National Insurance changes: what to expect

May 11th, 2022 | Categories: Uncategorised

With the recent surge of cost of living prices, it’s easy to miss other important news that you need to take notice of! So, in today’s blog we will discuss the changes and what that could mean for you. What are the changes? It has been announced that from April 6th employers, employees and the self-employed will pay an increase of 1.25p for National Insurance. But why the change? Why the increase? The increase of tax will go towards the NHS and funding health and social care in the UK. The Government stated that the extra funding will firstly go […]

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50 Years In Business

April 28th, 2022 | Categories: Events, News

We’re really proud to be celebrating 50 years in business for K.A.Farr & Co. It truly is a landmark in our success as a family business that has passed from one generation to the next. A Happy History K.A.Farr & Co was originally created by Ken Farr in April 1972 with help from his wife Elaine. Quickly moving into premises in Cambridge Road and then to the current offices on Botanic Road, Churchtown in 1981. Kathryn (Kath) Farr studied Economics & Social Studies (including Accounting) at Manchester University. She then went on to qualify as a Chartered Accountant with Ernst […]

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Spring statement 2022: what it means for you

April 12th, 2022 | Categories: News, Tax

Chancellor Rishi Sunak delivered the Spring Statement 2022 on the 25th of March. He made announcements about National Insurance, VAT relief and fuel duty. But what does it mean for you? A Sombre Mood The chancellor opened his speech by highlighting the war in Ukraine and said “Britain’s economic strength underpinned freedom and liberty”. “The actions we have taken to sanction Putin’s regime are not cost-free for us at home. The invasion of Ukraine presents a risk to our recovery as it does to countries around the world,” The chancellor went on to say that he would respond to the […]

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How Does VAT Work And Which Tax Scheme Is Right For You?

March 11th, 2022 | Categories: Tax

If you are about to become VAT registered you might be left asking how does VAT work, and what does it mean for my business? VAT can be a confusing subject for new and experienced business owners alike. You must become VAT registered when your business turnover has reached the VAT threshold. What Is The VAT Threshold? In the UK a business currently must register for VAT if its annual turnover is more than £85,000. This figure changes yearly and usually increases on the 1st of April each year. There are certain items that are VAT-exempt such as charitable donations. […]

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Latest MTD Rules News

January 24th, 2022 | Categories: Legislation, News, Tax

MTD For VAT The deadline for all VAT records to be recorded and submitted digitally is fast approaching. From April 2022, the requirements to keep digital VAT records and send returns using MTD-compatible software will apply to all VAT-registered businesses.  This means that even businesses that are below the VAT threshold and voluntarily VAT-registered must meet MTD rules. This stage is the next part of  HMRC’s 10-year strategy for the tax system. “to improve its resilience, effectiveness and support for taxpayers” Many Still Need To Opt-In According to HMRC’s latest figures in September 2021, only 30% of those VAT registered […]

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Merry Christmas

December 21st, 2021 | Categories: News

And just like that, Christmas time has come around again!  Among the many festive traditions, the one we look forward to the most is Christmas Jumper Day. It’s a chance to sport our most festive (yet bold) knitwear and get in the Christmas spirit. Another Challenging Year 2021 has been another tricky year for businesses, we hope our support has helped you to get through it and to see you all in a successful 2022.  We’d also like to take this opportunity to thank all of our clients for working with us this year. We really do value your loyal […]

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Self Assessment 2022

December 16th, 2021 | Categories: Tax

As the year comes to a close, many people, including our clients are preparing for the upcoming self-assessment tax returns requiring filing in 2022. Since the very first day of the tax year (6th April) more than 63,500 people have filed their tax returns to the HMRC. With the deadline (January 31st 2022) coming up swiftly, here’s a little breakdown of the basics around self-assessment tax returns to allow you to pay on time and even before the deadline. What are Self-assessment Tax Returns? This system is used by HMRC as a way to collect income tax. Time To Pay […]

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Important Tax Year Dates

December 15th, 2021 | Categories: Tax, Tips

As we approach the end of another year we thought it would be helpful to provide you with a list of important tax year dates for your diary. The UK tax year is different to the calendar year and is used to calculate tax payable or owed. It starts on the 6th of April each year and ends on the 5th of April the following year. Also referred to as the financial year, it is a period of 12 months which is used to calculate tax for employed and self-employed tax payers. However, not all businesses manage their books according […]

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Second Budget Announcement 2021

October 28th, 2021 | Categories: News

The time has come for the second budget announcement of the year. This announcement fell on the same day as the government spending review which included an analysis and breakdown of the funding towards public services throughout the next three years. Here’s a little breakdown of the announcement.  Business Support One of the key highlights from the second budget announcement was Rishi Sunak’s pledge and implication of support for businesses.  This is in addition to supporting individuals to help get back on track after the effects of Covid-19. The Chancellor announced a 50% business rate discount for leisure, retail and […]

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26 Years Of Service – Celebrating Sheila’s Retirement

September 30th, 2021 | Categories: News

Happy Retirement Today we are celebrating 26 years of fantastic service by our Payroll team member Sheila Smith. Sheila has been an integral part of our team for 26 years and we have enjoyed every minute of working alongside her. Sheila began working here at K.A.Farr & Co on the 3rd of January 1995 (initially as an audit clerk, later in 2006 moving to the Payroll department as Manager) and has been a brilliant and highly-valued member of the team ever since. A true friend to everyone! A Fabulous Meal The whole team got together for a lovely meal at […]

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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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