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May 2016

Has upgrading to Windows 10 affected your date format on Sage?

Microsoft are currently being criticised due to the forcefulness in recommended users to upgrade to Windows 10.

Esme Shakeshaft
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Workplace pensions: the risks of unregulated master trusts

With over 6million people now saving for their pension, the Work and Pensions Select Committee have hailed auto enrolment as a ‘tremendous success’. However their report also says gaps in pension regulation have allowed potentially unstable master trusts onto the market. Therefore the question is:

Esme Shakeshaft
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Gift Aid: Changes to declarations and maintaining the levels of giving

In November 2015 HMRC published new model gift aids for single and multiple donations. Whilst the "simplification" is welcome, there are also new information requirements that have received less positive reactions.  Charities were required to update the declarations used, by 5 April 2016. With the increase in personal allowances to £11,000 (2016-17), and the new dividend allowance of £5,000, individuals may now be taken out of tax altogether.   

Kevin Cooper
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Supplying digital services to customers in other EU countries?

The VAT place of supply rules changed on 1 January 2015 where digital services are supplied to non-business customers. The place of supply changed from where the supplier was based to where the customer is located as some companies were avoiding UK VAT.

Mike Wakeford
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Tax diary May/June 2016

19 May 2016 - PAYE and NIC deductions due for month ended 5 May 2016. (If you pay your tax electronically the due date is 22 May 2016)

Sue Lucas
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Retirement age NI bonus

When you reach the State Retirement Age (SRA) you stop paying Class 1 NIC contributions if you are employed, and Class 2 contributions if you are self-employed.You will still have to pay Class 4 NIC, the most significant self-employed NIC charge, for the entire tax year during which you achieve the SRA. The next year you will be exempt.

Peter Richardson
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Paying interest on directors loans is better than dividends now?

The new 32.5% rate on dividends received by higher rate taxpayers means paying interest on directors’ loan account credit balances is now more tax efficient than paying dividends, once the new £5,000 dividend allowance has been used.

Mike Wakeford
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Making tax digital - too soon?

George Osborne announced the introduction of digital tax accounts in his 2015 Budget, with more information being sent online to HM Revenue and Customs (HRMC) by employers, pension funds, banks and other institutions. This information will  then be used to calculate individuals' tax liabilities which may be viewed by them online. All this sounds great in theory, but many accountants expressed concerns about the reliability of this data.

Mike Wakeford
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Tax planning using the new Lifetime ISA

Budget 2016 announced a new 'Lifetime ISA' that will be available to those aged between 18 and 40 from 6 April 2017.

Sue Lucas
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