Business Advisors And Tax Specialists

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PENSION CHANGES

Full story....... p3

HMRC TARGETS SW PROPERTY OWNERS

Full story....... p4

HOLIDAY PAY TO INCLUDE OVERTIME

Full story....... p3

MYTHBUSTING LIMITED COMPANIES

Full story....... p3

With the right advice the process can be simple and straightforward.

That’s why Lentells are delighted to announce that they

have teamed up with Pilgrim Financial Planning to offer

a professional, competitively priced service combining

the expertise of our payroll department with that of

established Independent Financial Advisors.

Our One Simple Solution gives you peace of mind

for three good reasons:

We will ensure you are fully compliant with all

your employer responsibilities and meet statutory

deadlines in regards to both initial preparation and

implementation.

By taking time to understand your business we will

make sure that you choose the most suitable pension

scheme for your company and your employees.

We will support you with the considerable amount

of administrative procedures that need to be put in

place and assist you on an on-going basis.

establish exactly when their staging date is. To do this go

to www.thepensionsregulator.gov.uk/employers/tools/

staging-date.aspx, enter your PAYE reference and you will

be given the date by when you need to auto enrol.

Pensions Regulator twelve to eighteen months prior

to their staging date. This letter should act as a call to

action. There are a number of administrative procedures

which need to be put in place during this period including

assessing your workforce, communicating with staff and

reviewing your pension arrangements.

Lentells are able to help with the considerable

administrative burdens of auto enrolment. Pilgrim

Financial will work with you to advise on selecting the

best qualifying pension scheme for your company and

start putting the necessary procedures in place.

If you would like to discuss any aspects of auto enrolment

with us in more detail please contact our Payroll Manager

Rose Richards on 01460 68700 or email autoenrolment@

our website at www.lentells.co.uk/services/business/payroll

Auto Enrolment: One Simple Solution For all employers the introduction of auto enrolment brings with it a number of obligations. Implementation can be both complex and time consuming; however not complying is simply not an option

News Issue 16 Winter 2014

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2 Lentells News

Will new UK GAAP affect my business, company or charity?

For accounts years commencing on or after 1

January 2015 a new form of UK GAAP (mainly

contained in FRS 102) must be adopted by all entities who prepare their accounts under UK Accounting Standards. The answer to the above question will therefore be ‘yes’ in many cases.

For many years, old UK GAAP operated alongside the requirements of the Companies Act and the Charities Act, if these were applicable to your business. These rules and regulations were followed when preparing your accounts and helped to ensure that accounts are understandable by users, are consistently prepared and that comparability of results is possible.

There are a number of areas where the new UK GAAP differs to the previous rules. These include:

Investment properties held by an entity and the disclosure of properties held as investments but let to related companies,

The valuation and subsequent revaluation of

The valuation method for agricultural and biological produce and stocks,

Changes to the estimated useful economical life of goodwill,

The treatment of loans (related or third party)

or hedged interest will change,

Changes to the rules on subsidiary reporting,

Changes to the rules on foreign exchange reporting,

and recording of leases,

Disclosure and accounting changes for

for outstanding holiday pay,

Long term debtors and other long term commitments should be discounted back to present value,

For charities, governance costs will be absorbed into support costs, and

A full deferred tax provision will be required to be disclosed in the FRS 102 accounts.

If your business is involved in any such transactions or policies now is the time to

consider the new options available to you and to make any decisions to adopt those changes. This may be time consuming and could incur

Sadly you can’t get away from the new rules even if the matters above don’t directly affect your business. In addition to policy changes there will be fundamental changes to the presentation and disclosure of your accounts. Your accounts may therefore look very different to those produced in prior years.

In the case of small entities who previously applied the FRSSE 2008, there is a new 2015 FRSSE available for one year only and then in 2016 you will be required to apply the FRS 102 but with reduced disclosures. Most charities will also need to adopt a new Charity SORP called FRS 102 SORP from either 2015 or 2016.

It would be sensible to discuss matters with your accounts or audit teams soon so that everyone

can be prepared for the necessary changes well in

On 1 January 2015, UK GAAP (generally accepted accounting practices) will be withdrawn.

where the current business

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When is an unannounced HMRC visit to your business premises permitted? If it happens, what are your rights?

No notice needs to be given; the Inspector simply

urgent unannounced inspections if:

Persons have repeatedly missed appointments

with HMRC, or

HMRC believe that deliberate understatement

will only be evidenced if a surprise visit is

authorised, i.e. failure to register for VAT, failure

to operate PAYE, suppressing cash takings,

secondary or unrecorded trading, undertaking of

money laundering or gang-master activities, or

The business’ sole purpose is to obtain fraudulent

tax refunds.

What are your rights?

If the Inspector hasn’t already gained access, you may

be able to request a delay or to re-arrange the visit.

HMRC cannot force entry.

to refuse to let the inspection start or terminate the

inspection part way through. If an employee looks

like they are ‘in charge’ then the visit will continue

regardless of whether the legal owner is present.

above. They must also provide you with a factsheet

detailing your rights. Please carefully read its contents.

call your accountants immediately but be aware

that HMRC will not stop their inspection. If your

duty manager needs to be aware of what action to

take. Repeated refusal may cause further reviews

and more visits.

premises. If you operate your business from

home and keep stock or other business assets at

unannounced visit but they will only be able to

enter those parts of your home which are used for

business purposes unless they are carrying out a

property valuation.

HMRC have the power to take away any business

documents for further investigation. No assets, like

money or stock, can be taken at this stage unless a

given for any documents taken and they must be

returned as and when promised.

Under the Finance Act 2008 Paragraph 10 Schedule 36, HMRC were given powers to immediately enter business premises for the purpose of inspection of those premises, the business assets and/or the business documents.

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Lentells News2

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Lentells News 3

In

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For charities, governance costs will be absorbed i

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Mythbusting limited companies

Whilst tax savings are achievable in certain

circumstances, it needs to be remembered that the

withdrawing money from the company, directors will

also be liable to tax at the usual rate on salaries and

For most self-employed individuals there can be a

small annual saving in National Insurance liabilities,

but careful planning is needed to ensure state

pension entitlement is preserved.

The additional professional fees, set up costs and

administrative burden of operating through a

limited company mean any tax savings need to

be substantial to make the transition worthwhile.

Circumstances where incorporation could be

worthwhile include where an individual has a spouse

who is a low earner, where the current business

has goodwill which can be “sold” to a company or

where there is a need to limit personal liability.

It is recommended that individuals seek

professional advice to ensure they understand

before proceeding further, or indeed whether

disincorporation would be the best course of

action if the business is currently being operated

through a limited company.

Lentells are able to offer advice to small businesses

on this topic as well as many other areas. For

There is a common misconception, enhanced by celebrity news, that businesses can avoid tax by operating through limited companies.

Further details have now been published in regards to the pension reforms announced by the Chancellor in his last budget.

The changes will apply to investors of at least 55,

who have a personal or stakeholder pension, a SIPP,

More choice in taking your 25%

tax-free cash

from their pension. However from April 2015

investors will be able to decide how they take

that tax-free cash, this could be in one lump sum

or in a series of withdrawals over time receiving

2015 pension changes

Age at death Current rules From April 2015

Up to 75

used to provide an income. Spouses and children under 23 can inherit free of tax, but have to pay income tax at their marginal rate on money they draw. If a pension fund has not been used to provide an income, there is no tax payable.

All pensions- whether in drawdown or not – can be inherited completely free of all tax

Over 75

Spouses can inherit the pension (but no

on the income they receive.

at their marginal rate for any gradual or partial cash withdrawals. If the whole amount is withdrawn in one

Freedom to decide how you take the rest of your pension

in regards to accessing their pension pot, making it

more akin, as the Chancellor described it, to a bank

account. This gives far more freedom in regards to

making withdrawals from a pension, from taking the

whole fund as cash in one go, smaller lump sums or

as regular income.

However it is important to remember that any

withdrawals in excess of the tax-free amount will

be taxed at the marginal rate (the highest rate of

income tax paid).

Passing on your pension

be abolished.

Pensions will be passed on tax-free in some

instances, or in others tax will only be paid at the

Holiday pay to include overtime

The Employment Appeal Tribunal decided that

employers must factor in overtime when calculating

holiday pay, instead of only taking basic pay into

account. To date holiday pay has been calculated

based on an employee’s basic salary, meaning those

who regularly work overtime are often paid much

less when they are on holiday. In future employers

must calculate holiday pay based on workers’

normal hours, including overtime.

Under the ruling, employees can claim back pay only

if it is less than three months since their last holiday.

outs as employers had initially feared that they

could be hit with claims dating back to 1998.

Thousands of businesses are facing additional costs after a tribunal ruled that obligatory overtime should be included in holiday pay calculations.

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3Lentells News

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4 Lentells News

HOW TO CONTACT US

Chard

17-18 Leach Road,

Chard Business Park, Chard,

Somerset TA20 1FA

Telephone: 01460 64441

E-mail: chard@lentells.co.uk

Lyme Regis

St. Georges House,

Uplyme Road Business Park,

Lyme Regis, Dorset DT7 3LS

Telephone: 01297 443182

E-mail: lyme@lentells.co.uk

Seaton

50 Fore Street, Seaton, Devon EX12 2AD

Telephone: 01297 20584

Email: seaton@lentells.co.uk

Taunton

Ash House, Cook Way, Bindon Road, Taunton, Somerset TA2 6BJ

Telephone: 01823 286274

E-mail: taunton@lentells.co.uk

Payroll & PensionsTelephone: 01460 68700

payroll@lentells.co.uk

Email: autoenrolment@lentells.co.uk

Registered as auditors and regulated for a range of investment business activities in the United Kingdom by the Association of Chartered

the Financial Services and Markets Act 2000 but we are able, in certain circumstances, to offer a limited range of investment services to clients because we are members of the Association of Chartered

provide these investment services if they are an incidental part of the professional services we have been engaged to provide.

W

B

W

O

Winter 2014

Chartered Certified Accountants

Agency (an executive agency of HMRC) to target

this sector and aims to collect tax of £5 million. It

is thought that the South West has come under the

spotlight due to the popularity of second homes and

prices over recent years.

The taskforce will be looking for two types of

1) Taxable gains on sales of properties

The taskforce is likely to review the Land Registry’s

records of properties bought and sold and then match

each record to the taxpayer’s tax returns for that year.

This is part of an on-going campaign by HMRC who

types over the past three years, reportedly collecting

over £190 million in unpaid taxes.

Pilgrim Financial Planning Ltd are a Chartered Financial

Planning business based in Somerset offering an impartial

businesses and individuals. Our clients come from various

walks of life, although most are by recommendation from

existing clients or other professional advisers.

Over the years we have helped clients meet their

regulatory obligations and are delighted to now be

able to assist with Auto Enrolment. We pride ourselves

on delivering a plain English approach to the ever

changing world of retirement rules and regulations;

we like to keep things straightforward and clear. We

listen, ask questions and work with you to make

recommendations that are appropriate and suitable

based on a thorough understanding of your business.

We look forward to helping many businesses negotiate

their way through this next phase of changing pension

regulation.

HMRC task force targets South West property owners

Pilgrim Financial Planning

HMRC have announced that their latest taskforce will target property owners in the South West who are not declaring income or capital gains tax.

As partners in our new Auto Enrolment service One Simple Solution, we invited Pilgrim Financial Planning to introduce their company and the services they offer.

Changes to capital allowances on selling commercial propertyA reminder that as from April 2014 a business wishing to purchase a commercial property will need to take extra care if they wish to claim capital allowances.

Under the new rules the purchaser will only be eligible

if the vendor has ‘pooled’ their expenditure on the

period when they owned the property. If the capital

allowances issue is not dealt with prior to completion,

the purchaser, and any subsequent purchaser, will lose

the right to claim any capital allowances.

The rules apply to sole-traders and partnerships as well

as companies and organisations liable to corporation tax.

This potential loss of allowance for the purchaser will

mean that vendors must ensure their capital allowances

are up to date prior to marketing a property. Claims

should therefore be included in the sale agreement.

Neil Pinney, Pilgrim Financial Planning

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