Haywoods

Time to put faces to names 😃

Kristina joined Haywoods in 2012 and is our Payroll Manager, she spends her days helping clients meet their payroll and auto-enrolment obligations ✅

Kristina has a BA (Hons) in Economics and worked in several European countries before moving to the UK

She has confessed to walking on the happy side of life and our clients can vouch for this 🤣

Outside of work Kristina loves visiting new places and visiting family in Bulgaria 🇧🇬

If you have any payroll queries don't hesitate to get in touch! 📞📩

Happy International Women's Day from all of us at Haywoods.

We are so proud of the team of women we have here, who always go above and beyond.

Today we celebrate you and the amazing women all over the world! 💙

*2nd Payment on Account*

Today is the day HMRC expect to receive your second payment on account. If you haven't already made this please do so to avoid late payment interest.

If you are unsure of the amount you are due to pay please give the office a call on 01204 398849 where one of our team will be able to assist you.

With only 5 days left of the 2023 tax year, would you be interested in some last minute tax planning tips? 🤷

- Make use of your tax-free allowances
- Don't forget your ISA's
- Personal pension contributions
- Crystallise any losses to use against future gains
- Make Gift Aid donations
- Utilise gift allowances for IHT

If you require further advice regarding your tax affairs and assistance with tax planning please do contact us! 📞📧

Happy 💙

Today we celebrate all women all over the world 🌍

As is stands, more than two thirds of the staff here at Haywoods are women and we couldn't be prouder! 👩🏻

A bittersweet day at Haywoods, it is Raza's last working day with us ☹️

As so many of you know, Raza has been with us for almost 5 years and has been an absolute credit to us as a practice.

He has built some very strong relationships over the years, and we know he will be missed by so many of our clients.

We wish him the world of success as he ventures into the world of Audit, Good Luck Raza! 💙

We are recruiting!

We are looking to recruit an experienced Accounts Assistant for a full time role.

We offer competitive rates of pay and flexible working hours within a professional but relaxed work environment.

We would offer training support to applicants currently undertaking AAT studies and applicants wishing to start their ACA journey.

Should you or someone you know be interested please contact either Charlotte or Mike on 01204 398849 or leave a message on our page!

Smiling because January is over 😁

There are just over two months until the end of the tax year, but do you know what you should be considering before the 5 April? 🤷🏻‍♀️

- Have you made full use of free government money? Such as the Help to Buy ISA, LISA or your pension

- Have you used your ISA and pension annual allowances?

- Have you made use of your capital gains tax allowance?

- Are you at risk of losing your child benefit?

- Could you lose your personal tax allowance?

Contact us today to discuss your personal tax planning requirements.

📞01204 398849

Merry Christmas from all at Haywoods! 🎄

Our offices will close this Friday and reopen on the 3rd January.

We hope you have a lovely Christmas break and we can’t wait for a super busy 2023! 🥳

With just 20 days to go until Christmas, we thought it best to talk about Christmas parties 🎄🎉

Too many employers and small business owners are unaware of the VAT and tax implications surrounding Christmas parties and staff gifts 🤯

It’s important to know, when we talk about the £150 limit per head for a staff party this is only for benefit in kind purposes for the employee ‼️

The cost of throwing a staff party or event is tax deductible and the VAT is recoverable, as long as staff are entitled to attend 🎉

Many employers also like to treat staff at Christmas time, if the value of the gift is no more than £50 it will more than likely qualify as a trivial benefit and there would be no tax implications 🎁

If as a small business owner you are unsure what you can and can’t claim this Christmas, contact us 😄📞

Surprisingly, almost half of the individuals who must comply with Making Tax Digital from April 2024 are completely unaware 🤯

So, what is Making Tax Digital?! 🤔

MTD requires you to maintain digital records and submit your income and expenses to HMRC every QUARTER and an end of period statement, as well as your usual self-assessment tax return 📑

So, what are digital records?! 🤷🏻‍♀️

Digital records include details of income and expenditure stored digitally on HMRC compatible software 👩🏻‍💻

So, what must you do?! 👀🫵🏻

If you aren’t already using software to maintain your business records, contact us and we can help you get set up and prepare!

We are partnered with various software providers and can offer you discounts 💰

If you are already using software, congrats! 🥳 if you still require guidance and advice, contact us and we can help 🫶🏻

Did you receive a SEISS grant or even a grant from your local council? 💷🤝🏻

Don’t forget, these grants are taxable and need to be disclosed on your Self Assessment tax return ✍🏻

The deadline for submission of your tax return is 31 January 2023, but the sooner you complete your return the sooner you no longer need to worry about it 📆😖

If you need assistance in completing your return or even some advice, don’t hesitate to contact us ☺️

📞01204 398849

We've posted about taxable benefits, but what about TAX FREE benefits? 🤷🏻‍♀️

As an employer there are plenty of exempt benefits that you can provide to your employees 😆👏🏼

Contributions to a pension scheme 👵🏻👴🏼
- So long as they are paid directly into a registered pension scheme these are exempt

Mobile Phones📞
- The cost of one mobile phone per employee is an exempt benefit

Car Parking🚗
- Whether it be at or near the place of work the cost of providing car parking is exempt

Mileage 🚙
- Employees can receive 45p for the first 10,000 business miles and 25p thereafter with no tax implications

Christmas Party 🎄🥳
- Whether it be a night out or a Christmas dinner, up to £150 per head is an exempt benefit

Trivial Benefits 🤔
- Anything that is purchased for your employee that costs no more than £50 is also tax deductible, so long as it isn’t cash and can’t be exchanged for cash
- There is no limit to how many trivial benefits an employee can receive so long as each one is under £50
- Directors can also receive trivial benefits, however they can’t receive more than £300 in a tax year

If you would like further information please contact us today!

📞01204 398849

As an employer do you provide your employees with taxable benefits? 🚗🏠🏥

Common examples of taxable benefits include
- Cars
- Vans
- Medical Insurance
- Living Accommodation
- Childcare
- Loans

If so, these benefits need to be reported on a P11D to HMRC by the 6th July.

If you would like further information please contact us today!

📞01204 398849

Did you know that as a client of Haywoods you can make payments for both recurring and one off fees by Direct Debit?

We use GoCardless to manage our direct debit payments making it quicker and easier for us to collect payments.

If you would like to switch over to Direct Debit please contact us today 📞

We have reached the end of another tax year 😁

But what does that mean for those individuals within self-assessment?

- You can now submit your tax return for the year ended 5 April 2022, don't worry your payment will still only be due on the 31 January 2023. The sooner your return is completed and submitted the sooner you can relax! 🧘🏻‍♀️

- For those individuals who suffered CIS tax between 2021 - 2022 they can now submit their return and claim their tax repayment. The sooner your return is submitted the sooner you will get your tax repayment! 💷

- If you're looking at buying a property you can provide your mortgage lender with your 2021-2022 earnings once your return has been submitted 🏠

- You can start tax planning for 5 April 2023 and future years, considering what reliefs and provisions are available to be utilised 🤷🏻‍♀️

Contact us today if you are within self-assessment 📞📩

If you are already an existing client of Haywoods, contact us to hear about our client referral scheme 😁

If you have an outstanding tax liability for the year ended 5 April 2021, you will be liable to a 5% late payment penalty if payment isn’t made by the 1st April 2022.

The 5% late payment penalty can be avoided by setting up a time to pay arrangement before the 1st April.

If you have a tax liability of less than £30,000 and can pay within 12 months you may be able to set up a time to pay arrangement online.

You can set up the payment plan online at https://www.tax.service.gov.uk/pay-what-you-owe-in-instalments

If you are unable to set the plan up online (because the amount due is too high or a longer-term arrangement is needed, for example), we advise contacting HMRC on 0300 200 3822 to arrange a time to pay.

Our friends at Equals Health have just relaunched their website www.equalshealth.co.uk! We're getting our orders in and the dishes look fab.

You can get 20% off orders using the following codes RELAUNCH20 when you subscribe and RELAUNCH15 for a one-off!

Well worth checking out!

Equals Health Equals Health

Today is 👩🏻

Today we celebrate all women all over the world 💙

Especially the wonderful women at Haywoods, did you know that more than two thirds of our staff here are women? 🤷🏻‍♀️

Happy International Womens Day 💙

There are less than two months until the end of the tax year, do you know what you should be considering before the 5 April? 🤷

- Have you made full use of free government money? Such as the Help to Buy ISA, LISA or your pension

- Have you used your ISA and pension annual allowances?

- Have you made use of your capital gains tax allowance?

- Are you at risk of losing your child benefit?

- Could you lose your personal tax allowance?

Contact us today to discuss your personal tax planning requirements.

📞01204 398849

Happy Valentines Day to all our clients and friends 💙

HMRC are reminding married couples and those in civil partnerships to sign up for the Marriage Allowance (MA) this Valentine's Day and share their personal tax allowances.

The Marriage Allowance allows married couples or those in civil partnerships to share their personal tax allowances if one partner earns an income under their Personal Allowance threshold of £12,570, and the other is a basic rate taxpayer.

Eligible couples can transfer 10% of their tax-free allowance to their partner, which is £1,260 in the 2021-22 tax year. It means couples can reduce the tax they pay by up to £252 a year. Couples can apply any time, backdate their claims for any of the four previous tax years and receive a payment of up to £1,220.

Contact us for further information!
📞01204 398849

Do you have turnover or property income in excess of £10,000 ❓

From April 2024 you will be required to submit your income and expenses electronically to HMRC on a quarterly basis 📆

Now more than ever should be the time that you consider keeping your records digitally through online accounting software 💻

Our team have experienced knowledge in many of the online accounting software products readily available for you and your business 👨‍💻

Contact us today to discuss what software solutions we can offer you!

📞 01204 398849