This is my autumn newsletter somewhat late. As I write we are remembering the 50th
anniversary, of Aberfan in 1966 and the terrible tragedy of that day. It helps to get into perspective our own
lives and to be thankful for the blessings we have. I remember vaguely, as I was just a youngster
at school, when so many lives were lost.
In a few weeks it will be the Advent season as we look to
Christmas when Jesus came some 2000 year ago the Jewish nation were expecting a
military Commander, Messiah, and were somewhat surprised as to the values which
Jesus proclaimed, in some ways very radical, which can be read in the Gospel of
Matthew Chapter 5, ‘The Beatitudes’.
This is perhaps what the world needs at this time considering the
senseless bombings in Assyria and where the daily worries in the third world is
whether there is sufficient food for the day whilst in the western world the
worry is whether we have sufficient WiFi access that day!
Turning to the world of accountancy I have written
articles on the new ‘Making Tax Digital Regime’, which is due to hit us in the
next couple of years, the end of the paper Tax Return with everything going
digital. What is evident is that we have
to think differently in terms of accounting records and the filing of
Returns. From April 2018 sole traders,
partnerships and property lettings will be expected to file quarterly Returns
digitally with HM Revenue & Customs. The first being due for the quarter to 30
Obviously there is software out there like Xero, Quick Books etc. and
obviously there will be Apps becoming available too on the market, but using
paper bags to put your records is not the answer. I will be writing to all my
sole traders, partnerships and property letting clients in the New Year
regarding these changes. There will be a
need to move to appropriate software or eventually allow us to write up your
records on a regular basis but not at the end of the year!!
Companies will follow of course in due course, perhaps a
year or so later.
As for the 2015/16 Tax Return if you have not supplied
your Tax Return information to us at this late date, then time is beginning to
run out, so please get together the various information so that the firm can
complete your Tax Return to 5 April 2016 and do let us have this in the coming
weeks. Supplying these papers and books
as late as January can only mean extra increased charges which I am sure you
want to avoid.
Without doubt the autumn budget will bring some radical
changes in the world of taxation with a new Prime Minister and a new Chancellor.
We will be facing up to in April 2017 changes to tax
relief on property lettings. If you want
some help and advice in this area please do not hesitate to contact me,
particularly if you want to consider moving matters under the umbrella of a
Limited Company where interest relief will still be fully available.
Otherwise, once we get into next year those of you who
receive dividends from your Limited Companies as a part of your remuneration
package you are having to face up to the
new dividend tax which I have mentioned in previous articles.
Please do not hesitate to contact us if you have any
particular worries about tax bills and related matters.