Braving The Shave!!

One of our team members, Gillian, is soon to be ‘Braving the Shave’ to fundraise for MacMillan Cancer Support!!

Gillian is raising funds and awareness for this very worthy cause in memory of her best friend, Sara Barker, and another friend’s husband, Grahame Booth – both of whom lost their battles with cancer.

The shave is taking place on Saturday 12th October – and we’ll be sure to share the ‘after’ pictures as soon as possible!

The pic above shows Gillian’s current hairstyle (lots of long hair) – so the shave will be a dramatic – and rather cold – change as we head into the winter months!

To find out more about the fundraising effort, and to donate to this fantastic cause, please take a look here: https://bravetheshave.macmillan.org.uk/shavers/gillian-humphrey

 

 

In The Press…

You may have spotted us in the latest Craven Herald and the July edition of Aspire magazine! But if not, please read on for the published article…

 

There’s been a lot going on for Skipton-based accountancy firm, Shepherd Partnership, who recently relocated to new premises at Carleton Business Park…and appointed a new director!

The long-established practice, which provides personalised support to local business owners and individuals, relocated to their new offices to offer an enhanced visitor experience, and to accommodate a recent period of growth. Staff and clients are now benefiting from a comfortable, modern office space and state-of-the-art meeting rooms; all kitted out with a range of high-tech equipment.

Managing Director, Adam Dutton, said, “As well as being fantastic for us, the move also signifies a positive time for Skipton’s business community. Despite what’s going on in the wider economy (avoiding the ‘B’ word!), we are seeing no decline in activity in any areas of business. The region as a whole – and Skipton in particular – is continuing to develop and grow.”

In addition to the move, the firm were thrilled to simultaneously appoint Heather Langtree, an experienced accountant who joined the firm in 2015, to her new role as director.

“Heather has a wealth of experience and a portfolio of clients who trust and respect her knowledge and advice. She will enhance our leadership team whilst continuing to provide informed advice and opportunities to local businesses.”, explained Adam.

Heather added, “I believe Shepherd Partnership provide an unrivalled and personalised service. I am excited to drive the business forward in my new role… and in our new home. Our team were unbelievably helpful in making the move a success; from packing, unpacking and sorting out IT and phone systems, to welcoming visitors to the new premises.”

After visiting the new offices and talking to the team, it’s clear Shepherd Partnership’s focus is on clients’ success – and they have a real desire to make Skipton a thriving business hub. To discover more, take a look at their website, or get in touch to arrange a visit to their fabulous new location.

WE’RE MOVING!

We’re delighted to announce our upcoming move to fantastic new premises!

In February 2019, we will relocate to purposely designed and newly refurbished offices at Carleton Business Park, Skipton.

This is an exciting development for The Shepherd Partnership and we can’t wait to welcome you – our clients and contacts – there in the near future.

Watch this space for further updates…but please get in touch if you have any questions in the meantime.

Please CLICK HERE to download a map of our new location.

Our new address will be:

Carleton Business Park

Skipton

BD23 2AA

Recognising phishing emails and texts from HMRC

We often hear of phishing scams involving apparent communication from HMRC.

Phishing is the fraudulent act of emailing a person in order to obtain their personal or financial information such as passwords and credit card or bank account details. These emails often include a link to a bogus website encouraging you to enter your personal details.

HMRC have just updated their guidance; explaining how to recognise genuine contact from them, and how to tell when an email or text message is phishing or bogus.

Click here to read the guidance.

Company car tax rises take effect

Company car tax rises take effect

The company car has continued to be an important benefit for many employees, despite increases in the taxable benefit rates in recent years.

However, April 2018 saw the introduction of further changes affecting employer-provided cars, which could have a significant impact on your business motoring costs.

Benefit-in-kind rates

Company cars are essentially taxed as a benefit-in-kind (BiK) by multiplying the list price of the car (including most accessories) by the ‘appropriate percentage’. This is set by reference to the car’s fuel type and level of CO2 emissions.

In 2017/18, a reduced BiK rate of 9% applied for vehicles emitting no more than 50 g/km of CO2, but from April 2018 these rates have started to increase significantly.

Cars with CO2 emissions of 0-50 g/km are now liable to a rate of 13%, with similar rises applying to cars with higher levels of emissions.

Diesel cars

April 2018 also saw an increase in the additional diesel car supplement, which has risen from 3% to 4%. The maximum cap of 37% still applies (unless the car is registered on or after 1 September 2017 and meets the Euro 6d emissions standard).

Capital allowances

Changes have also been made to the tax relief for business expenditure incurred on or after 1 April 2018. The 100% first year allowance for expenditure on cars now applies where emissions are less than 50 g/km, reduced from the previous level of 75 g/km. In addition, the limit for attracting an 18% writing down allowance has fallen from 130 g/km to 110 g/km.

Electric charging points

There is perhaps more welcome news for those employers providing charging points for electric or hybrid cars, as HMRC intends to exempt employer-provided electricity from being taxed as a BiK, to apply retrospectively from 6 April 2018.

Further changes to company cars are due to take effect in 2019 and beyond, including additional increases in the BiK rates and the introduction of a new range of bands for ultra-low emission vehicles (ULEVs).

We can help you to plan ahead and decide on the most tax-efficient option for your business motoring needs.

For more information, including the latest tax rates, visit the Tax Strategies area of our website.

OTS calls for ‘urgent review’ into how UK tax system affects businesses

MTD

OTS calls for ‘urgent review’ into how UK tax system affects businesses

In a new report, the Office of Tax Simplification (OTS) has called for the government to carry out ‘urgent work’ in order to simplify the business tax system for UK firms.

The OTS report focused on businesses owned by individuals and families, and examined how the tax system affects firms at each of the key stages of their development, from starting-up to disposal or cessation. The OTS’s stated aim was to ‘highlight the complexity entrepreneurs face when seeking to establish or grow a business’.

In the report, the tax reliefs and charges that apply to new and growing businesses were examined in order to ascertain how well they operate and whether they achieve their objectives.

The OTS concluded that the reliefs and charges would ‘benefit from an overhaul to reduce complexity’, which would help to make reliefs ‘more accessible’ to firms.

The regulatory body has urged the government to consider streamlining or simplifying a number of key reliefs in order to better help entrepreneurs in starting up and expanding their businesses.

The OTS has highlighted 12 key observations, focusing on two main areas: the operation of the Seed Enterprise Investment Scheme (SEIS), Enterprise Investment Scheme (EIS) and Venture Capital Trust (VCT) schemes; and Entrepreneurs’ Relief (ER), capital gains tax (CGT) gift relief and inheritance tax (IHT) reliefs for business.

The organisation has invited the views of businesses and the industry, and will ‘consider some of the areas touched upon in more depth in the future’.

Paul Morton, Tax Director at the OTS, said: ‘This paper takes a significant first step towards meeting the pressing need to undertake a detailed review of the tax system as it operates across the business lifecycle.

‘It is aimed at helping the businesses that are the lifeblood of the UK economy to maximise their opportunities and to make the system clear and simple to understand and use.’

Research suggests 70% of individuals ‘unaware of inheritance tax nil-rate band’

Research suggests 70% of individuals ‘unaware of inheritance tax nil-rate band’

Research carried out by Canada Life has suggested that a significant amount of individuals ‘do not know the threshold’ for the standard inheritance tax (IHT) nil-rate band. Canada Life found that 70% of those surveyed did not know the standard nil-rate band threshold, which currently sits at £325,000.

55% of those questioned do not know the rate at which assets above their available nil-rate band are taxed, the data also revealed.

Meanwhile, an additional 38% do not believe that their main home is liable for IHT. Canada Life has warned that many families in the UK could face ‘unexpectedly high’ tax bills as a result.

‘There is a disturbing lack of knowledge which will undoubtedly translate into unnecessarily high inheritance tax bills,’ said Karen Stacey, Head of Distribution Services at Canada Life.

‘Unless people learn more about taxes and actively plan the future of their estate, the government is in line for a large, ongoing and often unnecessary windfall.’

Meanwhile, Chancellor Philip Hammond has commissioned the Office of Tax Simplification (OTS) to review the UK’s IHT regime, and make suggestions as to ways in which the tax can be simplified.

In a letter to the Chair of the OTS, the Chancellor acknowledged that the IHT regime is ‘particularly complex’, and suggested that the review focus on the technical and administrative issues surrounding the tax.

Mr Hammond also said that the review should examine how existing gifts rules interact with the IHT system, and consider whether the current rules cause taxpayers to rethink their decisions when it comes to investments and transfers.

A ‘scoping document’ for the review into IHT will be agreed and published ‘in due course’, the OTS said.

As your accountants we can help you to plan to minimise the IHT due on your estate – please contact us for further advice.