Insight

Statement of policy on Covid-19 containment Introduction As a forward-thinking firm, we spend most of our lives helping clients stay ahead of the taxman and their competition. One of the biggest challenges we face as small businesses, right now, is the threat of Covid-19 (aka Coronavirus). We have team members who are vulnerable people (as defined by Government), and many of you have vulnerable family members. In order to protect them, and you, we have been early adopters of some preventative measures. What we are doing We have developed a two-stage approach to try and prevent the spread of this virus, and to limit the damage it might cause to our clients if it does hit us. Stage 1 We will be holding all meetings via Skype, Zoom or on the phone until 31 May, where possible. This will be a new experience for many of you, and we can…

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Congratulations to our own Practice Manager, Rachael, on completion of her degree. The grade will be revealed in the summer … watch this space!

Steve met with a client recently who recognised a need to change if he was to develop a business to support his family. A three-hour meeting uncovered numerous ways in which Chris can boost his income and profits and protect his good quality (but expensive) office coffee!!

Introduction  The campaigning is over and we have a new Government, with a significant majority. The result is being described as “historic” and “an earthquake”.  Good businesses have always looked ahead, so this brief article is designed to help us all think about what happens next year and beyond.  Assuming the promises are honoured (I make no comment on that!), here’s what we can expect over the next five years, and the action business owners can take now.  What is in store?  I am focusing on purely tax and business matters.  Taxation of income and expenditure  The Tories have promised to keep income tax and VAT at current rates. The planned cut in corporation tax will be cancelled, so the rate of 19% will remain. There will be a cut in NIC worth £100 next year, and the intention is to increase the cut to £500 by the end of the Parliament. That would mean an increase in the NIC threshold…

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Our doctor daughter was thrilled to receive a tax refund of £983 this week … just in time for Christmas! Now, I wonder who she will spend it on ..?! ????

After a six-month battle, one of our clients finally received their VAT Repayment from H M Revenue and Customs this week -straight into their bank. This has taken setting up a new bank account and completing and sending numerous forms … but we got there in the end! We now have a very happy client, who will receive all future H M Revenue VAT repayments automatically too!!

Another happy client has received a tax refund on £3461.06 because he bought a van last year and we were able to offset the whole cost against his profits!

Big congratulations to our Becca who graduated last month with the prestigious Association of Accounting Technicians (AAT) qualification. A great achievement, and reward for all your hard work – well done Becca!

Our brightest apprentice to date has just achieved a spectacular result of 100% in his ‘Management Accounting: Costing’ exam. Well done to Jake Turner – we’re totally chuffed to have you on board!