In this month’s Enews we look at HMRC’s reversal of its helpline closures and the reaction to the Spring Budget. We also update you on the latest guidance on R&D relief and the latest on the UK economy. With more on the fight against fraud and analysis of the National Minimum Wage, there is a lot to update you on.
News
Accounting News - April 2024
Tax Rates 2024-25
Summary of the rates of tax for the year 2024-25
Year End Tax Planning Guide 2024
The run up to the end of the tax year on 5 April 2024 is a good time to make sure that your family and business finances are arranged in the best way possible.
Spring Budget 2024
Chancellor Jeremy Hunt delivered his ‘Budget for Long Term Growth’ on Wednesday 6 March 2024. His speech promised ‘more investment, more jobs, better public services and lower taxes’.
Accounting News - March 2024
In this month’s Enews we look at HMRC’s latest guidance on MTD for ITSA and the numbers from the self assessment deadline. We also update you on the tax authority’s latest scam warning and HMRC’s reversal of guidance on double cab pickups. With companies named and shamed for failing to pay the minimum wage and the new advisory fuel rates, there is a lot to update you on.
Accounting News - February 2024
In this month’s Enews, we look at the potential and pitfalls of tax cuts at the Spring Budget. We also update you on the tax implications of trading in cryptoassets and take a look at calls to raise the VAT threshold. With news on global trade and the advance of AI, there is a lot to update you on.
Accounting News - January 2024
In this month’s Enews, we look at the upcoming Spring Budget and the latest on the UK economy. We also update you on the latest on off payroll working compliance and the self assessment deadline. With news on export red tape and protection from energy costs for business, there is a lot to update you on.
Accounting News - December 2023
In this month’s Enews we look at what the Chancellor’s Autumn Statement meant for businesses, employees and the self-employed. We also update you on the criticism of HMRC’s Making Tax Digital programme and a crackdown on crypto tax evasion. With the latest data on the UK economy and the new advisory fuel rates, there is a lot to update you on.
Autumn Statement 2023
On 22 November 2023, Jeremy Hunt delivered the ‘Autumn Statement for Growth’. Against an improving economic backdrop, the Chancellor is keen to stimulate economic growth and highlighted 110 measures for businesses. In addition, there were significant statements relating to National Insurance changes and also the reform of work-related state benefits.
Charity News - Autumn 2023
Our Charity News includes the latest guidance and support available for the not-for-profit sector, with a range of new guidance being published by the charity regulators. We also consider the impact of recent legislative, reporting and tax developments and other pertinent issues, giving you the inside track on the sector's current hot topics and latest guidance.
Accounting News - November 2023
In this month’s Enews, we look at the upcoming Autumn Statement and the latest data on the UK economy. We also update you on the self assessment deadline and prompt payments for SMEs. With news on hybrid working and recruitment challenges, there is a lot to update you on.
Accounting News - October 2023
In this month’s Enews we look at the upcoming Autumn Statement and the latest data on the UK economy. We also update you on changes to the National Minimum Wage and SME finance. With news on Covid grant fraud and Child Trust Funds, there is a lot to update you on.
Accounting News - September 2023
In this month’s Enews we look at the latest data on UK inflation and warnings for this winter’s energy bills. We also update you on the government’s new Business Climate Hub and the increase in savers being caught in the tax net. With guidance for employers and the latest advisory fuel rates, there is a lot to update you on.
Accounting News - August 2023
In this month’s Enews we look at the latest news on inflation and the UK economy and the Bank of England’s latest interest rate decision. We also update you on the CMA’s plan to help drivers get competitive fuel prices and the UK’s first investment zone. With guidance on Child Trust Funds and a major overhaul of alcohol duties, there is a lot to update you on.
Accounting News - July 2023
In this month’s Enews we look at HMRC’s extension to the deadline for voluntary NICs and the temporary closure of the self assessment helpline. We also update you on cost overruns on Making Tax Digital and the latest on UK inflation. With guidance on the National Minimum Wage and another increase to the UK’s base interest rate, there is a lot to update you on.
Accounting News - June 2023
In this month’s Enews we look at the latest analysis of inflation and a reminder from HMRC on tax refunds. We also update you on record numbers of early self assessment filers and the latest increase in HMRC’s interest rates for repayments. With details on an increase in higher rate taxpayers and the new advisory fuel rates, there is a lot to update you on.
Accounting News - May 2023
In this month’s Enews we look at the closure of the VAT filing portal and the latest rate of UK inflation. We also update you on the impact of frozen tax thresholds and pandemic support scheme fraud. With guidance for employers and warnings on scams, there is a lot to update you on.
Charity News - Spring 2023
Our Charity News includes the latest guidance and support available for the not-for-profit sector as the cost of living crisis continues to bite. We also consider the impact of recent legislative, reporting and tax developments and other pertinent issues, giving you the inside track on the sector's current hot topics and latest guidance.
Accounting News - April 2023
In this month’s Enews we look at the measures taken in the Spring Budget and the business reaction to the Chancellor’s statement. We also update you on the abolition of the pensions lifetime allowance and the rising interest rates. With details on voluntary national insurance contributions and Welsh freeports, there is a lot to update you on.
Spring Budget 2023
Chancellor Jeremy Hunt delivered a ‘Budget for Growth’ after the Office for Budget Responsibility forecast a stronger than expected performance from the UK economy this year with inflation continuing to fall.
Accounting News - March 2023
In this month’s Enews we look at the new VAT penalties and the latest analysis of inflation. We also update you on what business wants to see from the Spring Budget and the latest GDP figures With details on a potential digital pound and new advisory fuel rates, there is a lot to update you on.
National Insurance Update
Checking your National Insurance Contributions (NIC) record is up to date prior to 5 April 2023
HMRC are advising UK citizens to check their National Insurance Contribution (NIC) record by 5 April 2023 to confirm payments for all years are up to date to qualify for future State Pension payments.
Prior to 5 April 2023 if you have missed any years of NIC, you can make voluntary contributions as far back to April 2006. After 5 April 2023 you may only make voluntary contributions for the previous 6 years. This may affect your eligibility to claim the full state pension.
Actions to take before 5 April 2023:
- Check your NI record – this link will guide you to the government website at Gov.uk to assist in reviewing your National Insurance record;
- Identify any discrepancies between NI contributions paid and those showing on HMRC’s system;
- Identify any NI credits that are missing from periods in which they should have been received (e.g. on receipt of Universal Credit or Child Benefit);
- Identify any shortfalls in contributions;
- Contact HMRC if you think there are any errors.
- Decide whether to make voluntary National Insurance contributions.
Please access and watch the video linked here if you require any further details on how missed National Insurance Contributions can impact your future State Pension income.
Please do not hesitate to contact us if you require any further details.
Photo by Marc Najera on Unsplash
Accounting News - February 2023
In this month’s Enews we look at changes to the government’s energy support schemes and the latest analysis of inflation. We also update you on reforms to Research and Development (R&D) reliefs and the results of the ICAEW’s Business Confidence Monitor. With news on SME exports and the skills shortage, there is a lot to update you on.
Accounting News - January 2023
In this month’s Enews we consider the delays to the next stages of Making Tax Digital and the impact of the pandemic on tax compliance. We also update you on the government’s mortgage guarantee scheme and the latest developments in the UK economy. With news on freeports and financial sector reforms, there is a lot to update you on.
Maxing Tax Digital (MTD): what is changing for sole traders and partnerships?
From April 2024, sole traders and partnerships will need to follow HMRC's rules for Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) which will change the way you work with your accountant or bookkeeper.
What is changing?
MTD for ITSA is a huge change to the way that millions of people report their income to HMRC. The initiative will affect self-employed business owners and landlords with a total business and/or property income above £10,000 per year.
What you will need to do?
- Keep digital business records using MTD-compatible software
- Send quarterly business income and expense updates to HMRC
- Finalise your business income in an annual declaration and send it to HMRC
A detailed outline of the extension of MTD ITSA is available from HMRC.
Please contact us for more information.
Maxing Tax Digital (MTD): what is changing for landlords?
From April 2024, landlords will need to follow HMRC's rules for Making Tax Digital (MTD) for Income Tax which will change the way you work with your accountant or bookkeeper.
What is changing?
MTD for Income Tax is a government initiative that will change the way that landlords manage their property finances and make tax submissions to HMRC.
From 6 April 2024, MTD for Income Tax will apply to all landlords whose total property and/or business income is above £10,000 per year.
If this is the case you will need to use software to:
- Keep digital records of your income and expenses
- Send quarterly updates to HMRC
- Finalise your income and submit an end of period statement (EOPS) and final declaration (which will replace the annual Self Assessment tax return) to HMRC
A detailed outline of the extension of MTD ITSA is available from HMRC.
Please contact us for more information.
Accounting News - December 2022
In this month’s Enews we consider news from the Autumn Statement, household incomes and business forecasts. We also update you with the latest on auto-enrolment and exports. With information on the Digital Services Tax and advisory fuel rates, there is a lot to update you on.
Autumn Statement 2022
On 17 November 2022, the government undertook the third fiscal statement in as many months, against a backdrop of rising inflation and economic recession. The Chancellor laid out three core priorities of stability, growth and public services. The government sought a balanced path to support the economy and return to growth, partially through public spending restraint and partially through tax rises.
Accounting News - November 2022
In this month’s Enews we consider the latest news on the upcoming Autumn Statement. We also update you on inflation and the cost-of-living crisis. With guidance for employers and a warning for self assessment taxpayers, there is a lot to update you on. Read more
Charity News - Autumn 2022
Our Charity News includes the latest guidance and support available for the not-for-profit sector as the cost of living crisis starts to bite. We also consider the impact of recent legislative, reporting and tax developments and other pertinent issues, giving you the inside track on the sector's current hot topics and latest guidance.
Maxing Tax Digital (MTD) for VAT update
By law, all VAT-registered businesses must now sign up to Making Tax Digital (MTD) and use MTD-compatible software to keep their VAT records and file their VAT returns.
If you do not sign up for MTD and file VAT returns via compatible software, you may have to pay a penalty. The best way to avoid penalties is to start using MTD now.
Chancellor brings forward further medium-term fiscal plan measures
As the saying goes, a week is a long time in politics. However, recent events have been unprecedented. At the Mini Budget a new Prime Minister and Chancellor launched a new agenda, ‘The Growth Plan’.
Three weeks later, after huge turmoil, a reversal of most of the elements of that plan and a new statement planned for 31 October. This is now being referred to as the Medium-Term Fiscal Plan, where the Chancellor will publish the government’s fiscal rules alongside an Office for Budget Responsibility forecast, together with what are described as ‘further measures’.
The changes outlined on 17 October are designed to ensure the UK’s economic stability and provide confidence in the government’s commitment to fiscal discipline. Below, we have outlined the current position.
Accounting News - October 2022
In this month’s Enews we consider the latest news on the Mini Budget and the reversal of the plan to scrap the 45p rate of income tax. We also update you with details of the government’s energy support schemes and the Making Tax Digital for VAT. With news on the SMEs recruitment struggles and scam warnings, there is a lot to update you on. Read more
Chancellor reveals his plan for growth (Mini Budget - Autumn 2022)
The week leading up to Chancellor Kwasi Kwarteng’s ‘Mini Budget’ may have been a short one due to the Queen’s funeral but the new government managed to fill it with a stream of policy announcements.
The Growth Plan set out a new approach to the economy built around three central priorities:
- reforming the supply-side of the economy
- maintaining a responsible approach to public finances
- cutting taxes to boost growth.
Accounting News - September 2022
In this month’s Enews we consider the relaunch of the Recovery Loan Scheme. We also update you on increases to the National Insurance threshold and the IMF’s latest economic forecasts. With new Financial Services legislation going through Parliament and calls to make the super-deduction permanent, there is a lot to update you on. Read more
Accounting News - August 2022
In this month’s Enews we consider the relaunch of the Recovery Loan Scheme. We also update you on increases to the National Insurance threshold and the IMF’s latest economic forecasts. With new Financial Services legislation going through Parliament and calls to make the super-deduction permanent, there is a lot to update you on. Read more
Accounting News - July 2022
In this month’s Enews we consider the latest news on Making Tax Digital for Income Tax Self Assessment. We also update you on rising inflation and interest rates and the impact of the increase in national insurance contributions. With guidance for employers and a warning for new homeowners, there is a lot to update you on. Read more
Winner of Two Love Northallerton Business Awards!
We are very pleased and surprised to say that we have won two awards in the Love Northallerton Business Awards! We won Professional Service Business of the Year and Julie Hutson our Company Secretary won Businesswoman of the Year.
Thank you to Love Northallerton and all the BID businesses for our two awards in Love Northallerton Business Awards 2020.
Thank you to those who nominated our business and Julie Hutson. We feel very honoured to have won amongst such deserving competition - business and individuals who made the final lists.
Northallerton is a brilliant place to live and work, there are many businesses and individuals who greatly contribute to it's success, you should all congratulate yourselves.
The announcement video can be viewed on YouTube here: Love Northallerton Business Awards Announcement
We are now FreeAgent Accredited Practitioners
Congratulations to David and Sam who have passed their FreeAgent Accredited Practitioners exam. This means we have completed the requirements to become a FreeAgent Partner.
FreeAgent is a cloud bookkeeping tool that is FREE to use for NatWest, The Royal Bank of Scotland, Mettle and Revolut banking customers. It helps make business bookkeeping more efficient with features such as receipt capture, bank feeds and access to your bookkeeping 24/7 from anywhere.
Get back to business with 6 months FREE Sage Cloud Accounting
Get back to business with 6 months FREE Sage Business Cloud Accounting!
- Anytime, anywhere - At work, at home, on-the-go. Sage is on your computer, tablet and phone, whenever you need it.
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- Super easy - No experience necessary! New features are added all the time, so easy keeps getting easier
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This is an exclusive offer available to our clients, contact us for more information on 01609 778602 or email [email protected]
