Blog & Calculators

 

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Parker Hartley & Co – New Partner – Katie Gregory ACCA MAAT

We are very pleased to welcome Katie as a partner to our practice. As our practice has grown, we have always tried to offer a personal service and will continue to do so.

Katie joined our practice in 2009 in a part time capacity while her children were young. She qualified with Grant Thornton LLP sixteen years ago and is a member of the Institute of Chartered Certified Accountants.

Katie brings a wealth of experience to the team having previously worked on landed estates with various enterprises before moving into practice. Katie has experience in the preparation of Limited Company, Limited Liability Partnerships, Sole Trader and Partnership accounts along with the preparation of corporate and personal Tax Returns. Katie has extensive knowledge of many bookkeeping systems including Xero, Sage, Quickbooks and Cashlfow Manager. Her specialism is Xero and Katie is a Certified Xero advisor. 

Outside of work, Katie is married to Peter and they have two children. She enjoys helping on the family farm, especially during the lambing season.

We at Parker Hartley & Co are very much a family practice and Katie has been instrumental in helping to move our practice forward, especially with new ideas and up to date software and systems.

Kind regards

Carl, John and Katie

Parker Hartley & Co.’s Latest Business Support Guide

Throughout the Coronavirus pandemic, the government has implemented numerous schemes in an attempt to help individuals and businesses navigate through these difficult time.

Please click here to see Parker Hartley & Co.’s latest Business Support Guide.

We update the Business Support Guide as and when new information becomes available on the various schemes that the Government have introduced. 

We hope you find the Business Support Guide useful to you and your business.

Should you need any other advice, please contact the team at Parker Hartley & Co on 01904 612455. 

Do you operate through a Personal Service Company (PSC)?

Are you aware of the new off-payroll working rules?

From 6th April 2021, the government are extending the current IR35 rules to include the private sector.

The onus has been passed to the client to establish the employment status of the contractor operating through a PSC, and for the Fee-payer to deduct PAYE and NIC if they are deemed an employee.

Please click here to see Parker Hartley & Co.’s Off-Payroll Working Guide.

If you feel you may be effected by these new rules, then please contact Parker Hartley & Co

Have you Sold a Property since 6th April 2020?

If you have sold a property since 6th April 2020 that was not your main residence, you have 30 days after the property’s competition date to report and pay any Capital Gains Tax due.

Please click here to see Parker Hartley & Co.’s help sheet on Calculating Capital Gains Tax, Reporting Capital Gains Tax and using an Agent to assist with the calculation and return.

Please contact the team at Parker Hartley & Co for further assistance.

New VAT rules for construction

Are you aware that from 1st March 2021, HMRC have introduced new VAT rules for the construction industry.

Please click here to see Parker Hartley & Co.’s guide to the new ‘Domestic Reverse Charge’ (DRC) Vat rules.

2020/21 Year End Tax Review- 17th February 2021

As we are fast approaching the end of yet another tax year please click here to view a copy of our 2020/2021 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

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

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.

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

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

 

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