Articles

Budget 2020 – How It Affects You

March 13th, 2020 | Categories: Legislation, News

Key Points For The Budget 2020 Whilst the Chancellor’s budget 2020 was heavily focused on boosting the economy to mitigate the effect of coronavirus, it didn’t stop him from implementing a number of pledges. To help our clients understand the impact this will have on them and their businesses, we’ve identified a few key points that may be of interest. Base Lending Cut From 0.75% to 0.25% Before Rishi Sunak got the chance to deliver his debut Budget, The Bank of England opened up proceedings with an announcement that £10bn will be deployed from business and bank support reserves to […]

Read more

It’s All Fun And Games After Self Assessment

February 19th, 2020 | Categories: News

January isn’t just the start of a new year for us it’s also our busiest time of the year. We prepare and submit lots of self-assessment returns for our many clients which all need to be completed by 31st January. This is no mean feat, but our amazing team have once again powered through the workload and got the job done. Fun And Games To say thank you for all of their hard work we organised a night of fun and games for the whole team. So as Friday the 31st drew to a close we shut our doors and […]

Read more

Big Tax Changes For Buy To Let Property

February 17th, 2020 | Categories: News, Tax

There have been some very big changes to the rules and tax rates for buy to let property over the last 4 years. These changes began in 2016 when former Chancellor George Osborne introduced a raft of reforms specifically aimed at buy to let property. This made it more expensive to start a property portfolio, and less profitable to add to an existing one. A downturn in profitability meant that the amount of money borrowed to invest in buy-to-let properties had plunged from £25bn in 2015 to just £5bn in 2017. Changes for 2020 There are three big changes which […]

Read more

Making Tax Digital Deadline – Act Now To Avoid Penalties

January 23rd, 2020 | Categories: News, Tax

Whilst Making Tax Digital (MTD) has been the law since the 1st of April 2019, no filing or record keeping penalties have been handed out to businesses that are doing their best to comply. This is because the government recognises that businesses need time to become familiar with the new requirements. The ‘soft landing period’ is coming to an end on the 1st of April 2020 Which means that those businesses above the VAT threshold will need to keep their records digitally and submit their previous quarter’s VAT return using MTD-compatible software by the deadline. Failure to do so can […]

Read more

Merry Christmas 

December 23rd, 2019 | Categories: News

Merry Christmas & A Happy New Year It’s the most wonderful time of the year! (Did you sing that in your head?!) The whole team is excited for Christmas and all that it brings.  Christmas Jumper day was enjoyed last Thursday, with some outstanding efforts. The decision was unanimous that Lisa‘s was the best with a lovely flashing jumper.  Christmas Celebrations On Friday the whole team partook in some Christmas spirit at their favourite event of the year – The Christmas Party! It’s the perfect opportunity to celebrate another fantastic year at K.A.Farr & Co. and to thank the wonderful […]

Read more

Christmas Opening Hours

December 17th, 2019 | Categories: News

The festivities have begun in earnest here at KA Farr & Co, the decorations are up and the chocolates are out. Whilst we’re looking forward to putting on our dancing shoes for our Christmas Party, swapping Secret Santa gifts and wearing our Christmas Jumpers, we’d also like to take this opportunity to thank all of our clients for their support this year. It’s been another successful year for which we are truly grateful.  We’ll be closing at 12 noon on Tuesday the 24th of December and re-opening at 9am on Thursday 2nd of January. If you need to get in […]

Read more

Big Changes To Tax Relief For Landlords

December 5th, 2019 | Categories: Legislation, Tax

If You Are A Landlord There Are A Number Of Tax Changes Coming Which Will Affect You From changes to Capital Gains Tax payment dates to the abolishment of mortgage interest relief, there’s plenty to take in. That’s why we’ve put it all together so you know where you stand. The changes will take effect from April 2020 and will affect almost all sales of additional properties in the UK. Change To Capital Gains Tax Payment Dates Capital gains tax incurred on the sale of a property is currently paid through your self-assessment tax return. Therefore, it doesn’t need to […]

Read more

Ways To Pay Your Self Assessment Tax Bill

December 2nd, 2019 | Categories: Tax

It’s nearly time for self-assessment.  In addition to filing your tax return, you also need to make sure that payment for any personal tax due is received by HM Revenue and Customs (HMRC) by the deadline.  You’ll be charged interest and may have to pay a penalty if your payment is late. For All Payments To avoid any delays to your payment use your 10-digit Unique Taxpayer Reference (UTR) followed by the letter ‘K’ as your payment reference. You’ll find your UTR number in your HMRC online account or on your paying-in slip if you get paper statements. If you’ve […]

Read more

Understanding Accounting Terms

November 4th, 2019 | Categories: Accounts preparation team, Tips

The accounting world is full of an overwhelming amount of financial terminology and abbreviations.  The number of accounting terms can confuse the most astute business owner. How can you make sure you are meeting all of your legal obligations if you don’t understand what any of it means? Many business owners will be very familiar with a lot of the accounting terms, but not what they mean. With that in mind, we have created a quick guide to de-bunk the most popular terms. A Account A formal record that represents a single aspect of the business i.e. money, assets or resources. […]

Read more

How To Set Up A Personal Tax Account

October 3rd, 2019 | Categories: Tax

Tax is going digital. From Making Tax Digital for businesses to renewing tax credits online, you can’t escape it. But have you set up a personal tax account online? Online personal tax accounts are the first step in HMRC’s plan to provide self-service for individual tax changes and enquiries. This will mean that people will no longer need to contact HMRC by post or telephone. Although it isn’t a comprehensive service as yet, you can currently access the following through your PTA. Access your PAYE code and tax estimate Claim a tax refund Viewing state pension forecasts Find and access […]

Read more

If you would like would like to speak with a member of our team, you can call us on 01704 211 434 or send us an email using our enquiry form.

Send Enquiry