The UK’s main rate of corporation tax will increase from 19% to 25% with effect from 1 April 2023. Not every company will pay at this rate. A small profits rate of 19% will be introduced for companies with annual chargeable profits of £50,000 or less, with a tapered tax band for those with profits between £50,000 and £250,000.
Draft legislation for the Autumn Finance Bill 2022-23 is now available and it includes consultation on changes to capital gains tax, R&D tax relief, pensions and more. Some of the proposals are welcome, however, others may impact your business considerably. Here’s our overview of the main points
Continue readingA letter from our former Tax Director, now Tax Consultant,
Mr John Neighbour
I joined HB in September 1976 from Thomson McLintock (now part of KPMG) in order to set up a tax department. At that time, we were based in London at Coventry House near Liverpool Street Station. 45 years & 4 office moves later, we are now based at Plumpton House in Hoddesdon. Over the past few years, I have been winding down my time commitments & at present I am typically working about two days per week. At the same time my tax manager, Amy Thompson, has been taking on more responsibility.
Continue readingKaren Chase officially joined HB Accountants back in 1998. It was the year when Buffy the Vampire Slayer was all the rage, Titanic won 11 Oscars and a furby was the toy of choice! Karen had already gained an Accountancy and Finance degree but was unsure where she wanted to work – many accountancy firms seemed grey and impersonal. She was attracted to HB because many of our 10-strong audit team were of a similar age and Karen could see that there was both the opportunity to learn more about auditing as well as enjoy a social life.
Continue readingRegistered charities and Community Amateur Sports Clubs (CASCs) can claim an additional 25p for every £1 donated by an individual. This whopping 25% boost on donations is known as Gift Aid and it can soon add up. As accountants working with a number of charities, we are well aware of the difference this extra money can make to that fantastic work you are all doing.
Continue readingTaking place at The Spotlight in Hoddesdon, Hertfordshire this November, the Ambition Conference, is designed to inspire local businesses to grow and excel. HB Accountants has been involved with this initiative from the outset and HB’s Keith Grover will be the Chair of the organising committee for the second consecutive year. We asked Keith why he thinks it’s worth the time, sponsorship and effort that he and the team at HB Accountants put in. Here’s what he said:
“This one-day event is important because it specifically benefits local businesses, local people and local charities. It’s designed to boost the performance of your team, company or group. That’s good for jobs, business performance and the local economy.
Avoiding common errors when computing business profits
HMRC produce a range of Toolkits for agents, which highlight errors commonly made in returns so that agents can take steps to avoid them. The business profits toolkit provides guidance on errors that are found in relation to business profits for small and medium-sized businesses. They are helpful to anyone computing taxable business profits.
You compare your suppliers to ensure you’re getting a competitive price and service, but have you thought about reviewing your accountancy support? It may be that you’ve used the same accountant for a long while and they’re most likely giving you the support you need. But it’s always worthwhile conducting a review to make sure they’re reaching your expectations and meeting your current business needs.
But what should you look for? These are the questions we believe you need to ask yourself in order to make an informed assessment.
Annual Accounts are very familiar to business people. Every year statutory reports which comply to specific accounting standards must be filed with HMRC and Companies House. But what about Management Accounts? There is no legal obligation to generate them. Why then, do so many organisations depend on Management Accounts in running their operations and could you be benefitting from them too?
Better business decisions lead to stronger businesses, with higher turnover, lower costs and greater productivity. Business leaders and owners, including those in medium sized, and small fast-growing businesses, use Management Accounts as a tool to provide them with financial performance information. For charities Management Accounts are often vital to provide Trustees with the information they require to provide good governance for the organisation. Could your organisation benefit from regular Management Accounts?
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HB Accountants is the trading name of HBAS Limited, a company registered in England with registration number 5085258. The registered office of HBAS Limited is Plumpton House, Plumpton Road, Hoddesdon, Hertfordshire EN11 0LB, England. Registered for VAT number 866062806.