Budgets

National apprenticeship week – 14th to 19th March

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ApprenticeshipThis week sees a nationwide celebration of apprenticeships, including those in accountancy which we have offered at Morrell Middleton.

In recent years, Tom has successfully passed his Association of Accounting Technician (AAT) qualification, and is now starting on his Association of Chartered Certified Accountants (ACCA) exams. Beth and Joe joined us during 2015, and are doing well attending York College one day a week studying towards the AAT qualification, with their time in the office learning a range of skills and gaining practical skills.

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Auto-enrolment – £600,000 of penalties issued in last quarter

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FineWith up to 500,000 small and micro employers due to join the auto enrolment regime in 2016, The Pension Regulator (TPR) has announced that in the 3 months to December 2015, they have issued nearly 1,500 fines of £400 each. In a statement from TPR they commented that:

“Our research shows that most employers want to do the right thing by their staff but that smaller employers are more likely to leave things to the last minute. They therefore need a “nudge” to encourage them to meet their duties.

A minority still don’t comply after receiving a notice of non-compliance, but many do after receiving a fixed penalty of £400.  As we deal with smaller employers, it is expected there will be more who, despite the message to prepare early, leave it too late or don’t act at all.  We take this very seriously….

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Clifton Moor Business Association welcome Morrell Middleton to present on 17th March 2016

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CMBAWe are delighted to have been invited to present to the March meeting of the Clifton Moor Business Association (CMBA), which takes place on 17th March 2016.

Martin Poole of Morrell Middleton comments “This is an exciting opportunity for us to share our knowledge of upcoming changes and develops to the financial landscape with the local business community. Our focus will be on the known changes, some of which don’t come into force until 2020, however we can start planning now to manage and minimise the impact.”

For more details click here

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Chancellor targets buy-to-let and second property purchases from April 2016

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osborne_front_2_3235919b-2From 1 April 2016, the purchase of a buy-to-let or holiday property will be subject to an additional 3% stamp duty (SDLT).

This is a further additional tax on those who wish to invest in property as an alternative vehicle for saving, given the historically low levels of interest rates available on keeping wealth as cash.

The announcement of this change in the Autumn 2015 spending review comes hot on the back of the announcement on the restrictions on claiming tax relief for mortgage interest announced in the July Budget.

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