Articles

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. […]

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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 […]

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Fun And Games For The Team

September 9th, 2019 | Categories: Events

We have a great team at K.A.Farr & Co. Which is why we organised a Team Reward Event to show them how much they are appreciated. We played team ‘pub games’ including darts, pool and dominoes. Then we had a lovely meal together afterwards, it was fab! As you can see from the photos, we all had a great time. It’s not all fun and games. The team at K.A.Farr & Co work together to provide a top-notch service for all of our clients. Take a look at what the team do at K.A.Farr & Co – when they’re not […]

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Is Making Tax Digital Software Working For You?

July 29th, 2019 | Categories: Accounts preparation team, Tax

Making Tax Digital (MTD) for VAT came into force in April this year, and the new process required the use of compatible software. The last three months will have been spent setting up making tax digital software in order to be ready to submit your first quarterly figures. For many business owners, this will have created major changes to their accounting procedures. Most businesses will be used to collating their figures and then submitting their VAT return each quarter via the HMRC website. This will have used figures which have been kept using whichever format they found most convenient. Often […]

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Increase In National Living Wage And Pension Contributions

May 24th, 2019 | Categories: News

April brought a rise in National Living Wage rates and Workplace (auto-enrolment) pension contributions. The biggest ever increase to National Living Wage has come into effect. Meaning that the 1.8 million workers in the UK that are earning the National Living Wage will receive an extra £690 per year. The increase which came into effect on the 1st April 2019 is the largest since the National Living Wage was first introduced in 2015. 2.1 million workers will benefit from the 4.9% increase which takes them from £7.83 to £8.21 per hour. This also means that full-time workers now earn £2,750 […]

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Thinking of starting a new business?

May 17th, 2019 | Categories: Tips

Here at KA Farr & Co we are passionate about ensuring every new business succeeds which is why we have put together our top tips for success. Why do new businesses fail? According to Bloomberg, 8 out of 10 new businesses fail within the first 12 months. A whopping 80% crash and burn. Here are the main reasons why: Lack of planning The first steps in setting up a new business are crucial and will give your business the best start, and a firm foundation on which to grow. Businesses fail because of the lack of short-term and long-term planning. […]

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Bookkeeping Made Easy

March 8th, 2019 | Categories: Accounts preparation team, Administrative support team

Almost every company needs bookkeeping and payroll services. Keeping accurate accounting and payroll records are important to the successful operation of a company. Some companies don’t have the capacity for a bookkeeping department, so they employ the services of an external bookkeeper. With K.A.Farr & Co you don’t need to worry about all the ins and outs of bookkeeping systems and methods. We are fully trained in bookkeeping and the preparation of accounts. Drawing information from all types of records, including manually produced ledgers through to more sophisticated and computerised accounts systems. In addition, we can also offer advice on […]

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Capital Gains Tax

February 8th, 2019 | Categories: Tax

Big changes to Capital Gains Tax for property owners. October 2018’s budget announced two big changes to capital gains tax relief for homeowners. The two areas affected are CGT relief for the final period of ownership and lettings relief. Private residence relief: the final period of ownership Currently, relief from capital gains tax on the sale of a property (principal private residence) is valuable tax relief available to both individuals and trustees. It allows all the sale proceeds, (subject to rules and restrictions), to be carried over into the purchase of the new property without a proportion being taken out […]

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Self Assessment Tax Returns

February 1st, 2019 | Categories: Tax

The start of a new year is the perfect time to plan the year ahead, putting into action those new year resolutions. However, January 31st is also the deadline for Self Assessment Tax Returns. This means that January is a time that many self-employed people dread, putting a dampener on the New Year buzz. Self assessment tax returns inevitably take much longer than you initially anticipated, no matter how closely you kept a record of your income and expenditure throughout the year. When you sit down to the task of calculating what you owe or even how much you are […]

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Merry Christmas

December 21st, 2018 | Categories: Events

It’s Christmas! We’re feeling very festive here at K.A.Farr & Co. and our celebrations are in full swing. We have had a very enjoyable morning exchanging our ‘Secret Santa’ gifts whilst sporting our Christmas Jumpers, and munching one or two (or three) chocolates. We’re also venturing out for our Christmas Party at Master McGraths this evening, where we’ll be letting our hair down and enjoying some dancing and fun. We’ve had another successful year here at K.A.Farr & Co. and we would like to take this opportunity to thank all of our customers for their support, and to wish you […]

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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.

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