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Newsletter Spring 2016

Marriage allowance – guide your employees in the right direction The Marriage Allowance lets certain individuals transfer 10% of their personal allowance to their spouse or civil partner. This reduces the tax bill of the recipient of the transfer by up to £212 in 2015/16. The main scenario in which the transfer is allowed and worthwhile is where: one of the spouses has little income and is therefore not using the personal allowance the other spouse does not pay tax at the higher or additional rate.   The default route for applying is online. If you are an employer, it is a good idea to signpost your employees to gov.uk/marriage-allowance-guide. This link gives full information as to eligibility, how to apply and a link to the online application. As we get towards the end of the tax year, couples may have a better idea as to whether they qualify. If a successful application is made, changes to the personal allowances are backdated to 6 April 2015. In future years the personal allowance will transfer automatically to the spouse until either of the couple cancels the Marriage Allowance or there is a change in circumstances. New tax dangers when buying residential property The Chancellor announced in his Autumn Statement in November 2015 that he would be introducing new rates of Stamp Duty Land Tax (SDLT) on purchases of buy to let properties or second homes. Few perhaps realised how much more complicated property transactions may well be as a result. At the end of December the government launched a consultation paper which revealed the proposed details of the regime. SDLT...

Hart Parry Winter Round Up.

HMRC gone phishing? Phishing is the fraudulent act of emailing a person in order to obtain personal or financial information. HMRC has issued guidance to help recognise fraudulent emails. HMRC are increasingly providing online services for taxpayers and their agents but this means a higher risk of phishing and bogus emails. These emails often ask for personal information such as date of birth, bank details or passwords. With a Self Assessment tax payment date coming soon on 31 January 2016, this may be the time to be wary of online fraudsters. HMRC have confirmed that they will never send notifications of a tax rebate by email and will also never ask people to disclose personal or payment information by email. In addition HMRC have responded to these attacks by issuing guidance on how to tell if an email is fraudulent. How to tell if an email is fraudulent Often the fraudster will create an email address which looks similar to HMRC’s email address for example ‘refunds@hmrc.gov.uk’. More examples of false email addresses can be found in a list provided by HMRC – https://goo.gl/3QLfie Another risk area is a link to a bogus website in an email or text. The page may look genuine but it often contains links, display fields or boxes which ask for bank or credit card details and passwords. HMRC have warned that some phishers also add links to genuine HMRC websites to try and make the emails appear genuine. Fraudsters often send high volumes of phishing emails in one go and they may therefore start the email with generic greetings for example ‘Dear Customer’ rather...

Tax investigations update

Following the outcome of the General Election, the victorious Conservative Party is now planning to deliver the manifesto pledges it made during the campaign. One of those key pledges included a promise to collect at least an extra £5bn from tax evasion and tax avoidance. In this update we highlight HMRC’s approach, existing targets and latest published results, as well as some of the risks which trigger a tax enquiry …. Read...

We are Moving Office on 22nd May 2015

Hart Parry will shortly be relocating within Parc Menai. Having enjoyed the advantages of easier access and parking, we are settling permanently on the Parc and have bought new premises rather than renewing our Welsh Government lease as this is more economical. New contact details Our telephone number and e-mail will remain unchanged when we move, and our new address will be: Hart Parry Cyf 9 Chestnut Court Parc Menai Bangor LL57 4FH Please refer to the map and directions below Date of move We will close at 2 Llys Y Fedwen at 5pm on Thursday 21st May 2015 and be open at our new premises at 9am on Tuesday 26 May 2015. We will only be closed for one day, on Friday 22 May 2015 for the move, and Monday 25 May as it is a bank holiday. If you have any queries about our move, please do not hesitate to contact us. Directions: On entering Parc Menai from the Britannia roundabout at the next roundabout take the 2nd exit, then follow the road down the hill for 800m until you come to the roundabout marked Llys Y Castan, take the 3rd exit, take the 1st right. No 9 is in front of you. We have designated visitor parking spaces on the right of the property. Enter the building and we are on the 1st floor. If you have difficulty with the stairs, please call prior to your visit and we can make arrangements to see you on the ground floor. There is no change to our telephone number 01248 360067...

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...

Pension Automatic Enrolement Guidance

Pension auto enrolement is already with us, but to date only affects larger companies, all employers will be included by 2017.  Do you know your date to be compliant?  Do you know what it means to you? We ran an employers seminar in the autumn, but if you missed this we are able to help guide you through the legislation.  Just give us a...