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Welcome to our July Newswire...

Our aim is to keep you up to date with ideas and information that will help you gain the best possible advantages in working with us. This newswire will be sent regularly to help achieve this aim, and we hope you enjoy reading them.

We operate a responsible email policy at Fish Partnership, so if you do not wish to receive further copies of this newswire, click here to unsubscribe.

There‘s no floundering for accountants The Fish Partnership at Penn Fun Run

For new runners at this year’s Penn Fun Run the last thing they expected to see was runners dressed as fish, but a team of accountants from local accountancy firm The Fish Partnership surprised the crowds by once again donning their famous fishy fashion.

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Accountants offer helping hand to landlords

One of Buckinghamshire’s leading independent chartered accountancy firms The Fish Partnership are to hold a free seminar to help landlords react to recent tax changes.

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3,000 serious tax evasion investigations conducted by HMRC in a year

According to the latest figures around 3,000 suspected cases of serious tax evasion were referred by HM Revenue & Customs (HMRC) for specialist investigation for the second year running last year.

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Rent a Room limit increased by £3,250

From 6 April 2016, the annual Rent a Room limit increased from £4,250 to £7,500 for the 2016/17 tax year. The Rent a Room scheme allows owner occupiers and tenants to receive tax-free rental income if they provide furnished accommodation in their main home.

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Brexit: What is next?

On 23 June 2016 the UK public spoke and decided to take the country out of the EU. As the UK begins the process of leaving the EU, many businesses will be wondering what is around the corner.

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Changes afoot at Companies House

The Small Business, Enterprise and Employment Act 2015 provides for a range of measures which will affect the information you give to Companies House.

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Making Tax Digital will require businesses to use “designated software packages”

The Financial Secretary to the Treasury, David Gauke MP, has confirmed in a letter to the Treasury Select Committee that HM Revenue & Customs plans to require businesses to make quarterly tax returns using “designated software packages” as part of its Making Tax Digital (MTD) initiative.

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Rules changed on Entrepreneurs’ Relief... again

In May we reported concerns that changes to the rules on Entrepreneurs’ Relief would lead to retrospective taxation. The Government now appears to have taken note of these concerns and amended the Finance Bill 2016 to remove the possibility of retrospective taxation – at least in some circumstances.

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Key Dates

19 July 2016 – Quarterly payment PAYE remittance due. Class 1 A payment to reach HMRC (postal). Deadline for postal payments remittance of PAYE, NICs and CIS to HMRC for the tax year ending 5 April 2016.

22 July 2016 – Final date for electronic payments to be cleared in HMRC’s bank account for any outstanding Class 1A NICs for the tax year ending 5 April 2016.

22 July 2016 – Deadline for electronic remittance of PAYE, NICs and CIS to HMRC.

31 July 2016 – 2nd Payment on Account for 2015/16 due to HMRC.

Payments of PAYE and NI must reach HMRC by the 19th of the month following the tax month in which the salary payment was made if paying by cheque, or by the 22nd of the month if paying electronically. Please note that if the 19th or 22nd falls on a weekend or bank holiday, payment must reach HMRC on the last working day before the weekend or holiday.