Category Archives: News

Big Tax Changes For Buy To Let Property

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 […]

Making Tax Digital Deadline – Act Now To Avoid Penalties

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 […]

Merry Christmas 

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 […]

Christmas Opening Hours

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 […]

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 […]

Christmas Opening Hours

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 […]

HMRC Scam Calls

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 […]

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

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. […]

New Tax Allowance for Trades and Property Income

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 […]

Our Standard Debt Collections Letters

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 […]