Gray + Press Accountants Limited

So proud to have Moira as part of the G+P team. Moira has recently joined us as our Audit and Accounts Manager. We are a bit late with the post (better late than never) but welcome to the team!

Career Opportunity: Tax Manager/Associate Director

If you are an experienced Tax Manager who is looking for a role where you can gain wider exposure in areas of tax, work directly with the partners + clients and enjoy a very supportive work-life balance, please get in touch.

If you have any questions or queries, please contact us below and for more information on this role please visit our website link below.

📞 02890406300
📧 [email protected]
🌐 https://lnkd.in/eCsXhzMg

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What a fantastic morning down at Titanic Quarter on Sunday for the Moy Park . It was amazing to see 2,000 women turn out to participate. A special shoutout to the G+P runners Charlotte and Jenni who tackled the 10k. Considering not much training was done the ladies finished in good time, though think Jenni’s legs will take about week to recover, you bet there was a couple of gins had on Sunday evening! Well done ladies!

Jenni +Josh are down at Queen’s University Belfast discussing all things G + P for the spring careers fair. Call down and have a chat!

It's that time of year again when your other halves cringe at the thought of you growing a moustache for an entire month! 🙈 But hey, it's all for a fantastic cause. Some of the team have taken up the challenge to support Mental Health and Men's Health this

📸 Check out the photo below to witness their week of hair growth! From baby fuzz to potential Freddie Mercury style!

🌟 Please click the link below to donate as much as you see fit. Your generosity will go a long way. Thank you in advance for your support!
https://movember.com/t/gray-press?mc=1

PS. Brian Henry was excluded from the cause because his moustache would out grow the lot! 👶

🎃 Don't Let the Tax Ghoul Haunt You! 👻

Are your accounts giving you the creeps? Does the mere mention of tax returns send shivers down your spine? No worries, we're here to make sure your accounting is a TREAT and not a trick! At Gray + Press, we specialise in banishing those financial monsters and keeping the HMRC bogeyman far, far away! Contact us for a free consultation now!

📞 02890406300
📧 [email protected]

◼ Do you have undeclared offshore income or gains? If yes, we recommend you contact us for a free consultation before you receive a letter from HMRC.

📞 02890406300
📧 [email protected]
🌐 https://grayandpress.co.uk/

◼ Following the guilty plea of Bernie Ecclestone HMRC have confirmed that ‘We really do mean it when we say that no-one is beyond our reach’.
HMRC have confirmed their commitment to address tax at risk from offshore structures, assets and bank account.

◼ As part of the OECD Common Reporting Standards, HMRC receive annual reports from various countries about assets held in that country by UK tax residents. HMRC Campaigns and Projects run regular one-too-many campaigns and issue UK residents with a nudge letter to make a prompted disclosure (WDF - Worldwide Disclosure Facility)

Click link below for more information
https://www.gov.uk/guidance/worldwide-disclosure-facility-make-a-disclosure

Halloween Masquerade Pitch Night - Spooktacular Startup Pitches Let's Raise the Spirits at our Masquerade Pitch Night! Unveiling the opportunity of early stage startups

📢 CALLING ALL EMPLOYERS!!

The 6th July deadline for employers to file their annual P11D and Employment Related Securities (ERS) returns is fast approaching!

◼P11D
If you provided your staff with any benefits, you will need to fill out a form P11D in order to disclose these benefits to HMRC. The most common benefits are; Company cars, private medical insurance and telephone bills, however HMRC will require you to disclose almost all benefits you may provide.

◼Employment Related Securities returns
If you operate an employee share scheme or have granted staff with shares or share options, you may be due to file an ERS return with HMRC. The most common issue among employers is understanding what their reporting requirements are with HMRC which can often be quite complex.

If you are unsure about your reporting requirements under either scheme, contact us on [email protected] to find out more.

👨‍👩‍👧‍👦 Should you have a FIC?

👨‍👩‍👧‍👦 Do you know what a FIC is?

👨‍👩‍👧‍👦 Does your friend down the road have a FIC?

As the use of trusts over the years has fallen out of favour (largely due to tax reasons) and more people are seeking to control their pension pot, FIC’s are becoming more and more common.

With most tax planning, setting the scene correctly before any significant increase in value can save time and money down the road, and doing this with the use of FIC’s can prove to be very effective.

Please get in touch at [email protected] if you would like to arrange an initial free consultation on FIC’s or your wider compliance and taxation needs.

P.S FIC stands for Family Investment Company : )

Pensions Update 💡

The Chancellor announced plans to incentivise a longer working life for individuals approaching retirement age. The changes to the taxation of pensions aims to incentivise high-skilled older workers, such as NHS doctors to continue working.



The main changes, which all come into force on 6th April 2023, are:



1️⃣ Annual Allowance

This is the maximum amount of pension savings that an individual is allowed to save each year with tax relief. At the moment, the Annual Allowance is £40,000, and will increase to £60,000 going forward.



2️⃣ Money Purchase Annual Allowance

Some individuals choose to access their money purchase pension savings flexibly. The Money Purchase Annual Allowance is a reduced Annual Allowance for people who have chosen to do so. The Money Purchase Annual Allowance will increase from £4,000 to £10,000.




3️⃣ The Tapered Annual Allowance

People with income above a certain threshold are subject to a reduced Annual Allowance, known as the Tapered Annual Allowance. The current adjusted income threshold for this is £240,000, but it will increase to £260,000.




4️⃣ Lifetime Allowance

At the moment, there is a maximum amount of tax relievable pension savings that an individual can benefit from throughout their life. It is currently £1,073,100, but will be removed under the new measures, meaning that no one will face a lifetime allowance charge.



5️⃣ Pension Commencement Lump Sum

Some people may be entitled to a tax-free lump sum when they begin to receive their pension benefits, known as a Pension Commencement Lump Sum. The maximum amount that most individuals can currently claim is 25% of their available lifetime allowance at the time of receiving the sum. Going forward, the upper monetary cap will be £268,275, which is 25% of the current Lifetime Allowance, except where previous protections apply.



Should you have any questions about how the upcoming changes will affect you please feel free to contact
➡ [email protected].

Happy Easter🐣… and Congratulations Sean Toner! 🎉

Before departing for Easter, we decided to treat our staff to a small token of our gratitude for their particularly hard work over the busy month of March.

Along with this we would like to congratulate Sean on securing his promotion as Accounts Manager! 👏🏻

We would also like to wish all of our clients a good break over Easter and add a reminder that our offices will be closed Monday 10th and Tuesday 11th April.

Welcome to the Team! 😊

No better way to start the day than to have 2 new additions to the Gray + Press team. Cara and Robyn both received their employee gift bags this morning as they were welcomed by the rest of the staff here at Gray + Press.

The Gray + Press & PGR Advisory Limited team were out on site recently with Bluefield Houseboats to visit their new facility and to catch up with the team 🤝

🤝🏻

Big thank you to Ream Printing who provided us with a collection of branded items to give to our staff as part of which we celebrated at the start of the month 🙌🏻

BUDGET 2️⃣ 0️⃣ 2️⃣ 3️⃣

Following Jeremy Hunt's first budget, we have highlighted some of the main points below: ⬇️

Corporation Tax

🔳 The chancellor announced a 100% write off for capital expenditure, with no limit, incurred on IT equipment and plant and machinery. This is expected to last for three years.

🔳 A new ‘enhanced credit’ for smaller R&D intensive businesses was announced. This will be worth £27 for every £100 spent on R&D. To qualify businesses must spend at least 40% of their total expenditure on R&D.

🔳 The increase in the main rate of corporation tax to 25% will still go ahead from next month, as planned.

Pensions Reform

🔳 The lifetime allowance, currently £1.07m, will be scrapped

🔳 The annual limit on tax-free pension contributions will increase by 50% to £60,000 from £40,000.

Creative Tax Reliefs

🔳 An expenditure credit of 34% for film, high end TV and video games, and 39% for animation and children’s TV was announced.

🔳 The temporary increase in theatre, orchestra, museum and gallery tax relief was extended for a further two years.

If you would like to speak to us regarding any of the previous announcements, please get in touch by contacting:
➡️ [email protected]