S P McCaffrey & Co Accountants

S P McCaffrey & Co Accountants Accountants

08/07/2019

Inheritance Tax Reliefs

The office of Tax Simplification is proposing a reduction in the number of reliefs against inheritance tax. There are currently proposals only, but, if implanted, may require new thinking in relation to inheritance tax planning.

13/06/2019

Termination Payments

The tax and NIC rules for payments to employee who is leaving are changing. Some changes are already in place and more come into effect on 6 April 2020.

Directors Current Accounts

Some people who trade as a limited company and draw regular amounts from the company without accounting for PAYE. When the company annual accounts are prepared the amounts drawn out are treated as dividend. However, where the amount outstanding at the year and exceeds £10,000 the above may lead to a benefit in kind reporting obligation.

21/05/2019

WE ARE CURRENTLY LOOKING TO RECRUIT A
PAYROLL & VAT ADMINISTRATOR

We are currently recruiting for a payroll/VAT Administrator for our office
in order to assist the payroll and VAT Manager with the following:

Key duties:
• Prepare and process payroll
• Ensure accurate and timely payslips are produced and
distributed efficiently
• Ensure RTI Submissions are made in a timely and efficient
manner
• Update and maintain payroll records
• Communicate and liaise with clients and payroll manager
on relevant mattersd
• Preparation and submission of VAT for UK businesses in meeting with HM Revenue & Customs requirements for MTD
• Preparation and submission of ROI VAT returns to
Revenue
Essential Criteria:
• Excellent communication skills
• Excellent organisational and time management skills and
experience to working to deadlines
• Experience with payroll software
• Strong IT skills, especially in the use of Microsoft Excel
• Ability to work as a member of a team

Closing date: 5th June 2019
Send CV’s to [email protected]
50 CAMPSIE ROAD, OMAGH, CO TYRONE, BT79 0AG -

08/05/2019

HMRC Makes Greater use of its Computer

Connect, HMRC computer gathers information from a larger range of sources in relation to individuals and businesses. This information generates patterns, links and networks which enables HMRC to create a profile of the individual or business. This profile is then compared to the information contained in the annual tax return and a discrepancy can lead to Tax enquiry.

29/04/2019

Increase in Probate Fees for winding up an Estate is deferred.

08/04/2019

Expenditure on Silos, Grain Stones, Farm Buildings

Following the favourable outcome for farmers in the May case, a farmer who has spent money on silos, grain stones and agricultural buildings should review whether correct claims for Capital Allowances have been made. The recent tax case creates an opportunity to revisit Capital Allowances Claims.

03/04/2019

Making Tax Digital (MTD) is one of the key strategic objectives of HMRC with the aim of modernising how tax is reported and managed. The first step of MTD is to bring VAT into the digital system. The implementation by HMRC of MTD is that every UK VAT registered business with a taxable turnover in ex...

01/04/2019

Capital Allowances on Specialist Buildings

A recent Tax Tribunal Case, where the taxpayer was successful and HMRC has not appealed, is significant for farmers. Where a farm is investing in specialist buildings / structures there may be the opportunity of claiming Capital Allowances. However, for a claim to be successful, careful planning and consultation with the farms Accountant are required.

01/04/2019

Increase in Probate Fees

It is proposed to significantly increase probate fees. Probate fees are based on the gross value of an estate. There is now a planning opportunity to reduce the value of a pension estate and focus on any inheritance tax issues.

25/03/2019

Tax Planning Before 5 April 2019

If you are a higher rate taxpayer, pension planning is important before 5 April 2019. Before 5 April 2019, you are still able to carry forward up to £40,000 from 2015–16; but from 6 April the carry forward from 2015-16 will be gone. The amount that you can actually pay into your pension this year depends on what you contributed in previous years. The calculations are very complex and specialist pension planning advise is required.

14/03/2019

Examples of benefits to employees which are free of Tax and NIC

Work mobile phone
(one per person)

Electricity for charging vehicle

0% loans of up to £10,000

Workplace nurseries/
childcare vouchers

Use of home payments up to
£4 a week

Work-related training

Long service awards
Protective clothing and uniforms

Staff entertaining – up to
£150 pp a year

Relocation costs of up to £8,000

Occasional trivial benefits –
up to £50 pp

Expenses re temporary workplace

Car/motorcycle parking facilities

Address

50 Campsie Road
Omagh
BT790AG

Opening Hours

Monday 9am - 5pm
Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm
Friday 9am - 5pm

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