It’s only November but Christmas preparations seem to be in full swing, hence the title of this update.
Looking ahead to next year
Book a date in with us to get your accounts done, we can then turn them around within an agreed timeframe.
Stock take attendance
Are you getting to the end of your financial year, is it time to think about your stock take? If your company is audited we will need to attend, please give us a call if you need to check or book in a visit.
What’s new for 2017?
Personal tax and social security changes
Individuals under 64 yrs will be able to earn £10,000 before paying income tax, increased to £11,450 if 64 yrs or over.
Those earning over £138,684 will have their allowance reduced by £1 for every £3 earned above the limit. This limit is to be pro-rated for new arrivals or departures.
Parents who have children in higher education will not be able to make a new claim for dependent relative allowance from 1 January 2018.
Social security is to increase by 0.5% for employees, self-employed and non-employed persons.
Individuals moving to the island who own a company not incorporated in Guernsey, will need to distribute profits accumulated prior to arrival by the end of the second year in which they become resident to ensure that no Guernsey tax is payable.
We are well into the new FRS 102 accounting standards, if you have any questions on how this will affect you please give us a call.
As is traditionally the case we will be closing our offices at midday on Friday 23 December and not reopening until Tuesday 3 January. We wish all of our customers a very Merry Christmas and a prosperous New Year.