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Welcome to our June 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.

Protect your property investment

Our team of property tax specialists at The Fish Partnership are holding a free seminar to help you to understand how the recent tax changes will affect your property investment.

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Low milk prices need to be addressed by farmers at an individual level

A specialist agricultural accountant from Buckinghamshire-based Fish Partnership says farmers may need to look at alternative strategies instead of waiting for milk prices to improve.

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Changes to the rules on Directors’ Loans

The rate of tax on Directors’ Loans increased at the start of the financial year, on 6 April 2016, from 25 per cent to 32.5 per cent of any amount loaned to a shareholder during the previous accounting year, which had not been repaid within nine months of the end of that year.

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Is my email from HMRC really from the Revenue?

This is a question that is often asked of accountants, but how can you spot a fake email purporting to be from HM Revenue & Customs (HMRC)?

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Reliefs on Employee Travel Expenses curtailed

Since the start of the new financial year on 6 April 2016, employment intermediaries have had to consider whether a person is subject to supervision, direction or control (SDC) in their work when deciding whether travel from home to work and subsistence expenses can be paid to workers.

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Tax Evasion Criminal Sanctions

The Queen’s Speech in May saw the government announce its intention to bring the proposed Criminal Finance Bill before Parliament that will hold UK companies responsible for failing to prevent their staff facilitating tax evasion anywhere in the world by creating a new criminal offence for corporations that do not take action.

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The taxman’s new tax collecting powers

July 2016 will see the introduction of a new set of tax collecting powers that HM Revenue & Customs (HMRC) will be able to use when it believes tax is due that is not covered by a  self-assessment tax return.

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SMEs warned to take care when choosing lenders

The National Association of Commercial Finance Brokers (NACFB) is advising SMEs to read the fine print when seeking finance after its number of rejected lenders skyrocketed in the last two years.

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Key Dates

19 June 2016 – Deadline for postal payments remittance of PAYE, NICs and CIS to HMRC.

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

5 July 2016 – Deadline for PAYE Settlement Agreement (PSA) for 2015-16.

6 July 2016 – Deadline for filing forms P9D, P11D, P11D(b) for previous tax year and giving copies to employees.

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.