Tuesday 21 November 2017

Simple Assessment



HMRC have changed the way in which they will assess some taxpayers removing the need for these individuals to complete a Self Assessment Tax Return. These changes took effect from September 2017.

The affected taxpayers fall into one of two categories:


  • new state pensioners with income more than the personal tax allowance (£11,000) in 2016/17;
  •  employees or pensioners with PAYE tax codes who have underpaid tax and who cannot have that tax collected through their tax code because it is too high to code out.

HMRC have also confirmed that all existing state pensioners who complete a tax return because their state pension is more than their personal allowance will be removed from self assessment in 2017/18. This may mean that some clients are dropped out of self assessment and issued an assessment instead based on the information which HMRC hold. Of course, whether the assessment is actually correct will be a different matter.

HMRC state:

‘HMRC will write to customers from September 2017 with a tax calculation. This could be a P800 or a Simple Assessment letter (PA302).

The letter will show their:
            income from pay
            pensions
            state benefits
            savings interest
            employee benefits.

Customers just need to check the information is correct, and if it is they can pay their bill online or by cheque by the deadline in the letter.

If a customer thinks any information is incorrect they have 60 days to contact HMRC. For instance, if they think amounts used are wrong or HMRC didn’t act on information received.

Should customers miss the deadline they should contact HMRC to discuss their circumstances or financial penalties will be applied in line with current policy.

If customers are not happy with the follow-up response from HMRC, they have 30 days to appeal against the decision.’

Internet link: GOV.UK briefing policy paper 

For more information please do not hesitate to contact the team at Ward Williams Financial Services Ltd on 01932 830664 or by email on wwfs@wardwilliams.co.uk


Monday 13 November 2017

Help to Save Accounts



The government have announced details of a new Help to Save saving scheme. The scheme is government backed and designed to support working people on low incomes build up their savings.

The scheme, administered by HMRC, will be open to working people who receive Working Tax Credits, and those who receive Universal Credit with a household income equivalent to at least 16 hours a week at the national living wage (currently £120 a week).

Over a four year period, savers can deposit up to £50 per month.

At the end of two years, savers will get a 50% bonus based on the highest balance achieved. Savers can then carry on saving for another two years and get another 50% bonus on their additional savings.

Over four years those saving the maximum amount of £2,400 will receive bonuses of £1,200.

Money paid into the account can be withdrawn at any time but will affect the final bonus payment.

The government has confirmed that all transactions, including checking the balance and paying in savings, will be managed in an online account available through GOV.UK and that further information will be available from early 2018.

Internet link: GOV.UK help to save

For more information please do not hesitate to contact the team at Ward Williams Financial Services Ltd on 01932 830664 or by email on wwfs@wardwilliams.co.uk.

Wednesday 8 November 2017

Charity Cake Bake



On Wednesday 1st November 2017 we held a Cake Bake and Dress Down Day in aid of our sponsored charities, Surrey Wildlife Trust and Lymphoma Association, at our offices in Weybridge, Uxbridge and Sunninghill.

The theme this time was “Halloween” and we received some fantastic entries including two graveyards, a whole pumpkin, a witch that had fallen from the sky and various ghoulish cupcakes! All the entries were judged using strict criteria and after a tough marking session, the winner from each office received a prize!

We would like to say a massive Thank You to all the Ward Williams employees who made such an effort and baked that wonderful array of treats.  They really excelled themselves and we are so grateful for all the energy, time and resources that they put into their creations.  Thank you also to everyone who bought the cakes and those who dressed down and donated money for the charities – you were all very generous.

The day was enjoyed by bakers and tasters alike and we managed to raise £224.34 that we have split between Surrey Wildlife Trust and Lymphoma Association.