Articles

Act now to comply with Making Tax Digital

September 28th, 2018 | Categories: Tax

Be Ready with K.A.Farr & Co. From April 2019 businesses above the VAT threshold will be required by law to keep their records digitally and provide quarterly updates to HMRC in compliance with Making Tax Digital. In July 2018 HMRC issued more detail on this new legislation via VAT notice 700/22. If you think you will be caught by MTD for VAT we recommend you read this new notice sooner rather than later. Businesses can currently use manual records, spreadsheets, accounting software or a combination of all three to maintain their business records. However, from the April 2019 deadline businesses […]

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Just Giving for Emie

September 21st, 2018 | Categories: Events

Joyce Townley from the Payroll Department here at K.A.Farr & Co. is raising money for treatment for her 11-month-old baby granddaughter Emie. Emie has been diagnosed with having Plagiocephaly (flat head syndrome) and Brachycephaly, which requires her to be fitted with a customised cranial helmet called a DOC band and the treatment has to be started before she is 14 months old. Unfortunately, the treatment is only available privately which means the money needs to be raised in a very short space of time to give her the best future possible. Once the band has been fitted Emie has to return to the clinic, […]

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Making Tax Digital

August 15th, 2018 | Categories: Tax

Making Tax Digital or MTD is an initiative designed by the Government in conjunction with HMRC to make sure the UK tax system is effective, efficient and easier for taxpayers. Beginning on 1 April 2019, VAT-registered businesses above the threshold of £85k will have to keep digital records and submit VAT returns using compatible software. The key things to remember are: Business records must be kept in digital form Quarterly updates must be submitted to HMRC An annual ‘End of Year’ report with final figures must be submitted. What does it mean for my business? Most VAT registered businesses submit […]

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Practice Makes Perfect?

August 15th, 2018 | Categories: Events

KA Farr & Co Accountants recent team building afternoon at Southport’s Crazy Golf course paid dividends for staff member Debbie Kelly. While playing at Ormskirk Golf Club she hit a hole-in-one at the 14th par 3! “I knew I’d hit a good shot as it sailed off in a direct line to the flag” she told colleagues. “But the green is surrounded by bunkers and it often drops right into one of them.” Debbie says “It was a wonderful feeling to see it go in the hole from the tee but we still had to be totally sure by peering […]

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Pat’s retirement from KA Farr & Co

August 15th, 2018 | Categories: Events

Accountants Research suggests that if you treat your staff well and invest in them through fair pay and benefits, they’ll be more likely to stay with your company over time. That means lower costs, better employee morale, and higher productivity – which can only be good for clients too. Here at K A Farr & Co we have great staff retention, 86% of our team have been with us more than 5 years and the average length of service of our current team is 13 years! However, sadly we have just lost one of our longest serving members, due to a well-deserved […]

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Accountants Go Crazy!

July 19th, 2018 | Categories: Events

Last week in an attempt to ignore the hysteria about a certain World Cup semi-final we organised a team building event at the Crazy Golf course in Southport’s Kings Gardens! The number crunchers managed to sort themselves into 4 teams of 3 but saved a fortune by doing it in one leg – the Final. Without any yellow cards being given out, or penalties (unlike HMRC!) the winning team was ‘The Managers’ with Warwick getting a prize for the lowest scoring card. Refreshments were taken with the prize giving at the local 19th Hole and teams agreed, like England, to try harder […]

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Tax Investigation Insurance

June 22nd, 2018 | Categories: Tax

Tax Investigation Insurance will protect your business against fines from HMRC Tax Investigation Insurance, also known as Tax Enquiry Insurance, Tax Fee Protection or TFP schemes, all mean one thing… If you are selected for a tax enquiry, we will robustly defend you against unjustified questions by HMRC. The investigation can be detailed and very time-consuming, which means that even if no extra tax is payable the cost to your business can be substantial. However, with Tax Investigation Insurance from KA Farr & Co, the cost of our time is covered by your premium. Since 2010 HMRC have invested £1.8 billion targeting businesses who have underpaid tax. New […]

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GDPR is almost here, but what does it mean for you?

May 21st, 2018 | Categories: News

The new General Data Protection Regulations  (GDPR) come into force ‪on 25th May‬, replacing the current Data Protection Act. The focus is on ‘willing consent’ and ‘the right to be informed’, allowing individuals to control their personal data, deciding how it is used and shared. As for your business, GDPR will affect the practicalities of direct marketing and customer service. You will need to take stock of what personal data you hold, where it came from and who you share it with. Take a look at your processes, and make any changes you need to comply with the new regulations. […]

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Facts About the New Tax Year 2018/19

April 17th, 2018 | Categories: Tax

The new Tax Year for 2018/19 is starting and we’ve got some facts on the new changes that you need to know about. Employer Pension Contributions Under auto enrolment legislation, minimum pension contributions are required to increase over time.  This happens on set dates.  Originally, auto enrolment minimum contributions were due to rise in October 2017 and again in October 2018. These increases were pushed back by six months by the government and the increases will now happen on the 6 April 2018 to a total of 5% of qualifying earnings of which 2% must be paid by the employer […]

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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 […]

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