Eastbourne Newsletter – November 2018

The next Eastbourne lunch will be on 23rd November 12:00 PM – 2:00 PM at the Grand Hotel in Eastbourne, sponsored by Humphrey and Co.

Book upcoming dates here:

For the final Eastbourne lunch there will be a table set up so those  attending can display a product. So remember to bring a product with you to the lunch if you wish!

 

H&Co_logo_hi-res

TAX EFFICIENT CHILDCARE SCHEMES

Earlier this year the government announced that no new childcare voucher schemes could be set up after 5 October 2018. This was a six month extension from the previous 5 April 2018 end date. If those employers offering such schemes at 5 October are prepared to keep administering their scheme then they will continue to be available but will eventually be phased out.

The current scheme allows employers to provide vouchers to employees to pay for care of their children up age 16. Vouchers to the value of £55 a week can be provided tax free to basic rate taxpayers with differing tax free amounts for higher rate and additional rate taxpayers.

The replacement scheme is the government’s “tax free” childcare account which started this year for children up to age 12. Under this scheme the government tops up the savings in the childcare account by 25% up to £2,000 per child per year (£4,000 for a disabled child). Thus, savings of £8,000 would be topped up by the government to £10,000 and the £10,000 could then be used to pay Ofsted registered childcare providers such as nursery fees, childminders, after school clubs and summer camps. Unlike childcare vouchers, the new childcare accounts will be available to both employees and the self-employed.

For those already in childcare voucher schemes it may be beneficial to switch to the new childcare account and we can help you calculate whether or not that would be beneficial.

HMRC APP

HMRC have now developed an app to find information about your tax, National Insurance, tax credits and benefits on the move..

You can use it to:

  • view your tax code and an estimate of the tax you need to pay
  • see your income and benefits
  • check your National Insurance number
  • view your tax credits payments schedule
  • renew your tax credits
  • access your Help to Save account
  • use our tax calculator to work out your take home pay after Income Tax and National Insurance deductions
  • track forms and letters you’ve sent to us
  • get 6—digit access codes to make your HMRC accounts more secure.

 

You can download the HMRC app from: 

the App Store for iOS https://itunes.apple.com/gb/app/hmrc/id514561561?mt=8

the Google Play Store for Android https://play.google.com/store/apps/details?id=uk.gov.hmrc.ptcalc&hl=en_GB

 

The first time you sign in, you’ll need to enter your Government Gateway ID and password. If you haven’t got these, go to the Government Gateway website at www.gov.uk/government-gateway  and register as an individual.

 

Whenever you use the app again, depending on what your handset supports, you can sign in using:

  • a 6-digit PIN
  • fingerprint authentication
  • facial recognition.