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Towcester Accountants Publish WInter Newsletter

Cliff Davidson of CED Accountancy Services in Towcester

Speaking to AboutMyArea/NN12 Cliff Davidson of Towcester's CED Accountancy Services said, "Our lead article of our CEDAS Winter Newsletter 2017 provides an update on changes to the Auto Enrolment Pension regime. This entered a new phase from 1 October 2017, with new employers needing to comply immediately.

"Further changes are on the horizon, with increases to minimum contributions due from April 2018. This makes a good time for employers to review their ongoing responsibilities under the regime.

"The other article on the front page comments on a promising start to a government initiative to help provide finance for small businesses struggling to access traditional sources of borrowing.

"Elsewhere in the newsletter, we consider the National Minimum Wage. The Chancellor officially announced that from April 2018 the National Minimum Wage would increase from £7.50 to £7.83. Those aged 21-24 years old will receive £7.38 an hour, while those between 18 and 20 will receive £5.90. This is an area where non-compliance can not only lead to penalties, but have adverse reputational impact for an employer. Potential problems for employers in the social care sector are also considered.

"There has been considerable media coverage regarding problems with HMRC computer systems, and their ability to process 2016/17 self assessment tax returns. We outline the current position with regard to submitting these returns and the steps being taken to ensure that personal tax liabilities will be minimised.

"We also explain the latest developments with regard to Making Tax Digital for Business (MTDfB), another area which has been in the news. In a change to the original plans, HMRC have announced that VAT-registered businesses will be the first to enter MTDfB. We look here at what that will entail.

In our other articles, we consider:

• New legislation on employment rights for bereaved parents;
• HMRC’s let property campaign, highlighting common misconceptions and mistakes;
• HMRC’s new online forum providing help for small business.

"We hope you find the newsletter an interesting read. If you have any queries, please do not hesitate to contact Cliff, Aled, Duncan, Georgina, Katie, Suzie or Nigel on 01327 358866, or email us using cliff/aled/duncan/georgina/katie/suzie/nigel @cedas.co.uk.

www.cedas.co.uk

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