LNS Accountants | Accountants Whitley Bay

Please see below some Budget changes following the Chancellor's 2015 Statements and a brief list of areas that may need particular attention:-

  • National Minimum Wage increase from 1 October 2015:
          £6.70 - Age 21 and over
          £5.30 - Ages 18 - 20
          £3.87 - Ages 16 & 17
          £3.30 - Apprentices    
  • From the 6 April 2014 there is an Employment Allowance which could reduce Employer’s Class 1 National Insurance Contributions (NICs) by up to £2,000 every year and £3,000 from 6 April 2016
  • Annual Investment Allowance reduces from £500,000 to £25,000 from January 2016
  • Personal Allowance limit increased from £10,000 to £10,600 from April 2015 rising to £10,800 from April 2016
  • Income limit for Personal Allowance remains at £100,000 from 6 April 2015
  • National Insurance Primary & Secondary thresholds were equalised at £153 per week from 6 April 2014 but are changed to £155 & £156 per week respectively from April 2015  
  • A further one per cent cut in the main rate of corporation tax from April 2014, to 21 per cent
  • Basic State Pension increase by 2.5%
  • New HMRC redesigned Business Records Checks (BRC) are now being implemented - are you ready?
  • HMRC PAYE Real Time Information (RTI) regime - are you ready and aware of the penalties from 6 March 2015? 
  • Are you ready for the 5 April 2015 Tax Year end and will you utilise all of your allowances and reliefs on your 2015 Self Assessment Tax Return by 31 January 2016?
  • 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 2015 for paper based tax returns?
  • Can your existing Accountant guarantee that they can produce iXBRL compliant Accounts and Returns?
  • New HMRC compliance visits - are you ready?
  • Did your current Accountant advise you of "the real tax year end" and did you miss out on Capital Allowances Relief?
  • Do you know the "magic number" for income tax relief from your Company for 2014/15 and 2015/16?
  • Were you aware of the Capital Allowances and Capital Gains Tax changes from 6 April 2014? 
  • 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.