The Accountancy Room

Here’s your essential checklist to ensure you're fully prepped for your Self-Assessment tax return:

✅ Collect All Necessary Documents: Make sure you have your P60 or P45 if employed, and P11D if you have received any benefits. Self-employed? Gather your invoices, expenses, and bank statements.

✅ Consider All Sources of Income: This includes employment income, self-employment profits, rental income, savings interest, dividends, and any foreign income.

✅ Review Your Expenses: If you're self-employed or have rental income, compile all allowable expenses. This could range from home office costs to professional fees and travel expenses.

✅ Understand Your Allowances: Be aware of your personal allowance, savings allowance, and dividend allowance. Also, consider any tax reliefs you might be eligible for, such as Marriage Allowance or Private Pension Contributions.

✅ Check on Charitable Donations: Donations made through Gift Aid can reduce your tax bill, so keep records of any contributions.

✅ Double-check for Errors: Ensure all information is accurate to avoid any delays or potential fines.

✅ File Early: Beat the rush , send the information on time and avoid penalties by not leaving it to the last minute. The deadline for online submissions is 31 January following the end of the tax year.

Big changes coming to UK tax and finance!
Starting April 2024/2025, the main changes that I believe are most relevant:

✅National Insurance contributions cut from 10% to 8% for employees and a 2% cut for the self-employed, making it 6%. Plus, talks on abolishing Class 2 NICs.
✅High Income Child Benefit Charge threshold jumps to £60,000, tapering up to £80,000, with plans to base it on household income by April 2026.
✅Capital Gains Tax on residential properties drops from 28% to 24%; 18% rate stays.
✅New UK Individual Saving Account (ISA) with a £5,000 allowance in the works, plus simplifying tax payments in instalments for self-assessment.
✅VAT threshold increasing to £90,000 from April 2024. Plus, discussions on VAT for private hire vehicles and a new duty on va**ng products by October 2026.

How do these changes impact your business? Tell us your thoughts.

Big changes coming to UK tax and finance!
Starting April 2024/2025, the main changes that I believe are most relevant:

✂️ National Insurance contributions cut from 10% to 8% for employees and a 2% cut for the self-employed, making it 6%. Plus, talks on abolishing Class 2 NICs.
👨‍👩‍👧‍👦 High Income Child Benefit Charge threshold jumps to £60,000, tapering up to £80,000, with plans to base it on household income by April 2026.
🏡 Capital Gains Tax on residential properties drops from 28% to 24%; 18% rate stays.
💷 New UK Individual Saving Account (ISA) with a £5,000 allowance in the works, plus simplifying tax payments in instalments for self-assessment.
📈 VAT threshold increasing to £90,000 from April 2024. Plus, discussions on VAT for private hire vehicles and a new duty on va**ng products by October 2026.

How do these changes impact your business? Tell us your thoughts.

You need an an accountant firstly with the knowledge, secondly they need to care and take pride in their work 💚

We took on a small client who was paying £1.5k for accountancy fees.

Our fee was £2.8k - almost double!

But because we cared about the client and took the time to understand the business by having quarterly meetings and pre year end tax planning sessions:

We paid the director a salary through the business - £12.5k

Calculated their work from home allowance - £1.2k

Claimed mileage - £2.8k

This saved them £3.1k corporation tax (probably more as some was at the marginal rate of tax)

So the non caring accountants cost remained at £1.5k after tax savings

💚The Accountancy room cost was -£0.2k - that’s effectively making them money 😃

And this was just the quick wins- we are now looking at cars and pensions 💷💷💷

There is no such thing as being too small for working with

All we ask:

✅You care about your numbers

✅You use a digital accounting software to automate what you do

✅You attend catch up meetings and collaborate with us

Navigating HMRC regulations can be a challenge, but we've got you covered! 💼💡

Did you know that recent changes in tax laws might affect your business? 📈 Don't worry; we're here to help you stay compliant and maximize your financial efficiency. 💰

Our team of expert accountants is well-versed in HMRC regulations and can provide you with the guidance and support you need to:

✅ Ensure accurate and timely tax submissions
✅ Optimize your tax deductions
✅ Stay up-to-date with changes in tax laws
✅ Minimize your tax liability

Don't let HMRC regulations stress you out! Leave it to the professionals, and focus on growing your business. 🚀

Contact us today to schedule a consultation, and let's make sure your finances are in tip-top shape! 💼📊

📢 Important Tax Update for those working for UBER eats, DELIVEROO, JUST EAT, AIRBNB as a side hustle 📢

Starting from January 2024, HMRC is making changes to tax rules that could affect your side hustle.

🤔 What's a Side Hustle? It's when you earn money alongside your main job.

📑 New Rules: Various apps and websites (like Airbnb, Etsy, and Uber) will now have to share user details, including bank accounts, with HMRC. They want to make sure everyone's paying the right taxes on their extra income.

🕵️‍♂️ Enforcement: HMRC is investing big to catch any discrepancies. They've got a team ready to investigate income reported on digital platforms vs. tax returns.

💼 Are You Affected? If your side hustle brings in over £1,000 a year, you need to register for Self-Assessment and report your earnings. Don't risk penalties!

✅ What to Do?

1.Register for Self-Assessment if you earn over £1,000.
2.Report any earned income that you haven't declared yet.
3.If your side hustle is growing, our expert accountants can help you navigate the changes.

Questions? We're here to help.

What's your biggest tax challenge?
Share your tax questions below, and let the Accounting Fox guide you! 🦊

📊 I wear many hats in my accountancy practice! 💼🎩

As a business owner, I'm not just an accountant; I'm also a:

🚀 Business Strategist
🤝 Client Relationship Builder
📢 Marketer
👥 HR Manager
💰 Financial Guru
🌐 Tech Enthusiast
📜 Compliance Expert
🛠️ Problem Solver
🎓 Educator
⏳ Time Manager
🔝 Decision-Maker

It's a whirlwind, but it's what makes my practice adaptable and successful! 🌟

Financial freedom starts with a positive money mindset. 💰🌿

Get Answers to Your Tax and Accounting Questions! 📊💰

Are you grappling with tax questions or accounting challenges? I'm here to help! Introducing 'Ask Me Anything,' your opportunity to get FREE expert advice on all things tax and accounting. Whether you're a business owner, an individual taxpayer, or just curious about financial matters, I've got answers for you.

How It Works:

"Participating in 'Ask Me Anything' is easy:

Send us a private message with your questions.
I'll provide you with clear and concise answers, guidance, and solutions.

Feel free to ask about tax planning, deductions, accounting software, small business tips, and more!

Don't miss this opportunity to gain valuable insights and take control of your finances. :)

Accountex you were amazing 🔥 See you next year, now let’s get back to work 😅

💰 Big Win Alert! VAT Reclaimed ✔️ Happy Client ✔️

As your dedicated accountant, I believe in staying at the cutting edge of the industry to provide you with the best possible service. That's why I'll be at Accountex Manchester, where I'll be honing my skills, learning about the latest trends, and exploring innovative solutions to serve you even better. I can't wait to return from Accountex Manchester with a wealth of new knowledge, fresh ideas, and a renewed commitment to excellence in accounting services.

Stay tuned for updates, live coverage, and valuable takeaways from this event. If you have any burning questions or topics you'd like me to explore at Accountex, feel free to drop them in the comments below!

📢 Calling all accountants, finance professionals and bookkeepers from the North ⬆️

Have you registered for Accountex Summit Manchester? Join your peers on the 19 September at Manchester Central: https://bit.ly/ASM23REG

✓ Demo tech from 100+ leading accountancy suppliers
✓ Learn from 30+ seminar sessions
✓ Get 8 CPD hours
✓ Grow your professional bookkeeping network

"Profit is like the reward you get for running a successful business! 📈💰

Here's how it works in simple terms: Imagine you have a lemonade stand. You buy lemons, sugar, and cups, and you make delicious lemonade. When people buy your lemonade, they give you money. Now, let's say the money you make from selling lemonade is more than what you spent on lemons, sugar, and cups. The extra money you have left after covering all your costs is your profit!

Profit is like the sweet prize for all your hard work. It's what you get to keep and use for things like buying cool stuff, saving for the future, or making your lemonade stand even better.

So, in a nutshell, profit is the extra money you earn when your business makes more than it spends. 🍋💵

But here's the secret sauce: To make sure your profit is super accurate, you need expert help. That's where we come in! WE ARE pros at putting the right expenses on the Profit and Loss statement and managing accruals and prepayments. We make sure your profit is spot on, so you can make the best financial decisions for your business. 📊✨

Don't settle for anything less than precise. Contact us today to ensure your business's financial success!