From the 1st October 2016, the national minimum wage rates for the different age bands and for apprentices are increasing.

The new rates from next month will be as follows;

From October 2016 - April 2017

Adult rate (21+)NLW (25+)        £7.20

 Adult Rate (21-24)                    £6.95

YDR (18-20)                               £5.55

16-17 Yr Old Rate                       £4.00

Apprentice Rate                        £3.40

Please ensure your current payroll system is compliant in advance of the changes.

POST BY CAROLINE

 

If you would like more information on the minimum wage requirements or have a payroll query, please contact us on 0845 303 1144 or email info@coopercurtis.co.uk. 

Please note, all our content is for general guideline only, every case is different and we would recommend speaking to us before taking any action as a result of the content. The content was correct at the time it was published. 

From the 6th April, ALL limited companies & LLPs will be required to hold and have available for inspection a register of people with significant control over the business. The Companies House Annual return will be abolished and details from the PSC register will need to be submitted every 12 months instead. 

'What constitutes significant control?'

A person defined as having control is someone who meets one or more of the following conditions.... 

1. Direct or indirect ownership of 25% of the company's shares

2. Direct or indirect control of 25% of  the limited company's voting rights. 

3. Direct or indirect right to appoint or remove a majority of the board of the company of directors. 

4. Has the right to exercise significant influence over the control of the company

5. Has the right to exercise significant influence or control over activities a trust or firm which itself meets one or more of the first four conditions.  

'So what do you need to do next?'

Once you have identified every person with significant control, you must maintain the following information about each individual...

1. Name

2. Registered office address

3. Nationality

4. Date of Birth

5. Usual residential address

6. Date from which person became a registrable person or person with significant control in the company

7. Nature of their control (%age of control) 

An updated 'Confirmation Statement' formerly the Annual return, must be submitted to Companies house every 12 months, and a register must be maintained from April 2016. Filing at Companies House will commence from  30 June 2016. 

What will happen if I fail to keep accurate information on a register?

Failure to provide accurate information when requested for an inspection is a criminal offence and you could find yourself with a hefty fine or even up to 2 years in prison!

If you would like more information on the Person with Significant Control 'or 'PSC' Register, please contact Brian on 0845 0303 1144 or email brian@coopercurtis.co.uk. 

Please note, all our content is for general guideline only, every case is different and we would recommend speaking to us before taking any action as a result of the content. The content was correct at the time it was published.

Wishing a peaceful Easter break to all from Cooper Curtis Accountants Cooper Curtis provide a full range of Accountancy/Tax and Business growth services to all types of businesses. For an approachable, reliable and pro active service, look no further than Cooper Curtis.

Wishing a peaceful Easter break to all from Cooper Curtis Accountants

With the Budget taking place yesterday, there were a number of significant changes announced and confirmed coming in from April....

Some of these were expected, such as the Travel and Subsistence tax relief restriction for those employed via an employment intermediary. We expect the re-percussion of this will be a skills shortage for workers unwilling to travel. 

A surprising announcement was a drop in capital gains tax to 10% and 20%. This is the chancellor's move to encourage enterprise investments. But, this does not apply to residential properties or carried interest, which remain at the 18% & 28% tax rates. 

We knew the new dividend tax regime from April was going ahead so this comes as no surprise. We have been busy reviewing our clients' records over the past few weeks to seek out any tax saving opportunities. 

Read our Guide to the Budget Summary here

If you have any concerns about any of the announcements made in the recent Budget and would like a confidential chat to an advisor, please call 0845 303 1144 now or email info@coopercurtis.co.uk 

If you're thinking of making a large personal pension contribution before the end of the year, you can take advantage of the pension carry forward rules in order to benefit from any unused allowances from the previous three tax years. 

This is generally the difference between the old £50,000 annual pension allowance and your pension input that year and can be added to your relief for 2015/16. 

Note that the annual pension allowance is £40,000 for 2015/16 and 2016/17.

To avoid losing pension relief brought forward from 2012/13 which lapses 5 April 2016, why not consider making an additional pension payment before 5 April 2016? If your pension input was £24,000 in 2012/13 then there is £26,000 unused relief available to add to your 2015/16 allowance. You would need to make gross pension contributions of at least £66,000 (£40,000 plus £26,000) to avoid losing this relief.

If you have income over £150,000 your annual pension allowance will be reduced by £1 for every £2 over £150,000.

For further information on any topics covered in our blogs, or if you would like to speak to us about our pro-active Accountancy & Tax services, contact Brian or Caroline on 0845 303 1144 for a chat or email info@coopercurtis.co.uk. 

Cooper Curtis Accountants have offices in Warwickshire, Birmingham and Manchester. 

Knowledge - Support - Succeed

Please note, all our content is for general guideline only, every case is different and we would recommend speaking to us before taking any action as a result of the content. The content was correct at the time it was published.

If you are a landlord, then you're probably aware of the forthcoming changes to allowable expenses. 

Now is the time to be considering your options. 

In our latest blog, we outline these changes and offer some food for thought. 

Say farewell to your generous Loan Interest deduction.... 

Large property portfolio with high levels of interest on borrowings? This will affect you. 

You can still have 100% deduction of loan interest on a mortgage for 2016/17, however from 2017 it will be phased out as follows....

2016/17      100% deduction

2017/18       80% deduction

2018/19       60% deduction

2019/20     40% deduction

2020/21     20% deduction

2021/22       0% deduction

You could consider....

1.   Full incorporation - by moving properties and loans into a company.

2.  Pay down your borrowings.

3.  Sell up!

 

Is there any good news...?

Wear & Tear Allowance...  

The 10% deduction which was allowed against total rent income is being abolished.

Landlords will now be able to claim a deduction as and when they spend money on the property. 

Tax Point....!

Why not consider delaying any property expense until April 2016 to get the full deduction! 

Rent-a-room relief

Thinking about de-cluttering that spare room? Why not let it out and take on a lodger....or even start a small B&B in your own home? You can have tax free rent of £7,500 per year from April 2016.....! 

Do you have a large property portfolio and unsure what to make of these changes?

We can advise you on the best course of action to take. 

For further information on any topics covered in our blogs, or if you would like to speak to us about our pro-active Accountancy & Tax services, contact Brian or Caroline on 0845 303 1144 for a chat or email info@coopercurtis.co.uk. 

Cooper Curtis Accountants have offices in Warwickshire, Birmingham and Manchester. 

Knowledge - Support - Succeed

Please note, all our content is for general guideline only, every case is different and we would recommend speaking to us before taking any action as a result of the content. The content was correct at the time it was published.