A review of 2015 at Morrell Middleton

A review of 2015 at Morrell Middleton

About Us l

Happy-New-Year-2015-2016-2017As we approach the New Year, it’s good to reflect on our achievements and changes here at Morrell Middleton during 2015.

 

 

 

Exam success

This year has seen Tom (Craddock) complete his Association of Accounting Technician (AAT) exams, which he has been working towards for 3 years since joining our team in 2012. This gives Tom a recognised and respected qualification to back up his practical experience. In 2016 he will be starting work towards his Association of Chartered Certified Accountants exams.

Xero Silver Partner accreditation

During 2015 we have been awarded Silver Partner status with online accounting software provider Xero. As part of this 5 members of our team (Steve, Martin, Chris, Nicci & Tom) have studied for and been awarded Xero Certified Advisor status. We already have over 20 businesses using Xero.

We’re “Superfast”

Alongside our increased online work through Xero, we have invested in improved internet connectivity and are now “Superfast”, to ensure that we can upload and download information effectively and efficiently.

New faces

This year has seen us recruit 2 apprentices as part of our development as a business. In September we welcomed Beth (Parkin) and in November we were joined by Joe (Sykes). – Both are studying towards their AAT exams on day release at York College, alongside working in our office 4 days a week.

We have been joined by Ilianna on reception during 2015.

Fond memories

We have been sad to wave farewell this year to:

– Beena who has decided not to return following the birth of her second child

– Sarah who was providing maternity cover for Beena who decided to move to Lancashire to be with her boyfriend

 

Happy new year from all the team at Morrell Middleton and we look forward to working with you in 2016.

 

Christmas and New Year Opening Hours

About Us l

christmas_billsHappy Christmas Everyone!

All of us at Morrell Middleton, Brodericks and YorSolution want to say a big thank you for the year and wish you a great festive season!

That is unless you haven’t got your books and tax return in to us  .  . . . . then you may be working like this poor chap!

Christmas wishes from our friends at Accessible Arts and Media

Clients News, CSR l

hippoOur friends at Accessible Arts and Media (AAM) have released a special video performance of their favourite festive song I Want a Hippopotamus for Christmas as their Christmas fundraiser, to help raise vital funds.

AAM connects disabled and young people in North Yorkshire, celebrating the achievements and aspirations of everyone through creative music and arts projects.

Rose Kent, Managing Director commented “You can watch the video here and if Hands & Voices help put a smile on your face today, please consider making a small donation so that we can keep delivering our life-changing inclusive projects.

The good, the bad and the ugly (of the autumn statement)

Accounting, CGT, Law, National Insurance, Payroll, Personal Tax, Property l

goodThe dust has settled on the autumn statement, and it is now clear on the good, the bad and the ugly effecting SME’s, employers and self-employed.

 

The Good!

National Insurance employment allowance increased to £3,000 from April 2016

Extension of the doubling of small business relief rates to April 2017 (good news – make sure you have this if you operate from an office)

The Bad!

3% additional stamp duty land tax will be charged on second homes or investment properties purchased from April 2016, which in added to the reduced relief for interest previously announced from April 2017 is a double hit for active investors

3% differential on Benefit in Kind for diesel cars retained from April 2016 for 5 more years

The Ugly!

Capital gains tax due to be paid within 30 days of completion of any disposal of residential property from April 2019. This ties in with the introduction of digital tax accounts for most taxpayers.

If you have any queries or concerns arising from the autumn statement, contact our team at Morrell Middleton on 01904 691141.

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

Uncategorized l

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.

FREE AUTO ENROLMENT & XERO ACCOUNTS SEMINAR (AND LUNCH)

About Us, Accounting, Businesses, National Insurance, Payroll, Pensions, Personal Tax, VAT, Xero l

xero-logo-hires-RGBPension-PeopleAuto Enrolment – everything you need to know about it and the lack of time you have to implement it!

Xero Online Account – How to keep your books sitting on a beach in Hawai whilst drinking cocktails!

Morrell Middleton have teamed up with Ardent Financial advisers to discuss the in’s and out’s of implementing the Governments solution to the pensions crisis – Auto Enrolment.

The rules will apply even to individuals who employ just one person, such as a nanny or gardener. Employers will have to enrol workers who are classified into 3 areas, Entitled Worker, Non-Eligible Jobholder and a Jobholder. Who is which and what you have to do for them is all in our notes!

HMRC are removing a barrier to R&D tax credits

Businesses, Corporation Tax, Growth l

Einstein_laughingSince 2000, companies have been able to claim significant tax relief for undertaking qualifying R&D, however the uptake among smaller businesses has been and remains low. This can mean reduced corporation tax, or a cash payment from HMRC.

The main barrier to claiming is thought to be concern that the R&D undertaken doesn’t qualify, leaving the business with additional professional fees to pay for an unsuccessful claim.

To overcome this, from Autumn 2015 HMRC are introducing the ability for smaller businesses who have never claimed R&D tax credits to gain advanced assurance whether an R&D project would/does qualify, ahead of doing any calculations and making the claim. This should reduce the speculative risk of making a claim for these businesses.

HMRC new power to issue pay now, investigate later demands

Accounting, Businesses, National Insurance, Personal Tax, Tax/VAT Cases l

Tax calculatorHMRC are reported to be undertaking a targeted campaign against IT and financial services contractors, using the new “accelerated tax demands” to force tax payers into making payments within 90 days, ahead of the tax payer being able to respond.

* Campaign started August 2014

* £1bn collected to date

* £24m already refunded on appeal

* 64,000 notices expected by 2020

Minimum wage increases from 1 October 2015

Budgets, Law, Payroll l

A wage packetFrom 1 October 2015, the national minimum wage rates increase by between 2% and 20% with our youngest employees being both the biggest winners and losers depending on how they are employed.

 

 

– Apprentices * – £3.30 (up from £2.73) – up 20%

– Under 18’s – £3.87 (up from £3.79) – up 2%

– 18 to 20 year olds – £5.30 (up from £5.15) – up 3%

– 21 years and older – £6.70 (up from £6.50) – up 3%

If you have any queries on the minimum wage or running your payroll, please don’t hesitate to contact our team.

Time to review your inheritance and trust fund arrangements?

Budgets, IHT, Investments, Pensions, Property l

Mortgage calculator. House, noney and document.

Thousands of families who set up “discretionary trusts” so they could leave property to children in a tax-efficient manner will miss out on the Government’s valuable new inheritance tax allowance unless they make significant changes to their will, it has been warned.

Homes left to children through a discretionary trust will not benefit from the “family home allowance”, worth up to £350,000 per couple from 2020, because assets do not pass directly to children. Discretionary trusts – the most common form of trust – were widely used in the past to minimise inheritance tax (IHT).

Pension reforms leaves an “open trap door” for 70% tax charge on withdrawals

Accounting, Budgets, Investments, Pensions, Personal Tax l

Thousands of older savers who use the new pension freedoms to pay off debts could be forced to pay 70% tax on withdrawals they expected to be tax-free if they continue to save for retirement, pension experts have warned.

A little-known quirk in the rules designed to prevent pensioners abusing the tax system means that even over‑55s with modest pensions are at risk of unwittingly breaking official savings limits. Tweaks which mean the rules now affect far more people were quietly made in April this year.

45p mileage allowance – per person or per vehicle?

Accounting, Businesses, Personal Tax, Uncategorized l

car on coinsOne way of paying for travel by private car is for a claim for business related mileage to be made, at up to 45p per business mile for the first 10,000 per annum and up to 25p per mile thereafter. This is typically using your own car, but it could be a hired, borrowed or shared car too.

A question which has recently arose is whether the 10,000 miles per annum is per person or per vehicle.

Taxation of dividends – changes on the horizon

Accounting, Businesses, Investments, Personal Tax, Shares l

DividendsSince the Summer Budget, a topic dominating discussions with owners of shares has been the Chancellor’s proposed new tax on company dividends.

As a reminder, the Finance Bill 2016 will abolish the 10% tax credit on dividend income, which will cease to be grossed up in personal tax computations from 6 April 2016. In its place will be a £5,000 dividend tax allowance.

Until now we had no firm details about how this dividend tax allowance will fit within the structure of personal allowances and tax rates, however the accounting profession has been working with the Treasury to produce some guidance which should be published on GOV.UK in the next few days.

Congratulations to Martin!

About Us, Clients News, Uncategorized l

CMBAWe are delighted to announce that Martin Poole from our team has been appointed to the board of directors of the Clifton Moor Business Association, of which Morrell Middleton are long standing members.

Clifton Moor Business Association has been established over 15 years with the vision of creating a forum where the views of businesses on Clifton Moor could be represented and to encourage mutual business between companies based on the estate.

Changes to tax free child care now expected in early 2017

Budgets, CSR, Law, Payroll l

childcareOn 1st July, the government welcomed a judgment from the Supreme Court that found the government’s proposals for delivering Tax-Free Childcare to be clearly lawful.

It also confirmed that, as a direct result of the legal challenge, the scheme is now expected to launch from early 2017. The existing Employer‑Supported Childcare scheme will remain open to new entrants until Tax-Free Childcare is launched.

HMRC announces £45m to improve customer service

Businesses, Corporation Tax, National Insurance, Personal Tax, Tax/VAT Cases, VAT l

angry-Homer-phoneHMRC has announced today that it is allocating £45m to improve customer service, as it released statistics  indicating a prolonged decline in the quality of its call handling.

The allocation will pay for around 3,000 additional staff to join customer service teams, alongside around 2,000 staff who are being moved over from other parts of HMRC to help with the tax credits deadline and letters and forms.

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