LNS Accountants | Accountants Whitley
Please see below some
Budget changes following the Chancellor's Autumn Statement and a brief list of areas that may need particular attention for the new Tax
- Making Tax Digital is now live for all VAT registered businesses from 1 April 2019 which will affect all VAT Return filing. Do you have compatibile software and
procedures in place? If not, please contact us to see how we can help.
- National Minimum Wage increase from 1 April 2019:
£8.21 - Age 25 and over
£7.70 - Ages 21 - 24
£6.15 - Ages 18 - 20
£4.35 - Age under 18
£3.90 - Apprentices
- From the 6 April 2019 the Employment Allowance which could reduce Employer’s Class 1 National Insurance Contributions (NICs) by up £3,000 remains unchanged. This
will be removed from 6 April 2020 for Employer's with an Employer's NIC liability of £100,000 or more in 2019/20.
- Annual Investment Allowance increases to £1 million from 1 January 2019 to 31 December 2020
- Personal Allowance limit increased from £11,850 to £12,500 from 6 April 2019
- Higher Rate tax threshold raised to £50,000 from 6 April 2019
- Income limit for Personal Allowance remains at £100,000 from 6 April 2019
- National Insurance Primary & Secondary thresholds remain equalised at £166 per week from 6 April 2019
- Corporation Tax remains at 19% for 2019
- New HMRC redesigned Business Records Checks (BRC) are now being implemented - are you ready?
- HMRC PAYE Real Time Information (RTI) regime - are you aware of the penalties for non-compliance?
- Were you ready for the 5 April 2019 Tax Year end and will you utilise all of your allowances and reliefs on your 2019 Self Assessment Tax Return by 31 January
- Have you missed out on Class 4 NIC loss relief?
- VAT Flat Rate Scheme - are you losing out?
- Did you miss the filing deadline of 31 October 2018 for paper based tax returns?
- Can your existing Accountant guarantee that they can produce iXBRL compliant Accounts and Returns?
- Did your current Accountant advise you of "the real tax year end" and did you miss out on Capital Allowances Relief?
- Are your Company details up to date with the relevant authorities?
- Are you aware of the new HMRC compliance visits and penalty system?
- Are your Company expenses records up to date and do they comply with HMRC guidelines?
- Are you receiving the right Tax, PAYE, VAT and Accountancy advice?
- Are you given sufficient notice to plan for forthcoming tax liabilities and take advantage of Capital Investment?
- Does your Company have an effective "R&D" policy and do you comply with HMRC legislation?
- Are you being overcharged and undervalued by your current Accountant?
If you have any queries or doubts regarding the above, then we would advise that you contact us immediately for a free initial consultation and we can guarantee you
will not be disappointed.