Turpin Barker Armstrong

August Employee Spotlight!

Meet Vickie, our amazing PA and Insolvency Assistant! Whether she's managing schedules, supporting our team, or guiding clients through challenging times, Vickie does it all with grace and dedication. We're so grateful to have her as part of our team!

Our accountancy team have just posted their very useful blog on HMRC scam letters!

HMRC issues warning on fraudulent letters targeting business owners HMRC is alerting business owners about a new scam letter falsely claiming to be from the tax authority. The letter, bearing a fake HMRC letterhead and logo, impersonates the ‘Indv and Small Business Compliance’ team and looks very convincing.A key indicator of this scam is the email addr...

Meet Karen, our fantastic receptionist and an expert gardener!

When she's not welcoming you with a warm smile at the front desk, Karen is cultivating homegrown vegetables and designing stunning flower beds. Her green thumb and passion for gardening make her the go-to person for all things botanical.

Join us in celebrating Karen's incredible contributions to the firm and her impressive gardening skills!

Exciting News for Small Business Owners - HMRC has just launched a brand-new VAT Estimator Tool!

This new tool is designed to help you estimate your VAT obligations with ease.

Say goodbye to VAT-related queries and hello to more time focusing on what you do best - growing your business!

Check out our latest blog post to learn more about how the VAT Estimator Tool can benefit you and step-by-step instructions on how to use it.

https://www.turpinba.co.uk/blog/hmrc-new-vat-tool

HMRC Launches VAT Registration Estimator Tool HM Revenue and Customs (HMRC) has introduced a new digital tool to help businesses understand the implications of registering for VAT, following the recent increase in the VAT threshold to £90,000. The VAT Registration Estimator was created in response to feedback from small businesses, highli...

When most people talk about facing financial difficulties and insolvency they will talk about bankruptcy, debt management plans or Individual Voluntary Arrangements (“ IVAs”). I am sure most people have seen the adverts about how you can legally write off personal debt by entering into an IVA but over recent years there has been a lot of scrutiny over the appropriateness of these IVAs being presented to individuals as the right solution for their circumstances.

Enter Debt Relief Orders (“DROs”). I will not go into all the details about eligibility but the important changes are that DROs are now available for those that owe up to £50,000 and there is no fee for applying for the DRO which was previously £90.

This threshold and eligibility has increased significantly from when they were initially launched.

The importance here is that I expect that many people who are facing bankruptcy or who were considering IVAs can now choose to enter into DROs which may now be a more suitable option.

When you also consider the “Breathing Space (Debt Respite Scheme)” option too there is a lot of support out there for individuals facing financial difficulties.

Have you recently fallen into a higher tax bracket?

The frozen tax thresholds since 2021 are pushing more people into higher tax brackets. This year, over 1 million will pay additional rate tax for the first time, and HMRC is set to collect a staggering £272.6bn in income tax!

Stay informed on how these changes could affect you and learn how to protect your savings. Check out our latest blog post now!

https://www.turpinba.co.uk/blog/higher-tax-brackets-for-millions

Millions fall into higher tax brackets in 2024 The number of additional rate taxpayers in the UK will surpass 1 million for the first time due to frozen tax thresholds. Since the thresholds were frozen in 2021, HMRC is expected to collect £63.2bn in income tax this year, bringing the total to £272.6bn, which is £16.3bn more tha...

Meet Lauren, our Senior Insolvency Associate, and this month's Employee Spotlight star!

With her insolvency expertise and dedication, Lauren has been a key player in our team since 2021. But did you know she has a passion for dancing too, the Jive to be specific?

For the past 25 years, Lauren has been jiving away, bringing the same energy and rhythm to the dance floor as she does to her work.

Join us in celebrating Lauren's incredible contributions and her love for dance!

Curious about Making Tax Digital (MTD) and its current status? Our latest blog dives deep into the progress and future of MTD. From its impact on businesses to the latest updates from HMRC, we've got you covered!

Read the full blog to stay informed and ensure your business is MTD compliant.

https://www.turpinba.co.uk/blog/mtd-where-are-we-now

MTD where are we now? Making Tax Digital (MTD) has been around for years but MTD for Income Tax Self-Assessment (ITSA) is still yet to take off. The government are proposing to introduce it officially on 6th April 2026 with the idea still being that it will modernise our current tax system.However, there have been a numb...

Employee Spotlight!

Meet Chris, our incredible Insolvency Associate who’s as skilled with insolvency as he is passionate about football! Chris has been a vital part of our team for four years; however a school work experience placement was actually when Chris started his journey with tba! Following this he returned again for a years uni placement before joining us permanently in 2020, bringing expertise and dedication to every case.

Outside of work, he’s a football stats fanatic and a devoted Brighton and Hove Albion FC supporter. Whether he's analysing financial data or tracking his favorite team's performance all over the country, Chris's enthusiasm and analytical skills always shine through.

Last week Jane and Vickie from our West Byfleet office attended the launch of Gittgos Concierge service in Surrey. Held at Woking FC it was a great night of networking and meeting like minded business people.

Another 5 star review from one of our happy clients!

Please get in touch if you need the assistance of an expert accountant.

Get the support – mental health is imperative!

In today’s fast-paced and demanding work environments it’s no wonder the statistics for work related mental health issues are astonishing high. Increasing workloads and deadlines coupled in with the strains of other life stresses are taking a toll on employee’s well-being. As this week is , we wanted to reiterate how important it is to recognise when you or even a colleague may need to take some extra care of your mental health.

Everyone’s stresses, worries or anxieties look different, what can be a huge deal for one may not even register with another, therefore it's important to understand everyone is different and something that you may think is not a big deal could be the last straw for someone else. Mental Health Awareness week is designed to break the negative stigma behind mental health and to remind us to be respectful of individual personal situations, boundaries and levels of stress.

Communication is key
Within the workplace allowing staff and your colleagues a safe space to communicate is key. Everyone is busy but are you too busy to offer support to a stressed colleague? A helpful phone call or perhaps some assistance with an outstanding job could make all the difference to that person’s day, at the cost of a few minutes of your time. Be patient and considerate to those around you at work, but equally don’t be afraid to speak up if you are the one struggling. Be understanding as well as encouraging to your peers and those around you in the office, one compliment or praise for a job well done could easily boost a colleagues mood and get them through the day smiling.

There are a number of amazing charities that support mental health, as a firm we have a corporate social responsibility and try to support as many charities as we can. Previously we have supported Mind; this week they have launched campaign in order to raise awareness for mental health. Other charities include the Samaritans who are open 24 hours a day, 365 days a year. Another charity that we have raised money for is Campaign Against Living Miserably (CALM) whose mission is to help stop su***de. For Mental Health Awareness week CALM are asking everyone to make su***de prevention a priority today and every day.

Everyone has their own methods of coping with stress, anxiety and other mental health concerns; let's take Mental Health Awareness week as a reminder to not only be kinder to others but also to ourselves. Take time out and make sure we are enjoying what is important and makes us smile. Laugh with colleagues, big up your colleagues’ achievements, share your success stories as well as worries, concerns and fears in order to create a supportive and understanding workforce.

In an attempt to further deter fraudulent companies from registering online, they will be no more PO Box addresses registered at Companies House!

Our blog dives into the details including what you need to do if you have a PO Box currently registered:

No more PO Box addresses at Companies House Last month we reported that Companies House were increasing their fees from May (read our blog here).  This move was hoped to be a deterrent to fraudsters setting up fake companies. As well as to aid in covering costs associated with the new Economic Crime and Corporate Transparency Act 2023 (E...

We are supporting the May half term 'Look for a Book'

‘Look for a book’ hunt 🔍📚
May half term in our Cheam/Sutton Community.

A huge thank you to our sponsors




Without your support this amazing event couldn’t go ahead, getting books into childrens hands really is such a rewarding experience!

Employee Spotlight Alert!

Meet Alfie, our talented trainee accountant who's not only acing his ACCA exams but also knows how to balance work and play like a pro!

When he's not crunching numbers or mastering financial statements, you'll find Alfie hitting the gym, staying fit and focused for success both in and out of the office. And when wanderlust strikes, he's always ready to jet off to new and exciting destinations, exploring the world one adventure at a time.

But wait, there's more to Alfie than just numbers and travel tales! His heart beats for his beloved home team, Crystal Palace, cheering them on with unwavering loyalty through every game. And when it comes to boxing, he's a die-hard fan of the legendary Tyson Fury, following his inspiring journey both inside and outside the ring.

Join us in celebrating Alfie's dedication, passion, and zest for life! We're proud to have him on our team, bringing his unique blend of skills, energy, and enthusiasm to everything he does.

Business owners are you prioritising your business over your future retirement? Perhaps it's time to reconsider your pension planning strategy.

Our latest blog delves into why pension planning takes a back seat for many self-employed individuals. We include the risks associated with relying solely on your business as your retirement fund. Read it on our blog page or use the link below:

https://www.turpinbawealth.co.uk/blog/my-business-my-pension

My business is my pension Business owners all too often overlook pension planning. The Institute for Fiscal Studies has found that private pension participation between the self-employed and the employed is alarmingly mismatched. Between 2018 and 2020, only 20% of the self-employed were contributing to a private pension. In....

Following our Easter Egg donation last month to The Children's Trust organised by local recruitment firm Reed, we can happily report all the eggs have been safely received and eaten!

We've since received this thank you message from The Children's Trust:

It's the start of the tax year but what does that mean for you?

We list the 10 key personal tax changes that took effect from 6th April 2024:

1. Dividend Allowance Reduced: The dividend allowance has been slashed from £1,000 to £500.

2. Capital Gains Tax Exemption Halved: The annual exempt allowance for capital gains tax (CGT) has been halved from £6,000 to £3,000. Just two years ago, it stood at £12,300, indicating a significant reduction.

3. New CGT Rate for Property Sales: A reduced CGT rate of 24% will now apply to residential property sales, down from the usual 28% for higher rate taxpayers. The standard 18% rate remains unchanged.

4. Lower Employee National Insurance Contributions (NICs): The rate of employee NICs has been further reduced by 2% to 8%, marking the second reduction since January. This will save the average worker earning £35,400 over £900 annually.

5. Frozen Tax Thresholds: Despite the cuts in NICs, basic rate and higher rate tax thresholds remain frozen until 2028 at £12,570 and £50,271 respectively. This freeze is expected to push over a million taxpayers into higher rate tax, with no changes to the additional 45% threshold at £125,140.

6. Lower Self-employed Class 4 NICs: The main rate of Class 4 NIC has been cut to 6% down from 9%, as well as the ending of the need to pay Class 2 NICs.

7. High Income Child Benefit Charge (HICBC) Increased: The threshold has been raised to £60,000 from £50,000, with a tapered charge for incomes between £60,000 and £80,000. Child benefit rates have also increased, which will provide additional support to families. The eldest child now receives £25.60 per week, whilst all other children receive £16.95 each.

8. State Pension and Working Tax Credit Adjustments: The state pension is increasing to £221.20 a week, while the basic element of working tax credit rises from £2,280 to £2,435.

9. Changes to Private Pensions: New lump sum and death benefit allowances have been introduced, with there no longer being a lifetime allowance.

10. ATED Charges Rise: The annual tax on enveloped dwellings (ATED) has seen a 6.7% increase from April 1, 2024, in line with the September 2023 CPI.

If you are personally struggling with debt good news may be on the horizon with the increased Debt Relief Order coming into force at the end of June. Not only that it is now free to apply.

Read our blog for more information:

https://www.turpinbainsolvency.co.uk/blog/dro-limit-increase

Debt Relief Order Limits Increased and Fees Removed Great news for individuals struggling with debt. As of June 28, 2024, the maximum limit for debt relief orders (DROs) is being raised from £30,000 to £50,000 for non-homeowners. Not only that, but application fees have also been scrapped, making it even easier for those in financial dist...

Employee Spotlight Alert!

Our spotlight is shining on Kelly Moore this month! As our Insolvency cashier, Kelly brings her passion for numbers and an incredible dedication to our team every single day. But her talents don't stop there!

Outside the office, Kelly's heart beats for our furry friends. She's a devoted animal lover, spending her precious spare time volunteering at a local farm and showering love on adorable cats. Her commitment to making a difference, whether it's balancing the books or caring for cats, is truly inspiring!

Join us in celebrating Kelly's unwavering dedication and compassionate spirit!

Thanks to The Paul Alan Project for providing some of our staff with essential cardiac arrest life saving skills last week.

In case you missed it, last year we worked with The Paul Alan Project to get a defibrillator (and bleed kit) installed at our Sutton office for use by the whole community. Although we hope the defibrillator will never need to be used, we are happy we have the potentially life saving facility available to all.

Just in....a testimonial from another happy client!

Phil Cake from the TBA Insolvency team at our West Byfleet office aided Stephen in closing his company down via a Members Voluntary Liquidation (MVL).

Get in touch if you need some insolvency advice, call us on 020 8661 7878 or email [email protected]

Price hikes are coming from Companies House!

Read our blog to find out why and how much extra you could be charged:

https://www.turpinba.co.uk/blog/companies-house-fee-increase-24

Prepare for Changes: Companies House Fee Increases Ahead! Get ready for a shake-up starting 1st May 2024, as Companies House gears up to raise several of their filing fees to cover the cost of the services they deliver. This marks the first fee increase in many years, making it a significant shift.Curious about the new rates? You can find them all listed o...

Employee Spotlight Alert!

Join us in celebrating our second edition of our monthly Employee Spotlight, shining a well-deserved light on none other than Shaun Clark, our Personal Tax Manager!

With a passion for live music that's as vibrant as his tax expertise, Shaun brings a unique energy to our team. Whether he's crunching numbers or jamming out to his favourite bands, Shaun's dedication and enthusiasm is fab.

Get to know the person behind the spreadsheets and discover why Shaun is an invaluable asset to our accountancy team. Stay tuned as we dive into his interests and what makes him tick!

🌟🐰 Help Us Make Easter Eggstra Special! 🐣🌟

🌷 This Easter, we're teaming up with Reed in order to collect Easter Eggs for the children and young adults of The Children's Trust Charity 🌷

🥚 We're calling on YOU, our amazing clients and community, to donate for our charity Easter Egg Appeal! 🥚

👧 Every egg donated will bring a smile to a child's face and make their Easter unforgettable. 👦

📦 Drop off your donations at our Sutton office (Allen House, 1 Westmead Road, Sutton, SM1 4LA) on or before 15th March 2024. Let's make this Easter egg-ceptional! 🐰💖

Attention all taxpayers!

Are you eagerly anticipating your tax rebate? Don't fall victim to scammers preying on your anticipation!

Stay informed and protect yourself from potential fraud. Check out our latest blog post: https://www.turpinba.co.uk/blog/tax-rebate-scammers Learn how to spot red flags and safeguard your hard-earned money.

Waiting for a tax rebate? Don't get fooled by a scammer! Now the self-assessment tax deadline has passed, many will be patiently waiting for their tax refund from HMRC. However, this is a prime time for scammers to ramp up their game and prey on unsuspecting tax payers.If you completed your 22/23 tax return by the 31st January deadline it could be very ea...

Is your financial game plan ready for the end of the tax year?

Don't worry if it's not as we've crafted an engaging infographic outlining key strategies to optimise your money's performance before it's too late!

Visit our webpage to grab your copy now!

https://www.turpinbawealth.co.uk/tax-planning

Brace yourselves for the introduction to our monthly Employee Spotlight series! Get ready to dive into the world of our incredible team members here at turpin barker armstrong as we get up close and personal to unveil what makes them the great people they are.

Drumroll.....

We're thrilled to kick things off with none other than our Marketing Manager, Hannah! She is the creative genius behind our social media magic and the mastermind steering the ship of our websites.