Monthly Archives: February 2018

Childcare Voucher Scheme Changes

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Drummond Laurie Chartered AccountantsIf you pay for childcare, using childcare vouchers can save many parents £1,000s a year.  These vouchers are available via a Government scheme, operated through employers and allow you to pay for childcare from your PRE-TAX salary.

childcare

This benefit is provided through a salary sacrifice, which means you receive childcare vouchers in place of a portion of your gross salary.  The result being that a basic rate tax payer will save the tax and national insurance elements (combined 32%), on the value of the vouchers purchased.  Savings are applied per working parent, and for a basic rate taxpayer, each parent (where there employer offers a scheme), can purchase a maximum of £243 in vouchers each month.

However, this scheme will be closed to new entrants from 6th April 2018.  In many cases, this will mean that you are approaching the last chance you will have to join the existing scheme and purchase the vouchers.

From 6th April 2018, the existing scheme will be replaced, for new applicants, with the ‘Tax-Free Childcare Scheme’.  This scheme is managed by the government, rather than your employer, and the savings are applied per child.  For every £8 paid in by you, the government will pay in an extra £2, equivalent to 20% of childcare costs.   With this scheme, you can receive up to £2,000 per year, per child, towards your childcare costs.

There are advantages to both schemes, depending upon your level of childcare costs, however it is important to note that your child needs to be in registered childcare in order to benefit from either of these schemes.   You couldn’t, for example, use these vouchers to pay grandparents.

It may be worth checking, under the existing scheme, if you can start contributing in advance of the baby being born, as the vouchers are paid into an ‘online bank account’ for you to use at any time.

For more information please get in touch with us.

 

Forward Planning

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Drummond Laurie Chartered AccountantsForward-Planning-Whats-NextFor us January is always the busiest month of the year dealing with the personal tax deadline of 31st. It doesn’t stop there though, with just under two months to go until the end of the 2017/18 tax year it is worth considering if you have made full use of all available tax allowances;

  • Have you made full use of the £5,000 dividend 0% band? It is worth noting this is due to decrease to £2,000 from April 2018, increasing the tax liability for those with dividend income in excess of this amount.
  • For married couples or civil partners where one spouse earns below the personal allowance (£11,500) and the other is not a higher rate tax payer, have you elected to transfer 10% of your personal allowance?
  • For landlords the past few years have seen a number of changes, perhaps the biggest impact is the restriction of interest relief that came into effect in April 2017.
  • Have you made full use of your pension allowances, although the reliefs available have become more complex over the last few years, in general everyone could invest up to £40,000 into a pension, with unused allowances carried forward up to 3 years.

These are only a few examples of things to consider for more details please contact us via email adviser@drummondlaurie.co.uk or phone 01324 441250

Work with us, new opportunities now!

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Drummond Laurie Chartered Accountants2017-10-03 12.36.48Our people are our business  and we are very excited to be expanding our team again within Drummond Laurie.  We currently have two vacancies, Audit Senior and Accounts Assistant.

As a successful and fast growing independent firm of Accountants based in the central belt we are looking for talented people to join our strong team and to support an expanding client base. The roles accaoffer career progression as well as a competitive salary, and as a firm who strongly believes in the wellbeing of its employees,  generous benefits.chartered-acountants-logo

For more information on these vacancies please visit our careers page here

Hello Holly…

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Drummond Laurie Chartered AccountantsIMG_1294Timing is everything and with tax returns all done we were delighted to hear about a lovely new arrival yesterday.  Big congratulations Robert and Julie from us all at Drummond Laurie, on the birth of your daughter Holly, now Hope’s a big sister too!

Robert can now enjoy the time off and we’re looking forward to meeting Holly soon.

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