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Making Tax Digital

Businesses and Landords will have to use commercial accounting software for book-keeping and to notify HMRC quarterly. This will start for Landlords and Self-Employed by April 2018 and businesses below the VAT threshold from April 2019

Click here for MTD for Business (May 2017)


Time to pack for the journey (Sept 2016)

Loans to shareholders - more power to HMRC on s455 tax

As part of its avoidance package in the Budget, the Government announced significant amendments and extensions to the taxation of close company loans to shareholders. Of most importance are the rules which may restrict the repayment of s455 tax to the company even though the loan has been repaid.

The new law has effect for repayments of loans on or after 20 March 2013 and so have an immediate effect.

Budget 2013

Click for 2013 Budget Review and 2013 Budget Rates and Allowances.

Payroll Changes - Real Time Information

From April 2013 HM Revenue and Customs are introducing Real Time Information reporting (RTI) for all payrolls. This system requires electronic notification to HMRC of payroll details – especially PAYE and NIC liabilities – in real time, i.e. when a monthly payroll is run.

Currently a return (P35) of payments to due to HMRC is only submitted once a year - 5th April 2013 will be the final year for annual reporting.

The effect of this change on all employers with payrolls is two-fold:-

  • HMRC will know what a company’s payroll tax liability is at any given time. This will stop companies running up large payroll debts and then going into Liquidation, which is a good thing for taxpayers. Unfortunately, it will make it harder for cash strapped small businesses to manager their payroll creditor.
  • Only RTI compatible software will be authorised for payroll use. This will be either through an HMRC internet gateway or by professional software such as Sage or Iris. We will no longer be able to run one-employee clients as part of a larger payroll but will have to treat each payroll as a standalone scheme; regrettably increasing costs for those clients. It will no longer be possible to complete payrolls by hand.

One problem at present is that we are unaware of any provision to alter a payroll once it has been run, although it is possible that such a system will be implemented. It will be therefore imperative that all payroll details are correct; mistakes will have to be corrected the following month.

The RTI payroll systems are likely to be expensive and complex to use. Our payroll clients will be largely unaffected as our systems will comply with RTI. Our clients who we do not run a separate payroll will be affected, as well companies that manage their own payrolls.

New Offices

We opened new offices in October 2012 in a beautiful Georgian building on the corner of Bridge St and Gt. King St here in Macclesfield. We are happy to have a car park.

Contact Lennards today to see how we can help your business on 01625 613979 or by using the online form

Lennards Chartered Accountants
The Vicarage | 31 Great King Street | Macclesfield | SK11 6PL
T: 01625 613979 | F: 01625 610062
E: info(at)lennards.co
Principal: J Mark Lennard FCA
A Member of the ICAEW Assurance Scheme
A Member of the Society of Professional Accountants

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