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 […]
The festive period is in full swing, so we would like to take this opportunity to wish all of our clients a Merry Christmas and a Happy New Year! We’ll be taking a break over the Christmas period, so we wanted to make sure that all of our clients knew what time we were closing and when we’d be back open for business. We are closing for the holidays on 24th December at 12:00 and we’ll be re-opening for business on 2nd January at 9:00. We hope everyone has a good holiday this Christmas – we’ll certainly be making the most of […]
There has been a recent spike in HMRC scam calls. Members of the public have been advised to be aware of a number of HMRC scam calls recently reported to police. We at K.A.Farr & Co. have received a number of worried calls from business owners who have received these HMRC scam calls or emails. We have investigated the scam and been able to provide the reassurance that our clients needed. It is important that you stay vigilant and look out for the signs of a scam call. The caller may tell you that you owe a significant amount of money […]
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. […]
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 […]
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 […]
You may have heard the news that the government is implementing some changes to the tax bands for income tax. These changes are likely to affect all individuals paying income tax, so we thought we’d put together a quick article on what these changes will entail.
The Spring Budget for 2017 has been and gone now but there are a few changes that we felt our readers could benefit from a better understanding of.
Some time ago we brought you the news that changes were coming to the amount of tax relief landlords could claim. A number of the changes the government is set on introducing could have significant effects, so we thought we’d bring you this quick reminder and update on what’s coming.
You may remember we brought you the previous news about increases in the minimum wage back in October of last year. In April, the minimum wage is set to rise again, so we thought we’d bring you this quick update so you’re in the know.