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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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 debt 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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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.

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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.

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