Sorry. You need to upgrade your browser

You are using Internet Explorer 8

This is considered an out of date browser. This website has been developed with modern browsers in mind to allow it to display at its best in a wide variety of viewing situations - including mobile viewing. But we haven't supported older browsers like IE8. Please upgrade to the latest version of Internet Explorer - or try Mozilla Firefox or Google Chrome. Both are excellent browsers.

Thank you.

Chartered Certified Accountants
and Business Advisors

01530 447999

Archive news

23 Jan 2019

More than Just Accountants

Great Accountants don’t just take care of the tax and compliance of your business. Numbers do tell a story and more and more business owners are turning to Accountants to help drive success and growth into their business. With the right Accountant on board, you can insights that deliver ... (click to read more)

08 Jan 2019

Moving Accountants

Accountants are extremely important to the functioning and profitability of your company. As well as managing your business accounts they ensure your business is compliant with the latest tax legislation and runs as tax efficiently as possible. There comes a time when your business or the accountant’s business grows ... (click to read more)

02 Jan 2019

Limited Company or Sole Trade?

Many people decide to make the jump in their career ventures into going solo – when making this exciting new change it is important that you are making the right decisions. There are many reasons why people decide to go into business on their own – you get to ... (click to read more)

28 Nov 2018

Research and Development (R & D) Tax

Research and Development Tax is for businesses that invest in innovation and change! This can be through developing new systems, processes, products, materials, devices or anything else that changes the way that your business works. If you own a limited company that has been trading for 12 months or ... (click to read more)

19 Nov 2018

Being a Company Director

As a director you are legally responsible for the running of your company and making sure information is sent to Companies House and HMRC correctly and on time. Companies House requires the following to be reported to them: Confirmation Statement Annual Accounts Changes to company officers or personal details Changes to the ... (click to read more)

13 Nov 2018

Employee Tax Relief on Business Expenses

HMRC is keen for employees to know that there is no need to use a professional claims company if they want to claim tax relief on business expenses that are not reimbursed by their employer. This would include for example; uniforms, protective clothing and tools, professional fees and subscriptions, ... (click to read more)

07 Nov 2018

Your ongoing responsibilities for Payroll

Automatic Enrolment is a continuing process for employers – it doesn’t end once you have put your staff into a workplace pension. There are ongoing responsibilities you need to complete after you have submitted your declaration of compliance. To stay compliant, you will need to… Assess the age and earnings of ... (click to read more)

06 Nov 2018

Making Tax Digital (MTD) Important Information

From 1 April 2019, when all VAT registered businesses (with a taxable turnover above £85,000) will be required to keep digital accounting records and send HMRC their VAT returns using appropriate API software. It is important that you are aware of your obligations including if and when you join MTD ... (click to read more)

22 Oct 2018

Setting up as a Sole Trader

A Sole Trader means you are a one-man-band as self-employed. You don’t have a boss! When earning as a Sole Trade, any profits you make are personally yours, but also if things were to go wrong then any liability is personally yours too. You will need to register with HMRC as ... (click to read more)

15 Oct 2018

Childcare Vouchers Scheme is now closed!

From 4th October 2018 the childcare voucher scheme is closed to new entrants, meaning those employees who are not registered cannot join and making savings to their childcare costs. If employees are already in the childcare voucher scheme then they can carry on using it as long as they stay ... (click to read more)

09 Oct 2018

Proposals for EU nationals post-brexit

Those currently loving in the UK but who don’t hold a British passport can apply for a settled status which is known as UK residency. If they get this then it gives them the right to live, work and study in the UK and can have access to state ... (click to read more)

03 Sep 2018

Rent a room scheme

One way many people improve their bank balance is to rent out their spare room! By signing up to the Rent a Room scheme, not only would you enjoy the extra income from the rent, but also up to £7,500 a year is tax free! The be eligible for the ... (click to read more)

03 Sep 2018

VAT on E-Books

Currently, electronic books are subject to members states’ higher standard VAT rates. However, their printed versions are reduced or nil VAT rates. In February 2018, there were intense discussions that could lead to zero or reduced rates to be applied to electronic publications from 2019. If the change is ... (click to read more)

20 Aug 2018

Payments on Account

Payments on account are payments made in advance towards your tax bill. You will have to make 2 payments on account every year unless your last Self-Assessment tax bill was less than £1,000 or you have already paid more than 80% of all the tax you owe. Each payment ... (click to read more)

10 Aug 2018

What you need to know when your Company is Dormant...

A dormant company is not accountable for corporation tax purposes. There is no need to let Companies House know that you are not trading until it is time to file your annual accounts. However, you must tell HMRC as soon as you cease to trade and the company is ... (click to read more)

10 Aug 2018

Sence Alphabet

Do you know your Sence Alphabet? Annual Accounts Bookkeeping Compliant Digital Experienced Team Financial Support Growth for your business HM Revenue & Customs Income and Expenditure Jargon-free service Kashflow Software Landlords Management Accounts Networking Outsourcing your service Payroll & Auto-enrolment Quickbooks Software Record Keeping Support Taxations Unique Taxpayer Reference (UTR) Value Added Tax (VAT) Wages Xero Software Year End Zero-Rated vat If you need help with any of these please get in touch with Sence today ... (click to read more)

09 Aug 2018

VAT on hotel deposits

When you book a stay at a hotel for business use you usually have to put a deposit down at the time of booking, however, plans may change in the meantime or even be cancelled. Some hotels will happily provide a VAT invoice for the amount they have retained ... (click to read more)

30 Jul 2018

Is it a Car or is it a Van?

The argument about whether a vehicle is a company car or van is back. It’s the differential in tax payable on company vans versus company cars that has made it attractive to try to ensure that a vehicle is classified as a van rather than a car. The private ... (click to read more)

30 Jul 2018

Teachers to have loans reimbursed

The government have now published details of how teachers in shortage subjects in certain parts of the country will be able to have their student loan payments reimbursed. The scheme will not affect employers so all newly appointed teachers should still complete a starter checklist, unless they are making ... (click to read more)

24 Jul 2018

Tax and Paid Carers

When you foster children your local council will give you payments. HMRC treats paid foster and other carers as running a business for tax purposes, which means they might have to pay tax on money they receive. In this case there is a special tax relief called ‘Qualifying Care ... (click to read more)

24 Jul 2018

Can a director be paid before trade begins?

New Companies often incur start-up costs before they begin trading. But… is it sensible from a tax and NI point of view for directors to start taking income before the business generates money? The amount and type of start-up costs which businesses incur vary widely, as can the time ... (click to read more)

24 Jul 2018

Vat when incorporating your business

The motive for incorporating a business, that is working through a company instead of being self-employed or in partnership, is often to reduce tax on profits and allow for more flexible tax planning. VAT doesn’t usually figure in the decision as the rules work similarly whatever the business structure. ... (click to read more)

16 Jul 2018

Making Tax Digital

The Making Tax Digital pilot for Self Employed businesses launched in March which will progress in a few years’ time as a new form of tax administration that will me mandatory for any individual, business or non-profit organisation that has to file a tax return. Making Tax Digital (or ... (click to read more)

16 Jul 2018

Running a Family Business

According to the Institute for Family Business there are currently 4.8 million family-owned businesses, that’s 88% of all enterprises in the UK. Family run businesses are often negligent when it comes to the little details of running a business. Family members are much more relaxed than standard employees therefore rules ... (click to read more)

16 Jul 2018

Selling your Business

When selling a business, the process is much more complicated than a simple transaction and a signature. It’s all about finding the correct time, partners, professional expertise and potential buyer. A business has so much involved – time, money and personal care and even creates a significant emotional attachment ... (click to read more)

09 Jul 2018

Flexible working staff over the summer holidays, how will this affect your payroll?

The school holidays are soon upon us and it can be a difficult time for working parents who are usually juggling managing their work life along with paying more on childcare for a reasonably long time. Whilst many choose to take all of their annual leave during the school ... (click to read more)

02 Jul 2018

What's a reasonable excuse to not file your tax return on time?

It is very known that when a tax return has been issued, but not filed by the statutory deadline on time then an automatic penalty of £100 will be issued. There is however, some scope for you to appeal against the penalty if they had a reasonable excuse for ... (click to read more)

02 Jul 2018

What must go through your payroll and be subject to PAYE?

You may think it’s obvious what must be going through your payroll and be subject to PAYE however, it’s not just salary that goes onto those timesheets, and many people can fall foul! Have any of these crossed through your mind when doing your payroll? Claiming mileage – for home-to-work ... (click to read more)

02 Jul 2018

Do you know who controls your business?

The law requires all Limited Companies and LLPs to tell Companies House about the people with significant influence or control over the company. The register of people with significant control (PSC) was introduced in April 2016 and replaced the Annual Return. The new PSC form improves corporate behaviour, deter money ... (click to read more)

25 Jun 2018

Employing casual staff

As an employer you must pay a worker a fair wage for a fair days work and also provide a workplace pension, welfare and much more. You also need to act as unpaid tax and NI collectors by operating the increasingly complex PAYE system. An error in this system ... (click to read more)

25 Jun 2018

RTI Penalties

When entering your information into your payroll, even it is all correct you still need to make sure that it is reported on time and that the resulting payment are paid in full and on time. The reporting deadline for RTI is on or before the date of payment ... (click to read more)

25 Jun 2018

Expenses & Benefits Review

Have you ever thought of initiating an expenses and benefits review? What better time of year than now to work through this helpful step by step process: Are you sure there are not any items on your expenses claim that are taxable? It is important to be certain that everything ... (click to read more)

18 Jun 2018

P11d and P11d(b) Filing and Payment Deadlines

Remember, you need to tell HMRC about any Class 1A National Insurance Contributions (NICs) for the tax year ending 5 April 2018 and submit any P11d forms by 6 July 2018, failure to do this may result in penalty. Any NICs that you owe must be paid to HMRC ... (click to read more)

18 Jun 2018

First Soft Drinks Industry Levy return due in July

If you are a packager of drinks that are liable for the Soft Drinks Industry Levy (SDIL) you are required to send a return to HMRC every quarter, and pay any levy due. There will be fixed reporting periods ending June, September, December and March. You must submit returns ... (click to read more)

18 Jun 2018

Cycle to work scheme

The cycle to work scheme allows your business to provide employees, including directors, with the loan of a bicycle and cycling equipment, but without it counting as a taxable benefit-in-kind. The conditions are that: All your employees must be offered availability to a bicycle. They must not own it. They must ... (click to read more)

11 Jun 2018

Changes in advisory fuel rates from 1 June 2018

These advisory fuel rates apply for all journeys undertaken on or after 1 June 2018. You can use the previous rates for up to one month from the date the new rates apply. Find the previous rates on our website here: http://www.senceaccounting.co.uk/news/hmrc-changes-tax-free-fuel-rates Engine Size Petrol per mile LPG per mile Diesel per ... (click to read more)

11 Jun 2018

Do you always have to issue a VAT invoice?

It’s no coincidence businesses that poor records and paperwork are more likely to fail. Tax rules, especially those for VAT, impose paperwork obligations and failing to meet them could land you with a fine! There is actually only one situation where you are required by law to issue an ... (click to read more)

11 Jun 2018

Salary Sacrifice

A salary sacrifice scheme involves an employee giving up some of their gross pay in exchange for something in return, usually where the taxable value of the perk is less than the salary sacrificed. This produces both tax and NI savings for both the employee and employer. Anti-avoidance rules ... (click to read more)

06 Jun 2018

Help-to-save scheme postponed

The government help-to-save scheme, which was due to be ready on 6 April 2018 has now be postponed and will not be in operation until October 2018. The scheme will be available to individuals who receive tax credits or Universal Credits, and whose household brings in earnings at ... (click to read more)

06 Jun 2018

New scale for VAT on fuel

HMRC has released details on the flat rate charges for car fuel. If you’re VAT registered you can use the scale charges to work out the VAT payable where your business pays for fuel for private journeys, e.g. for your employees. You should use the new rates from the ... (click to read more)

06 Jun 2018

Carillion share loss claims

HMRC has recently agreed that securities, e.g. shares, in Carillion plc have been worthless (HMRC calls this “negligible value”) since 15th January 2018. This means that if you own shares etc. in the company you can claim a capital gains tax loss for 2017/18 equal to the price you ... (click to read more)

29 May 2018

Tax-free aid

Working from home is becoming increasingly common! There are few special tax provisions to help employees and employers in this situation for example an employer can pay a tax and NI-free allowance to cover additional domestic costs. Employers can provide equipment for work which do not count as a benefit-in-kind ... (click to read more)

04 May 2018

Proposal to extend pension auto enrolment to younger workers

There has been an announcement to extend pensions auto enrolment to young workers and to amend the way the contributions are calculated. Under auto enrolment, employers are required to automatically enrol all eligible workers (generally employees) into a workplace pension scheme and pay a minimum contribution into their pension. However ... (click to read more)

04 May 2018

New Student loan limits

If you are an employer, you need to be aware that the earnings thresholds at which you are required to make deductions from an employee’s pay if they have a student loan have increased from 6 April 2018. The new annual thresholds changes from: £17,775 to £18,330 for Plan 1 loans £21,000 ... (click to read more)

30 Apr 2018

Company tax on directors' loans

A director of a Company is called a ‘participator’. HMRC taxes loan arrangements between participators and their companies under S.445 of the Corporation Taxes Act 2010. It states that where a participator owes money to the company, the company must pay tax of 32.5% of the debt as it ... (click to read more)

30 Apr 2018

What HMRC says about the 'not so simple' taxation of Bitcoin

HMRC’s opinion on cryptocurrencies is given here. This covers VAT, corporation, income and capital gains taxes. Cryptocurrencies are a new and evolving area and they have a unique identity and cannot be directly compared to any other form of investment activity or payment mechanism. This means the tax position ... (click to read more)

30 Apr 2018

The Chancellor's Spring Plan - Tax-efficient training

Tax relief on training costs was one of the interesting consultations that relates to current rules favouring employees especially where their employer meets the cost. The good news is that the government wants to widen tax relief for training costs that add entirely new skills to a persons repertoire. ... (click to read more)

16 Apr 2018

Who are 'persons with significant control' ?

Every year Companies House require you to file a ‘CS01’ (confirmation statement). For companies and LLPs with individual shareholders, identifying the PSC should be straightforward, as they will largely be the shareholders of the company however; a person with significant control can be someone who: Directly or indirectly ... (click to read more)

16 Apr 2018

Is your HMRC communication genuine?

At Sence, we are regularly asked how business owners can tell if they have received a genuine communication from HMRC. The amount of scam / phishing emails and texts has increased significantly in recent years. With this in mind, HMRC have issued an update of their guidance on how ... (click to read more)

16 Apr 2018

Need help with your tax bill?

Contact HM Revenue and Customs (HMRC) as soon as possible if you can’t pay all your tax on time. You may be able to either: get more time to pay pay your bill in instalments but you may have to pay interest if you pay late. You could avoid penalties by contacting ... (click to read more)

11 Apr 2018

New Auto-enrolment contribution rates

The rate of pension contributions for employees more than doubles from 6 April 2018. A further increase will apply from April 2019. The current and future rates of contribution are shown in the table below: Date Employer minimum contribution Total minimum contribution Up to 5 April 2018 1% of pay 2% of pay From 6 April ... (click to read more)

09 Apr 2018

HMRC changes tax-free fuel rates

HMRC have updated its advisory fuel rates from 1 March 2018 onwards. The rates don’t reflect current pump prices, but are worked out using an average for the previous quarter. The table below shows the advisory fuel rates from 1 March 2018 and those for the previous quarter in brackets: Engine ... (click to read more)

09 Apr 2018

Gender pay gap reporting

The gender pay gap shows the difference in pay between all men and women in a workforce. If a workforce has a particularly high gender pay gap, this can indicate there may be a number of issues to deal with, and the individual calculations may help to identify what ... (click to read more)

27 Mar 2018

The Tax Charge

The annual tax on enveloped dwellings (ATED) is for UK properties only and is a sliding scale starting for property worth more than £500,000. It has been introduced to counter the tax advantages obtained by operating rental properties through a limited company and a partnership. The minimum charge is ... (click to read more)

07 Mar 2018

Staging is Complete

Auto-enrolment staging is now completed from February 2018. Since October 2017 an overlap with new employers having immediate “duties start dates” as soon as the first employee is notified on the full payment submission, whilst at the same time employers who were in business by 30 September 2017 having ... (click to read more)

06 Mar 2018

Alignment of the tax and NI treatment for termination payments in excess of 30k has been delayed

Changes were due to take effect from 6 April 2018 including the following: Tightening of rules that exempt payments made in respect of suffering injury or disability Treating all payments in lieu of notice as fully taxable and subject to NI Treating ex gratia payments in excess of the £30,000 partial exemption ... (click to read more)

27 Feb 2018

Landlords can claim mileage allowances

Landlords received a small boost in the Autumn Budget. The Chancellor agreed they could use the HMRC’s approved mileage rates to work out the tax-deductible amount for travel they make in managing their rental businesses. Companies and partnerships with corporate members who are landlords will not be allowed to use ... (click to read more)

26 Feb 2018

Student Loans

To highlight the number of student loan repayers who overpay their loan when the balance has been paid off, the Student Loans Company and HMRC will, from April 2019, begin to exchange loan data more frequently than once a year. Student loan threshold for 2018/19 have already been announced ... (click to read more)

23 Feb 2018

National Minimum Wage

The rates from the first pay day on, or after 1st April 2018are, per hour: 25 and over £7.83 21-24 £7.38 18-20 £5.90 Under 18 £4.20 Apprentice £3.70 Accommodation offset £7.00 per day Don’t confuse the national living wage rate for those aged 25 over with the voluntary living wage which is £8.75 per hour. Click the link below to read ... (click to read more)

20 Feb 2018

Pensions

The contributions into workplace pensions will rise to a 2% employer minimum and 5% total. They are currently 1% and 2% so when your employer’s contributions rises to 2%, employees will need to make a 3% contribution. There has been no announcement yet on the auto-enrolment earnings threshold for 2018/19 ... (click to read more)

16 Feb 2018

National Insurance

The lower earnings limit will rise by inflation to £116 per week and the thresholds for when national insurance kicks in for both employees and employers will be £162 per week with the upper earnings limit, upper secondary threshold for the under 21’s and the apprentice secondary threshold all ... (click to read more)

14 Feb 2018

Tax rate and allowances

The personal tax allowance will increase to £11,850 from the new tax year. Therefore, the emergency tax code will be 1185L/1 (the 1 indicating that it is non-cumulative). There is no change to the income limit which is set at £100,000 your personal allowance reduces by £1 for every ... (click to read more)

08 Feb 2018

Overtime Complications

Have you considered the ruling which says that voluntary overtime if paid sufficiently regularly must be included in holiday pay? When a claimant has worked overtime one week in four, that was deemed regular enough to warrant an adjustment every time they went on holiday to compensate them for ... (click to read more)

06 Feb 2018

Bank Holiday Problem 2018

The holiday year in England and Wales is 1 April to 31 March, and you might not yet have looked at where Easter falls in 2018. Many employees have contracts that state that they get 20 days plus bank holidays. Normally, that’s fine as there are 8 bank holidays ... (click to read more)

01 Feb 2018

HMRCS’s interest rate rises

In August 2016 the interest rate HMRC charges you for not paying your tax bill on time (which tracks bank interest rates) decreased after nearly seven years of remaining static. However after a blip in inflation over the last year HMRC has now raised its rates From 21 November 2017 ... (click to read more)

30 Jan 2018

Scotland’s Finance Secretary has made radical changes to income tax rates for 2018/19

The table below shows the Sottish income tax rates and allowances for 2018/19: Personal tax-free allowance £11,850 Start rate 19% £11,851 to £13,850 Basic rate 20% £13,851 to £24,000 Intermediate rate 21% £24,001 to £44,274 Higher rate 41% £44,275 to £150,000 Additional rate 46% £150,001 and above The new tax rates make it important that employers, wherever they are in the ... (click to read more)

23 Jan 2018

Another year of the flat rate National Insurance

From 6 April 2018, the flat rate Class 2 national insurance contributions for the self-employed was due to be scrapped; however in November 2017 HMRC announced the delay of this for another year until April 2019. For the 2015/2016 tax year on Class 2 contributions are part of your self-assessment ... (click to read more)

25 Aug 2017

Let’s Get Brainy! Sence Annual Quiz - 28th September 2017

Let’s Get Brainy! We warmly invite you to get your brains into action for our annual charity quiz night at The Waterside Entrance of Conkers Visitors Centre this year in support of local charities Warning Zone and the Derbyshire, Leicestershire & Rutland Air Ambulance Thursday, 28th ... (click to read more)

23 Jun 2017

New Tax-Free Childcare Scheme

At the end of April 2017, the new Tax-Free Childcare scheme was launched by the government. The government has started inviting parents to apply for Tax-Free Childcare beginning with parents of the youngest children and parents of disabled children. if you are an employer, you may be asked questions ... (click to read more)

15 May 2017

New HMRC Phishing Scam

We have received communication from HMRC that a new phishing scam is doing the rounds via email and business owners need to be aware. We are advising our clients to keep a lookout for the new phishing scam sent via email supposedly from HMRC with an attachment. If you get ... (click to read more)

21 Apr 2017

Directors Pay Structure 2017/2018 - What you need to know...

The tax free personal allowance for 2017/2018 is set at £11,500. The National Insurance earnings threshold is £8,164. Earnings (salary) over this level will have National Insurance contributions due on them. Both levels will attract Corporation tax relief at 19% however; if you are a one ... (click to read more)

20 Apr 2017

Paying Your PAYE Electronically

If you pay your PAYE electronically, you need to ensure you follow this guide fully to make sure your payment reaches your account for the correct tax year and tax month. Your cleared payment must reach the HMRC bank account no later than the 22nd of the month following ... (click to read more)

07 Apr 2017

Fuel Rates Increase – April 2017

HMRC has updated its advisory fuel rates (AFRs) with effect from 1 April 2017. These are the rates for reimbursement of fuel costs which can be used by employers and employees to avoid the car fuel benefit in kind charge arising. The new fuel rates must be used from ... (click to read more)

07 Apr 2017

Vehicle Excise Duty 2017

Vehicle Excise Duty (VED) for all new cars registered from the 1st April onwards is being reformed. VED for the first year will vary according to CO2 emissions of the vehicle (see Table 1). After the first year, the amount of VED that needs to be paid depends on the type ... (click to read more)

31 Mar 2017

Government clamps down on VAT Flat Rate Scheme

The Autumn Statement included a proposal to remove the VAT saving which can be achieved by businesses which use the flat rate scheme (FRS). FRS introduced In 2002 HMRC hailed the introduction of the flat rate scheme (FRS) as a simplification of the VAT system which would reduce admin. But in ... (click to read more)

23 Mar 2017

Tax Free Childcare has arrived (almost)

In 2013 the government announced a new tax break for working parents to help them pay for childcare. It will, at last, be available soon. But what is it worth and how can you take advantage of it? Childcare tax break. It's so long since the government announced the ... (click to read more)

20 Mar 2017

Have you seen your Personal Tax Account Yet?

As part of the government’s initiative to bring tax into the digital age they have created an individual and personal tax account for everyone, unique to you. This personal tax account will display details for you to see such as your earnings and taxes paid to date, any state benefits ... (click to read more)

19 Mar 2017

Introducing Amy

Some of you may not have met me yet, I joined Sence Accounting at the end of 2016 having joined the accounts and technical team and wanted to tell you all a little about me. I think it is safe to say that outside of my working life, and ... (click to read more)

16 Mar 2017

Government U-Turn on National Insurance Increase for Self-Employed

We recently sent you our Budget Summary detailing the announcements made on Budget Day 8 March 2017. One of the significant announcements Chancellor Philip Hammond made on Budget Day was the proposed increases to the main rate of Class 4 National Insurance Contributions (NICs) paid by self-employed individuals. The rate ... (click to read more)

03 Mar 2017

Statutory Rates Will Change - 2017

In April 2017 the National Living Wage (NLW), National Minimum Wage (NMW), Statutory Sick Pay (SSP), Statutory maternity Pay (SMP) and Statutory Maternity Pay (SPP) will all be changing. So, what is happening? From the 1st April 2017: The National Living Wage and National Minimum Wage will be aligned and ... (click to read more)

01 Mar 2017

Salary Sacrifice – Existing Schemes Safe for Now!

From the 6th April 2017, HMRC reported that the tax and NI advantages would stop for most salary sacrifice schemes. This was to be enforced for new and most existing schemes. However, HMRC have issued new guidance following the Autumn Statement saying that there will be limited protection ... (click to read more)

25 Jan 2017

Class 2 NIC Confusion – Check your figures!

If you are Self-Employed you need to ensure you have paid the right amount of Class 2 National Insurance Contribution for the 2015 / 2016 period. The confusion has come about as HMRC continue to run two separate computer systems and when they stopped collecting Class 2 Contributions through Direct ... (click to read more)

19 Jan 2017

Survey Results are in...

In November we launched a client satisfaction questionnaire to allow us to monitor what our clients thought of our service. We would like to take this opportunity to say thank you to those of you who responded - we really appreciate your feedback. With this in mind ... (click to read more)

12 Jan 2017

HMRC Investigations - Are you insured?

Every year, HMRC conducts investigations into thousands of businesses and individuals and so far, its specialist task-forces have been targeting specific trades & industries. Many more investigations are planned - you may have seen them in the press. Watch our informative video to find out more about what ... (click to read more)

09 Jan 2017

What does 2017 hold...

Back in the summer of 2016 a client of mine recommended a book to me, this was one of the best things that happened during the year and I thank her for that greatly! Not only did I read the book but I read for the first time (in ... (click to read more)

05 Jan 2017

Advisory Fuel Rates 2016

Advisory Fuel Rates from 1 December 2016 These rates apply from 1 December 2016. You can use the previous rates for up to one month from the date the new rates apply. Engine size Petrol - amount per mile LPG - amount per mile 1400cc or less 11 pence 7 pence 1401cc to 2000cc 14 pence 9 pence Over 2000cc 21 ... (click to read more)

05 Oct 2016

Sence Charity Quiz Raises £3,000

Now that the dust has settled on the Sence Quiz 2016, we thought we would give you quick update. We are delighted to announce that we raised a fabulous £3,000 on the night for Children’s Cancer and Leukaemia Group & Clic Sargent in support of local lad ... (click to read more)

04 Oct 2016

HMRC’s new Making Tax Digital programme may be delayed until 2019

HMRC’s new Making Tax Digital programme may be delayed until 2019 for a large percentage of businesses, the Financial Secretary to the Treasury, Jane Ellison MP, has stated. There has been mounting concern from businesses as to the time frame for implementing the new scheme and this delay follows on ... (click to read more)

01 Oct 2016

National Minimum Wage Rates - October 2016

From the 1st October 2016. the National Minimum Wage rates will be increasing to: 21 - 24 year olds - £6.95 per hour 18 - 20 year olds - £5.55 per hour Over compulsory school age but not yet 18 - £4.00 per hour Apprentice Rate - £3.40 per hour (under 19 or ... (click to read more)

22 Sep 2016

Exciting Times at Sence Accounting

We hope you have had a great summer. Sence Accounting have certainly been busy - so much so we thought we would share our latest news with you as it has certainly been an exciting few months. Sence Team Keeps on Growing The biggest news we have for you is ... (click to read more)

19 Sep 2016

How to tell if communication from HMRC is genuine

At Sence, we are regularly asked how business owners can tell if they have received a genuine communication from HMRC. The amount of scam / phishing emails and texts has increased significantly in recent years. With this in mind, HMRC have issued an update of their guidance on how ... (click to read more)

09 Aug 2016

Ellie Makes 7 for Sence Accounting

Leicestershire based Accountants, Sence Accounting are celebrating the arrival of Ellie Brain who is the latest addition to a great team. Ellie joins as a Book-Keeping Clerk and will be working closely with the team to assist clients with Payroll and Book-Keeping services. Ellie Brain said – “I love a challenge ... (click to read more)

21 Jul 2016

SAVE THE DATE - 22nd September 2016

A general knowledge quiz night is held in September of each year in support of a local charity. This year, our annual quiz will be on Thursday September 22nd at Conkers (Waterside Centre) - proceeds raised will support ‘Children’s Cancer and Leukaemia Group’ - a charity which supports the ... (click to read more)

15 Jun 2016

Sence Are Hiring

At Sence Accounting we believe in standing out from the crowd. Our forward-thinking and proactive approach to our services we offer is welcome by clients near and far. We only recruit the best but we make sure that a career with Sence is diverse and rewarding - helping you ... (click to read more)

13 Jun 2016

P11d Deadline Fast Approaching - 6th July 2016

P11d Deadline Fast Approaching - 6th July 2016 A form P11d informs HMRC about all company benefits in kind provided, expense payments made (not covered by a dispensation) and costs of services provided to employees for the tax year. A form must be completed for each employee it is ... (click to read more)

01 Jun 2016

Important Changes to Company Secretarial

From the 6th April 2016, all companies are required to keep and maintain a register of ‘persons with significant control’ register - more commonly known as a PSC register. From the 30th June 2016 it will also become compulsory for these details to be filed with Companies House. Who are ‘Persons ... (click to read more)

01 Jun 2016

Advisory Fuel Rates

These rates apply from 1 June 2016. You can use the previous rates for up to 1 month from the date the new rates apply. Engine size Petrol - amount per mile LPG - amount per mile 1400cc or less 10 pence 7 pence 1401cc to 2000cc 13 pence 9 pence Over 2000cc 20 pence 13 pence Engine size Diesel ... (click to read more)

24 May 2016

Changing Accountants Doesn’t Need to be Daunting!

Having an accountant working with you is meant to ease the pressure on the running of the financial side of your business, allowing you to do what you do best – being the expert in your field. Out of loyalty most businesses stick with the same accountant even when they ... (click to read more)

22 Mar 2016

Protection for Tenants - Retaliatory Evictions & Section 21 Notices

More Protection for Tenants - Preventing Retaliatory Evictions In order to encourage landlords to maintain their properties to a decent condition and stop tenants being evicted due to complaining of conditions, the Housing Development section of the Deregulation 2015 Act has changed to include new rules to prevent retaliatory evictions ... (click to read more)

16 Mar 2016

National Insurance Contributions for Apprentices under 25

From 6 April 2016 employer NICs are 0% for apprentices under 25 who earn less than the upper secondary threshold (UST) which is £827 per week (£43,000 per annum). Employers are liable to 13.8% NIC on pay above the UST. Employee NICs are payable as normal. An apprentice needs to: be ... (click to read more)

16 Mar 2016

Employment Allowance Increased to £3,000

From the 1st April, the NICs Employment Allowance rate will be increased to £3,000 This means eligible businesses, charities community amateur sports clubs. will be able to claim a greater reduction on their employer NICs liability. There has been a sting in the tail added to the conditions of claiming ... (click to read more)

11 Mar 2016

Employee Benefits in Kind Changes from 6 April 2016

From 6 April 2016 a number of changes are introduced relating to the tax treatment of employee benefits in kind and expenses: There will be a statutory exemption for certain expenses, such as travelling and subsistence expenses, reimbursed to an employee. This will replace the current system where employers have ... (click to read more)

07 Mar 2016

National Living Wage

From the 1st April 2016, the new National Living Wage will come into force and will apply to all Employees over 25. The initial rate of £7.20 per hour has been set by the Government and they are committed to increasing this rate each year until 2020 where the rate ... (click to read more)

03 Mar 2016

Help to Buy ISA has arrived

The Help to Buy ISA was announced in the March 2015 Budget and became available in December 2015. The Help to Buy ISA differs from other ISA’s available and focuses solely on First Time Buyers. If you are an existing home-owner then you cannot invest in this scheme. Help to ... (click to read more)

01 Mar 2016

Mortgage Relief for Landlords

As announced by George Osbourne in the July Budget, the rate at which landlords can claim mortgage interest relief is to be reduced. To make the tax system fairer, the government will restrict the amount of Income Tax relief landlords can get on residential property finance costs (such as ... (click to read more)

01 Mar 2016

March Tax Dates

March Tax Dates ... (click to read more)

25 Feb 2016

Watch out for your 2016/2017 tax code change!!

HMRC are starting to roll out tax coding notices for 2016/2017 now and they are adjusting owner managers/Directors who receive dividend income who will become liable to income tax under the new dividend rules. From 6th April 2016, all dividends received in excess of £5,000 are taxable at the ... (click to read more)

19 Feb 2016

Landlords - End of Wear & Tear Allowance

In December 2015 HMRC confirmed that from the 6th April 2016 (1st April 2016 for companies) the wear and tear allowance will be scrapped. To date, the deduction is used to provide a tax relief to individuals and corporate landlords for the cost of replacing furnishings in rental accommodation. ... (click to read more)

16 Feb 2016

Stamp Duty for Buy To Let Properties

From the 1st April 2016, new rates of Stamp Duty Land Tax come into force on Buy-to-Let properties and second homes. Landlords will be affected by this new rate on top other changes being brought in to the wear and tear allowance and the mortgage relief rates. It is vital ... (click to read more)

01 Feb 2016

Right To Rent Checks for Landlords Comes Into Force

From the 1st February 2016 (when provisions contained in the Immigration Act 2014 are extended) all Landlords in the England will have to conduct “Right to Rent” checks on all prospective tenants whose tenancies start on or after 1st February. This means that Landlords will need to check that ... (click to read more)

21 Jan 2016

HMRC Changes Bank from February 2016

HMRC are moving its banking function to Barclays from February 2016. If you make electronic payments for Tax, VAT or NI you won't need to take any extra steps because of this. However, if you use Giro Pay or Transcash payslips you should check that payments paid at the ... (click to read more)

04 Jan 2016

45% Corporation Tax on Restitution without warning

As reported recently, the Government has increased corporation tax on restitution interest to 45% from the usual 20% with affect from the 21 October 2015 without any warning or consultation with businesses. This change means that any organisation who is successful in claiming against HMRC for unlawful collection of ... (click to read more)

03 Dec 2015

Be Prepared - Annual Investment Allowance Reduction in 2016

If you are planning on investing in new equipment, plant or machinery next year – you need to read this article as the annual investment allowance (AIA) will reduce from £500,000 to £200,000 on the 1st January 2016. The Annual Investment Allowance can be used by businesses investing in ... (click to read more)

23 Oct 2015

National Insurance Changes for the Self Employed

With effect from April 2015 (2015/2016 tax year) Class 2 National Insurance Contributions will be collected via the self-assessment system. This means that the regular monthly direct debits most individuals are used to paying for Class 2 contributions have been stopped and you will now pay this amount as ... (click to read more)

06 Oct 2015

Sence Annual Charity Quiz Raises £3,000

Sence Accounting Limited are delighted to confirm that in their 8th year running, they have raised £3000.00 at their annual charity quiz night in aid of ‘Clic Sargent’, a charity that arrange special days out for children that are sick and Children’s Cancer and Leukemia Group’. Local boy Ryan ... (click to read more)

01 Oct 2015

October Tax Dates

October Key Tax Dates: 1st October - Payment of Corporation Tax for companies whose year-end is 31st December 2014. 7th October - VAT return deadline for quarter ending 31st August 2015. 19th October - EPS deadline for the tax month 5th October 2015. 19th ... (click to read more)

01 Oct 2015

Minimum Wage Increase - 1st October

From the 1st October, there is an increase to the The National Minimum Wage rates. The new rates are as follows: Year 21 and over 18 to 20 Under 18 Apprentice* 2015 (from 1 October) £6.70 £5.30 £3.87 £3.30 2014 (current rate) £6.50 £5.13 £3.79 £2.73 All Employers need to ensure they are using the new rates from the 1st October. If you woud ... (click to read more)

25 Sep 2015

Auto-Enrolment Update - Guidance for Directors

In April 2015, The Pensions Regulator updated its guidance so a business that has no employees just Directors is exempt from auto enrolment unless 1 or more of them have contracts of employment. This update also applies where the only other person is a company secretary. Already Started the ... (click to read more)

22 Sep 2015

Calculating Holiday Pay

Acas has published guidance on how to calculate Holiday Pay in light of recent judgements. The main changes include: Guaranteed and normal non-guaranteed overtime should be considered when calculating a worker's statutory holiday pay entitlement but there is currently no definitive case law that suggests voluntary overtime needs ... (click to read more)

10 Sep 2015

Further Changes to Fuel Rates for Company Cars

HMRC has again updated the Mileage rates for company cars. The last changes was in June 2015 and from the 1st September new rates have been issued which companies need to adopt. The new rates are as followed and taken directly from the HMRC website: Petrol Engine size (cc) MeanMPG AppliedMPG Fuel price ... (click to read more)

10 Sep 2015

Nominated as 'Charity Hero of the Month!'

Sence are delighted to have had Sarah nominated as 'Charity Hero of the Month' by HR Protected in Burton on Trent in their September newsletter. Please see details below. Charity Hero This month's charity hero is Sarah Beggan Sarah works at Sence Accounting, who support many charities. Sarah is organising a ... (click to read more)

01 Sep 2015

September Tax Dates

September Key Tax Dates: 1st September - Payment of Corporation Tax for companies whose year end is 30th November 2014.. 7th September - VAT return deadline for quarter ending 31st July 2015. 19th September - EPS deadline for the tax month 5th September 2015. 19th september - Monthly CIS return deadline for ... (click to read more)

21 Aug 2015

Tax Free Childcare

Tax-free childcare is part of the government's long-term plan to support working families and will provide up to 1.8m families across the UK with up to £2,000 of childcare support per year, per child, via a new online system. It was originally planned that the scheme would launch in ... (click to read more)

07 Aug 2015

Changes to Income Tax Relief for Landlords

As announced in the July Budget, the government will be restricting the amount of income tax relief landlords are able to claim on residential property mortgage interest costs to the basic rate of income tax. These changes are likely to affect 1 in 5 Landlords. The Government has ... (click to read more)

10 Jul 2015

Changes to the Annual Investment Allowance (AIA)

Changes to the Annual Investment Allowance (AIA) announced in the second Budget The AIA provides a 100% deduction for the cost of most plant and machinery (not cars) purchased by a business, up to an annual limit and is available to most businesses. The maximum amount of the AIA was increased ... (click to read more)

09 Jul 2015

Sence Charity Quiz Night 2015 - Book A Team Today!

Sence Accounting are pleased to announce their ‘Annual Charity Quiz Night’ at Conkers Discovery Centre on Thursday 24th September 2015. We’re hoping for another successful evening to raise monies for ‘Childrens Cancer and Leukaemia Group’ in support of local Hinckley lad Ryan Swain. The price for a quiz team is ... (click to read more)

07 Jul 2015

Growing Team at Sence Accounting

Leicestershire based Sence Accounting have expanded their team with the arrival of Sophie Taylor who joins as Accounts Trainee. Sophie joined Sence in September 2013, working one day a week whilst completing her A-Levels at Stephenson’s Studio School and working towards her Accountancy Technician qualification. From day one Sophie showed ... (click to read more)

04 Jun 2015

Paper Driving Licence Counterpart to be abolished

Did you know that from the 8 June 2015 the paper counterpart of the photo-card driving licence will be abolished and will no longer be valid? From this date, the DVLA will stop issuing the paper counterpart and those that currently exist will no longer be able to be used ... (click to read more)

29 May 2015

Budget 2015

After the excitement of the General Election, the new Government has announced a Summer Budget for 8 July 2015. The Chancellor is expected to unveil major tax and spending changes on that day. On the 1 June 2015, some small and micro businesses will have hit their staging date for ... (click to read more)

02 May 2015

P11D Submissions

The forms P11D and P9D need to be submitted to HMRC by 6 July 2015 where expenses or benefits were provided to your employees in 2014/15, which are not covered by a dispensation, or are not otherwise exempt from tax. If the forms are not submitted on time, HMRC ... (click to read more)

30 Apr 2015

Employers - Childcare Funding Is Changing!

Later this year, new changes are coming in to force for working parents looking to access savings on their childcare costs. The new system is called Tax-Free Childcare and once it is launched, the old system of Childcare Vouchers will cease to exist for new members. It will however ... (click to read more)

28 Apr 2015

Sence Support ITCC - Ladies Team

Sence Accounting are delighted to sponsor Ibstock Town Cricket Club Ladies Team for the 2015/2016 season and look forward to seeing our logo on the shirts at their next match. At Sence, we pride ourselves on being a part of the local community and are passionate about helping Ibstock thrive ... (click to read more)

13 Apr 2015

New Married Couples Tax Breaks

If your income is less than £10,600 in the 2015 / 2016 tax year you may be able to transfer some of your personal tax allowance to your partner. This could save you £212 for the year. From the 6th April, HMRC have opened registrations for married couples and ... (click to read more)

31 Mar 2015

Last Minute 2014 / 2015 Tax Planning

With the 2014 / 2015 Year-End fast approaching, here at Sence we are ensuring all of our clients are making the most of their tax planning opportunities in order to reduce tax liabilities for this financial year. Below we have identified a number of areas for both Businesses ... (click to read more)

30 Mar 2015

Help with your tax bill?

Contact HM Revenue and Customs (HMRC) as soon as possible if you can’t pay all your tax on time. You may be able to either: get more time to pay pay your bill in instalments but you may have to pay interest if you pay late. You may avoid penalties by contacting ... (click to read more)

19 Mar 2015

Late Payment Penalties for RTI

Late Payment Penalties for RTI Extended to Small Businesses As of the 6th March 2015, small businesses with fewer than 50 employees and new businesses are now liable for fines for late filing of PAYE submissions under the RTI scheme. HMRC has confirmed that there will be a three-day grace period ... (click to read more)

18 Mar 2015

Child Benefit Payment Changes

It has been reported that HMRC have been sending out letters to high-earners regarding Child Benefit payments. If you or your partner has a net income of £50,000 or more for the 2014/2015 tax year, the higher earner must declare the receipt of child benefit on an annual tax return. ... (click to read more)

18 Mar 2015

Budget 2015

The Budget 2015 How has the Budget 2015 affected you and your business? Click here to find out more information: If you have any queries please do not hesitate to contact Sence on 01530 267320. ... (click to read more)

11 Mar 2015

Auto-enrolment

Are you ready for your Staging Date? The Government introduced the auto-enrolment initiative as a way to encourage more people to start saving for their future. This initiative now makes it compulsory for all businesses to sign employees up to a suitable pension scheme and to make contributions. ... (click to read more)

10 Mar 2015

Payment of Class 2 National Insurance Contributions

The government announced plans to simplify the way self-employed people pay Class 2 National Insurance contributions from April 2015. Most self employed people will be able to pay their Class 2 National Insurance contributions through Self Assessment, together with any income tax and Class 4 National Insurance contributions that ... (click to read more)

19 Feb 2015

Vat Benchmarking

HMRC are currently writing to around 7,500 furniture retailers and car repair businesses asking the owners to check the figures reported on their VAT returns. If you receive one of those letters, don't panic. HMRC do not believe your VAT return is wrong, they are just asking you to ... (click to read more)

13 Feb 2015

HMRC considers scrapping £100 fines

HMRC is drawing up proposals to scrap fines for taxpayers who miss the income tax return deadline by a matter of days. New rules could instead see those who owe the government tax being charged higher interest rates on their debts to encourage them to pay sooner, instead of ... (click to read more)

23 Jan 2015

HMRC Code errors

Tax payers with multiple incomes are being urged to check the tax codes issued to them after HMRC admitted that various tax offices around Britain are failing to share information about taxpayers’ incomes on a central database. The problem means people are being allocated their personal tax-free allowance multiple ... (click to read more)

22 Jan 2015

New Tax Breaks for Couples

The new transferable tax allowance, which comes into effect on April 6, will benefit some married couples and civil partners to the tune of £212. The allowance is designed to help where one spouse does not earn enough to use their personal allowance of £10,500. It will not apply, ... (click to read more)

20 Jan 2015

Landlords duties

Since December 2014, a number of landlords have had to check that someone has the right to live in the UK before letting a property to them. This includes taking in lodgers or sub-letting a property. The' right to rent ' checks apply to: landlords in Birmingham, Walsall, Sandwell, Dudley ... (click to read more)

19 Jan 2015

Parental Rights and Unpaid Leave

Payroll departments will now need to process unpaid leave details for salaried employees who exercise their new right to accompany their pregnant spouse or partner to antenatal appointments. The right to take unpaid leave in order to accompany a woman to an antenatal appointment began at the start of ... (click to read more)

16 Jan 2015

Auto-enrolment penalties

The Pensions Regulator (TPR) has released a quarterly review (to 30 September 2014) revealing that it has levied its first three £400 fixed penalty notices to employers for failure to comply with an unpaid contributions notice or compliance notice under the auto-enrolment rules. It has so far issued 177 ... (click to read more)

15 Jan 2015

Intermediaries and Workers

Updates have been issued on when an intermediary must treat a worker they provide to a UK-based client as an employee for tax and national insurance purposes. From 6 April 2015, intermediaries must send to HMRC, details of workers they place with clients who are neither: direct employees or being treated ... (click to read more)

08 Jan 2015

PAYE Code Cap for 2015/16

The maximum HMRC can collect via an employee's PAYE in addition to current income is £3,000 but this is changing. New regulations (SI 2014/2689) will enable HMRC to amend PAYE codes for 2015/2016 onwards (I.e codes to be issued next spring to apply from 6 April 2015) to collect up ... (click to read more)

07 Jan 2015

Tweet HMRC with enquiries!

Good news- we can now tweet HMRC with queries. HMRC have asked taxpayers to tweet their queries instead of phoning government helplines as it emerged that waiting times have doubled over the past year. Figures published by HMRC show that callers had to wait 10 minutes and 53 seconds on ... (click to read more)

07 Jan 2015

EU Portal to help with MOSS Plans

The European Commission has launched a web portal designed to help businesses adapt to the changes in the VAT rules that are now in force and to support the move to the Mini One Stop Shop (MOSS). As of the 1st January 2015, new VAT rules came into effect for ... (click to read more)

05 Jan 2015

Happy New Year!

Brian, Anna and the staff at Sence Accounting Limited wish all of their clients and business colleagues a Happy New Year. Best wishes for 2015 for you, your families and for your business. If you have any queries, would like any advice both with accountancy and/or legal services that we now ... (click to read more)

19 Dec 2014

Christmas and New Year Opening Hours

Sence would like to confirm that the office is closed for the Christmas period on Tuesday 23rd December at 5.00pm and re-opens on Monday 5th January 2014 at 9.00am. Anna, Brian and the staff at Sence wish you a Merry Christmas and a Happy New Year. If you do have an ... (click to read more)

12 Dec 2014

Penalties for late real-time PAYE returns

Employees with fewer than 50 employees will face automated in-year penalties for late real-time PAYE returns from 6 March next year. Those who employ 50 or more will face penalties from 6 October 2014. ... (click to read more)

10 Dec 2014

HMRC - Card Sales Campaign

HMRC launched a campaign in October which offers a voluntary disclosure opportunity for businesses who accept Credit and Debit Card payments. HMRC now have access to information from the companies that process UK credit and debit card payments that details the number and value of transactions completed by a ... (click to read more)

04 Dec 2014

George Osbourne's Autumn Statement

Many changes have taken place resulting from George Osbourne's Autumn Statement. Some main points are below but if you have any queries please do not hesitate to contact us on 01530 267320. Stamp Duty Overhaul Anyone buying a property for less than £937,500 will pay less or the same under the ... (click to read more)

29 Oct 2014

Warning of Tax on pension withdrawals

The Telegraph reports that savers who cash in pensions next year face "emergency" tax charges worth up to a third of their funds, which they could struggle to get back. The paper says analysis of official documents showed withdrawals of anything above £3,500 are likely to cause a tax ... (click to read more)

17 Oct 2014

Advisory Fuel Rates Change

HMRC have recently updated it's advisory fuel rates (AFR's) for company cars. These applied from 1st September 2014. The new rates are the same as the old ones except for cars that run on diesel. The table above shows the new AFR's with the old rates in brackets. Engine Size Petrol LPG Diesel Up ... (click to read more)

15 Oct 2014

Clarification of CIS

If you are a contractor in the construction industry it is essential that you deduct the right amount of Construction Industry Scheme (CIS) tax from payments you make to subcontractors. A common misunderstanding about the CIS is that deductions of CIS tax only have to be made from labour costs. ... (click to read more)

30 Sep 2014

National Minimum Wage Increase

From 1 October 2014 the National Minimum Wage will increase as follows: Adult rate - £6.50 (from £6.31) 18-20 - £5.13 (from £5.03) 16-17 - £3.79 (from £3.72) Apprentices ... (click to read more)

19 Sep 2014

Charity Quiz Night Success

Thursday 18th September 2014 Thanks to local businesses Sence were able to provide further funding to help the local Air Ambulance Service in this region by running a charity quiz night in September 2014 at Conkers, a local attraction in the Heart of the National Forest. ‘Fishers’ solicitors and 'Bleathwood IFA' ... (click to read more)

17 Sep 2014

Congratulations to Jake Wright!

Here at Sence Accounting Limited our Accounts Assistant Jake Wright has been awarded with examination success recently. Jake has passed his Level 4 of the AAT (Association of Accounting Technicians) qualifications so he now has a Diploma in Accounting. Jake is a valuable member of our accounts preparation team, ... (click to read more)

05 Sep 2014

IT Maintenance - Friday 5th September 2014

Please be aware that from mid-day today our sytems will be down for IT Maintenance. This will also affect our emails therefore should you need to contact any of the team at Sence please contact us on 01530 267320. We expect this all to be completed and back to normal ... (click to read more)

03 Sep 2014

VAT on Multi Products

Most products and services are subject to standard rate VAT at 20%, but some products are zero-rated (VAT applied at 0%), while others, e.g. rent for certain buildings, are exempt from VAT. There is a limited range of products and services that attract 5% VAT. If you supply a package ... (click to read more)

20 Aug 2014

Official HMRC Payslips

If you use a payslip to pay HMRC at a bank or Post Office counter it is very important that you only use the official payslip issued by HMRC. Official HMRC payslips are those from the P30BC Payment Booklet, the bottom section of other HMRC forms, and some single ... (click to read more)

14 Aug 2014

Social Investment Tax Relief Scheme

Introduction of the Social Investment Tax Relief scheme The Social Investment Tax Relief scheme (SITR) helps individuals support social enterprises and gives social enterprises access to new sources of finance. It is available for investments made on or after 6 April 2014. To make sure new investment is directed to ... (click to read more)

12 Aug 2014

PAYE penalties update

PAYE penalties for the tax year 2013-2014 The first interim penalty notices for 2013-14 PAYE returns will be issued in late September 2014 to those employers who failed to send their relevant return by 19 May deadline. After the end of the tax year interim penalty warning letters were sent ... (click to read more)

22 Jul 2014

Sence Accounting Limited Charity Quiz Night

Sence Accounting Limited are pleased to announce that their 'Annual Charity Quiz Night will take place on Thursday 18th September at Conkers Discovery Centre in Moira, near Ashby de la Zouch. This will be in aid of the Derbyshire, Leicestershire and Rutland Air Ambulance Service. For further information and to ... (click to read more)

11 Jul 2014

Ashby School 'Skills for Success Conference' 2014

Sence are pleased to have completed another 3 days working in partnership with Ashby School at the 'Skills for Success' conference held for students in the 6th form. Sarah was a 'Team Mentor' guiding 9 students through tasks to encourage team building, communication skills and planning, to name but ... (click to read more)

26 Jun 2014

New Annual Tax Statements

In October 2014 HMRC will be sending out full annual tax summaries for the first time. Who will receive them and what action should take if you get one? Coalition promise. In 2010 the goverment promised every taxpayer an annual statement of their tax positions: not just the income tax and ... (click to read more)

26 Jun 2014

Talking Business Network Launch Event

An exciting Talking Business Network Event will be taking place on Friday 25th July at Swadlincote Ski Slope. This event will allow Businesses to network and share local knowledge/ Services and promote local Businesses to local Customers. There will be a special guest attending the event, Heather Wheeler MP for South ... (click to read more)

04 Jun 2014

Real Time Information Interest

In the past some employers would play the PAYE system, holding on to the PAYE deductions until the last payment date of the year, and then paying the balance due before interest was charged. That is no longer possible under real time information (RTI), as interest is now charged ... (click to read more)

04 Jun 2014

Auto-enrolment

Auto-enrolment is the term for the law that requires all employers to register their employees into a qualifying workplace pension scheme. This requirement is being rolled-out to the largest employers first and will eventually apply to the smallest employers from June 2015 onwards. Further information will be available in due ... (click to read more)

15 May 2014

New dilemmas for non-UK domiciles buying high value UK residential property

Leading up to Budget 2012 the standard advice for non-UK domiciled individuals was to hold UK residential property through an offshore company to keep it out of the UK inheritance tax (IHT) net. This has now become much more expensive to achieve, with three measures that were introduced in 2012 ... (click to read more)

01 May 2014

CGT Home election bombshell

Buried in the budget 2014 fine print is a landmark change to the capital gains tax rules that could cost homeowners thousands in extra tax. However, the resulting consultation document mentions the withdrawal of the right to elect which of two properties qualifies for the so-called capital gains tax ... (click to read more)

16 Apr 2014

Importance of Business Planning

SMEs are losing out by failing to put a business plan in place, according to a recent survey. Of the 453 SMEs surveyed, 70% of those with plans made a profit, while profits were attained by 52% of those without a business plan. The average annual profit before tax was ... (click to read more)

02 Apr 2014

Sponsorship - Ibstock Town Cricket Club

Sence are very pleased to announce that they are sponsoring their local cricket club this season and will have a wall mounted sponsorship plaque placed at the ground from April 2014. Alan Branson, chairman of the cricket club said 'We are very pleased that another sponsor has come forward to ... (click to read more)

20 Mar 2014

Budget Update 2014

George Osborne achieved a full house with his fifth budget. Changes have been made to the following important areas that may, or may not affect you: Personal Tax Business Tax Pension Property Investment Personal Taxation The 2013 budget increased the personal tax allowance for 2014/15 for those born after 5 April 1948 to £10,000. ... (click to read more)

20 Mar 2014

Claim your £2,000 NI Employment Allowance

The new employment allowance (EA) could cut your NI bill by £2,000. Most companies can claim the EA even when their only employee is a director. But there are exclusions. If your business is caught by IR35, you can't claim the EA in respect of deemed PAYE income. ... (click to read more)

06 Mar 2014

VAT on Leaflets and Books

There is no VAT on printed books, booklets, newspapers, and leaflets. Well, its zero-rate VAT, so the customer pays no VAT, but the supplier can reclaim the VAT it pays on purchases. Printing businesses have to be very clear about which of their products they treat as zero-rated for VAT ... (click to read more)

27 Feb 2014

Budget 2014

On Wednesday 19 March the Chancellor George Osborne will deliver his annual Budget speech. Budget information and updates will be available on our website from 20 March 2014. Should you wish to receive a paper copy of the new tax rates please contact us on 01530 267320 or email sarah@senceaccounting.co.uk. ... (click to read more)

31 Jan 2014

HMRC extend the deadline for some...

If someone has registered for the Online Service, or existing customers have lost their User ID or password and realise they have left it too late, we will allow a bit of extra time for this information to be received. This only applies to taxpayers who did the following ... (click to read more)

29 Jan 2014

High Income Benefit Charge

When an individual earns an income of £50 000 or more you could be liable to a tax charge called the 'High Income Child Benefit charge'. Changes to the number of children either of you are entitled to receive Child Benefit for could affect your tax. Instead of paying ... (click to read more)

28 Jan 2014

New RTI Relief

Have you been struggling to send full payment summary (FPS) reports under RTI to HMRC on or before the days on which your employees are paid? This is particularly difficult when your workers receive irregular amounts of pay on varying dates. In such cases you may not know the ... (click to read more)

24 Jan 2014

Self Assessment Deadline

Please be aware that the deadline for filing 2012/2013 self assessments for personal, partnership and trust tax returns is 31st January 2014. If you do not file the return by this date the fine is £100 in the first instance for late filing even if no tax is due ... (click to read more)

23 Jan 2014

Chancellor backs minimum wage rise

George Osborne has called for an above-inflation rise in the minimum wage stating that the economy can now sustain an increase from £6.31, for over-21’s, to its pre-recession value of £7 per hour. The chancellor did not set a timetable for a rise and insisted any final decision rested with ... (click to read more)

03 Jan 2014

Assistance with filing of VAT

Assistance with electronic filing of VAT returns is being looked into by HMRC. All VAT registered businesses (apart from those excepted on religious grounds and those subject to insolvency procedures) must file their VAT returns using an approved means of electronic communication. This mandatory requirement was introduced in law on ... (click to read more)

03 Jan 2014

Happy New Year!

Brian, Anna and the staff at Sence Accounting Limited wish all of their clients and business colleagues a Happy New Year. Best wishes for 2014 for you, your families and for your business. If you have any queries, would like any advice both with accountancy and/or legal services that we now ... (click to read more)

18 Dec 2013

Christmas and New Year Opening Hours

Sence would like to confirm that the office is closed for the Christmas period on Monday 23rd December at 5.00pm and re-opens on Thursday 2nd January 2014 at 9.00am. Anna, Brian and the staff at Sence wish you a Merry Christmas and a Happy New Year. If you do have an ... (click to read more)

06 Dec 2013

Autumn Statement 2013

The Autumn Statement traditionally focuses on government spending rather than taxes, but George Osborne used this occasion to announce some tax changes which will take effect in 2014 and 2015. In particular, changes to capital gains tax on sales of homes, and NICs. There is also relief for small ... (click to read more)

04 Dec 2013

NEW for 2014/2015 Tax Year

Open Payslips - is our new method to electronically distribute payslips to employees on behalf of the employer. As part of our service the payslips are generated from within our software to a secure online portal where each employee has their own unique log on access. The information is displayed ... (click to read more)

28 Nov 2013

Company Cars - New Advisory Fuel Rates

Company cars: advisory fuel rates The rates below apply from 1 December 2013. Engine size Petrol LPG 1400cc or smaller 14p 9p 1401cc to 2000cc 16p 11p Bigger than 2000cc 24p 16p Engine size Diesel 1600cc or smaller 12p 1601cc to 2000cc 14p Bigger than 2000cc 17p ... (click to read more)

20 Nov 2013

Tax Returns On Line

If you send HM Revenue & Customs (HMRC) a paper tax return from November onwards, you’ll receive a £100 late-filing penalty – even if you have no tax to pay, or you pay your tax bill on time. This is because the 31 October deadline for 2012/13 paper tax ... (click to read more)

06 Nov 2013

Ashby School Career Choice Evening

Sence Accounting are pleased to be attending the Ashby School Careers evening at the school. Students have the opportunity to talk to different professions and also universities to see how they would like their career outside of school to begin. Anna, Jake and Sarah will be attending the event to ... (click to read more)

01 Nov 2013

HMRC Scheduled Maintenance

Due to scheduled maintenance you will be unable to submit tax returns at HMRC online between 09:00 and 17:00 on Sunday 3 November. So, if you are thinking of submitting it will have to wait until Monday!!...or Sence could complete it of course! Contact Sarah for more details on 01530 ... (click to read more)

09 Oct 2013

National Minimum Wage Rates

The rates of national minimum wage applicable to pay reference periods starting on or after 1 October 2013 are as follows: • the main adult rate (for workers 21 and over) has increased by 12p to £6.31 an hour (currently £6.19 an hour) • the rate for 18-20 year olds has ... (click to read more)

26 Sep 2013

Engaging with clients

ACCOUNTANTS NEED to engage further with their clients according to a survey by accountancy IT giant Sage. A survey of small business owners found that 39% said they would like their account to utilise technology more effectively so they could have better contact. The recent report looked at the relationship between ... (click to read more)

20 Sep 2013

Charity Quiz Night Success

Thursday 19th September 2013 Thanks to local businesses Sence were able to provide further funding to help the local Air Ambulance Service in this region by running a charity quiz night in September 2013 at Conkers, a local attraction in the Heart of the National Forest. ‘Fishers’ solicitors in Ashby sponsored ... (click to read more)

19 Sep 2013

Charity Quiz Night - Thursday 19th September

Tonight is Sence Accounting's annual charity quiz night at Conker's Waterside Centre in Moira, near Swadlincote. The charity chosen again this year is the Derbyshire, Leicestershire and Rutland Air Ambulance. Sophie Stevens, Regional Fundraising Manager will be speaking at the event and explaining the valuable service they provide. 28 teams ... (click to read more)

06 Sep 2013

ATED new taxation

The annual tax on enveloped dwellings (ATED) came into effect on 1 April 2013. This new tax applies to residential properties in the UK worth over £2 million, which are owned by a non-natural person, such as a company, trust or partnership that includes a company as a member. The ... (click to read more)

06 Sep 2013

PAYE Real time

During September 2013 HM Revenue & Customs (HMRC) will be writing to employers who have missed one or more of the deadlines for reporting their PAYE information in real time. Most employers should have started to report their PAYE information in this new way from their first payday after 6 ... (click to read more)

04 Sep 2013

Sence support Stephensons College

Sence would like to welcome their new member of staff Sophie Taylor. Sophie joins us as a part time member of staff from September 2013. As part of Stephensons College Studio School, and as an 'A' level student, work placements are a vital part of their course, and the ... (click to read more)

14 Aug 2013

Overdue Tax Returns Campaign

The Taxman has launched a campaign recently to persuade taxpayers to submit their over-due tax returns for 2011/12 or earlier years. If you have a personal tax return form (or notice to complete a tax return) sitting in a drawer, and have been putting off the task of ... (click to read more)

23 Jul 2013

Save the date for our annual charity quiz night

Sence Accounting Limited hold an annual general knowledge quiz night in September. We are pleased to announce this year's date is Thursday 19th September and again, will be held at Conkers Discovery Centre. The chosen charity this year will again be the DLRAA (Derbyshire/Leicestershire/Rutland Air Ambulance), keenly chosen by ... (click to read more)

15 Jul 2013

Tax Credit Claims

Please be reminded that tax credit claimants have one month to renew their claims by the 31 July deadline or their payments might stop. Tax credits renewal packs have been sent to about 5.8 million people since April. Claimants are asked to act as soon as they receive a pack. ... (click to read more)

08 Jul 2013

Ashby School Sixth Form Conference

The time has come upon us that Sence are involved in their fourth year of the school conference for the next three days. Nine other businesses are involved with the conference along with four others on the planning committee to ensure the conference runs smoothly and remains as successful ... (click to read more)

03 Jul 2013

Networking works!

Sence Accounting are pleased to announce they have gained 6 new clients in three weeks! Networking and referrals from clients and colleagues that are well known to us have all played a part in the success and Sence are grateful for this. Networking groups, social media and being involved in community ... (click to read more)

27 Jun 2013

Telecoms Problem at Sence

Sence Accounting are currently experiencing telecommunication problems at their offices in Ibstock. Please contact Brian Beggan on 07976 832381 if you call is urgent or alternatively send an email to info@senceaccounting.co.uk. We apologise for any inconvenience this may have caused and we are hoping to rectify the problem shortly. ... (click to read more)

11 Jun 2013

Edward Hands and Lewis

Sence are pleased to announce they are now working in partnership with local solicitors Edward Hands and Lewis. We can now offer legal services support including partnership agreements, wills, business sale purchase agreements, franchising, debt recovery...to name but a few. This partnership was founded through a networking group we have ... (click to read more)

11 Jun 2013

NWL Chamber of Commerce

A meeting of the North West Leicestershire Chamber of Commerce is taking place this evening at 'The Palace Community Centre' in Ibstock. Sence are one of the founder members of the new chamber and and hope to see many businesses from the local area attending. Nick Rushton, local businessman ... (click to read more)

24 May 2013

R & D Tax Credits

Are you eligible for R&D tax credits? This is a great scheme to save corporation tax or maybe even get a rebate. Contact Sence for details 01530 267320. ... (click to read more)

21 May 2013

Ashby School Sixth Form Conference

Sence Accounting Limited have been asked again this year to participate as a 'Syndicate Advisor' at Ashby School. Sarah Beggan, Business Development Manager at Sence, says "This is a valuable three days of my working week, being able to coach and question why students are making certain decisions and demonstrating ... (click to read more)

12 May 2013

Congratulations to Tina and Paul

The team at Sence are pleased to announce that their valuable employee Tina Crabtree has got married to Paul Kirby. We all wish them our best for the future. ... (click to read more)

10 May 2013

HMRC Employer Annual Return

Your 2012-13 Employer Annual Return is due by 19 May 2013. Send it as soon as possible to avoid a late filing penalty and make sure you have filed it online or you may face a further penalty. See this HMRC Link for further information. ... (click to read more)

24 Apr 2013

P35 submission deadline

Payroll year end P35s have to be submitted by 19th May. Even if you are submitting a nil return this does have to be filed on time . If you have any queries please ask rather than risk a filing penalty. Contact info@senceaccounting.co.uk or call us on ... (click to read more)

24 Apr 2013

Quote of the week!

Quote of the week! - When sales are needed to cover costs or meet budgets......the focus is shifted towards price before value! ... (click to read more)

12 Apr 2013

Tax Minimisation Service

Individuals and businesses do not need to pay more tax than they need to. Sence have now introduced a 'Tax Minimisation Service' to people who want to review their tax positions and become more tax efficient in future years. Since the budget it has become apparent that there will be ... (click to read more)

04 Apr 2013

RTI - Does this help?

Basic PAYE Tools is a free computer software package provided by HM Revenue & Customs (HMRC) to help you run your payroll throughout the year. The tools are designed for employers with nine or fewer employees and will work out the tax and National Insurance contributions (NICs) for ... (click to read more)

28 Mar 2013

Start-up Loans for young entrepreneurs

To encourage young entrepreneurs to start businesses, the government has expanded its 'start up' loan scheme. The funding applies to individuals who are interested in starting a business or who have a business in its 'initial phase'. While the amount of loan available reamins unchanged at £2500, the age range of ... (click to read more)

27 Mar 2013

Growth vouchers for small businesses

The Chancellor announced in his Budget a new £30m scheme providing small businesses access to professional advice and support services. According to the Treasury Budget document the programme will test a variety of innovative approaches to help small businesses overcome barriers to growth. One of these ... (click to read more)

26 Mar 2013

HMRC and PAYE Payments for 2013/2014

HMRC has updated its guide on PAYE payments. It includes a minor but important change and some points employers should take note of. Some businesses will need to change their procedures for sending payments to HMRC for the next tax year. Payments of PAYE tax and NI for 2013/14 (due ... (click to read more)

25 Mar 2013

RTI - HMRC relax reporting requirements for small businesses

HM Revenue & Customs (HMRC) have recognised that some small employers who pay employees weekly, or more frequently, but only process their payroll monthly may need longer to adapt to reporting PAYE information in real time. HMRC have therefore agreed a relaxation of reporting arrangements for small businesses. Until ... (click to read more)

21 Mar 2013

Budget 2013

Budget information is now available in the Resources section of our website.. http://www.senceaccounting.co.uk/resources/budget2013/index.php Tax Information and changes are available also, in the Resources section of our website.. http://www.senceaccounting.co.uk/resources/index.php ... (click to read more)

20 Mar 2013

Child Benefit - Opt Out?

(HMRC) continues to remind people with an income over £60,000 whose family is still receiving Child Benefit to opt out before 28 March if they wish to avoid filling in a tax return and repaying the benefit for the 2013/14 tax year. Latest HMRC figures show that over 370,000 people ... (click to read more)

05 Mar 2013

Legislation to be introduced April 2013

Following consultation, legislation is to be introduced to apply a cap on income tax reliefs claimed by individuals from 6 April 2013. For anyone seeking to claim more than £50,000 in reliefs, a cap will be set at 25% of income. Gift Aid, relief for gifts of land and ... (click to read more)

28 Jan 2013

Tax Return Penalties

HMRC have published guidance on late and inaccurate returns for 2012/13 and 2013/14. There will be no change to the penalties for late filing of returns for those years i.e. the current penalty regime will continue to apply at the tax year end. There will be no penalties if ... (click to read more)

27 Jan 2013

Tax Rates - HMRC

Keep up to date with tax rates from Tax Credits, Child Benefits and other allowances. Please follow the link: http://www.hmrc.gov.uk/rates/ Any queries please contact the team at Sence on 01530 267320. ... (click to read more)

17 Jan 2013

Do you need to buy more business assets? Tax relief can come early

From 1 January 2013 the government increased the amount of Annual Investment Allowance to £250,000. This is a 10-fold increase over it's previous amount of £25,000. Due to the recent changes to this amount over the last few tax years there are some complex transitional rules and ... (click to read more)

17 Jan 2013

Simpler Income Tax for the Simplest Small Businesses

The gorvernment has announced a simpler income tax system for small businesses. From the 2013/2014 tax year self employed individuals or partnerships carrying on the smallest of businesses will be able to choose to be taxed on the basis of receipts less payments. This is instead of ... (click to read more)

11 Jan 2013

Real Time Information (RTI) - are you ready?

Real Time Information (RTI) represents the biggest change in payroll since the introduction of PAYE in 1944. Under RTI, every employer will need to submit information about PAYE to HMRC every time a payroll is run and employees are paid on or before the pay date. Currently HMRC only ... (click to read more)

11 Jan 2013

Auto-enrolment has begun

The first group of the largest employers have auto-enrolled with the pensions regulator. This will continue over the next few months and will be followed by the auto-enrolment of medium-sized emloyers in due course with the smaller and micro-employers being phased in last. These changes need to be considered ... (click to read more)

09 Jan 2013

HMRC Vat Campaign

HMRC have announced that from 9 January 2013 they are embarking on a new campaign to chase up businesses that have one or more VAT returns outstanding. Their announcement reminds businesses that failure to submit a VAT return is an offence and penalties could be levied on top of ... (click to read more)

21 Dec 2012

HMRC Targets High Net Worth People

HMRC has clearly stated its plan to focus attention on affluent taxpayers residing in the UK on a number of fronts including their offshore assets and investments. Published alongside the Chancellor’s Autumn Statement, a short and succinct document spelt out HMRC’s approach to the New Year. Entitled Closing in on ... (click to read more)

14 Dec 2012

Website Changes

Sence are pleased to announce that their 'new look' website is live today! The networking partners are now easy to see along with testimonials and our community work. Everyone is welcome to navigate around the site and give any feedback to info@senceaccounting.co.uk. ... (click to read more)

14 Dec 2012

Christmas Opening Hours

Sence close their office on Friday 21st December until Wednesday 2nd January 2013. Should you wish to contact Sence with an urgent enquiry please email info@senceaccounting.co.uk. In the meantime Sence wish clients and colleagues a Merry Christmas and a Happy New Year! ... (click to read more)

05 Dec 2012

HMRC Target Landlords

HMRC has announced a taskforce to investigate tax avoidance with landlords in South East England. Private residential landlords have now been the subject of a taskforce in: Scotland, North Wales, London, East Anglia, North East, North West, and now South East England. That covers pretty much the whole of ... (click to read more)

29 Nov 2012

Tax Strategies

Tax legislation in the UK is incredibly complex. The Finance Act 2012 has taken the UK tax law to over 10,000 pages of legislation. The UK has some of the most complex and lengthy tax legislation in the world. We have teamed up with the very best tax experts in ... (click to read more)

26 Nov 2012

Sence support the DLRAA (Air Ambulance)

Following on from the quiz night in September and the air ambulance being our chosen charity this year, Sence have arranged a 'clothing donation day' on Thursday 10th January at their premises. This means that if clients, colleagues, families and friends can donate any clothes, shoes, belts, bedding then ... (click to read more)

23 Nov 2012

Business Record Check re-launched

Business Records Checks (BRC) are being re-launched by HMRC following a review and stakeholder consultation. The redesigned checks process will be rolled-out on a region by region basis between late November 2012 and early February 2013. A pilot programme of business records checks began in April 2011 but the process ... (click to read more)

21 Nov 2012

High Income Child Benefit Charges

You may be aware of the high income child benefit charge (HICBC), which is designed to claw-back child benefit from high earners. If you or your spouse/partner claim child benefit, and either one of you have income of over £50,000 per year, your family will be subject to ... (click to read more)

05 Oct 2012

'Direct Sellers' HMRC Campaign

On the 26 September 2012, HMRC began a new campaign of targeting direct sellers. These are people who sell products on a commission basis in customers' homes. These sellers often earn very little from their efforts, but they still need to declare the small amounts of income to HMRC. ... (click to read more)

28 Sep 2012

Annual Charity Quiz Evening - 27th September 2012

Sence Accounting are delighted to confirm that in their fifth year running, they have raised over £2000 at their annual charity quiz night in aid of DLRAA (Derbyshire, Leicestershire and Rutland Air Ambulance Service) and a local project called ‘Forever Savvy’ which provides purposeful work for adults with ... (click to read more)

26 Sep 2012

National Minimum Wage Rise - October 2012

The National Minimum Wage (NMW) is a minimum amount per hour that most workers in the UK are entitled to be paid. The rate depends on age and whether the worker is an apprentice. The new rates will come into force on 1 October 2012, and are as follows: £6.19 per ... (click to read more)

25 Sep 2012

Sence Accounting Quiz Night

The Sence Accounting quiz night is imminent and the team at Sence are looking forward to a fun night at Conkers with lots of local businesses taking part and raising monies for charity. The 2011 winners 'Bleathwood IFA Limited' will be there to defend their title along with 2010 ... (click to read more)

22 Aug 2012

Penalties for non filing of Tax Returns

Around half a million people who still haven’t sent their 2010/11 tax returns to HM Revenue & Customs (HMRC) will start to receive additional penalty letters from this week. The number of outstanding returns has almost halved in 2012, down to 5.9 per cent, compared to 10.7 per cent in ... (click to read more)

13 Aug 2012

Annual Charity Quiz Evening - 27th September 2012

A general knowledge quiz night is held in September of each year in support of local charities. This year, Sence have chosen DLRAA (Derbyshire, Leicestershire and Rutland Air Ambulance Service) and a local project called ‘Forever Savvy’ which provides purposeful work for adults with moderate/severe learning disabilities. Local businesses are invited ... (click to read more)

27 Jul 2012

Child Benefit Changes

Althought the high income child benefit charge applies from January 2013, the calculation to decide whether or not a household is affected by the reform includes the full income from 2012/2013. Those affected need to be made aware of the changes. HMRC will be contacting people earning over £50 ... (click to read more)

12 Jul 2012

Tax Investigation targets businesses

HMRC expects to add a further £30m to the £50m already collected by taskforces, with the launch of four more campaigns targeting ‘risky’ trades across the country. The latest to be subjected to the department’s scrutiny will be: • Scottish pubs and clubs • Hairdressers and beauticians in Northern Ireland • ... (click to read more)

06 Jul 2012

Ashby School sixth form conference

Sence Accounting Limited are delighted to have been asked again this year to participate as a mentor/syndicate advisor at the annual sixth form conference at Ashby School. Students take on board a range of real-life workplace challenges which involve team work, decision making, communication and time-keeping used in ... (click to read more)

06 Jun 2012

IR35 Business Scoring

If you provide services through your own personal service company you will be aware of the tax law known as IR35. This tax rule imposes an extra charge on your company, if you would be treated as an employee of your customer or customers, if you worked for the ... (click to read more)

25 May 2012

'Phishing emails'

A warning has been issued by HM Revenue & Customs (HMRC) about possible fake or “phishing” emails sent out by fraudsters. The period in the run-up to the tax credits renewal deadline often sees an increase in such attacks. Please click here to read the HMRC Press Release ... (click to read more)

11 May 2012

Apprenticeship Grant

A new £1500 grant is available to recruit an apprentice and also Work Placed Learning (WPL). Stephensons college in Coalville offer apprenticeships and most recently Work Placed Learning within the following areas: • Accounting • Business & Administration • Customer Service • IT • Management • Team Leading WPL qualifications are ideal for anyone using these skills ... (click to read more)

11 May 2012

Charities able to claim top-up payments

Charities will be able to claim top-up payments on up to £5,000 of small donations without needing Gift Aid declarations, under changes announced today in The Queen’s Speech. The Gift Aid Small Donations Scheme will boost the income of charities and reduce their administrative burdens as they will not have ... (click to read more)

04 May 2012

Can I de-register for VAT?

There has been speculation about de-registering for VAT and when you can do so. If your sales decrease and turnover drops to below £75 000 you cannot simply STOP charging VAT on your sales. You need permission to do so by the VAT office. You need to apply to de-register ... (click to read more)

27 Apr 2012

Press Release - East Midlands food and drink SMEs

The Food and Drink iNet have issued a recent press release, which gives details of grants available for innovation for East Midlands food and drink SMEs (certain criteria applies). Grants available to innovative East Midlands food and drink manufacturers - Food and drink businesses in the East Midlands with bright ideas ... (click to read more)

20 Apr 2012

New Tax Investigations Threat

The Taxman will be targeting up to 30 new industry sectors for investigation by its tax task forces. In 2011 the Taxman created eleven task forces to investigate businesses in sectors as diverse as the food industry and scrap metal dealers. These proved very successful at bringing in extra tax. ... (click to read more)

19 Apr 2012

PAYE Deadline - 19 May

Where employers do not file their annual P35 return by 19 May, they incur penalties of £100 per 50 (or fewer) employees for every month (or part month) that their return is late. However, in previous years, HMRC has not issued any warning letters and consequently many employers were ... (click to read more)

18 Apr 2012

VAT Changes

The Government has decided to tidy up some of the areas of VAT law where a different rate of VAT may be charged on very similar goods or services. Food & drink All food eaten on the supplier's premises; 'eat-in' purchases, are subject to standard rate VAT (20%). However, ... (click to read more)

18 Apr 2012

Changes to the advisory fuel rates from 1 March 2012

Advisory fuel rates have been changed with effect for all journeys undertaken on or after 1 March 2012. Please see link for further information www.hmrc.gov.uk/cars/advisory_fuel_current.htm ... (click to read more)

22 Mar 2012

Budget News 2012

Budget news 2012 is now available on our website. Should you have any queries please do not hesitate to contact us. Handy pocket sized tax tables are available from 27th March. ... (click to read more)

21 Mar 2012

Coming soon........................................

Sence are currently testing a cloud based online book-keeping solution that will suit the majority of businesses. We will keep you informed on the progress of this. ... (click to read more)

15 Mar 2012

PAYE Late Penalties

HMRC have introduced new penalties for late payments of PAYE. The liability to a penalty is based on a totting up procedure depending on the number of defaults during a tax year. A penalty will not be levied for the first default and will then rise as follows: ... (click to read more)

15 Mar 2012

HMRC to target further tradespeople

A new campaign will be launched by HMRC during the next year aimed at people who fail to make tax returns and who are liable to pay tax at the highest tax rates. In two further campaigns, to be launched later in the year, the department will target tradespeople ... (click to read more)

05 Mar 2012

Capital Exemptions and Losses

You can make up to £10,600 of capital gains in 2011/12 and pay no tax on that amount, as it should be covered by your annual capital gains exemption. If you have not used this annual exemption in 2011/12, check whether you can make any disposals which will crystallise ... (click to read more)

02 Mar 2012

Parental Leave Extension Delayed

Currently, all male and female employees who have been continuously employed for at least one year; and have, or expect to have, parental responsibility for a child under the age of five (18 if disabled), are granted the statutory right to 13 weeks’ parental leave (18 weeks if the ... (click to read more)

24 Feb 2012

Europe okays micro company accounts reform

The European Union’s financial and economic affairs council agreed a new directive on Tuesday 21 February that allows member states to exempt very small companies from mainstream accounting and financial reporting obligations. The reforms are part of a Europe-wide drive to ease the administrative burdens on the continent’s smallest companies. ... (click to read more)

23 Feb 2012

Builders Targeted in latest HMRC crackdown

A new campaign will be launched by HM Revenue and Customs (HMRC) during the next year aimed at people who fail to make tax returns and who are liable to pay tax at the highest tax rates. In two further campaigns, to be launched later in the year, the department ... (click to read more)

23 Feb 2012

Powers to tackle PAYE Dodgers

HMRC will soon be able to require employers to pay a security where there is serious risk that they won’t pay their PAYE tax deductions or NICs. The powers will come into force from April and are an extension of an initiative that has already been successfully used for VAT, ... (click to read more)

23 Feb 2012

Time to check your PAYE code?

Time to check your code again? ... (click to read more)

17 Feb 2012

Suspension of Business Records Checks

HMRC has announced a suspension of the Business Records Check (BRC) program until the new tax year, when they will implement a new approach. The pilot programme conducted 2,437 Business Records Checks up to 4th January 2012 and found that 28% of businesses had some issue with their record keeping ... (click to read more)

10 Feb 2012

VAT Returns - On Line only

Are you already filing your VAT returns online? If not, then you need to prepare to switch to online filing as this will be compulsory for all VAT registered businesses from 1 April 2012. Do not leave this task until the last minute as it can take a few ... (click to read more)

09 Feb 2012

New campaigns announced by HMRC

A new campaign will be launched by HM Revenue and Customs (HMRC) during the next year aimed at people who fail to make tax returns and who are liable to pay tax at the highest tax rates. In two further campaigns, to be launched later in the year, the department ... (click to read more)

03 Feb 2012

VAT rate increases across Europe

A round-up of VAT rate changes in Europe. There have been a number of changes and announcements of increases in VAT rates across Europe. The changes together with an analysis of all the VAT rates, country codes and VAT registration details are outlined below. France The French government announced that it will ... (click to read more)

01 Feb 2012

PAYE Changes

The PAYE system was first implemented in 1944 and has remained virtually unchanged. Unfortunately, it has become extremely cumbersome to administer and leads to many inaccuracies. Employers must report weekly or monthly on the wages paid and tax and National Insurance deducted and pay over any residual amount due ... (click to read more)

27 Jan 2012

A few days left......Tax Returns

There’s just a few days left to send your 2010/11 tax return to HM Revenue & Customs (HMRC), if you want to avoid a penalty. All outstanding 2010/11 Self Assessment returns must be sent online to HMRC by 31 January 2012. If you send your return after that date, you ... (click to read more)

12 Jan 2012

Tax Return Reminder

31 January is the deadline for filing 2011 Self Assessment personal, partnership and trust Tax Returns. £100 is the first penalty for late filing even if no tax is due or tax due is paid on time. 5% penalty is applied for late payment of tax. ... (click to read more)

06 Jan 2012

Boost for Small Businesses

Small and medium sized businesses in England are set to benefit from £95 million in government investment. The government funding, announced on 10 November will support small and medium-sized enterprises (SMEs) considering investing in new capital assets. The government expects the funding to unlock around £500 million of new investment ... (click to read more)

06 Jan 2012

HMRC target tax evasion

HM Revenue & Customs (HMRC) has launched five new taskforces around the country to tackle tax evasion in sectors including fast food, property rentals and scrap metal dealing. Announcing the taskforces on 7 November, Exchequer Secretary David Gauke said honest businesses had nothing to worry about but warned: “We will ... (click to read more)

04 Jan 2012

Fuel Rates Change

These rates apply to all journeys on or after 1 December 2011 until further notice. For one month from the date of change, employers may use either the previous or new current rates, as they choose. Employers may therefore make or require supplementary payments if they so wish, but ... (click to read more)

22 Dec 2011

Christmas Opening Hours

Merry Christmas and Happy New Year to all. Our office will be closed from the 23rd December and will re-open on the 3rd January. Should you need to contact us please send an email to info@senceaccounting.co.uk. ... (click to read more)

21 Dec 2011

Penalties and Late Tax Returns

We would like to draw to your attention some key changes concerning the penalties that will be charged if your 2010/11 tax return is filed late or your tax is paid late. Help us to help you by sending in all information requested as soon as possible to enable ... (click to read more)

08 Dec 2011

Pension Lifetime Allowance Decrease

There is another change due in April 2012 that will affect tax relief for pension contributions. The Lifetime Allowance, which is the maximum tax favoured fund you can have in a pension scheme, will reduce from £1.8 million to £1.5 million from 6 April 2012. The maximum fund of ... (click to read more)

07 Dec 2011

HMRC to help with R&D claims

The Taxman has launched a service aimed at encouraging companies to make use ... (click to read more)

02 Dec 2011

VAT Rule-breakers

VAT rule-breakers have until 31 December to complete the VAT registration process under a time-limited HM Revenue & Customs (HMRC) campaign. In July this year, HMRC launched its VAT Initiative in which rule-breakers were offered a special plan to put right their tax affairs. The chance to participate, and be ... (click to read more)

01 Dec 2011

The Autumn Budget Statement - 29 November 2011

Despite warnings this week that the UK was likely to slip back into recession, Chancellor George Osborne has said that the Office for Budget Responsibility's (OBR) latest annual growth and borrowing figures do NOT predict this happening. However, the figures do show that the bust was deeper and had ... (click to read more)

22 Nov 2011

Over payments and refunds - PAYE

The Taxman has set his computer the task of recalculating the PAYE paid by many millions of people for the tax year 2010/11 and for the tax years 2003/04 to 2007/08. The PAYE system does not cope well when an individual has employment or pension income from a number ... (click to read more)

15 Nov 2011

Swiss bank accounts

HMRC will be writing to UK residents and organisations holding Swiss bank accounts with the HSBC in Geneva who may not have reported all of their income and gains. HMRC are acting on information received last year under a tax treaty which revealed that over 6,000 individuals, companies, trusts and ... (click to read more)

11 Nov 2011

HMRC extend Business Records Checks

HMRC have announced that they are extending their Business Records Checks programme. These checks were piloted earlier this year and involved checks on the adequacy of SMEs' business records. The pilots apparently found that around 44% of businesses visited had issues with their record-keeping, while around 12% of those visited ... (click to read more)

08 Nov 2011

Late filing regime for CIS Returns

The Treasury has made an order before Parliament to bring into force the new late filing penalty regime Construction Industry Scheme (CIS) Returns. See link below : New late filing penalties for CIS from 6 October 2011 (Opens new window) ... (click to read more)

04 Nov 2011

Budgeting for your first self employed tax bill

A new leaflet has been produced to help the newly self-employed budget for their first tax bill. It will show you how much money to set aside to meet your tax and Class 4 National Insurance bill. Please follow the link for guidance - Budgeting for your first self-employed tax ... (click to read more)

04 Nov 2011

Child Trust Fund Vouchers

The Child Trust Fund (CTF) accounts are opened with the voucher from the government. Many vouchers/cheuqes have not been used historically. The first vouchers were issued in January 2005. See below, the link for details and statistics issued by HMRC and ensure you do not miss out. http://www.hmrc.gov.uk/stats/child_trust_funds/child-trust-funds.htm ... (click to read more)

18 Oct 2011

HMRC latest tax catch up campaign

A campaign to target private tutors and coaches who have undeclared tax liabilities is launched by HM Revenue & Customs (HMRC) today. The Tax Catch up Plan (TCP) is for people providing private lessons, regardless of whether they have a teaching qualification. It is aimed at those who profit from ... (click to read more)

14 Oct 2011

Fuel Rates change

The advisory fuel rates have been changed with effect for all journeys undertaken on or after 1 September 2011. To read more, please click here. ... (click to read more)

07 Oct 2011

National Minimum Wage Rates Change

National Minimum Wage Rates from 1 October 2011 The Department for Business, Innovation and Skills has announced the national minimum wage rates from 1 October 2011: • The adult rate will increase by 15p to £6.08 an hour. • The rate for 18-20 year olds will increase by 6p to £4.98 ... (click to read more)

07 Oct 2011

HMRC target tax avoidance and evasion

A crack team of more 2,000 tax inspectors is to be set up by HM Revenue and Customs to target tax avoidance and evasion. The move was announced by Chief Secretary to the Treasury, Danny Alexander, during his speech to the Lib Dems’ autumn conference. The team of 2,250, with more ... (click to read more)

05 Oct 2011

HMRC see increase in tax scam emails

HM Revenue and Customs say the number of scam “phishing” emails has increased by more than 300% over the past year. The figure comes in the lights of HMRC’s warning about the scam emails which aim to steal individuals’ bank account details. The scam messages inform the recipient that they are ... (click to read more)

30 Sep 2011

Sence Accounting Charity Quiz Night 2011

Sence Accounting are delighted to confirm that in their fourth year running, they have raised over £2500 at their annual charity quiz night in aid of St Giles Hospice in Lichfield. The general knowledge quiz night took place at Conkers Visitor Centre on Thursday 29th September 2011. Sence invited local ... (click to read more)

15 Sep 2011

Jointly held property tax savings

With the threshold for 40% tax reducing every year (£35,000 after deducting allowances for 2011/12), it makes sense to review who pays the higher rates of tax within a family. Can some assets be transferred to the partner who pays a lower tax rate to reduce tax? Please contact info@senceaccounting.co.uk ... (click to read more)

09 Sep 2011

Closure of Capital allowances loophole

The government has bought forward the closure of a loophole that allowed businesses to accelerate capital allowances claims for plant and machinery and obtain advantageous early tax relief. The change was announced on 12 August by Justine Greening Economic Secretary to the Treasury, and took immediate effect. The closure ... (click to read more)

01 Sep 2011

Sence welcomes new apprentice

Sence Accounting today welcome Jake Wright, their new accountancy apprentice. Jake came on work experience in July 2010 from Ashby School and liked accountancy that much he came back! Jake will be at Stephensons College on a day release each week and begins training for the AAT (Association of Accounting ... (click to read more)

05 Aug 2011

Tax Savings for Students

Students are being reminded that they may not have to pay any tax on the money they make from summer jobs. Many college and university students take on temporary work over the summer to earn extra cash but HM Revenue & Customs (HMRC) says that they may not know ... (click to read more)

05 Aug 2011

Taxpayers hit by HMRC hold up

Around 500,000 people who complete self assessment tax returns will have to wait longer than normal to find out how much tax they have to pay, HM Revenue & Customs (HMRC) has announced. Some of the self assessment statements due to be issued in July will now be issued later, ... (click to read more)

29 Jul 2011

The VAT Initiative Campaign

This new HMRC campaign is an opportunity for businesses to tell HMRC by 30 September 2011 that a business should be registered for VAT. The campaign is aimed at businesses that: • have already passed, or are expecting to pass within the next 30 days, the current VAT threshold of ... (click to read more)

28 Jul 2011

Rent a Room Scheme

With the countdown to the Olympics well underway, HM Revenue and Customs has issued a timely reminder to householders that events are being held at certain venues around the country, and if they are thinking of renting out a spare room to visitors, they can receive up to £4,250.00 ... (click to read more)

08 Jul 2011

Ashby School Sixth Form Conference

Sarah at Sence Accounting is delighted to have been asked again this year to be a 'Syndicate Advisor' at the Sixth Form Skills Conference taking place week beginning 18 July 2011. Students take on board a range of real-life workplace challenges which involves team work, decision making, communication and ... (click to read more)

06 Jul 2011

HMRC Target Specific Businesses

New campaigns targeting VAT defaulters, private tutors and e-marketplaces will be launched by HM Revenue & Customs (HMRC) over the next year. HMRC said it would be using tools such as web robot software to search the internet and find targeted information about people and companies. Using the software, the department ... (click to read more)

04 Jul 2011

Sence welcomes work experience placement

Sence welcomes a pupil from year 10 at Ashby School. The young lady wishes to become an accountant once she leaves school. A variety of tasks and job shadowing different roles have been allocated to her this week. She will leave with an understanding of how payroll works, how ... (click to read more)

17 Jun 2011

Women In Business Networking

This week, Sence Accounting have become members of a 'Women in Business Networking Group'. Sarah, the Business Development Manager went along to a launch meeting at the Dovecliff Hall Hotel in Burton on Trent and admired the strategy of the group. Rebecca Hogarth, business owner stated 'the one ... (click to read more)

16 Jun 2011

HMRC warns of email tax credits scam

HM Revenue & Customs (HMRC) is alerting taxpayers to a surge of fake ‘phishing’ emails sent out by fraudsters in the run-up to the tax credits renewal deadline. The email informs the recipient they are due a tax rebate, and provides a click-through link to a cloned replica ... (click to read more)

10 Jun 2011

VAT Rule Breakers Targeted

HM Revenue & Customs (HMRC) has announced it is to target individuals and businesses who are trading above the VAT threshold but have not registered for VAT in a new drive against rule breakers. The campaign will be launched in the summer, following discussions with interested parties to help HMRC ... (click to read more)

02 Jun 2011

HMRC Business Record Checks

HM Revenue and Customs (HMRC) have begun the 'test and learn' phase of its Business Records Check (BRC) initiative. The early results, as gleaned from the letters which have been issued to businesses after the BRC visit, suggest HMRC has a template letter and is recommending improvement in common areas ... (click to read more)

27 May 2011

Bribery Act 2010 - Implementation date announced

Bribery Act 2010 - Implementation date announced At the end of March the Ministry of Justice (MoJ) published the long-awaited supporting guidance on the Bribery Act 2010. This statutory guidance provides details about the procedures which relevant commercial organisations can put into place to prevent persons associated with them from ... (click to read more)

20 May 2011

Tax Investigations Insurance

SOMETHING TO BE AWARE OF Most taxpayers will be aware that following the Finance Bill 2008, HM Revenue & Customs (HMRC) have broader powers of investigation, particularly in relation to schedule 36. These include Business Assurance Visits (where a VAT officer and a colleague review records and check compliance), non-written ... (click to read more)

12 May 2011

Avoid a penalty - Filing deadline approaching

HM Revenue & Customs (HMRC) is issuing an urgent reminder to employers – file your annual return online by the 19 May deadline, or you could face a penalty. Employer Annual Returns must be sent to HMRC by the 19 May filing deadline. Failure to do so will almost certainly ... (click to read more)

07 Apr 2011

Loss Relief Restriction

Unfortunately, the Coalition has stuck to their proposals and restricted loss relief so that the losses from UK or EEA FHL can only be offset against income from the same business, not any other income as previously permitted. This will start from April. However, the Coalition has backed down slightly ... (click to read more)

06 Apr 2011

PAYE Regulation Changes

From 6 April 2011 the PAYE Regulations are changing to allow confirmation of an amended tax code to be given to an individual, with their approval, over the phone instead of sending out a paper notice. For further details please link to : http://www.hmrc.gov.uk/paye/paye-regchange.htm ... (click to read more)

06 Apr 2011

HMRC tracks small businesses

HMRC will be targeting 50 000 small businesses each year for visits to put their accounting records under scrutiny if the records are not up to standard and they can be fined for failing to keep proper records. ... (click to read more)

06 Apr 2011

Pensions Tax Relief

6 April 2011 will bring a headache for high earners and their employers, in the shape of a drastic reduction in the Annual Allowance for tax-deductable pension contributions, from £255,000 to £50,000. ... (click to read more)

04 Apr 2011

Crackdown on Late Tax Returns

Penalties rise in April 2011. Under the current system, there is a £100 fine for missing the January 31 deadline and a further £100 if it still not filed six months later. In the meantime you pay 3% on any tax due. Under the new rules, if you file late ... (click to read more)

31 Mar 2011

iXBRL - What it means to your business

You may not be aware but from the 1st January 2010 legislation came into force requiring all Limited Companies to file their Corporation Tax Returns online using Inline extensible business reporting language (iXbrl). This is a specific format and means that companies can no longer send in their ... (click to read more)

31 Mar 2011

Beware - fraudulent emails from 'HMRC'

The problem of fraudulent emails being sent to tax payers continues to grow. The latest emails appear to come from HMRC and offer tax rebates to taxpayers. These are not genuine HMRC messages and should be disregarded. These emails are part of a ‘phishing’ exercise that uses ... (click to read more)

31 Mar 2011

Corporation Tax – compulsory online filing

The introduction of compulsory on line corporation tax filing begins for company tax returns delivered after 31st March 2011 for accounting periods ending after the 31st March 2010. The online filing must be in a specific date format (known as In-line XBRL or iXBRL). Corporation tax payments ... (click to read more)

01 Mar 2011

Changes to the advisory fuel rates from 1 March 2011

The advisory fuel rates have been changed with effect for all all journeys undertaken on or after March 1 2011. For further details please link to : http://www.hmrc.gov.uk.cars/advisory_fuel_current.htm ... (click to read more)

Click here to view the latest news

How can we help?

 

Submit

Testimonial

A professional service at all times given by a friendly team who are always happy to help and work at our premises.

Steve Tallett and Lyndsey Watson
Crescent Motoring Services Ltd

Click to read the full testimonial >