Fletchers Chartered Accountants

Team Building session at Mission Exit Dukinfield. We escaped the killer room to make the top of the monthly leader board. Great fun had by all.

Lovely gesture from another happy client! Very much appreciated. Xx

HMRC has now revealed details of a penalties system for late submissions and payments under Making Tax Digital, (MTD) confirming it plans to pursue a points-based model.
From April 2019 all compulsorily VAT registered businesses must submit their VAT returns through software under the HMRC’s MTD plans. Earlier this year HMRC ran a consultation on three potential penalties models: points-based, regular review of compliance and suspension of penalties. In its report HMRC stated... that a large majority of respondents favoured the points-based model due to its comparative simplicity.
Under the model, customers would receive a point every time they fail to submit on time. A penalty will be charged at a certain threshold, which will be dependent on the frequency of their submission obligations. After the threshold has been reached, a penalty will be charged for every subsequent submission failure.
The penalty thresholds put forward are: 2 points for annual submissions, 4 points for quarterly submissions and 5 points for monthly submissions.
One amendment to the model following the consultation is that penalty points will have a shelf-life and would expire after a period of good compliance.
Periods of good compliance were outlined by HMRC as: 2 submissions for annual submissions, 4 for quarterly, and 6 for monthly.
The system will work with a separate points total per tax, rather than one points total relating to all obligations. HMRC points out that this reflects business structure, where different departments may be responsible for different taxes.
To incentivise individuals for good behaviour, HMRC have said they will make penalty points and actual penalties appealable, and give taxpayers the option to claim a reasonable excuse for failing to meet a filing obligation.
Draft legislation is expected in summer 2018, and it is anticipated that the model will first be implemented for VAT in 2020, to give taxpayers a year to become familiar with the system following the first MTD intake in April 2019.
The meter will soon be running on your tax returns. Today HMRC has revealed details of a penalties system for late submissions and payments under Making Tax Digital, (MTD) confirming it plans to pursue a points-based model.
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Beautiful flowers from another happy customer ..... thank you Achieving Excellence UK Ltd

It’s beginning to look a lot like Christmas here in the office #feelingfestive 🤶☃️🌲🎁 🎅

Congratulations to Janet Jones Keighley...She is the lucky winner of our Christmas 'Tax Return Giveaway'!!! 🎉😊
Get in touch below to discuss your Self-Assessment Tax Return. Remember the filing deadline is 31.01.18.

TAX RETURN DEADLINE...Just like Christmas, it's the same date each year.
This year give your Accountant the best early Christmas present possible, by bringing your records to us before the Holidays. Giving us time to process the information and submit your Tax Return in advance of the 31st January deadline...PLEASE!!

The Autumn Budget 2017: SMALL BUSINESS EDITION
The Autumn Budget posed some challenges for Mr Hammond, as the self-employed listened carefully for announcements on the likes of VAT, business rates, and investment.
... Here's our key points for Small Businesses:
Overall economic outlook: The UK’s growth forecast has been cut to 1.5% from 2%. GDP forecasts have been cut to 1.4%, 1.3%, and 1.5% for the following years. The UK will set aside £3 billion for possible Brexit outcomes. Borrowing is forecast to fall from this year on. Debt will hit a peak of 86.5% of GDP this year, and will fall in following years.
Personal taxation: The tax-free personal allowance will increase to £11,850 from April 2018. The threshold at which taxpayers pay the higher rate will rise to £46,350 from next year.
Business tax: The VAT threshold will be frozen at £85,000 for at least two years. Business rates will be indexed to CPI from next year, which could see a rates reduction of around 1%. After the next revaluation, business rates revaluations will occur every three years. The main R&D tax credit rate will be increased to 12%.
Vehicle tax: Excise duty for older diesel cars will rise from April 2018, but van owners will be exempt. The scheduled April 2018 fuel duty rise for both petrol and diesel cars has been scrapped.
Business investment: The government has set aside £2.3 billion for investment in R&D. The British Business Bank will receive a funding boost, unlocking £13 billion to fund UK SMEs. The Chancellor confirmed the introduction of a national retraining scheme focusing on digital skills and construction. It is thought the Enterprise Investment Scheme will be expanded to make investment in scalable tech business easier.
Wages: The National Living Wage will increase by 4.4% to £7.83 from April 2018.
Infrastructure investment: There is a new £500 million fund for 5G mobile and fibre broadband. A further £540 million will be invested in electric cars and charging points. £1.7 billion has been set aside for transport in city regions.
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Autumn Budget 2017: LANDLORD EDITION
Landlords can breathe a sigh of relief following the Budget, as the Chancellor resisted introducing any further tax changes on landlords.
... It’s something this government has frequently done in recent Budgets, notably including a reduction in the tax relief that they can claim and a three per cent stamp duty surcharge.
The only real notable mention for landlords in Philip Hammond’s Budget referred to the launch of a follow up consultation into encouraging landlords to offer longer-term tenancies. Industry experts are supportive of longer tenancies, especially if they’re combined with attractive tax perks – such as tax relief for those landlords offering such deals.
Despite landlords featuring less than in recent years, there were still several points of note:
Capital Gains Tax – The announced 30-day payment window for capital gains will be deferred until April 2020.
Income tax – The higher rate threshold will rise from £45,000 to £46,350. Personal allowance will also be increased, from £11,500 to £11,850.
Empty homes premium – Local authorities will have the power to increase council tax premiums from 50 to 100 per cent on empty homes.
Long-term tenancies – Following the RLA’s proposal for incentivising long-term lettings, the government have pledged a follow-up consultation.
Rent-a-room relief – In another attempt to encourage long-term tenancies, the government will look to establish how rent-a-room relief is being used.
Rent payments – In what could prove good news for landlords, tenants could be encouraged further to meet rental payments on time. The government want to ensure first-time buyers’ history of paying their rent on time is recognised in credit scores and mortgage applications.
A focus on first-time buyers: The Chancellor focused on first-time buyers in his speech, abolishing stamp duty up to the value of £300,000.
This aims to help young people who are struggling to get onto the property ladder, and will also apply to homes worth up to £500,000 in wealthier areas such as London. It means they will only face charges on the £200,000 difference.
The government has also promised to do whatever it takes to get more homes built, including cracking down on ‘land-banking’ and underwriting loans to small house builders.
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A nice surprise on a Thursday morning from one of our extremely satisfied clients. Thank You.
Are you 100% satisfield with your #accountant? If not then get in touch with our experienced team and see the difference we make. #jobwelldone