin from April 2020 (although they have stated that this may be moved back should it be required).

We hope that you find this helpful but if you wish to discuss this or anything else regarding your tax affairs then please don’t hesitate to contact us on 01904 612 455.

John Hartley

2018 Fee Protection Annual Renewals- 1st August 2018

Please be advised that correspondence and leaflets regarding the Fee Protection has now been sent out to all clients and should be with you over the next few days.

If you have not received this within a couple of weeks then please give us a call on 01904 612 455 and we can arrange for a duplicate to be sent out.

In the meantime please click here to be redirected to our HMRC Enquiries and Investigations page of our website where we have further information about this and the Fee Protection that we provide.

James Hartley

Partner is part of a Premier League team- 23rd July 2018

Partner, John Hartley involved in football charity day with Premier League Referee Bobby Madley, both helping to raise over £15,000 for PhysCap which will be a massive help to the charity to ensure they continue the amazing work they do.

2017/18 Year End Tax Review- 6th February 2018

As we are fast approaching the end of yet another tax year please click here to view a copy of our 2017/18 year-end tax review for your perusal.

This document contains various useful articles that provide an insight over a wide range of subjects.

It also explains and contains examples of some of the ways you can reduce your tax liability.

Please take the time to read through this and give us a call on 01904 612 455 should you have any questions or would like any further advice.

Adam Parker

Christmas & New Year 2017 Opening Hours- 1st December 2017

Please also note the details of our opening times over the Christmas and New Year period:

Open as normal to the week ending Friday 22nd December 2017

Monday 25th December 2017- CLOSED

Tuesday 26th December 2017- CLOSED

Wednesday 27th December 2017- Open from 09:00 to 15:00

Thursday 28th December 2017- Open from 09:00 to 15:00

Friday 29th December 2017- Open from 09:00 to 15:00

Monday 1st January 2018- CLOSED

Tuesday 2nd January 2018 onwards- Open (normal hours)

Jayne Chapman

Autumn Budget Announcement- 23rd November 2017

Following yesterday’s budget announcement, please click here to view the tax table for the 2018/19 tax year. For our clients based in Scotland we are still awaiting the Scottish Government to announce their budget and therefore the figures stated on the tax tables are those for the 2017/18 tax year.

We hope that you find this helpful but if you wish to discuss your tax affairs in more detail or should you have any questions then please don’t hesitate to contact us on 01904 612 455.

John Hartley

Fee Protection Annual Renewals- 29th September 2017

Please be advised that correspondence and leaflets regarding the Fee Protection has now been sent out to all clients and should be with you over the next few days.

If you have not received this within a couple of weeks then please give us a call on 01904 612 455 and we can arrange for a duplicate to be sent out.

In the meantime please click here to be redirected to our HMRC Enquiries and Investigations page of our website where we have further information about this and the Fee Protection that we provide.

James Hartley

Making Tax Digital Update- 24th February 2017

On 31st January 2017, HMRC published documentations in respect of its intention to bring in the digital reporting for businesses. As you are aware Tax Returns are completed each year and have to be submitted to HM Revenue and Customs within ten months of 5th April.

The Government in conjunction with HMRC have now announced that businesses, self-employed people and landlords will be required to submit quarterly returns as follows:

·         April 2018 I if they have profits chargeable to Income Tax and pay Class 4 National Insurance contributions (NICs) and their turnovers are in excess of the VAT  threshold

·         April 2019 if they have profits chargeable to Income Tax and pay Class 4 NICs and their turnovers are  below the VAT threshold

·         April 2019 if they are registered for and pay VAT

·         From April 2020 if they pay Corporation Tax (CT)

Businesses, self-employed people and landlords under £10,000 are exempt from these requirements.

Those in employment who have secondary income of more than £10,000 per year through self-employment or property will also be required to use the digital service.

At this moment in time, there is a lot of debate as to how this information will be transferred to HMRC and there is still much discussion and various views as to whether or not the new procedures will actually work in reality. At this moment in time we cannot be more specific as to the mechanisms of the procedures as these are not known, but we will keep you advised of developments as and when they are established. Whilst the new proposals seem an administration headache, it is likely that simple quarterly figures will be submitted with a Reconciliation at the year end when preparing the detailed accounts as normal.

If you wish to discuss any points that have been raised please do not hesitate to give us a call on 01904 612 455.

Michael Cole

Carl Parker’s ‘Picking Up The Tab’ Article in the IFA Magazine- 3rd September 2014

The number of errors and time wasted due to errors caused by HMRC is becoming an error increasing issue and here at Parker Hartley & Co we don’t believe its fair to expect our clients to have to pay for this time. We therefore challenged HMRC regarding this and they agreed that they would pay for costs that were as a result of their errors.

To our knowledge we were the first firm in the country to successfully challenge HMRC on this and as a result one of our Partners, Carl Parker wrote an article in the Institute of Financial Accountants Magazine which is distributed to their members to advise other Accountants and Practices that this could and should be done.

Please click here to view and read this article in its entirety.

Carl Parker

 

 

Calculators

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