Articles

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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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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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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