Spring Statement 2019

The Chancellor’s Spring Statement took place yesterday. There was not a lot new apart from clarifying that MTD (Making Tax Digital) will not yet be rolled out for taxes other than VAT, which is coming in from 1 April 2019. We have summarised what was said, together with other topics of interest (‘Looking Ahead’) in our newsletter which we hope you will find of interest. Please download it here.

Our summary includes updated forecasts for the UK economy and public finances, as published by the Office for Budget Responsibility. The Chancellor pledged to bring forward the £700 million reforms for business apprenticeships, and also announced that a £26.6 billion ‘deal dividend’ would be made available to help boost the economy, providing a Brexit agreement can be reached.

For advice on any of the topics covered in our Spring Statement newsletter, and how they may have an impact on your business or personal finances, please give us a call on 01763 853 633.

Liric March newsletter

For all the updates from Liric, please click here.

Xero Gold Partner

Liric December newsletter

For the latest news and reminders from Liric, please click here.

Autumn Budget 2018

This year’s Autumn Budget was presented earlier than usual, due in part to the crucial final stages of the government’s Brexit talks with the EU. Measures for businesses included a cut in business rates for small retail properties in England, together with an increase in the Annual Investment Allowance from £200,000 to £1 million. Individuals will benefit from an increase in the income tax personal allowance a year earlier than planned, in April 2019. The higher rate threshold will also increase at this time.

We’ve put together a Budget Newsletter with all the key points. We give you an overview of the announcements arising from the Chancellor’s speech, and consider how they could affect your personal and business finances.

Please click here to read our Budget Newsletter now.

You can also find more in-depth information in our app which includes fully updated ‘Budget News’.  Just visit our home page for the link to download the app, or download it direct from the iTunes Store or Google Play (search for MyAccountants and then use the code ‘Liric’).

GDRP

GDPR regulations coming into force 25 May – are you ready? See our recent newsletter.

 

 

Liric November newsletter

Did you catch our November newsletter – if not click here

 

 

The Brand new App from Liric

At LIRIC we are constantly looking for ways we can improve the service we offer our customers and we are proud to announce the launch of our brand new LIRIC App.  It’s completely free of charge and it’s available for iPhones, iPads and Android devices.

 

So the next time you need to look up a tax rate or work out a VAT calculation, our new App can help.  It provides you with up to date, important accountancy data at your fingertips.  PLUS:

Photo Receipt Management, Email and Store

Never lose a receipt again! Using the latest App, you can track receipts and expenses literally at the touch of a button. With minimal effort you can take a picture of any receipt and save it to your App. Any additional information can be added later and receipts stored by amount, category, and date. It can help you track all your expenses with ease and enable us to interact digitally with you.

GPS Mileage Tracking and Management tool

When it comes to mileage tracking, half the battle is keeping an accurate tab on your journeys. Using the built-in GPS on your device, it will automatically track your mileage, helping you to record every single trip at the touch of a button. It also manages trips as well, storing them and allowing you to view, edit or email them with complete ease.

Keeping in touch via ‘Push Notifications’

As a LIRIC we are committed to finding ways to communicate and interact with clients in the most efficient possible way.  The new App enables us to send push notifications to all App users.  We will be using this feature to share important news, deadline reminders and financial updates with you.

This App was designed to provide every service you could ask from us. We’ve put your favourite business systems, invaluable tools and features such as calculators, tax tables, logbooks, receipt and income management, instant access to the latest financial news and information and valuable company info, directly from us. With all this on one App, our App will likely be your go-to tool in the future.

It’s available for iPhone, iPad and Android devices completely free of charge right now!

Simplysearch on for the App Store or Google Play for  “liric accountants app” or scan the QR code

Enjoy our App with our compliments!

Spring Budget 2017

The Chancellor’s 2017 Budget contained some important announcements and confirmed a number of changes planned for the new tax year.

There was both good and bad news for sole traders and small businesses in today’s Budget. Following this, we have put together a review which contains the latest tax and financial information, which we trust you will find useful. Please click here to download.

For more information on how the changes in the Budget may affect you, please contact us

In Brief:

Class 4 NICs will increase from 9% to 10% in April 2018, and then to 11% in April 2019 for those earning more than £8,060. Employees currently pay 12%. Class 2 contributions – as previously announced – will be abolished from April 2018. This will affect you if you are self-employed.

In addition, Hammond announced that the tax-free dividend allowance – introduced last year – will be reduced from £5,000 to £2,000 from April 2018. This will affect you if you trade as a Limited Company.

As plans for Making Tax Digital (MTD), continue apace, Hammond also announced that for businesses with turnover below the VAT registration threshold this will be delayed by one year to April 2019 to allow more time to prepare for the changes.

Businesses that have an annual turnover below the VAT registration threshold will have an extra year before they are required to keep records digitally and send HMRC quarterly updates.

Those businesses trading above the VAT threshold will still be required to keep digital records and send HMRC quarterly updates from April 2018.

The exemption threshold for MTD remains at £10,000.

At Liric, we are working on ensuring all our clients have the systems they will need to ensure they comply and there will be much more about this in future newsletters.

 

Changes to Flat Rate VAT scheme

Following last years Autumn Statement, the government have issued their draft legislation detailing the changes to the Flat Rate Scheme (FRS). These will come into effect on 1 April 2017.

If you are using the Flat Rate scheme for calculating your VAT it’s really important that you read the following information.  We will also be contacting you directly if our records indicate that you may be affected by these significant changes.

If your business is classed as a “Low or Limited cost trade”, which will probably catch any consultancy based businesses, the flat rate will increase to 16% from 1 April.

So for example:
If your sales are £5,000 the VAT is £1,000, total £6,000 x 16.5% = £990 VAT payable. So HMRC let you keep £10.

Compare to the 14% rate and the VAT payable would have been £840, allowing you to keep £160.

Please click here for our full factsheet on this important subject and do get in touch with us if you are affected.

Paying your self assessment tax – deadline 31 January 2016

HMRC will not be issuing paper statements and payslips to self-assessment taxpayers to remind them of the 31 January 2016 filing and payment date unless the taxpayer has filed their 2014/15 tax return by 31 December 2015, and has not opted for digital only communications from HMRC.

HMRC will not be issuing paper SA reminders and payslips for taxpayers who file their 2014/15 tax returns in January 2016 or for those taxpayers who have opted for digital-only SA communications from HMRC. Payment options available without a payslip are by debit/credit card, CHAPS/BACS, direct debit or via online or telephone banking.

Payment by cheque through the post is available but only with a paying in slip. If you do not have a paying in slip you can print a payslip but this cannot be used to pay over the counter at a bank, building society or Post Office.

Further details on how to pay can be found on the HMRC website – GOV.UK at: https://www.gov.uk/pay-self-assessment-tax-bill