Probusiness

PERSONAL ALLOWANCE AND HIGHER RATE LIMIT INCREASED EARLY
The Government’s manifesto pledge back in 2015 was that the personal allowance would rise to £12,500 in 2020 and the higher rate tax threshold to £50,000. However, the Chancellor has decided to bring forward these increases one year early from 2019/20, taking an estimated 1 million taxpayers out of higher rate tax.
Note that up to 10% of the personal allowance (£1,250 from 6 April 2019) may be transferred from one spous...e or civil partner to the other if unused and the transferee is a basic rate taxpayer. As announced last year, this transfer is now available on behalf of deceased spouses and civil partners.
For more information you can give us a call on 01749 677989 or have a further read of our blog. https://buff.ly/2slee2P
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Our latest newsletter is up on our blog. ➤
For more information on our budget news update head over to http://probusinessuk.com/our-budget-news- update-november-2…/

Are you above the VAT threshold?
Here is the Making Tax Digital for VAT timeline
Making Tax Digital is a key part of the government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs.
... VAT-registered businesses with a taxable turnover above the VAT threshold are required to use the Making Tax Digital service to keep records digitally and use software to submit their VAT returns from 1 April 2019.
Here is a look at the timeline.
October 2018 Open to sole traders and companies (except those which are part of a VAT group or VAT Division) provided they are up to date with their VAT. Those who trade with the EU, are based overseas, submit annually, make payments on account, use the VAT Flat Rate Scheme, and those newly registered for VAT that have not previously submitted a VAT return, are unable to join at this point. Those customers with a default surcharge within the last 24 months will be able to join the pilot by the end of October 2018.
Late 2018 Private testing begins with partnerships and those customers that trade with the EU.
Late 2018/early 2019 Open to other sole traders and companies who are not up to date with their VAT, users of the Flat Rate Scheme and businesses newly registered for VAT that have not previously submitted a VAT return.
Early 2019 Open to partnerships and those customers that trade with the EU.
Spring 2019 Pilot open for Making Tax Digital customers that have been deferred.
April 2019 Making Tax Digital mandated for all customers (except those that have been deferred).
October 2019 Making Tax Digital mandated for customers that have been deferred. The 6-month deferral applies to customers who fall into one of the following categories: trusts, ‘not for profit’ organisations that are not set up as a company, VAT divisions, VAT groups, those public sector entities required to provide additional information on their VAT return (Government departments, NHS Trusts), local authorities, public corporations, traders based overseas, those required to make payments on account and annual accounting scheme users. The deferral will apply to around 3.5% of mandated customers.
These guides and timelines can be found on HMRC website..Don't forget you can ring us for further information - we are always happy to help. Call us on 01749 677989 for a no obligation chat. Visit us online - https://buff.ly/2JgDCkw
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Have you registered as an employer with HMRC?
This will need to be done when you start to employ staff - you even have to register if it's just you as the director of your own limited company.
When you register you'll then receive your employer PAYE reference number. You will need the PAYE reference number for your first pay-day.
... What's PAYE? This is the system HMRC uses to collect Income Tax and National Insurance. When paying your employees through payroll you need to make deductions for PAYE.
Sometimes it's hard to stay on top of all the HMRC requirements and it's a job to know where to begin! We can help guide you through the process...or help set everything up for you.
If you aren't sure on the details then we are always happy to talk things through with you. You can call us on 01749 677989 or visit https://buff.ly/2JgDCkw
#accountingtips #hmrc #paye #payroll
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Local News: Wells Art Contemporary is an open competition for UK and international contemporary visual art that has gained praise and respect in Britain and abroad. It was established in 2012 by a group of artists and their friends in Wells, the beautiful cathedral city in the South-West of England.
'Incredible to find such a fascinating, varied show here in Wells', said one visitor to the WAC Awards 2018, a leading open exhibition for international #contemporaryart on display @Bishops_Palace until 21 October: Open 10 - 6 daily. #WAC18
#wells #somerset

Accounting News: Budget 2018 date confirmed Government will publish its next Budget on Monday 29 October 2018.
#budget #accountingtips #hmrc

These are the 7 things you need to do when employing staff for the first time.
These are the official guidelines from HMRC...if you struggle with any of them then please feel free to call us for a no obligation chat on 01749 677989.
1. Decide how much to pay someone - you must pay your employee at least the National Minimum Wage.
... 2. Check if someone has the legal right to work in the UK. You may have to do other employment checks as well.
3. Check if you need to apply for a DBS check (formerly known as a CRB check) if you work in a field that requires one, eg with vulnerable people or security.
4. Get employment insurance - you need employers’ liability insurance as soon as you become an employer.
5. Send details of the job (including terms and conditions) in writing to your employee. You need to give your employee a written statement of employment if you’re employing someone for more than 1 month.
6. Tell HM Revenue and Customs (HMRC) by registering as an employer - you can do this up to 4 weeks before you pay your new staff.
7. Check if you need to automatically enrol your staff into a workplace pension scheme.
#firsttimeemployer #hmrc #accountingtips #wells #somerset
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Have you started thinking about your Christmas Party yet? I know, I know...it's a little early but you may have some forward thinking to do. Not surprisingly HMRC have a list of rules that apply to "social functions and parties". Here's what they say..
As an employer providing social functions and parties for your employees, you have certain National Insurance and reporting obligations.
What you need to report and pay depends on:
... • if it’s an annual event • if it’s open to all of your employees • if it costs more than £150 per head • how many events you provide during the tax year • whether the employee is a director, and how much they earn
Some things are exempt and some aren't. If you're unsure about the details you can call us on 01749 677989 and we can help.
#christmasparty #hmrcrules #nationalinsurance #accountingtips
https://buff.ly/2JgDCkw
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Do you know your Self-Assessment Deadline Dates?
If you start working for yourself, you’re classed as a sole trader. This means that you’re self-employed and you'll have to register with HMRC.
HMRC will require your self-assessment tax return by a certain date or they will fine you. The last tax year started on 6 April 2017 and ended on 5 April 2018.
... Register for Self Assessment if you’re self-employed or a sole trader by 5th October 2018.
If you choose to file a paper return then it will have to be in by Midnight on 31st October 2018
If you go paperless and do it online then your return will have to filed by Midnight on 31st January 2019.
And...if there is any tax owed it will also be due on by Midnight on 31st January 2018.
If you need help getting your finances in order then why not give us a call on 01749 677989 or take a look at our services page - https://buff.ly/2FxrO7I
#self-assessment #hmrc #accountingtips
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Do you know all your duties and responsibilities as a company Director?
If you own your own limited company, chances are, you are one of the company Directors. As such you are required to follow a certain set of rules and practices.
You must follow the company’s rules, shown in its articles of association. You have to keep company records and report any changes. You must file your yearly accounts and your Company Tax Return. You have to tell other shareholders if you might pe...rsonally benefit from a transaction the company makes.
You also have to pay Corporation Tax and register for Self Assessment and send a personal Self Assessment tax return every year to HMRC.
The important thing to note is that you may be fined, prosecuted or disqualified if you do not meet your responsibilities as a director.
Make sure this doesn't happen to you. We are free for a no obligation chat so if you have any questions give us a call on 01749 677989 or visit our website.
#director #accountingtips #companieshouse #corporationtax #selfassessment #hmrc
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Are you wondering what the difference is between accountants and bookkeepers?
Typically bookkeepers will keep track of all your financial transactions. They will make sure that you keep a record of all your incomings and outgoings.
Accountants will interpret, analyze, report and summarise your financial data. We take a look at the bigger picture and build on the information entered by the bookkeeper.
... Quite often in small businesses owners will take control of entering all the financial data themselves and this can get overwhelming when it comes to filing data with HMRC.
We are here to offer help and guidance, we also offer a no obligation chat so if you'd like to get in touch then give us a call on 01749 677989.
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Did you know that if you start working for yourself, you’re classed as a sole trader. This means you’re self-employed - even if you haven’t yet told HM Revenue and Customs (HMRC).
You can be both employed and self-employed at the same time, for example if you work for an employer during the day and run your own business in the evenings.
You’ll also need to register for Self Assessment.
... If you are unsure on your employment status or need help getting registered then we can help clear things up for you. We offer a free consultation chat with no obligation. You can call us on 01749 677989.
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Did you know that every individual and business now has access to their own personalised digital tax account and these are being regularly expanded by HMRC?
HMRC's goal is to Make Tax Digital.
Businesses will not now be mandated to use the Making Tax Digital for Business system until April 2019 and then only to meet their VAT obligations. This will apply to businesses who have a turnover above the VAT threshold - the smallest businesses will not be required to use the system,... although they can choose to do so voluntarily.
If you are above the VAT Threshold and you wish to learn more then head over to our website and take a look at our post all about Making Tax Digital.
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Tune in to The Community Show on Glastonbury fm tomorrow between 3-5 pm to hear Jane chat about @plasticfreewells and how you can claim your free re-useable coffee cup in local coffee shops around Wells.
#plasticfree #communitymatters #localradio

Are you aware of all the ways you can reduce your Corporation Tax?
In the UK the tax rate in the UK is 20%. Chancellor Philip Hammond has said that corporation tax set to fall to 17% by 2020.
Even with the reduction in Corporation Tax there are very legitimate ways to reduce the tax you pay HMRC come the year end.
... We often get asked "What can we claim for?" and we can always help provide a valid list of items your business can claim for. There is also something called Annual Investment Allowance (AIA) . Currently at £200,000 for Limited Companies and Sole Traders - You can deduct the full value of an item that qualifies for annual investment allowance (AIA) from your profits before tax.
HMRC's rules can be a overwhelming so if you're worried about your accounts then get in touch with us for a no obligation chat.
https://buff.ly/2JgDCkw
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We are so proud of our colleague Tom, he encouraged members of the Bristol Junior Chamber to take part in yesterday’s Tough Mudder in Bristol. 💪🏻
We were delighted to be able to offer some sponsorship to their young trainee ACCA, but Tom’s determination, aided by the commitment of other Young Chamber members, has enabled them to raise £13,000 in aid of Macmillan Cancer Support and the Macmillan Nurses.
Wow! We couldn’t be more proud! 👏🏻🙋

A lot of hard work went into achieving our city’s new Plastic Free status, and the team involved deserves our heartiest thanks and congratulations!
Now that problem plastics are high in our collective consciousness, we need to try to keep them there, and keep on reducing their use. Well done Wells, we are proud to have been a part of this initiative.
https://www.wellsvoice.co.uk/delight-at-p lastic-free-accola…

Very pleased to see that Archie, our office dog at Probusiness, is the face of the dog-friendly policy at Loaf. 😉 Naturally, we are very proud, but Archie isn't letting it go to his head. He is still very happy to speak to everyone! 🐕

We have been using Probusiness for a few years now, for our business. We found them via Twitter - and from the very beginning - the team (especially Peter Male) has been incredibly accommodating, very reliable - and a much trusted ally and source of information. We highly recommend their services - especially to new businesses getting started who many not be familiar with how everything works! Thank you so much. We appreciate you all.

We have been using Probusiness for a few years now, for our business. We found them via Twitter - and from the very beginning - the team (especially Peter Male) has been incredibly accommodating, very reliable - and a much trusted ally and source of information. We highly recommend their services - especially to new businesses getting started who many not be familiar with how everything works! Thank you so much. We appreciate you all.

We have been using Probusiness for a few years now, for our business. We found them via Twitter - and from the very beginning - the team (especially Peter Male) has been incredibly accommodating, very reliable - and a much trusted ally and source of information. We highly recommend their services - especially to new businesses getting started who many not be familiar with how everything works! Thank you so much. We appreciate you all.

We have been using Probusiness for a few years now, for our business. We found them via Twitter - and from the very beginning - the team (especially Peter Male) has been incredibly accommodating, very reliable - and a much trusted ally and source of information. We highly recommend their services - especially to new businesses getting started who many not be familiar with how everything works! Thank you so much. We appreciate you all.