June Newsletter

June Newsletter

Further training for Fletcher Thompson:

The ladies of Fletcher Thompson (with the exception of Kathryn) will be off for further QuickBooks advanced training at the end of this month. This means that the whole firm will be Advanced Online Certified and will be able to advise on all things QuickBooks Online. It’s just one of the ways that we are making sure that we have the most up to date and accurate information for you.

Some cars only qualify for 6% tax relief now:

The latest Finance Act has reduced the tax writing down allowance for motor cars that emit more than 110 grams of CO2 to just 6% on a reducing balance basis from April 2019. In the case of company cars the vehicle is included in the "special rate" pool which means that even when the car is sold the proceeds are deducted from the pool and the 6% allowance continues until the balance is written off. It may be more advantageous to lease such a vehicle - check with us.

P11d forms are due soon:

Employers need to submit details of benefits in kind provided to directors and employees by 6 July 2019. Remember that reimbursed expenses no longer need to be reported where they are incurred wholly, exclusively and necessarily in the performance of the employee's duties. Dispensations from reporting are no longer required.

Do you need to submit your P11D still? Give us a call and see how we can help.

Connect effectively in the digital age:

It’s time to rethink how we connect with customers, suppliers, colleagues and the business community. The way we work is becoming increasingly digital. Today it is pretty normal for people to work remotely at least one day per week and this is just the tip of the iceberg.

As the future of work looks set to become more and more focused on digital, it’s going to be the fundamental human skills that remain most relevant. Skills like being able to seek out and learn from someone who already possesses the skill you’re looking to acquire; being able 

to display value through a meaningful conversation; being able to pick up on and understand people’s pain points without needing them to be pointed out in the first place. Despite the focus on all things digital, the most important business skill of all will continue to be having the ability to spot a commercial opportunity.

The shift to a more digital focus has seen people become increasingly isolated. As such, people who understand how to form meaningful connections will have the advantage. When it comes to success in business, we are all familiar with the phrase "it's not what you know, it's who you know." Many of the most valuable skills in business are soft skills: communication, relationship management, leadership, etc. which means that the way to succeed, regardless of the type of business you work in, is to make meaningful connections with people who have influence.

Request that the pension charge is paid by your fund by 31 July:

The Pension Annual Allowance tax charge depends on the individual’s marginal rate of tax. Where their income exceeds £150,000 it would be at 45%. Thus if the pension input for 2018/19 Was £40,000 and the limit is tapered to £10,000 the excess of £30,000 would incur a £13,500 tax bill on top of their normal tax liability. 

You can ask your pension provider to pay HMRC out of your pension fund if you’ve gone over your annual allowance and the additional tax is more than £2,000. The deadline is 31 July 2020 for the 2018/19 tax year.