Red Shoes Accounting Services

Huge congratulations to our trainee, Alex, on passing his AAT Level 2 Principles of Bookkeeping Controls exam with flying colours! 🎉

We're incredibly proud of his hard work and dedication. Keep up the fantastic work, Alex!

👠 Looking for a Rewarding Career in Accounting? Join the Red Shoes Accounting Team in Littleport! 👠

Are you AAT qualified with at least 2 years' experience?

We're seeking a talented Accounting Technician to join our friendly and growing team.

Here's what you can expect:

- Prepare accounts & tax returns for diverse clients

- Support with VAT returns & bookkeeping

- Competitive salary & benefits

- Flexible working hours (core hours 10am-4pm, Mon-Fri)

Ready to take the next step? ➡️

Head over to our blog for the full job description and apply today! ➡️ https://www.redshoesaccounting.co.uk/index.php/news?command=viewitem&id=27620

Goodwill is a concept frequently discussed, and yet it is seldom addressed in legislation. Typically, it is defined as the additional value of a business beyond its tangible assets.

News Red Shoes Accounting

Any strategic growth or finding the funding for acquisitions is rarely possible by solely relying on your cash-flow. It doesn’t matter whether you have a start-up business or are well established, it is essential that you have the necessary finance to achieve your objectives.

Red Shoes Accounting can help you with everything you need by helping you decide on the most appropriate sources of finance.

Learn more at https://redshoesaccounting.co.uk/index.php/services/business-accounting/corporate-finance

When a limited company makes charitable donations specific rules apply. These may include Corporation Tax relief for donations to registered charities or community amateur sports clubs (CASC), as well as capital allowances for equipment donated that has been used by the company.

News Red Shoes Accounting

More details have been published regarding Chancellor Rachel Reeves' plans to impose a VAT charge on private school fees. The government has said that the money raised by ending the tax breaks on VAT, and business rates for private schools, will help secure additional funding for state education programs.

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Top 5 Bookkeeping Mistakes and How to Avoid Them

Effective bookkeeping is essential for the financial health of any small business, yet it's an area where many business owners stumble.

To help you keep your books in order, Red Shoes Accounting has compiled a list of the top five bookkeeping mistakes and how to avoid them:

https://redshoesaccounting.co.uk/index.php/news?command=viewitem&id=27386

Wishing our Laura a very Happy Birthday today!

☺️🥳🎂🎁🎈

It was announced as part of the Spring Budget measures that the present favourable tax benefits presently allowed for the letting of properties as short-term holiday lets - known as the furnished holiday lettings (FHL) tax regime - is to be abolished from April 2025. The Labour government has confirmed that these changes will take effect as planned.

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A higher rate of CGT applies to gains on the disposal of residential property (apart from a principal private residence). In the Spring Budget 2024, the Chancellor announced a reduction in the higher rate that exists for residential property to 24% (from 28%) from 6 April 2024. These rates apply to higher rate taxpayers as well as to trustees and personal representatives. The lower rate that applies to basic rate taxpayers remain unchanged at 18% in the current 2024-25 tax year.

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You can usually claim tax relief on private pension contributions worth up to 100% of your annual earnings, subject to the overriding limits. Tax relief is paid on pension contributions at the highest rate of income tax paid.

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HMRC Launches New Digital Tool: VAT Registration Estimator

HMRC have announced that a new digital tool, the VAT Registration Estimator, has been developed in order to help small business owners determine what registering for VAT could mean for their business.

After consultation with small businesses in the UK, HMRC began the development of a new digital tool to help business owners determine what registering for VAT could do for their business. HMRC found that business owners were unclear about VAT registration, and struggled to understand whether a) it was something they needed to do, or b) something that was beneficial to their business.

It’s important to note that the new tool doesn’t help you with VAT returns if you’re a business that has already registered for VAT, it’s simply a guidance tool designed to help business owners decide if VAT registration is right for them:

https://realbusiness.co.uk/hmrc-launches-new-digital-tool-vat-registration-estimator

HMRC Launches New Digital Tool: VAT Registration Estimator HMRC have announced that a new digital tool, the VAT Registration Estimator, has been developed in order to help small business owners determine what registerin

If you have tenants in your home there can be Capital Gains Tax (CGT) consequences. Generally, there is no Capital Gains Tax (CGT) on a property used as the main family residence, thanks to a relief known as Private Residence Relief (PRR).

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How do you make sure that your accountant is trustworthy & competent?

You may have seen in the news recently a story about an accountancy firm whose clients have been told to repay thousands of pounds to HMRC after the firm incorrectly filed tax refund claims. Understandably this has resulted in hardship for many of their clients suddenly having to find large sums of money to repay.

This kind of malpractice amongst firms who purport to be "tax experts" concerns us. Your accountant should be someone qualified, experienced and trustworthy. They will have access to all the information about your business' finances and hold responsibility for arranging your tax affairs and submitting important documents and accurate figures to HMRC.

So how do you make sure that your accountant is trustworthy and competent?

We have compiled a list of 5 questions you should ask your accountant before you engage their services:

https://redshoesaccounting.co.uk/index.php/news?command=viewitem&id=25313

You can access the Check Your State Pension forecast service on GOV.UK via this link: https://www.gov.uk/check-state-pension. This digital service is provided jointly by HM Revenue and Customs (HMRC) and the Department for Work and Pensions (DWP).

News Red Shoes Accounting

There are several types of reliefs from Inheritance Tax (IHT), one of which is IHT Business Relief. This can be a significant tax benefit for those with business interests, potentially offering either 50% or 100% relief from IHT on the value of business assets if certain criteria are met.

News Red Shoes Accounting

The Bank of England’s Monetary Policy Committee (MPC) met on 1 August and in a very close 5-4 vote decided to reduce interest rates by 25 basis points to 5%. The 4 remaining members voted to keep the rate at 5.25%.

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With our combined years of experience, we can provide extensive direction and advice on starting up a business to ensure that the process runs as smoothly as possible and hassle free for you.

Whatever the size of business you are considering starting up we can provide vital advice!

Call us on 01353 865368 or email [email protected] to find out more

https://redshoesaccounting.co.uk/index.php/services/business-accounting/business-start-up

A new digital VAT registration tool has been launched by HMRC that can be used to help businesses work out the effects of registering for VAT.

News Red Shoes Accounting

The VAT Annual Accounting Scheme is available to most businesses with an annual turnover of up to £1.35 million. Key benefits of the scheme include the obligation to file just one VAT return per year, which can greatly reduce administrative time and costs compared to preparing and submitting quarterly VAT returns.

News Red Shoes Accounting

The new Chancellor of the Exchequer, Rachel Reeves, delivered her widely anticipated House of Commons statement on 29 July 2024. The Chancellor asserted that the new government has inherited a £22bn hole in the public finances. The Chancellor said that she will take the “difficult decisions” necessary to find £5.5 billion of savings this year and £8.1 billion next year.

News Red Shoes Accounting

Interest rates cut... but don't expect more straight away

This is more than just the Bank of England cutting its base interest rate for the first time in four years.

The cut will be seen as an important staging post as the economy starts to turn the corner on years of inflationary shocks.

It is opportune timing for the new chancellor and government, with a strong pound helping contain some inflationary pressures from imports.

There will be some relief for many homeowners and movers, although most are now stuck on fixed-rate mortgages and are likely to face much higher rates when these deals expire over the next few years.

Businesses can start to anticipate cheaper investment funding. The government borrowing forecasts should start to improve.

Rachel Reeves might dare to believe that consumer confidence could start to turn positive...

https://www.bbc.co.uk/news/articles/cz47x527v12o

Interest rates cut... but don't expect more straight away Rates have been cut, but the message from the Bank of England is not to expect more reductions immediately.

The Let Property Campaign provides landlords who have undeclared income from residential property lettings in the UK or abroad with an opportunity to regularise their affairs by disclosing any outstanding liabilities whether due to misunderstanding the tax rules or because of deliberate tax evasion. Participation in the campaign is open to all residential property landlords with undisclosed taxes. The campaign is not suitable for those letting out non-residential properties.

www.redshoesaccounting.co.uk

If bookkeeping is becoming a bit of a chore, Red Shoes Accounting can offer you a helping hand.

Our service is fast and efficient because we can automate many aspects of the bookkeeping process – and you can be sure that your financial data will always be up to date and accurate.

With our unique expertise, your accounts data is uploaded directly to cloud software so that it can be easily viewed, downloaded and efficiently prepared for timely end of year accounts and VAT returns.

We'll save you time and money by freeing up your team so that they can focus on your core business activities.

Find out more at https://redshoesaccounting.co.uk/index.php/services/business-accounting/bookkeeping-accountancy

The Corporation Tax Main Rate applies to companies with profits in excess of £250,000. The applicable rate is currently 25%. A Small Profit Rate (SPR) of 19% applies to companies with profits of up to £50,000.

News Red Shoes Accounting

Capital Gains Tax (CGT) is normally charged at a simple flat rate of 20% and this applies to most chargeable gains made by individuals. If taxpayers only pay basic rate tax and make a small capital gain, they may only be subject to a reduced rate of 10%. Once the total of taxable income and gains exceed the higher rate threshold, the excess will be subject to 20% CGT.

News Red Shoes Accounting

VAT is seen as one of the most complex tax areas to be imposed on businesses - Red Shoes Accounting aim to make it as simple as possible for you to handle & understand.

Our efficient and cost-effective VAT service includes:

Assistance with VAT registration
Advice on VAT planning and administration
VAT control and reconciliation
Help with completing VAT returns
Processes put in place to avoid future issues with HMRC
Representing you at VAT tribunals.

Find out more at https://redshoesaccounting.co.uk/index.php/services/business-accounting/vat

There are special rules concerning the liability to IHT of a transfer made during one’s lifetime. For example, most gifts made during a person's life are not subject to tax at the time of the gift. These lifetime transfers are known as 'potentially exempt transfers' or 'PETs'.

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The VAT Import One Stop Shop (IOSS) Scheme applies to goods imported in consignments with a value of £135 or less (known as low value goods) from countries outside the EU and Northern Ireland, to consumers in the EU, Northern Ireland, or both.

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Business Asset Disposal Relief (BADR) applies to the sale of a business, shares in a trading company or an individual’s interest in a trading partnership. When the relief if available, Capital Gains Tax (CGT) of 10% is payable in place of the standard rate. This can mean a substantial CGT saving for someone looking to exit from their business.

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