If your company accounts will be late because of the impact of Covid-19 you can take advantage of the immediate 3-month filing extension for company accounts.
However, you MUST apply before your filing deadline.
Continue readingAuthor Archives: Karen Chase
COVID19: Business as usual, but from a super safe distance
Letter from the Directors, Karen, Keith & John
Following the unfolding events of COVID19 over the past two weeks, we want to reassure our clients that, albeit we are facing uncertain times, HB Accountants is still very much open for business and Team HB are prepared for any disruption that may occur.
Continue readingWhy Do Auditors Invoke Fear?
Auditors… Does this conjure up an image of an impersonal, fearful, detail-obsessed tyrant desperate to find errors in your accounts? I completely understand why the thought of an audit would fill you with dread, but this blog shares how to have the same positive audit experience that our clients enjoy and one that will ultimately help and support your business.
Continue readingWhy should you put your trust in an audit?
Around one in four small businesses believe that having their company’s annual accounts audited should be mandatory versus around half who disagree. In general, the larger the organisation and the more it wants to grow, the more likely it is to believe that annual accounts being audited should be mandatory, according to the recent study into small and medium sized businesses by the accountancy body, ICAEW.
My top accounting tips for Hoddesdon businesses
1. Make use of technology
Today, businesses have a myriad of resources available to make managing accountancy records convenient and simple. I’d urge businesses to make the most of cloud computing and automation. This is especially valuable now that the Government’s requirement for Making Tax Digital is a reality for the majority of businesses, and flexible working rights have all increased the demand for secure, flexible ‘on-the-move’ cloud-computing solutions.
Happy 50th birthday Jane!
Reply
Jane Dunn at HB Accountants celebrates her 50th birthday in May. Jane is our Payroll Manager responsible for ensuring each organisation’s payroll runs accurately and smoothly. The team hope she has a wonderful time celebrating with family and friends. We’ll be marking the occasion with a special birthday lunch this month.
Five steps to ensure a smooth audit at year end
To ensure a smooth audit, ideally you should prepare for it during the year. By keeping on top of your finances throughout the year you’ll be well organised when you need to file your corporate tax returns with HM Revenue & Customs and provide audited annual accounts to Companies House at year end. So, who has to have an audit and what steps can you take to make your auditing process run smoothly, with minimal disruption to your day-to-day activities?
Keith Grover celebrates his 60th
The 1st of December is the date when many people decorate their homes with festive decorations, in readiness for Christmas. At HB Accountants it’s a special day for another reason. Our very own Keith Grover turns 60.
Congratulations & Happy 60th Keith!
We’d like to wish him well. To prepare Keith for this milestone birthday we took him out for a special lunchtime celebration a few days ago to mark the occasion. 
60 years ago…
“It’s only make believe” was in the UK charts on this day 60 years ago with singer Conway Twitty; this track has since been covered by the likes of The Hollies and Fiona Apple.
Harold Macmillan was the Prime Minister and held this office from 1957 to 1963.
Musicians Jools Holland, singer Kate Bush and Duran Duran’s lead singer Simon Le Bon were born the same year as Keith, as were 5Live radio presenter Simon Mayo and Wallace and Gromit animator Nick Park.
Ambition Conference 2018
Held at The Spotlight in Hoddesdon the recent Ambition Conference provided plenty of inspiration and marketing insights.
As part of our commitment to local business growth, our own Keith Grover chaired the organisation committee and we were glad to be a sponsor of the event and meet up with many business people on the day.
Highlights: 2018 Autumn Budget
As the Government’s last Autumn Budget before the UK’s scheduled exit from the EU in March 2019, the Chancellor framed his announcement as reflecting an end to the era of austerity. The budget includes the commitment to provide an additional £20.5bn to the NHS over the next five years, and a variety of measures designed to protect or stimulate business growth. Here we outline the budget highlights and as always there will be winners and losers. We encourage you to discuss the impact of the budget with the team at HB Accountants. If you need an update on current tax rates, allowances and duties please get in touch.
Small shops business rates cut by one third
Business rates for small retail properties in England with a rateable value below £51,000 will be cut by a third from April 2019 for two years, which the Treasury estimates will save these businesses a total of £900m altogether.
Higher personal allowance & raised higher rate tax threshold
The planned increase in the personal allowance has been brought forward and the threshold for higher rate tax has been raised.
- The personal allowance, which is the amount someone can earn before they pay any tax, will be increased by £650 from 11,850 currently to 12,500 from 6 April 2019.
- The threshold for paying higher rate tax at 40% has been increased by £3,650 from £46,350 to £50,000 from 6 April 2019.
From 2021, personal allowance and tax thresholds will rise in line with inflation measured by the Consumer Price Index.
£1m Annual Investment Allowance
In a move regarded as an incentive to invest, businesses can claim an Annual Investment Allowance (AIA) for capital expenditure incurred on most plant and machinery items. This allowance currently gives 100% capital allowances on expenditure up to £200,000 a year, in other words the full amount spent can be deducted from profits before tax. The AIA will be increased from £200,000 to £1m for a limited period of two years. This change relates to qualifying expenditure incurred from 1 January 2019 to 31 December 2020.
New Digital Services Tax
A new 2% tax will apply to annual ‘UK’ revenues over £25m of specific digital services businesses with global sales of more than £500m per annum, from April 2020. The move is designed to harness tax revenues from the new generation of large, successful digital businesses, such as Google. The tax will apply to profitable businesses involved with online marketplaces, search engines and social media platforms. The tax will be introduced following consultation, with legislation in the Finance Act 2020.
Further Stamp Duty concessions
Stamp Duty Land Tax is paid on properties and land in England and Northern Ireland purchased for over £125,000. Since 22 November 2017 first-time homebuyers in England and Northern Ireland qualify for a 100% relief if they buy a property for £300,000 or less, so that they don’t pay Stamp Duty. First time buyers also only start to pay 5% Stamp Duty on residential properties from £300,000 to £500,000, on the price over £300,000. Now first-time buyers’ relief will be extended to qualifying shared ownership purchases of up to £500,000 from 29 October 2018. The change will be backdated to 22 November 2017 to enable taxpayers that haven’t yet claimed first-time buyer’s relief to do so.
New non-recycled plastic packaging tax
The Chancellor has announced a new tax on the manufacture and import of plastic packaging which is comprised of under 30% cent recycled plastic. At the same time, a tax on takeaway plastic cups which had been mooted in the media, has been ruled out. The new tax is intended to reduce single use plastics and will be in place from April 2022 following consultation.
VAT threshold unchanged
The threshold for VAT registration remains unchanged at £85,000 until April 2022. The rates of VAT also remain the same with a standard rate of 20% and a reduced rate of 5%.
Employment Allowance for smaller businesses only
From April 2020 eligibility for the Employment Allowance will be restricted to employers with National Insurance Contributions NICs) below £100,000 in the previous tax year. This allowance lets employers claim back Class 1 NICs of up to £3,000 each year. The new restriction is aimed at targeting support to smaller employers, with 93% of small businesses still being eligible for the allowance, according to the Treasury.
Looking ahead to the Chancellor’s Spring Statement in March 2019, uncertainty over the final Brexit agreement means that the Chancellor has advised this may become a full budget announcement if necessary.
Tell me more
For further details of the 2018 Budget just ask us for a copy of our 2018 Budget Report.
Should you want to discuss ways to manage the implications of the budget for your business please get in touch. Contact HB Accountants by calling 01992 444466 or you can email directors@hbaccountants.co.uk
