Please find below our summary of the Autumn Statement. The main points to note are:
- No changes to current travel & subsistence for contractors where IR35 doesn’t apply
- Employment allowance for NIC to increase to £3k from 6 April 2016, but sting in the tail that it will no longer be available to companies where the director is the sole employee, or where the director(s) and family members are the only employees
- Falling corporation tax rates to 19% then 18% from 1 April 2017
- Another blow to buy to let landlords is the introduction of a new payment regime for capital gains on the disposal of a property where principal private residence relies is not available, being 30 days after the date of disposal
Please contact us if you have any queries.
Our Budget brief is now available on our resources page of our website and also below. Please don’t hesitate to contact us should you have any queries.
The shocker in this is the change in how dividends will be taxed as from 6 April 2016. This will affect the optimum salary/dividend position for limited companies and will also affect the point at which it is better to incorporate a sole trader business. We will be advising clients once the numbers have been crunched!
The good news is that the Employment Allowance for employer’s NIC is increasing from £2,000 to £3,000 a year from April 2016.
Please be aware that if you do your own payroll, you may need to change an employee’s NI contribution letter, as well as changing everyone’s PAYE code as necessary as from 6 April 2015. There is a change to employer’s National Insurance on employees aged under 21.
The most common NI contribution letter for an employee aged under 21 will be M, but please read the guidance above.
We are pleased to announce that we are now up and running with QuickBooks Online Accounting. We can set up your QuickBooks Online company file and subscription and get you up and running with the software, including migrating your data if applicable.
The benefits of Online are:
- No more buying software updates – you will always be running the latest version
- Better collaboration between us, I can see real time what’s happening and help you with queries over the phone or by e-mail
- You never have to send me your QuickBooks file by memory stick or e-mail again!
- You can install an app and have your software with you wherever you go (both Android and iPhone supported)
- QB Online includes unlimited QuickBooks support, no more having to pay QuickBooks for a support plan
- Your data lives in the cloud, so no more back ups and potential loss of data
There is a special pricing plan in place at the moment until 19 April 2015, meaning that you will pay £13.30 plus VAT a month for the first 6 months. The price then goes up to £19.00 plus VAT a month thereafter.
Not sure if QuickBooks Online will work for you? Give us a call!
I have one brand new copy of QuickBooks Pro 2015 for sale for £132 including VAT and postage (within the UK). Please e-mail me on [email protected] if you wish to secure it.
UPDATE: 18 November 2014 – This copy of QuickBooks Pro 2015 has now been sold to JD Moore Joinery & Store in Cumbria. Thank you for your interest.