McGills News

As a firm we would like to congratulate Paul Tapner from Wickstead, Nr Highworth on his win at Badminton this year. A well deserved win, after all the hard effort put by Team Tapner.
Posted : 04/05/2010 22:15:36

We are aware of bogus emails being sent purporting to be from H M Revenue & Customs. The email is implying that a tax refund is due and that bank details are being requested. Please ignore and delete such emails. H M Revenue & Customs would never request such details in this manner.
Posted : 29/04/2010 15:15:54

The Government has confirmed that it has accepted the recommendations from the Low Pay Commission (LPC) on the new rates for the national minimum wage (NMW). The new rates, which will come into force on 1 October 2010, will be: * £5.93 per hour for workers aged 21 and over (currently the adult rate applies to workers aged 22 and over but will be extended to include 21 year olds) – a 2.2% increase on the current £5.80 rate. * £4.92 per hour for 18-20 year olds – a 1.9% increase on the current £4.83 rate. * £3.64 per hour for 16 and 17 year olds – a 2% increase on the current £3.57 rate. Additionally, the Government has announced that it has accepted the LPC’s recommendation to introduce a single apprentice minimum wage of £2.50 per hour for those currently exempt from the NMW. The new rate will apply to those apprentices who are under 19, or those aged 19 and over but in the first year of their apprenticeship. Finally, the accommodation offset will rise from £4.51 per day to £4.61 per day.
Posted : 13/04/2010 10:59:09

Businesses that make VAT payments by cheque need to be aware of some important changes which are taking place from 1 April 2010. From this date, HMRC will treat receipt of payments by cheque not as the day on which the cheque is received, as is currently the case, but as the date on which the cleared funds reach HMRC’s bank account. A cheque typically takes three working days to clear and the cleared funds must be in HMRC’s bank account by the deadline for submission of a VAT return. Businesses that file VAT returns online must also make payments electronically. As our readers will be aware most businesses will be required to make online filings from 1 April 2010. However, smaller businesses that continue to submit paper VAT returns must ensure that cheque payments are sent in good time so that payment clears by the VAT return submission deadline in order to avoid late payment penalties.
Posted : 13/04/2010 10:58:20

If you would like to register for our newsletter then please email Simon on sgn@mcgills.co.uk
Posted : 15/03/2010 08:04:38

The date of the budget has been announced as March 24th. This is most definitely the final one before the election and so is sure to be a highly political affair. If you have any issues you would like to discuss before the budget then do contact us.
Posted : 23/12/2009 10:04:15

This years pre-budget report will take place on Wednesday 9th December, if you are not already registered and would like a copy of our email summary the next day then please email sgn@mcgills.co.uk
Posted : 27/11/2009 09:20:41

From 1st October 2009 the statutory minimum wage will increase to the following rates: Over 22 years old £5.80 18-21 years old £4.83 16-17 years old £3.57
Posted : 28/09/2009 16:06:35

A number of clients have received emails purporting to be from HMRC and offering a refund of typically £300- £400. Please be aware these are a scam, if you receive one, we would ask you to not reply and forward them to us. We would also strongly recommend you report the matter to the Police.
Posted : 04/09/2009 14:42:22

Taxpayers who are late in meeting their tax bills are to be charged a lower rate of interest on unpaid liabilities. As from 16 and 24 March, HM Revenue and Customs has announced that the interest levied on late tax payments will fall in many cases following the Bank of England’s decision to reduce the base rate. The reduced rates that cover quarterly installment payments and early payments of corporation tax not due by installments take effect from 16 March 2009. The reduced rates that cover all other direct and indirect taxes and National Insurance contributions paid late and overpaid take effect from 24 March 2009. As a result from 24 March, the rate of interest charged on income tax, National Insurance contributions, capital gains tax, stamp duty, stamp duty land tax and stamp duty reserve tax paid late falls from 3.5 per cent to 2.5 per cent. In the case of income tax, National Insurance contributions, capital gains tax, stamp duty, stamp duty land tax and stamp duty reserve tax that has been overpaid by taxpayers, the rate of interest remains at 0 per cent. The rate of interest charged on underpaid installment payments of corporation tax drops from 2 per cent to 1.5 per cent, the change taking effect eight days earlier, as from 16 March. The rate of interest on overpaid installment payments of corporation tax, and on corporation tax paid early (but not due by installments), falls from 0.75 per cent to 0.25 per cent, again as from 16 March. The rate of interest for late payments or repayments of inheritance tax, capital transfer tax and estate duty comes down from 1 per cent to 0 per cent. The rate of default interest charged on underdeclared VAT, air passenger duty, insurance premium tax, landfill tax, climate change levy, aggregates levy, as well as excessive repayments of VAT, insurance premium tax, landfill tax, climate change levy, aggregates levy and customs duties recovered by assessment late payment, falls from 3.5 per cent to 2.5 per cent.
Posted : 16/03/2009 18:07:28

Further to our recent posting we have now added a link to our links page if you would like to find out more information on the Charter Group.
Posted : 16/03/2009 17:57:39

We are delighted to announce that we have been accepted into the national group of accountants the Charter Group. The group is a well known Quality Assured network of independent accountants.
Posted : 09/03/2009 16:05:18

BEWARE - the old and now looking very lenient penalty regime came to an end on 28th February 2009. The new rates for private companies are as follows:- - Up to 1 month late - £150 - More than 1 month less than 3m - £375 - 3m to 6m - £750 - Over 6m - £1500
Posted : 05/03/2009 14:38:49

Our Christmas opening times this year are as follows:-

Tuesday 23rd 9:00 – 11:00
Christmas Eve – Closed
Christmas Day – Closed
Boxing Day - Closed
Monday 29th – Open till 4:00 pm
Tuesday 30th – Open till 4:00 pm
New Years Eve – Open till 4:00 pm
New Years Day – Closed
Friday 2nd January – Closed
Posted : 19/12/2008 16:23:46

In case you haven't heard the Chancellor has reduced the rate of Vat from 17.5% to 15% with effect from 1.12.08 until 31.12.09. If you have any questions about this, please do not hesitate to contact us.
Posted : 25/11/2008 12:54:42

Don't forget it is now time to prepare your year end employers forms – there is a £100 penalty for being late. The due date is 19th May.
Posted : 07/04/2008 23:52:30

The recent budget contained a postponement of the proposed Income shifting rules. To find out more read our budget newsletter contained in the Newsletter section.
Posted : 07/04/2008 23:51:45

McGills have been nominated in this months “Best of” award on the “Best of Cirencester” website. We would welcome your support. If you would like to vote for us, then please visit http://www.thebestof.co.uk/cirencester/awards
Posted : 02/01/2008 13:05:29

The much anticipated “income shifting” draft rules have been published, these were promised when HMRC lost the recent Artic Systems case. HMRC are seeking to reduce/remove the ability to share income between spouses/partners. There is a consultation period between now and 28th February 2008.

The following link explains the draft rules.

www.accountingweb.co.uk/cgi-bin/item.cgi?id=176754&d=1025&h=1019&f=1026
Posted : 12/12/2007 11:57:24

Our Christmas opening hours this year are as follows:-

Friday 21st Closed from 11:00 – This is to allow for our annual staff lunch.
Monday 24th to Wednesday 26th – Closed
Thursday 27th – Friday 28th Open from 9:00 till 12:00
Monday 31st – Tuesday January 1st – Closed
Posted : 23/11/2007 20:48:56

In an effort to be “green” we will not be sending Christmas cards this year – instead we will be making a charitable donation.
Posted : 23/11/2007 20:48:02

The Chancellor's pre-budget speech this week has thrown out of the window the current on advice on IHT planning for those clients with estates of more than £350,000. This means if you have set up a 'nil rate band' type will you should consult your solicitor to see if it need updating.
Posted : 12/10/2007 11:50:23

The new Companies Act 2006 has brought into force amended rules detailing the legal information which needs to be shown on a Companies official correspondence. It brings in emails and websites for the first time.

For more details follow this link www.companieshouse.co.uk/promotional/busStationery.shtml
Posted : 22/03/2007 10:56:41

Our Budget 2007 report can now be viewed in the Newsletters section of the website
Posted : 16/03/2007 11:17:46

This years budget promises to be Gordon's last - will he have any surprises?

The date has been set as March 21st at 12:00. If you are not registered to receive our email tax updates then follow the link to receive our free budget update on the following morning
Posted : 14/03/2007 16:02:30

Following new developments we have now amended the board meeting minutes. If you use our standard ones, please change to these new ones - Please see the Downloads section of the McGills website.
Posted : 11/09/2006 12:45:52

HMRC have issued further guidance on the new regime due to come in on 6th April 2007. All construction industry businesses should receive details. Alternatively information is available from the HMRC website.
Posted : 10/07/2006 18:09:10

We are sorry to report that the founder of McGill & Co, which was renamed to McGills, passed away on Sunday 2nd July, aged 86. His funeral will be held on Thursday 15th July at 3:15pm, Cirencester Parish Church. John founded McGill & Co in 1966 and retired in 1987. The directors and staff pass their condolences on to John’s family.
Posted : 10/07/2006 18:08:02

Many clients work through there own limited companies and pay dividend to both themselves and their spouses. This is a very tax effective method of extracting remuneration and one which the Inland Revenue had sought to attack. The test case being Arctic Systems. The good news is that the Inland Revenue has just lost in the Court of Appeal and may not be able to take the matter to the House of Lords. We will provide more information when the situation becomes clearer.
Posted : 22/12/2005 18:43:32

The Inland Revenue have advised that the major changes in the Construction Industry Scheme will be delayed by 12 months. They will now come into effect on 6th April 2007
Posted : 26/10/2005 17:18:28

With effect from 1st October 2005, the National Minimum wages has increased to £5.05 for those over 22, £4.25 for 18 - 22 year olds and 16 - 18 £3.00 per hour. For workers on accredited training courses who are over 22 the development rate of £4.25 may be paid for up to six months.
Posted : 26/10/2005 17:15:57

It is with great pleasure that we are pleased to announce that we have now incorporated the practice of Baulcombe & Co from Lechlade into that of McGills. We are very pleased to welcome Barbara Peare and Amber Radley into our team and, of course, Tony Baulcombe, who whilst taking an initial step back to allow him more time at home will still be around to advise
Posted : 01/06/2005 15:54:29