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Allens Accountants News
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View our Newsletters 'Allens Accounts'

For further information on how Allens can
help you manage, grow and sell your business,
contact us now on 0161 477 2636.

ISSUE 41: MAY 2018


01. Tax Planning

02. Stuarts Property Services

03. Tax Refund Scams







01. Bitcoin: A Tax Challenge

02. Watch This Space

03. Are You Serious?

04. Do you need a Bookkeeper

05. How NOT to sell a business



Events at Allens:

For further information on how Allens can
help you manage, grow and sell your business,
contact us now on 0161 477 2636.

Friday 7th September 2018 9.30am

New Mills Golf Club, Shaw Marsh, New Mills, High Peak SK22 4QE

8-hole single stableford prize competition shot gun start. On course refreshments available. Breakfast sandwiches. Putting / chipping competition. 2 course meals. Prize giving, raffle and auction.

£30 per player or £120 per 4 ball
Tickets available from Jonathan on 01614776344 or 07866985242

All funds raised go to The Wellspring who provide services to homeless and disadvantaged people 365 days a year.  


MTD is the most fundamental change to the administration of the tax system for at least 20 years, and it will change the way that all businesses report their finances to HMRC.

The essential elements for businesses and landlords are:

• Paper records will no longer be sufficient: It will become mandatory for almost all businesses and landlords (self-employed, partnerships and limited companies) to use software or a spreadsheet to keep accounting records. Paper accounting records will cease to meet the requirements of tax law

• Quarterly reporting: Instead of current yearly tax returns, there will be a requirement to submit updates to HMRC each quarter directly from accounting software, within one month of the end of each quarter. This will – very broadly - be treated as VAT returns are currently

As your accountants, we will support you through these changes and provide the ongoing services that you need.

However, the changes are so fundamental that it will be necessary to review your current record keeping systems and to reconsider what work you decide to do yourself and which activities you wish to include in the service we provide.

When does it start?

Your start date for MTD depends on the size and structure of your business and your accounting year end. We will discuss your specific start date with you, but in general:

Income Tax (self-employed, partnerships, trusts and landlords who compete self-assessment tax returns):

• MTD will become mandatory from April 2018 for businesses and landlords with gross income over the VAT threshold (currently £85,000 per annum)

• MTD will become mandatory for those below this threshold from April 2019

VAT: From April 2019 all VAT registered businesses (including limited companies) will have to file their VAT returns directly from accounting software. The current online VAT return will cease to be available.

Corporation Tax (limited companies): MTD will become mandatory for corporation tax reporting from April 2020.

What are the exemptions?

The smallest businesses and landlords with gross income of less than £10,000 will be exempt. Also exempt are those who are not able to engage digitally for religious reasons or due to a factor such as age, disability or location (e.g., no availability of broadband).

What do I need to do now?

The action required depends on the size and structure of your business and how you currently keep your records – we will need to discuss your transition to MTD with you in the future, covering issues such as;

• Consideration may need to be given to the possibility of an exemption

• If you aren’t using cloud based software, you will need to

• If you currently use accounting software, it will need to be upgraded - if you are considering acquiring software, please discuss this with us first

• If you currently maintain records on paper or a spreadsheet, your processes will need to change

• You will need to either make your own quarterly submissions to HMRC, or provide records to us promptly after each quarter-end so that we can do this for you

• Don’t panic – as we are planning how we can best help you

We are currently assessing within the firm how we can best meet the needs of the range of clients we have, and how this might be rolled out over the next two years.

We will therefore be in touch over the coming months, although as a firm we only know as much as Central Government are telling us, so please bear with us. However, should you have any queries or questions with regard to the above please do not hesitate to contact us on 0161 477 2636.

The Team at Allens

Business Owners’ Masterclass


Thursday 7th December 2017

10:00 – 13:00

The seminar is hosted by Allens Accountants in association with business advisers EvolutionCBS and Allens Wealth Managers have a slot at the event.

Past Events

at Allens:

For further information on how Allens can
help you manage, grow and sell your business,
contact us now on 0161 477 2636.


Chelsea’s Ladies Lunch in aid of Once
Upon A Smile & St Ann’s Hospice

15th September 2017

What Will It Take For You To Look
At Your Financial Future?

WHEN: Friday, 24 June 2017 from 10.30am to 12.00pm

Lifetime Financial Masterplan

By: Allens Wealth Managers

16th June 2017

Be prepared for anything with a financial masterplan to hand.

The main focus of this seminar was to demonstrate our lifetime financial masterplans and the way we work here at Allens to ensure you have peace of mind for your financial future.

In previous seminars we have looked at real life case studies and this seems to be something that really gets people excited! If you’re interested in coming along to one of our future events held at our offices, please subscribe to our regular updates.

Ladies’ Day 19th May 2017

Financial Vision for Life Seminar

By: Allens Wealth Managers

17th February 2017

Be prepared for anything with a financial masterplan to hand.

Back by popular demand, this was a rerun of a previous seminar. We looked at real life case studies and demonstrated how our advanced software can show you exactly what you need to be doing to ensure you can live life to the full.

Pensions Masterclass –

Your Questions Answered

By: Allens Wealth Managers

16th September 2016

What we covered:

• Pensions Overview

• Tax Considerations

• Death Benefits

• Pensions Freedoms

• Case Studies

• Common Problems & Solutions

If you’re interested in similar future events then please subscribe to our regular updates and we’ll let you know about all our upcoming events.

Ladies’ Fashion Lunch in support

of St Ann’s Hospice

By: Allens Wealth Managers

23rd September 2016

The Palace Hotel, Manchester
A fabulous afternoon of fashion, dining and fundraising, spent with some of our female Allens Wealth Managers’ clients.

Auto Enrolment: Fines & Penalties

When: Thursday 28th July, 10:00am - 11.00am 2016

What Will It Take For You To Look At Your Financial Future?

By: Allens Wealth Managers

Friday, 24th June 2016
10.30am to 12.00pm

We believe that it usually takes a life event to happen to make you look at your financial future; whether it be a recent marriage, divorce, death or birth…Why wait for that to happen – we say plan ahead!

In a confusing and chaotic world it is easy to lose track of what you want to achieve most out of life. By building a financial masterplan it will help you visualise your future and put those goals into place. We all would like peace of mind knowing that when we retire we will still be able to live a financially stable life (including those luxurious holidays).

We have been running a series of seminars that demonstrate how we can help you to visualise your future, looking at all the finer things in life you want to achieve and whether you are on track to do this.

So, at what point in your life will you think about planning for your financial future?

Let us put your mind at ease and come along to our next morning session and start making your goals a reality. Dreaming of an early retirement? It can still happen!

Payroll and Auto Enrolment:
Your Ultimate Guide

WHEN: Thursday, 21 April 2016 09:30am to 10:30am 2016

Top 200!


On Sunday 10th April the Sunday Times published their first supplement listing the Top 200 Accountants in the UK based on reviews on the independent consumer ratings website Allens are proud to have been voted in the top 200 and featured in this issue.

To be included we were highly recommended by 20+ of our clients. All had rated our services over 4 stars out of 5, which is a fantastic achievement. We’d like to thank all of the clients who took the time to share their positive feedback, it’s a great endorsement for our services which we provide.

You can see our reviews by going to:

If you missed the Sunday Times last weekend click here to read the full article:

The Budget 2016


George Osborne presented the first Spring Budget of this Parliament
on Wednesday 16 March 2016.

The summary concentrates on the tax measures which include:

Reductions in the rates of capital gains tax

Introduction of a Lifetime ISA for under 40s

Changes to Entrepreneurs’ Relief

Abolition of Class 2 NIC

Reduction in the corporation tax rate

Reforms to corporate tax losses.

Dividend Tax Increases from April 2016


Dividends are commonly used by business owners to extract profits from their company. In most situations this is particularly efficient as dividends don’t attract National Insurance Contributions.

From 6 April 2016 the tax rates for dividends will increase by 7.5% across the board. This will mean that a basic rate taxpayer, who currently pays 0% on dividends will pay 7.5%; and a higher rate taxpayer, who currently pays 25%, will pay 32.5%.

There will however be a new £5,000 tax-free dividend allowance for all taxpayers and the notional 10% tax credit will be abolished.

These new rules are clearly going to significantly increase the tax payable by most business owners. For example, anyone drawing dividends of £30,000 (in addition to a small salary to cover their personal allowance) currently pays tax of £330 on those dividends. From April 2016 the same £30,000 dividends will cost £1,875 i.e. an increase of £1,545.

As a result it may be beneficial to look at whether it is possible to take more income before the changes take effect, consider introducing spouses as shareholders (if not done already) and review your profit extraction polices as a whole.

If you would like to speak to us about these changes and your options please get in touch.

Autumn Statement 2015


Can You Afford the Future?
Financial Planning For Life

WHEN: Friday, 04.12.2015, 10:00am to 12:00pm

WHERE: Allens Chartered Accountants - 123 Wellington Road South, Stockport, Cheshire, SK1 3TH

Following on from our recent sold out seminar Allens Wealth Managers are presenting another opportunity. The unique seminar will show you how you can eliminate your financial worries and start living the life you want to lead.

In a confusing and chaotic world, it is very easy to lose the true meaning of you and what you want to achieve most out of life.

So what are your dreams?

What would you rather be doing now?

Do you want the peace of mind that you will never run out of money?

The assurance that financially you’re on track to maximise the money underpinning your dreams?

Come along to our seminar and make sure “oh, if only I’d known!” is something you never say.



Financial Vision for Life

The event was a fantastic opportunity to have a preview of the software we use for the latest strategies in wealth management. The event focused on real life scenarios and used case studies to cover the most common areas. These included;

•  At what age can I afford to retire?

•  How do I afford care if I need it?

•  What changes should I make to my lifestyle now to afford the future?

•  How do I enjoy my money and stop worrying about it?

•  How do I manage to leave my money to my family without paying so much tax?

Due to high interest we had for the seminar, we will be holding it again in the New Year.

If you have any questions regarding past or upcoming seminars please contact our head office on 0161 477 2636 or email

On Wednesday 25 November the Chancellor George Osborne presented the first Autumn Statement of this Parliament along with
the Spending Review.

His speech and the supporting documentation set out both tax and economic measures.
Our summary concentrates on the tax measures which include:

changes to the prospective Tax-Free Childcare scheme

reversal of most of the tax credit proposals

retaining the 3% diesel supplement for company cars which was to be abolished

the introduction of an apprenticeship levy

proposals to restrict tax relief for travel and subsistence expenses for workers engaged

  through employment intermediaries

the introduction of a payment on account of any capital gains tax due on the disposal

  of residential property

the introduction of higher rates of Stamp Duty Land Tax on purchases of additional

  residential properties.

In the Budgets in March and July the government announced various proposals many of which have been subject to consultation with interested parties. Some of these proposals are summarised here. Draft legislation relating to many of these areas will be published on 9 December and some of the details may change as a result.

Our summary also provides a reminder of other key developments which are to take place from April 2016.

Can You Afford the Future?
Financial Planning For Life

WHEN: Friday, 26.11.2015, 10:00am to 12:00pm

Following on from our recent sold out seminar Allens Wealth Managers are presenting another opportunity. The unique seminar will show you how you can eliminate your financial worries and start living the life you want to lead.

Allens working in the Cloud


Cloud accounting will revolutionise the way you control your finances, allowing you to manage your business  smarter and faster than ever before. The ability to access and manage your accounts anywhere anytime is now a reality, whilst all of your financial information is securely stored in the Cloud. We can work with you in real time, from any location, to support you in overseeing your business and finances.

Selling Your Business -

A Personal Story

WHEN: Friday 9th October 10am – 12am 2014

The exciting and unusual seminar was designed to allow other business owners to hear the stories that matter to them – from owners who successfully sold the business they created.

'We're the Talk of Manchester!'


Allens Accountants were proud to have sponsored the


at the The Talk of Manchester Business Awards last year.

Winners were awarded their crowns at a glittering Awards ceremony on Thursday 4th December at Mercure Manchester Piccadilly Hotel.

Over 73,000 votes were cast across all categories and this is reflected in the number of seats booked for the night!


Allens Chartered Accountants

123 Wellington Road South, Stockport,

Cheshire, SK1 3TH

Tel: +44 (0) 161 477 2636

Fax: +44 (0) 161 474 7536

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Proprietors: Allens Accountants Ltd.
Incorporated in England and Wales No. 4383314

Registered to carry on audit work in the UK and Ireland and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales.