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Andrews & Palmer
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Digital Tax Accounts:
In due course businesses are likely to have to submit their tax and financial information quarterly using software that's compatible with HMRC's systems. This is likely to lead to an increased administrative burden for many businesses, particularly those that are not used to using software.
The exact format, methodology and timing is still under consultation and subject to review. However, the Treasury have recently stated that “HMRC will ensure that compatible software products are available to suit the budgets and needs of all businesses, including some free products for those small businesses with the simplest affairs.”
The change to digital tax accounts is also expected to accelerate tax payments, which will increase cashflow pressures generally. HMRC is hoping that all taxpayers will in due course submit their taxes and manage digital tax accounts as part of the day-to-day routine. Individuals and small businesses are expected to have access to a digital tax account by 2020 and this would the remove the requirement for completing an annual tax return.
As to whether Brexit will affect the introduction of digital tax accounts it is impossible to say. It would not be that surprising to see some delays, but they are likely to come and it is imperative that HMRC get the systems and implementation right in order to keep the adverse impact to a minimum.
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Don't miss tomorrow's deadline for ATED returns!
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The new Dorset Tourism Association (DTA) was launched on Wednesday 20th April at the Tank museum as part of the Dorset Local Enterprise Partnership (LEP) initiative. 

over a 100 people, businesses and organisations gathered to listen to a number of speakers and how the DTA plans to enhance tourism and management of the Dorset brand, with a Pan Dorset outlook, including Beaches, Jurassic coast and rural Dorset. Discussions with cruise liners, Bournemouth airport, train, bus and rail operators are underway with more to come on management plans, marketing and conferences for the trade.

The feed back as  been very positive. The firm, with Phil Bevis as a director of DTA, are supporting rural and pan Dorset tourism and business.
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Tax on dividends and savings income has changed from 6th April 2016. Make sure you don't get caught out - see our blog at:

http://www.andpal.co.uk/blog-post/investment-income-tax-changes
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End of the tax year:
5 April is here already. It is the last day to make sure that you have made the most of any relevant and available allowances.
This year, for small business owners who usually have dividend income, it is particularly important to consider whether there is scope for accelerating dividend income to maximise that income within the various income bands and thresholds before the new increased tax on dividend rules come into effect for dividend payments from 6 April 2016 onwards. In some instances the savings can be several thousand £, so the opportunity should not be ignored.
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Removal of pension freedom barriers:
The government has introduced a range of measures aimed at removing barriers that may be stopping people from being able to access their pensions.
In January, the Chancellor announced that he would be giving the Financial Conduct Authority (FCA) the duty to cap excessive early exit charges.  FCA data shows that around 16% of customers in contract-based schemes who are able to access their pension could face an early exit charge.
Other measures outlined are:
the introduction of a new requirement for trust-based pensions schemes to regularly report on performance in processing transfers
new guidance from The Pensions Regulator to ensure transfers are quick and accurate for scheme trustees
Pension Wise will develop new content for customers on the transfer process.
Further research by the FCA found that the average transfer time for a FCA regulated contract-based scheme is 16 days. Data form The Pension Regulator shows that transfers for trust-based schemes typically take around 39 days.
Speaking in January Chancellor George Osborne, said:
“We’re determined that people who’ve done the right thing and saved responsibly are able to access their pensions fairly.”
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Hello everybody, we're chartered accountants based in Gillingham (Dorset). Nice to meet you
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