The Chancellor’s Spring Statement – 31st March 2022
On the 23rd March 2022, the Chancellor delivered The Spring Statement in the House of Commons.
A review of the economic position and adjustments to forecasts was expected given the current global situation with Ukraine, energy prices and inflation. Any amendments to the tax system were likely to be small, however The Spring Statement did include some quite significant changes.
Please click here to view our guide to The Chancellor’s Spring Statement as well as other matters already announced throughout the year.
If you want to discuss any of the contents, please feel free to call our office on 01904 612455.
Parker Hartley & Co
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 out 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.
Carl, John and Katie
2021/22 Year End Tax Review- 27th February 2022
As we are fast approaching the end of yet another tax year please click here to view a copy of our 2021/2022 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.
Carl Parker’s ‘HMRC Frustrations’ Article in the IFA Accountancy Magazine- 28th July 2021
Carl previously wrote an article in the IFA Accountancy magazine back in 2014 regarding the number of errors and time wasted due to errors caused by HMRC. He was invited to write another article following up on the subject and how coronavirus has impacted accountants ability to speak to HMRC regarding our clients.
As far as we are aware we were the first firm in the country to successfully challenge HMRC and win compensation for our clients relating to time wasted due to HMRC procedure errors.
Please click here to view and read this article in its entirety.
Do you operate through a Personal Service Company (PSC)?- 31st March 2021
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
New VAT rules for construction- 1st March 2021
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.
Parker Hartley & Co.’s Latest Business Support Guide- 7th January 2021
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.
Have you Sold a residential investment property since 2020?- 30th 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.
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.
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.
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.