By Mark Jones, director of Carmarthen-based Clay Shaw Butler chartered accountants and business consultants. The Money Matters column appears in the Pembrokeshire Herald, the Carmarthenshire Herald and the Llanelli Herald newspapers.

This week, in Money Matters, we continue our spotlight on the latest Budget from Chancellor of the Exchequer Philip Hammond . . .

At Clay Shaw Butler chartered accountants, we have produced a summary on the tax measures which may affect you, your family and your business.

Here are some key points on business tax changes and updates– 

Making Tax Digital for Business: VAT

HMRC is phasing in its landmark Making Tax Digital (MTD) regime, which will ultimately require taxpayers to move to a fully digital tax system. Regulations have now been issued which set out the requirements for MTD for VAT.

Under the new rules, businesses with a turnover above the VAT threshold (currently £85,000) must keep digital records for VAT purposes and provide their VAT return information to HMRC using MTD functional compatible software.

The new rules have effect from 1 April 2019 where a taxpayer has a ‘prescribed accounting period’ which begins on that date, or otherwise from the first day of a taxpayer’s first prescribed accounting period beginning after 1 April 2019.

HMRC has recently announced that the rules will have effect for some VAT-registered businesses with more complex requirements from 1 October 2019. Included in the deferred start date category are VAT divisions, VAT groups and businesses using the annual accounting scheme.

HMRC has recently opened a pilot service for businesses with straightforward affairs and the pilot scheme will be gradually extended for other businesses in the next few months.

Keeping digital records and making quarterly updates will not be mandatory for taxes other than VAT before April 2020.

Keeping digital records will not mean businesses are mandated to use digital invoices and receipts but the actual recording of supplies made and received must be digital.

It is likely that third party commercial software will be required. Software will not be available from HMRC. The use of spreadsheets will be allowed, but they will have to be combined with add-on software to meet HMRC’s requirements.

In the long run, HMRC is still looking to a scenario where income tax updates are made quarterly and digitally, and this is really what the VAT provisions anticipate.

Corporation tax rates

Corporation tax rates have already been enacted for periods up to 31 March 2021.

The main rate of corporation tax is currently 19% and will remain at this rate for next year. The rate will fall to 17% for the Financial Year beginning on 1 April 2020.

Class 2 and 4 National Insurance contributions (NICs)

The government has recently announced that Class 2 NICs will not be abolished for the duration of this Parliament. The Chancellor confirmed in March 2017 that there will be no increases to Class 4 NICs rates in this Parliament.

The government’s proposed reform of Class 2 and 4 NICs has had a chequered history. The original proposal was to abolish Class 2 contributions and reform Class 4 contributions.

The Chancellor had to backtrack on the Class 4 reform due to the reaction to a proposed increase in rates and the Class 2 abolition was deferred to April 2019.

However, a significant number of self-employed individuals with the lowest profits would have seen the voluntary payment they make to maintain access to the state pension rise substantially and so the government decided it would not be right to proceed with the abolition of Class 2.

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

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The Ospreys team to play Leinster at the RDS Arena on Friday 23^rd November 2018, KO 7.35pm, is as follows:

15 James Hook 14 Hanno Dirksen 13 Cory Allen 12 Johnny Kotze 11 Keelan Giles 10 Sam Davies 9 Tom Habberfield 1 Rhodri Jones 2 Scott Otten 3 Tom Botha 4 Giorgi Nemsadze 5 Lloyd Ashley  6 Olly Cracknell (Capt) 7 Sam Cross 8 James King

REPLACEMENTS  – 16 Sam Parry 17 Gareth Thomas 18 Alex Jeffries 19 Rob McCusker 20 Will Jones 21 Matthew Aubrey 22 Luke Morgan 23 Tom Williams

Johnny Kotze makes his Ospreys debut (Osprey No. 235)

Sam Davies makes his 100^th Championship appearance (PRO12/14) 

The following players were unavailable for selection due to international duty:

Adam Beard, Aled Davies, Alun Wyn Jones, George North, Nicky Smith, Justin Tipuric and Owen Watkin

The following players were unavailable for selection due to injury: 

Dan Baker – Knee; Bradley Davies – Knee; Dan Evans – Hamstring; Gheorghe Gajion – Hamstring; Paul James – Shoulder; Lesley Klim – Hamstring; Luke Price- Fractured tibia; Scott Williams – Hamstring

Ospreys Head Coach, Allen Clarke, said: 

“This is another big challenge for us. Leinster away is one of the toughest fixtures in European rugby, regardless of the time of year or the team selected. 

“As always, our focus is on our own game, our mindset and our actions. We’ve had an excellent training week but ultimately we’ll be judged by the 80 minutes tomorrow night.”

Forthcoming Fixtures 

Fri 30 Nov – 7.35pm – Ospreys v Zebre – Liberty Stadium

Sat 8 Dec – 3.00pm – Ospreys v Stade Francais – Liberty Stadium

Fri 14 Dec – 8.45pm (Local) – Stade Francais v Ospreys – Stade Jean Bouin

Sat 22 Dec – 3.00pm – Ospreys v Scarlets – Liberty Stadium

Scientists from Aberystwyth University’s Institute of Biological Environmental and Rural Sciences (IBERS) will be at the Royal Welsh Winter Fair on Monday 26 and Tuesday 27 November 2018.

Located on stand number EXB267 on the balcony in Livestock Complex 1, researchers will be on hand to provide farmers and visitors with information on the latest research and learning opportunities at the award-winning Institute. 

Undergraduate and post graduate prospectuses and course information will also be available on the stand, highlighting Aberystwyth University’s unique position as The Times / The Sunday TimesUniversity of the Year for Teaching Quality for 2018 and 2019.

The BioInnovations Wales team will be promoting the new range of distance learning courses available at IBERS enabling those who are in work to develop skills up to MSc level by learning from home, at a realistic cost.

Visitors can register to receive information on the new BeefQ research project working towards an eating quality grading system for PGI Welsh Beef, and an opportunity to win a £50 Castell Howell voucher.

IBERS’ grassland experts will be on hand for updates on the importance of healthy soils on farm, the latest award-winning Aber grass and clover varieties, and developments in biorefining through the Aberystwyth University led BEACON project, working in collaboration with Bangor and Swansea Universities.
E

Photo: Huw Powell IBERS grassland expert speaking to visitors at the Winter Fair 2017 

Links: 
Institute of Biological, Environmental and Rural Sciences
www.aber.ac.uk/en/ibers    

BioInnovations Wales
https://bioinnovationwales.org.uk/

BeefQ
http://www.beefq.wales/

Scarlets return to Guinness PRO14 action at Parc y Scarlets on Friday night looking to secure a victory over Ulster to return to the second place in Conference B.
 
Head Coach Wayne Pivac welcomes the return of Tom Prydie to the wing having been out of action since the derby clash against Ospreys with a shoulder injury. 
 
Scarlets return to Parc y Scarlets needing a victory to keep a foothold at the top of Conference B in the Guinness PRO14. 
 
Looking ahead to the game head coach Wayne Pivac said: “Ulster don’t lose too many (to Ireland). We played them in the international window at home last year. After a slow start we played very well.
 
“Our focus now is on ourselves, it’s really about spending as much time focusing on our game and being as accurate as we can.
 
“We weren’t (accurate) against Edinburgh and we were very disappointed about that as a squad and as a management group. We know that we are better than that performance. We have to keep working really hard through this period.”
 
Scarlets return to Parc y Scarlets for the first time since mid October, Pivac went on to say; “We’ve got a proud record at home and it’s an opportunity for us to get more points to throw us back in to the second spot in our conference, which is where we want to be with the internationals back with us in a week’s time.”
 
Scarlets team to take on Ulster at Parc y Scarlets, Friday 23^rdNovember, kick-off 19:35;
 
15 Johnny McNicholl, 14 Tom Prydie, 13 Kieron Fonotia, 12 Paul Asquith, 11 Ioan Nicholas, 10 Dan Jones, 9 Kieran Hardy, 1 Phil Price, 2 Marc Jones, 3 Werner Kruger, 4 Steve Cummins, 5 David Bulbring, 6 Ed Kennedy, 7 Will Boyde ©, 8 Uzair Cassiem
 
Replacements: 16 Daf Hughes, 17 Dylan Evans, 18 Simon Gardiner, 19 Lewis Rawlins, 20 Dan Davis, 21 Sam Hidalgo-Clyne, 22 Clayton Blommetjies, 23 Morgan Williams

Viessmann Limited, one of the leading international manufacturers of heating systems, industrial systems and refrigeration systems, has agreed a two-year deal to support age-grade rugby.

The arrangement will see Viessman become the official heating partner of Ospreys Rugby and its logo will appear on the match shirts for the three Ospreys age-grade teams, U18s and U16s East and West.

In addition, Viessmann has become title sponsor of the Ospreys Cup, the most prestigious age-grade competition for clubs and schools across the Region. Ospreys favourites such as Owen Watkin and Keelan Giles are among the young players who have participated in the Ospreys Cup previously, representing their community clubs in the annual competition.

Viessmann will also enjoy wider exposure through the presence of ground board advertising at all Ospreys home Guinness PRO14 and European fixtures.

Future draws for the Ospreys Cup are planned to take place at Viessmann’s product training centre at Gower College Swansea.

Graham Russell, Viessmann Managing Director, said:

“Viessmann is very excited to be supporting Ospreys, especially the age-grade rugby where we can help to develop future talent to follow in the footsteps of some very well-known national and international players who have grown through the ranks of the club. 

“Being a family business, Viessmann recognises the hard work and dedication required to be the best and also the support needed for young players from close family to make this happen. We are very proud to be part of the wider Ospreys community and look forward to being part of player development and overall club success.”

Viessmann previously teamed up with the Ospreys to support the WRU’s Facilities Grant scheme, offering subsidised heating equipment to grassroots rugby clubs in south and west Wales, while NSA Afan Community Centre in Port Talbot was the recent lucky recipient of a new system thanks to the Best Seat in the House competition run by the Ospreys at last season’s European clash with Northampton Saints.

Paul Whapham, Head of Ospreys in the Community, added:

“We are absolutely delighted to welcome Viessmann formally as a partner.  They are a business that cares passionately about the community and this agreement sees them front and centre in our development pathway, be that through traditional shirt sponsorship of the Ospreys age-grade teams, or their support of the Ospreys Cup, the flagship competition for schools and clubs at Under-16 and Under-16 level.

“Their support is greatly appreciated and we look forward to working closely with Viessmann in this and future seasons.”

Viessmann Limited is part of the Viessmann Group of companies, which is one of the leading international manufacturers of heating systems, industrial systems and refrigeration systems. Founded in 1917, Viessmann remains a family-owned business and has over 12,100 employees across the world.

Viessmann has 23 production divisions in 12 countries, subsidiaries and representations in 74 countries and 120 sales offices around the world. The company’s commitment to the highest standards of manufacturing has led to its systems being awarded a multitude of awards over the course of its history. 

Dyfed Powys Police and Crime Commissioner Dafydd Llywelyn said he could not agree with a suggestion that council tax be used to fund private security companies instead of the police.

A question had been put to him by a member of the public at a recent meeting of the Dyfed Powys Police and Crime Panel, which holds him and his office to account.

The questioner said they had lost confidence in the police, particularly in reference to drug-related crime, and asked if it was ‘time for our council tax to fund the police less and use it to fund private security companies to police our community instead’.

Mr Llywelyn said he was disappointed, and didn’t feel it was an idea ‘even to be considered’.

“Confidence in (Dyfed Powys) policing is the best across England and Wales – we have the best performance,” he said.

“The force is proactively tackling drugs in our communities. We have seen a significant increase in gangs from the west, exploiting the young, adult drug users, and vulnerable persons to use their properties – known as County Lines – and the force has put in place specific operations to address this.”

The Dyfed Powys Police and Crime Panel is made up of representatives of the four counties in the force area, plus two independent members.

Members of the public can attend meetings and can ask the Panel to put a question to the Commissioner on their behalf.

Questions will be publicised on the agenda and will be answered by Mr Llywelyn at the next available panel meeting.

Panel Chair Cllr Alun Lloyd Jones said: “It is our role to scrutinise the Police and Crime Commissioner and we are happy to present the views of the public or any queries they may have.”

Questions can be submitted online at www.dppoliceandcrimepanel.wales, or in writing to DPPandCrimepanel@carmarthenshire.gov.uk, but must be received at least 10 days before the next meeting of the Panel.