Category Archives: News

50 Years In Business

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 […]

Spring statement 2022: what it means for you

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 […]

Latest MTD Rules News

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 […]

Merry Christmas

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 […]

Second Budget Announcement 2021

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 […]

26 Years Of Service – Celebrating Sheila’s Retirement

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 […]

Budget 2021

In this highly anticipated Budget announcement, there was a real focus on support for businesses and individuals whilst the lockdown is still in place and plans to help the economy recover once restrictions are lifted. The Chancellor opened by stating that he wants to be honest about the government’s plans for fixing the public finances and set out plans for the future. Making it clear that he would do… “whatever it takes” during the pandemic, and that he has done and will continue to do so, he added that “It’s going to take this country, and the whole world, a […]

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 […]