October 5. 2016
After the March 2015 Budget, the press were quick to state that the end
of the tax return had been announced. We were sceptical about this and
have been waiting for further announcements to be made by HMRC to clarify the
position.
HMRC has now confirmed that from 2018, most businesses, will have to submit their business
records quarterly rather than annually. Further announcements will be made over
the next few months by HMRC on exactly how this will work.
Be assured that FBTC are monitoring these announcements to ensure that our
clients are fully prepared.
We will publish updates through emails, our website and our social media
pages.
Please do not hesitate to contact us if you have any questions - 0344 984 4445.
June 15. 2016
Intelligent Instructor magazine, the biggest and only independent magazine for the driver training industry, teamed up with FBTC Accountancy Services, and conducted a snap survey of ADIs to understand their views and intention in the forthcoming EU Referendum.
Over 24 hours between the 8th and 9th June, 200 ADIs took part.
Key Findings:
92% intend to vote on the 23rd June 2016
But nearly 1 in 5 (19%) are still undecided on whether to remain or leave
Only 31% of the sample intend to vote to remain
50% intend to vote for leaving the EU at this point
Nearly half (45%) don’t feel they have sufficient information to make an informed decision to remain or leave
Only 1 in 5 (19.7%) see that leaving the EU would have a negative impact on them personally
(200 responses on 8th and 9th of June 2016)
Paul Caddick, Editor of Intelligent Instructor and Andrew Briscoe, General Manager of FBTC
Of course we (Intelligent Instructor and FBTC) are independent on this matter, but interested in facts and other interested party’s views and perspectives on what is probably the single biggest national decision for a lifetime.
It is clear from this snap poll that while it is so important, people are finding it very difficult to ascertain the real facts needed to properly formulate a decision. This is incredibly disappointing when the result will have huge consequences for us all in the UK and, Europe as a whole, for decades to come.
Driver trainers deal in the world of motoring and road safety. It is unlikely that there will be any direct implications for driver training and the driving test per se. However, it is perhaps worth bearing in mind that a huge amount of the positive road safety developments over the last thirty or forty years have come through a combined European effort.
- The EU funds a significant amount of road safety research which benefits UK research establishments and UK road users in general.
The UK has many ‘harmonised’ driver and vehicle regulations and enforcement, from driving licences and professional driver’s hours, to insurance and manufacturing standards. Of course, if the UK leaves the EU it could adapt and adopt EU legislation.
EuroNCAP has probably been the single biggest improvement in road safety, forcing better, safer vehicles, and it is a test of standards that is now being adopted worldwide.
There are potential risks and complications of the UK not getting access to vehicle technical data (repair and maintenance information) currently being legislated by EU
Adrian Walsh, Director, Road Safe said:
"Europe is perhaps the largest and most sophisticated market in the world; this has provided an ideal environment for a rapid advance in the development of vehicle safety technology spurred on by the consumer-facing NCAP programme. As a result, we now have the safest cars in the world.
Furthermore, the harmonisation of traffic law and a focus on road safety research within the community has helped to reduce death and injury on European roads.
Britain has played a leading role in all these areas".
Iain Temperton, Director of Communications, Road Safety GB commented:
“Our legislative framework is delivered via Department for Transport, some is home-grown and some originates from Europe. There are some advantages to harmonisation between states, such as standardisation of driving licences and co-operation of enforcement agencies, how much of that could continue outside of EU membership is an unknown.
My feeling is that the result of the referendum will have no short-term effect on road safety and I suspect that long-term effects will be limited as well. We search for best practice wherever it can be found".
These are just a few examples of how the EU has benefited our motoring lives, careers and safety over the years. Leaving the EU is likely to create economic uncertainty in the short-term, and this could cause a rise in diesel and petrol prices, vehicle purchase costs and even insurance premiums. However, assessing the unknown requires a functioning crystal ball, and such a thing does not exist as far as I know.
This Referendum is about a lot more than motoring, driver training and road safety. It is about our relationship with the rest of Europe, our position in a global market place and also the best way to ensure stability, safety and brotherhood in an increasingly fractured, insecure and unstable world. So perhaps it is most important to remember that it was the European wars and economic instability that led to the desire to unite the powers and nations of Europe; to prevent war, find common purpose and economically benefit all. Therefore, we need to assess if the EU, and our membership of it, has succeeded or failed, and whether going back to the old state of affairs will be a step forward looking at the whole issue.
See the full ADI survey results below:
For more information about Intelligent Instructor and to subscribe to the driver training industry’s biggest and only independent magazine, click here: www.intelligentinstructor.co.uk Check out their Facebook page here @IntelligentInstructor
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May 9. 2016
This
was introduced in the 2015/16 tax year and allows, in certain circumstances,
the transfer of 10% of unused personal allowances between spouses or civil
partners.
For
the 2015/16 tax year, you may be eligible to transfer £1,060 of your personal
allowance between each other which represents a tax reduction of £212.00.
For
the 2016/17, tax year you may be eligible to transfer £1,100 of your personal
allowance between each other which represents a tax reduction of £220.00.
How do I qualify?
To
qualify, one partner must have total income below the personal allowance
(£10,600) and the other must be a basic rate taxpayer.
How do I apply?
If
you have not already submitted a claim then don’t worry, as it is not too late.
A
claim must be made by telephoning HMRC on 0300 200 3300 or online at www.gov.uk/marriageallowance
which can then be backdated to the 2015/16 tax year. Your tax liability will not
be reduced if an online or telephone claim has not been made.
Your
tax return is not for the purposes of making a claim, but for confirming to
HMRC that an online/telephone claim has already been made.
The
person who calls HMRC must be the person who is transferring the allowances (ie
the person with income below £10,600 in 2015/16 or £11,000 in 2016/17).
Unfortunately,
HMRC will not allow agents to make the claim on their clients’ behalf.
For
more information call FBTC, the tax experts!
March 22. 2016
Fuel Duty Frozen
Business Rate Relief
Taxable Allowances
Corporation Tax Cut
The above are some of the highlights from the Budget, announced by the Chancellor on the 16th March 2016.
There are a lot of positive measures to take from the Budget, especially when considering small businesses and the self-employed. There is a feel for supporting local growth and the measures announced may prompt budding entrepreneurs to follow their business dreams.
Commencing with the fuel duty freeze, this will definitely appease those who rely on fleet vehicles to run their business. As a specialist accountancy service for driving instructors, we know this is good news for most of our clients!
For those who operate their business from a commercial property, another highlight to consider is the relief on business rates. From April 2017, small businesses that occupy property with a rateable value of £12,000 or less will pay no business rates. Currently, 100% relief is available if you're a business that occupies a property (e.g. a shop or office) with a value of £6,000 or less. There will be a tapered rate of relief on properties worth up to £15,000.
This will affect some 600,000 small and medium-sized enterprises (SME’s) from April 2017. Could this be a vital step on the road to fundamental reform? Furthermore, April 2020 will see business rates been based on the consumer price index (CPI) instead of the Retail Price Index (RPI). The government is also planning to modernise the administration of business rates. This again is a measure to make it easier for businesses, they can then spend the critical resource we call time, actually doing business!
The Budget brings long term planning with a focus on the next generation. This is encouraging. The increase in personal allowance from £10,600 to £11,000 from 6th April 2016 and to £11,500 from 6th April 2017, will allow people to earn a little more before they start paying tax. This is also a further opportunity for individuals to save with the introduction of the Tax Free Personal Savings Allowance. Currently for every £100 interest earned, basic-rate taxpayers lose £20 in tax, higher rate £40. Yet from 6 April 2016, the new personal savings allowance means every basic-rate taxpayer can earn £1,000 interest without paying tax on it.
The final area we would like to mention is the cut in corporation tax, to 17% by 2020 which will affect those who operate limited companies. This will be a positive move for the economy, surely making the supply chain between businesses more efficient, every little helps as they say.