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To October's Tax Tips & News, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman.

If you need further assistance just let us know or you can send us a question for our Question and Answer Section.

We are committed to ensuring none of our clients pay a penny more in tax than is necessary and they receive useful tax and business advice and support throughout the year.

Please contact us for advice on your own specific circumstances. We're here to help!
October 2017
· Getting ready for GDPR
· HMRC launch further Help-to-Save consultation
· The cost of driving a ‘greener’ car
· MTD VAT regulations to be available by April 2018
· October questions and answers
· October key tax dates
Getting ready for GDPR top
HMRC launch further Help-to-Save consultation top
The new General Data Protection Regulation (GDPR), which will replace the existing Data Protection Act (DPA), takes effect from 25 May 2018. UK organisations that process the personal data of EU residents need to ensure systems are in place by then to enable compliance with new requirements.

The GDPR is more extensive in scope and application than the current DPA. The Regulation extends the data rights of individuals, and requires organisations to develop clear policies and procedures to protect personal data, and adopt appropriate technical and organisational measures.
Read More
Following an earlier period of consultation, HMRC have published draft legislation along- side a further technical consultation document, setting out proposals for the main features, processes and requirements of the new Help-to-Save accounts scheme, which is set to commence in 2018.

Help-to-Save will be targeted at working families on low incomes to help them build up their savings. The scheme will be open to around 4 million individuals who either receive universal credit and have minimum weekly household earnings equivalent to 16 hours at the national living wage, or receive Working Tax Credit (WTC). Read More
 
The cost of driving a ‘greener’ car top
The financial benefits of driving a company car have continued to erode over recent years, but this benefit remains one of the most popular and potent perks of a job.

Broadly, the taxable benefit arising on a car is calculated using the car's full manufacturer's published UK list price, including the full value of any accessories. This figure is multiplied by the 'appropriate percentage', which can be found by reference to the car's CO2 emissions level. This will give the taxable value of the car benefit. The employee pays income tax on the final figure at his appropriate tax rate (e.g. 20% for basic rate taxpayers; 40% for higher rate taxpayers). In general terms, less tax will be payable on 'greener' cars those with lower CO2 emissions. Read More
 
MTD VAT regulations to be available by April 2018 top
October questions and answers top
The government has confirmed plans to publish and consult on draft VAT regulations for Making Tax Digital (MTD), with the aim to have the regulations in place by April 2018 to give businesses and software developers at least twelve months to prepare.

In July 2017 the Government announced that MTD is being delayed. MTD will be not be mandatory until April 2019, and then only for VAT. From that date, businesses with a turnover above the VAT threshold (currently £85,000) will be required to keep digital records for VAT purposes. Read More
Q. My mother gave my daughter £5,000 on 1 May 2013. She had not made any other gifts in previous years. Unfortunately my mother passed away on 1 September 2017. How much of the gift she gave to her granddaughter is chargeable to inheritance tax? Answer

Q. I am a self-employed builder. I carried out a job for a customer and invoiced him for £750. The customer did not pay the invoice and I have since discovered that he has been declared bankrupt. I included the £750 in my turnover figures. Can I claim tax relief for the unpaid bill? Answer

Q. I purchased a buy-to-let property in 2000 and rented it out straight away. I lived there myself for two years between 2006 and 2008, but since then it has been rented out again. I am now selling the property. Will I qualify for lettings relief? Answer
 
October key tax dates top
1 - Due date for payment of Corporation Tax for the year ended 31 December 2016

5 - If a Tax Return has not been received, individuals and trustees must notify HMRC of new sources of income and chargeability in 2016/17

14 - Return and payment of CT61 tax due for quarter to 30 September 2017

19 - Tax and Class 1B national insurance due on PAYE settlements for 2016/17

19/22 - PAYE/NIC, student loan and CIS deductions due for month to 5/10/2017 or quarter 2 of 2017/18 for small employers

31 - Deadline for 2016/17 self assessment paper returns to be filed for HMRC to do the tax calculation. If a paper return is being filed also the deadline for tax underpaid to be collected by adjustment to your 2018/19 PAYE code (for underpayments of up to £3000 only)
 
Need Help? top
New Clients Welcome top
Please contact us if we can help you with these or any other tax or accounts matters.

In addition, if there's anyone else who you think would benefit from the newsletter, please forward the email to them or ask them to contact us to be added to the newsletter list.
If you are not already a client and are interested in becoming one, we would love to come to meet with you to discuss how we can help and provide you with a competitive quote for our services.

All new client consultations are provided free of charge and without obligation.
 
About Us top
Cottons are one of the leading independent chartered accountants in the Midlands with offices in Northampton, Banbury, Daventry, Rugby and Southam.

Set up in 1983, we offer a (highly substantial) range of accountancy services and ongoing business advice to companies in the local area, nationwide and internationally.

Our aim is to provide highly professional help, support and assistance to businesses from start-up right through to succession planning when the time is right.

Please visit our website http://www.cottonsaccountants.co.uk/ for more information.
 

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