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Issue:-
Monday,
11 April 2016
Headlines and
reports on this page = 2 news items. Page - 2.
Make New Financial Year
resolution to tackle major changes urges local specialist
LOCAL business owners are being urged
to make a vital New Financial Year resolution to meet major changes that have
come into
effect.
Andrew Geddes who runs TaxAssist Accountants in Southport said:- "Small
businesses are facing an unprecedented amount of new legislation, tax rules and
increased responsibilities and many of the changes come into effect from in
April 2016.
We want to ensure that local business owners reap the benefits of the changes
and avoid the potential pitfalls and penalties. We're urging them to make a New
Financial Year resolution to tackle the new challenges and ensure they don't
miss out on any tax breaks they're entitled to.
The New Financial Year brings a number of challenges and opportunities for small
businesses, in a highly competitive market and fragile economy. We want to
ensure that they don't get caught out by the new rules and risk hefty fines and
penalties."
New regulations which could impact your small business this year:-
► Workplace pension schemes will see all business owners automatically enrolling
all
eligible employees and contribute to their pension pot. Your 'staging date',
the date the duties apply, will vary, but the Pensions Regulator should confirm
your date in writing.
► Many business owners who rely on dividends as their main source of income,
will find they pay more Tax due to significant changes in the way dividends are
Taxed.
► The new National Living Wage of a minimum £7.20 per hour has been introduced for all
employees aged 25 and over. This will be a considerable increase in costs for
employers.
► Introduction of the Personal Savings allowance which means a basic rate
taxpayer will be able to earn up to £1,000 in savings Income Tax free.
► The Employment
Allowance, which is offset against an employer's National
Insurance bill, has been increased to £3,000.
► Single director companies are no longer be eligible for the Employment
Allowance, so contractors and consultants may lose out.
► Rent-a-room relief has been increased to £7,500, which is good news for those
renting our spare rooms to students or lodgers.
TaxAssist Accountants Southport is a local business, based in Southport,
Ainsdale, Birkdale and Formby providing Tax and accountancy advice and services
purely to small businesses.
Tax Credits Overpayment
Change likely to cause serious hardship
Tax Credit claimants earning over
£20,000 may see sharp cuts in payments as HMRC recovers overpayments at a higher
rate, says a concerned Low Incomes Tax Reform Group.
Changes announced in the March 2014 Budget come into effect today. It will
affect Tax Credit claimants with a household income of more than £20,000 who are
paying back a historic Tax Credit overpayment from their present Tax Credit
payments.
The maximum rate at which their ongoing payments are reduced in order
to repay the debt will increase from 25% to 50%. This means they will pay back
the overpayment at a faster rate, but will see their Tax Credit payments
significantly reduced.
LITRG is calling on HMRC to devise some form of protection from the 50%rate for
those with childcare costs and those who receive the disability elements of Tax
Credits.
Anthony Thomas, Chairman of LITRG, said:- "This change is likely to catch
people out as they may not be aware that their payments are about to reduce by
an additional 25%. The cliff-edge income threshold means it is going to affect
families with household income of more than £20,000 whatever their
circumstances. This is likely to hit those with high childcare costs or who
receive extra payments due to disability even harder as their awards will be
higher.
We fully support the need for HMRC to recover overpayment debt but this should
not be at such a rate that it has the potential to plunge people into serious
financial hardship. We are extremely concerned that this
measure, especially when combined with other recent debt measures like
recovering working Tax Credit overpayments from ongoing Child Tax Credit awards
and vice versa, might well cause claimants to fall into hardship. The current
Tax Credit hardship
processes are not well publicised and little information is provided about when
someone might qualify under hardship provisions.
We urge HMRC to consider protecting those with childcare costs or who qualify
for any of the disability elements from this 50 per cent recovery rate so that
they do not face losing a significant part of their awards. Failure to do this
may force people out of work if they cannot pay their childcare costs, and may
leave people with disabilities unable to meet the extra costs associated with
their disability."
Do you think this will affect you? Are
you worried about this change? please email us your thoughts and concerns
about these changes to our newsroom via:-
News24@SouthportReporter.com.
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Deceased estates notice - Lilian May
Jackam
Pursuant to the Trustee Act 1925, any persons
having a claim against or an interest in the Estate of Lilian
May Jackam (also known as Lillian May) Jackam (Deceased), late
of Birch Abbey Rest Home, 55 Alexandra Road, Southport,
Merseyside, PR9 9HD, UK, who died on 04/10/2018, are required to
send particulars thereof in writing, to the undersigned
Solicitors, on or before 24/05/2019, after which date the Estate
will be distributed having regard only to claims and interests
of which they have had notice. Churches Solicitors, 12 High
Street, Fareham, Hampshire, PO16 7BL, UK. Ref:-
'T553015.'
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