New Tax Allowance for Trades and Property Income

February 22nd, 2018 | Categories: News

It’s finally here! The new Tax Allowances, originally announced at Budget 2016, will take effect from the tax year April 2017 to 2018. The main objective is to simplify the tax system. As a result, there are two new annual tax allowances for individuals of £1,000 each. One for trading and one for property income. Where the allowances cover an individual’s relevant income (before expenses), they will no longer have to declare or pay tax on this income (but must retain the records). The trading allowance also applies to miscellaneous income from providing assets or services, such as hiring tools or offering gardening services. […]

Read more

Our Standard Debt Collections Letters

January 15th, 2018 | Categories: News

Around this time last year, you may remember that we sent out our top tips for managing your cash flow (click here to see it again) and followed this up, after getting many requests, with our detailed collection process which helped us to reduce our debt by 40% (click here to see the detailed process) Many of our clients and readers found this to be a helpful guide to formalising their own business’ debt collection process, but have recently been asking for the standard letters so we thought we’d give you the opportunity to download them. These letters are designed […]

Read more

Stretch Your Business!

November 9th, 2017 | Categories: Uncategorised

“Every business should have targets.” Says Kath Farr of KA Farr Chartered Accountants in Churchtown. So when her own staff achieved their target for the year she set them another one: a high team score at Ten-Pin Bowling! So the entire staff recently decamped from their Botanic Road offices to the Ocean Plaza Bowling Alley. The winning team on the day received a rather fine trophy and then the group retired to a local hostelry for celebratory drinks before enjoying fine dining on the Promenade. “A happy staff is a productive staff” said Kath “And all successful businesses have a […]

Read more

Are You Using Accounting Software Yet?

November 6th, 2017 | Categories: Uncategorised

As you know from our updates on Making Tax Digital (MTD), soon it will be increasingly difficult to get by with paper based accounting methods. HMRC has made it very clear that they’ll be expecting digital submissions, starting with VAT, so it’s important that all businesses be ready. What’s Coming for Businesses VAT is the first area where HMRC intends to make digital submissions the norm, coming up in April 2019. We’ve seen many times in the past that businesses leave such necessary changes to the last minute, which often has unfortunate consequences for the firm in question. Don’t let […]

Read more

Bean Counters Brew Up a Cuppa Cash!

November 3rd, 2017 | Categories: Uncategorised

Kath Farr’s accountants in Churchtown opened their doors for a MacMillan World’s Biggest Coffee Morning recently and they raised over £300 for the charity. Accounts Assistant Karen Walsh said ‘It’s a good cause as we’ve all been affected by cancer in some way with families and friends.’ Marketing Assistant Elizabeth Corcoran said ‘ Preparing for the event was good fun in the office as everyone got involved.’  She went onto thank Kath for opening the Board Room and supplying the coffee and tea. Kath Farr thanked clients who supported the event and local visitors who popped in during the Open […]

Read more

What’s The Latest on Making Tax Digital?

October 11th, 2017 | Categories: Uncategorised

The Government’s plans for making tax digital (MTD) have slowed down due to recent political events, including the General Election but the end goal remains the same. In the not too distant future, all tax matters will be reported online and all businesses will be expected to manage their accounting and tax records using some sort of software. We thought we’d bring you this quick update so you can start getting ready for the changes ahead of time. What Will Change? The biggest change for most businesses will be having to use an online portal for all tax-related affairs. HMRC will […]

Read more

Could the Government’s Rent-A-Room Scheme Work for You?

August 2nd, 2017 | Categories: Uncategorised

During The Open here in Southport many locals decided to rent out part of their homes to take advantage of the influx of tourists. With that in mind, we thought we’d bring you an article on the rent-a-room scheme currently in place with HMRC, as this covers the legalities that come with renting out a room for such an event, or in general.

Read more

The Tax-Free Childcare Scheme is Now Open

July 28th, 2017 | Categories: Uncategorised

The Government’s long-awaited Tax-Free Childcare scheme – intended to eventually replace Childcare Vouchers – is now in operation, so we thought we’d bring you some information on how it works.

Read more

Across Morecambe Bay with our Accounts Clerk

June 19th, 2017 | Categories: Uncategorised

Accounts Clerk Debbie was off last weekend on a fundraising adventure again!

Read more

What is Tax Enquiry Insurance?

June 15th, 2017 | Categories: Uncategorised

Many of our clients here at K.A. Farr & Co. rely on us to ensure that their tax affairs are always in order so they don’t have to worry about anything going wrong. We’re proud to provide an excellent service in this area, and part of that involves our Tax Enquiry Insurance service.

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