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Newsletter Summer 2016

Minimum Wage rates increases rescheduled The National Living Wage (NLW) came into effect in April 2016 for workers aged 25 and over and has caused many businesses to consider their remuneration policies for employees. The initial rate of £7.20 is a 50p increase in the rate that used to apply. In terms of detailed rules, the NLW is really just a new category rate for the National Minimum Wage (NMW). However there is an important difference of principle in the setting of the rates. Changes to the NMW rates have been recommended by the Low Pay Commission in an annual report. Amongst the 368 pages of the latest report are the recommendations for changes to the NMW rates to apply from 1 October 2016. The rate for 21 to 24-year-olds will increase by 25p to £6.95 for example. The Commission will continue to recommend rates for those aged under 25 and apprentices that will not damage the employment prospects of these groups. It will also recommend rates for NLW but focused on the government target of reaching 60% of median earnings by 2020 (on latest forecasts this would mean £9 in 2020). The government has announced that the NMW and NLW cycles will be aligned with effect from April 2017 so that both rates are amended in April each year. Four reasons to add social media to your marketing plan The use of social media in businesses has rocketed over the last few years as it is a great way to communicate with a wide audience. If you’re not an active user you could be missing out on vital...

Christmas update

Following the Autumn update, there are many significant changes ahead in 2015 and beyond. We will be in touch in the new year with further details, but please contact us if you have any queries in the meantime. Some key changes are highlighted below: Increased Personal Allowance The standard tax free Personal Allowance will be increasing from £10,000 to £10,600 from 6 April 2015. Bonus for some married couples From 6 April 2015, married couples and civil partners will be able to transfer 10% of their Personal Allowance to their spouse, as long as they earn less than the new higher rate tax threshold of £42,385. Pension changes The new flexible drawdown pension rules come in to force from April 2015, giving greater flexibility and potential tax saving opportunities for those approaching/ over 55 years of age. No tax relief for goodwill on incorporation From this month, there will no longer be tax relief for writing off goodwill transferred from an individual/ partnership to a Ltd Company on incorporation. The Entrepreneurs Relief against Capital Gains Tax on such transfers/ disposals was also abolished. Class 2 National Insurance reform From April 2015, Class 2 NI will be collected through Self Assessment rather than the current 6 monthly bill or Direct Debit payment system. If you currently receive 6 monthly bills from HMRC, April 2015 will be the last one. Keep up to date Follow us on Twitter @HartParry to keep up to date with Hart Parry, and receive current information which may be useful for you. As ever, if you have any queries, please do not hesitate to contact a member of our...

Autumn update

With the clocks having gone back, the Self Assessment deadline of 31 January is quickly approaching, which provides a good opportunity for us to communicate some useful updates for you. New addition to the Hart Parry team Some of our clients will already be aware that Sion Williams had been working with us as an apprentice for some time now. Sion is studying for his AAT qualification, and has progressed well with his exams, being rewarded with a permanent contract at Hart Parry recently. Sion has been a valuable addition to our team, and will have more and more contact with our clients as he gains further experience. Client referral incentive We have consistently received a number of referrals from our clients who are happy with the service we provide, and pass our details on to friends, family and colleagues. We are very grateful when you recommend us to others, so we continue to offer a reward for this to show our appreciation. If you know of anyone who would benefit from our services, please do not hesitate to pass on our details, or ask us to contact them. Make sure they mention your name when they contact us, and we will be in touch for you to choose from a selection of rewards. Award nomination As mentioned on our website recently, Hart Parry Cyf and Dafydd Hughes have been shortlisted at the prestigious British Accountancy Awards 2014, where the winner will be announced at the awards ceremony in London on 25 November. As previous winners of the ‘Independent firm of the year, Wales’ category, we hope to add to our success...

PRESS RELEASE: British Accountancy Awards nomination

We are delighted to announce that Hart Parry Cyf have been named on the shortlist for Independent Firm of the Year – Wales, at The British Accountancy Awards 2014. We won this award in 2011, and are extremely pleased to make the shortlist again this year. This award is open to firms throughout Wales, recognising those who “add significant value to its clients and across all service areas, enabling their clients to achieve their business goals.” One of our directors, Dafydd Hughes, has also made the shortlist for New Practitioner of the Year at the awards ceremony, forming part of an eight strong shortlist, including representatives from some of the leading global accountancy firms. This award recognises individuals who have “not only excelled in their professional exams, but gone above and beyond in their attitude to development, including assuming extra responsibilities, taking on and completing special projects, or assuming a role much earlier than would otherwise be expected.” The above award nominations are a testament to the hard work and contributions of all our team members, who continually strive to improve our service, for the benefit of our clients. The winner will be announced at the awards ceremony in London on the 25th November. FOR MORE INFORMATION PLEASE CONTACT DAFYDD HUGHES OR JANEY HART ON 01248...

January Tax Return Deadline

The January Tax Return deadline has passed and for a few, they have still not completed their returns and will shortly be charged daily penalties, if you are one of these, don’t wait for the bill – act now. Continuing Payroll changes The new Real Time Information payroll system is continuing to be developed, with penalties yet to be introduced for those who don’t comply, so if you are not already operating the new system correctly you have another chance to get things sorted out before it costs you dearly.  One of the main new changes is the abolition of being able to recover Statutory Sick Pay, this is being cushioned by the Employment Allowance, worth up to £2,000 per annum.  Talk to us for help regarding maximising the use of this.  Pension auto-enrolment is still lies ahead for most employers, if you wish to discuss these changes further, contact us. Client referral incentive We have consistently received a number of referrals from our clients who are happy with the service we provide, and pass our details on to friends, family and colleagues. We are very grateful when you recommend us to others, so we have decided to introduce a reward for this to show our appreciation. If you know of anyone who would benefit from our services, please do not hesitate to pass on our details, or ask us to contact them. Make sure they mention your name when they contact us, and we will be in touch for you to choose from a selection of rewards. Tax Investigations The risk of HMRC launching a tax enquiry remains...