Eastbourne Ladies Lunch Club – January 2017 Newsletter

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January 2017 issue: (click to jump to section)

January 2017 Newsletter

January is a time for new year’s resolutions and is the perfect time to reflect on the year that has just passed, so why not get 2017 off to a flying start by attending a Ladies Lunch Club. All lunches include a two-course meal & welcome drink at exclusive venues across Sussex, Surrey & Kent. See below for a list of available dates to book.

The first of our Eastbourne lunches this year will take place on 27th January. We are delighted to be returning to the Grand Hotel in 2017 which has proven to be a very popular choice with many of our members over the years.

As announced in the previous newsletter, Humphrey & Co will be continuing their sponsorship of the lunches throughout 2017. Humphrey & Co are a chartered accountants and business tax advisers with offices based in Eastbourne and Brighton & Hove.

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We are proud to announce the launch of our new website please take a look at www.humph.co.uk

Making Tax Digital

There has been much in the press concerning the forthcoming changes affecting how taxpayers will interact with HM Revenue & Customs (HMRC), known as “making tax digital” (MTD). These changes will affect all tax payers.

Many clients have raised concerns as to how this legislation will impact upon them. The problem we have is that the changes have not yet been finalised and until such time as they are we cannot advise clients exactly of their new commitments.

In general terms the changes which are envisaged are:

  • Digital tax accounts for all taxpayers (if you are an unincorporated business or landlord and have an annual turnover below £10,000 you will be exempt from the digital tax obligations).
  • Businesses will be required to maintain their records digitally and file quarterly reports to HMRC.
  • Taxpayers will be able to make voluntary payments on account of their tax liabilities throughout the year.

Although you will not need to start providing HMRC with digital updates until April 2018 (the current timetabled date), it is worth starting to consider planning for the transition to a digital tax world. Under the Government’s Making Tax Digital strategy, most businesses will be required to keep track of their tax affairs electronically and to update HMRC at least quarterly.

We will be able to help with your increased responsibilities. It will be essential that you update your records on an on-going basis so that you are able to provide the information to HMRC on time for each quarterly update. The reporting deadlines are likely to be tight.

We would recommend that businesses who do not yet use cloud (or web-based) accounting software consider making the change within the coming 12 months, possibly coinciding with their accounting year-end. Please do contact us if you need any assistance with this. As certified partners to provide training and advice, we would recommend the use of Xero and its associated add-on partners, to achieve these goals.

Further information will be in our future e-news when the “making tax digital” requirements have been finalised.

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Upcoming Events:

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Special Events
Fish & Chip Supper at The Grand Brighton
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Get Ready For Summer Spa at The Grand Brighton
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