The latest Clay Shaw Butler Money Matters column from the Carmarthenshire Herald

The latest Clay Shaw Butler Money Matters column from the Carmarthenshire Herald.
By Mark Jones, director of Carmarthen-based Clay Shaw Butler chartered accountants and business consultants.

Yes, we all get them. Those dreaded nuisance calls.
But, if you find them irritating, here’s some news that should prompt a wry smile . . .
The Information Commissioner's Office (ICO) is warning companies making nuisance calls to expect more fines in 2016.
The ICO has reported that they imposed more than £1,000,000 worth of penalties for nuisance calls and text messages in 2015, and anticipates they will issue a similar amount in early 2016.
The fines issued in 2015 included:

• £295,000 of fines for companies offering call blocking or nuisance call prevention services 
• an £80,000 fine to a PPI claims firm that sent 1.3 million text messages 
• a £200,000 fine to a solar panels company that made six million nuisance calls 
• a £130,000 fine to a pharmacy company that was selling customer details to postal marketing companies 

In addition, the ICO report that the fines related to nuisance marketing in 2015 amounted to £1,135,000.
These included £400,000 fines for nuisance texts, £575,000 fines for nuisance calls and a £130,000 fine for selling customer records for marketing.
Andy Curry, ICO Enforcement Group Manager, said:
‘Nuisance marketing calls frustrate people. The law is clear around what is allowed, and we've been clear that we will fine companies who don't follow the law. That will continue in 2016. We've got 90 on going investigations, and a million pounds worth of fines in the pipeline.'
According to the ICO, PPI claims prompted the most complaints, followed by accident claims. Areas identified as emerging sectors for nuisance calls and texts included call blocking services, oven cleaning services and industrial hearing injury claims.
Meanwhile, the January self-assessment deadline has passed and there are many hard-working accountants who will be breathing a sigh of relief.
If tax is still an issue for you, then we can help at Clay Shaw Butler.
Or, there is always help available from the taxman at HMRC.
The taxman’s latest helpline initiative is not so much about tax as about the recent flooding and the damage caused.
HMRC have set up a helpline (number is 0800 904 7900) for practical help and advice on a wide range of problems.
HMRC will:

• agree instalment arrangements where taxpayers are unable to pay as a result of the floods 
• agree a practical approach when individuals and businesses have lost vital records in the floods 
• suspend debt collection proceedings for those affected by the floods 
• cancel penalties when the taxpayer has missed statutory deadlines 

In other news, HMRC have introduced Advance Assurance for companies that claim Research and Development (R&D) tax relief.
If a company carries out R&D for itself or other companies, it could qualify for Advance Assurance. This means that for the first three accounting periods of claiming for R&D tax relief, HMRC will allow the claim without further enquiries.
Your company can apply for Advance Assurance if it’s planning to carry out, or has previously carried out R&D. It has to meet certain conditions which are that:

• it hasn’t claimed R&D tax relief before 
• its annual turnover is £2 million or less 
• it has less than 50 employees 

Use information from your accounts to see if your company meets these conditions at the date of application.
If your company is new, you can still apply, as long as you haven’t claimed R&D tax relief before.
If you’re planning to carry out future R&D, HMRC will contact you after you’ve submitted your first claim. This is to check that your R&D matches the details you gave in the Advance Assurance application form.

You can find out more about money matters on the Clay Shaw Butler website (under our news for business section) -
http://www.clayshawbutler.com/news/latest-news-for-business
We have a strong and experienced team with great local knowledge all geared-up to helping you get the very best from your finances – whether that is as an individual or as a business.
We stay ahead of the game by putting great store by continual professional development for our staff.
With Investors In People status at Clay Shaw Butler, we care passionately about making sure our staff have all the tools they need to serve you, our customers.

Weblink -http://www.clayshawbutler.com
The team at Clay Shaw Butler can be contacted on 01267 228500.
The team at Clay Shaw Butler are on Twitter. Look for @clayshawbutler.