OnTheGo Accountants

🌟 Meet Our Stars: Series of OTG Team Stories

Every few weeks, we will shine a spotlight on the incredible talent within our team. This week, we’re excited to feature Clare Troth, our Client FC & Accounts Lead, in our series of .

Stay tuned to get inspired by Clare’s experiences and insights!

⭐ Tell us something about your professional development journey
It’s actually gone in a few different directions – I originally did a music degree and trained as a classical singer! When I left Uni, I didn’t really know what to do but I knew I had an interest in numbers. So, I started out in Credit Control and accounts payable then moved up into Management accounting but found myself also interest in Financial accounting and that’s how I found my way to OTG and this is where I completed my ACCA qualification.

⭐ What do you enjoy doing outside of work?
I have two young kids, 2 and 4, they keep me very busy so nowadays I just enjoy doing anything that’s actually quiet. Going for walks, choir - Oh and reality TV!

⭐ What do you love most about your job?
I’ve been here for 3 years now. I love working with clients and trying to add value, make a difference to their business. The team here is also so nice, everyone jumps on board and helps each other out.

⭐ What tips or advice would you give someone looking to work in finance advisory?
I would just say dive in and get involved and start getting as much experience as you can in whatever role you’re interested in. The more you speak to different people from different businesses, the more adept you’ll be come at understanding what they need and how you can help.

⭐ Who is your go-to team member at OTG for advice?
Well that’s a tricky one because I ask everyone about everything but as I do a lot in Accounts I do go to Daniel Scott a lot – there’s a lot of knowledge there!

In the dynamic landscape of today's workforce, companies strive to attract and retain top talent.

One innovative strategy gaining popularity in the UK is the Employee Management Incentive (EMI) scheme. This scheme not only serves as a powerful tool for employee retention but also fosters a sense of shared ownership and commitment.



https://www.onthegoaccountants.co.uk/unlocking-employee-ownership-a-guide-to-emi-schemes-in-the-uk

💼 Exploring the Autumn Statement 2023

Dive into the intricacies of the Autumn Statement 2023 with a comprehensive blog by our Co-founder & Tax Partner, Sophie Daykin.

🔍Here's a brief overview of the key takeaways:

Business Tax: No changes in Corporation Tax rates provide a stable environment. Permanent adoption of 'full expensing' underscores the government's pledge to support plant and machinery investments.

R&D: The merger of RDEC and SME schemes, coupled with a reduction in the notional tax rate, aims to enhance support for R&D-intensive SMEs. The lowering of the intensity threshold and the introduction of a grace period offer additional flexibility.

Investment Zones and Business Rates: An extension of the Investment Zones programme and a £4.3 billion business rates support package to support regional growth and small businesses.

Enterprise Incentives: EIS and VCT reliefs extended to 2035, and a slight increase in ATED charges reflects the government's strategy to incentivize investment.

Personal Tax and National Insurance: While income tax rates and thresholds remain unchanged, a significant increase in the National Living Wage and reductions in NICs rates for employees and the self-employed aim to balance personal finances.

https://www.onthegoaccountants.co.uk/navigating-the-fiscal-landscape-a-deep-dive-into-the-autumn-statement-2023

A Deep Dive into the Autumn Statement 2023 - Key points The unveiling of the Autumn Statement by Chancellor Jeremy Hunt, accompanied by an updated economic forecast from the Office for Budget Responsibility, has laid out the trajectory for the UK's economic policies. Let's delve into the key announcements that will shape the fiscal landscape in the comin...

It's Autumn Statement Day and there is breaking news on National Insurance.

Jeremy Hunt has confirmed that the main employee National Insurance rate will be cut by 2%, from 12% to 10%. What's more, instead of waiting until the new tax year as usual, this change will be implemented through "urgent legislation" starting from January 6, 2024.

Hunt claims that this will benefit 27 million employees in the UK and that someone with an average salary of £35k will save over £450 per year.

Is it too little, too late? Stay tuned for our full round-up of the Autumn Statement soon!

Breaking news: Inflation has fallen to a 2-year low of 4.6%, thanks to significant reductions in energy costs.

According to the Office for National Statistics, the annual rate has slowed down from 6.7% in September. It's important to note that the Bank of England's target rate is 2%.

Now, there are questions about whether additional support will be provided for low-income households to help them cope with the ongoing cost of living crisis, especially as we approach the winter season in the UK.

📣 Update in UK Financial Reporting 📈

We are pleased to share an insightful blog written by our Head of Accounting, Daniel Scott BA (Hons) ACCA. In his latest post, Daniel explores the recent overhaul in filing requirements for small businesses in the United Kingdom.

In this must-read article, Daniel delves into the implications of the Economic Crime and Corporate Transparency Act, which mandates small enterprises, including micro-entities, to submit a profit and loss account to Companies House.

The blog discusses the new filing requirements, definitions of small and micro-entities, the lack of clarity in the legislation, and the divided opinions within the business community.

This change is shaping the way small businesses report their financial information, and it's a topic of great significance. Don't miss out on Daniel's expert insights.

https://www.onthegoaccountants.co.uk/filing-overhaul-for-small-businesses-balancing-transparency-and-privacy

Filing Overhaul for Small Businesses: Transparency and Privacy Recent developments in the United Kingdom have ushered in substantial changes to the way small businesses report their financial information. With the enactment of the Economic Crime and Corporate Transparency Act, small enterprises, including micro-entities, are now mandated to submit a profit and....

📣 Attention UK-based professionals and enterpreneurs!

The deadline to register for Self-Assessment with HM Revenue & Customs (HMRC) is quickly approaching! If you’re self-employed, a sole trader, in a partnership, or receive other untaxed income, mark your calendars for October 5, 2023.

🗓 Deadline: October 5, 2023

Registering for Self-Assessment is crucial for staying compliant with tax obligations and avoiding penalties. It’s an opportunity to report your income, gains, and claim any reliefs or allowances you’re entitled to.

Don’t miss this deadline! Act now to ensure a smooth tax season ahead.
Remember, if you need help completing your Self-Assessment, feel free to get in touch. We’re here to assist you.

R&D Tax Relief allows companies to claim certain costs associated with qualifying research and development (R&D) activities.

Here are some of the main costs that can be claimed on an R&D tax claim in the UK 👇

https://www.onthegoaccountants.co.uk/what-r-d-expenses-can-be-claimed-back