Category Archives: News

HMRC Tax Investigations And COVID-19

Due to social distancing restrictions, there has been a reduction in face-to-face HMRC tax investigations. HMRC staff are mainly working from home and not carrying out customer-facing compliance work. They have therefore given taxpayers extensions and/or the option to suspend compliance work. However, compliance works have not completely stopped and some taxpayers are being notified of new tax enquiries. We as accountants are also receiving correspondence regarding ongoing enquiries on a regular basis. Whilst this is certainly a quiet period for tax investigations, this will not continue in the long term. Tax Investigations Into Coronavirus Support Claims Many of the […]

Update On Part-time Furlough, Changes To The Coronavirus Job Retention Scheme And The Second Self-employed Income Support Scheme. On the 28th of May, the Chancellor Rishi Sunak announced plans to end the eight-month coronavirus job retention scheme (CJRS) and self-employed income support scheme (SEISS) by gradually withdrawing taxpayers’ contributions from August. Whilst outlining his plans Mr Sunak said that he intends to reduce contributions to the furlough scheme as it “cannot continue indefinitely”. This means that in the final phase of the eight-month scheme employers will be asked to “contribute, alongside the taxpayer, towards the wages of their staff”. CJRS […]

Budget 2020 – How It Affects You

Key Points For The Budget 2020 Whilst the Chancellor’s budget 2020 was heavily focused on boosting the economy to mitigate the effect of coronavirus, it didn’t stop him from implementing a number of pledges. To help our clients understand the impact this will have on them and their businesses, we’ve identified a few key points that may be of interest. Base Lending Cut From 0.75% to 0.25% Before Rishi Sunak got the chance to deliver his debut Budget, The Bank of England opened up proceedings with an announcement that £10bn will be deployed from business and bank support reserves to […]

It’s All Fun And Games After Self Assessment

January isn’t just the start of a new year for us it’s also our busiest time of the year. We prepare and submit lots of self-assessment returns for our many clients which all need to be completed by 31st January. This is no mean feat, but our amazing team have once again powered through the workload and got the job done. Fun And Games To say thank you for all of their hard work we organised a night of fun and games for the whole team. So as Friday the 31st drew to a close we shut our doors and […]

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 […]