Chartered Accountants Curo welcomes new partner as expansion continues

Stuart Wood new partner

Bromsgrove-based Chartered Accountants Curo starts 2022 by taking on a new partner as it continues to expand across the West Midlands region and beyond. Set up in 2005 by former KPMG colleagues Anna Madden and Julia Gallagher, Curo has grown steadily and is now firmly established as a go-to advisor for entrepreneurial businesses. Stuart Wood joins Curo from KPMG in … Read More

Advisory fuel rates from 1 December 2021

fuel rates from 1 December 2021

From 1 December 2021, the advisory fuel rates to be used by employees when claiming back mileage using a company car are as follows: Engine size Petrol – rate per mile LPG – rate per mile 1400cc or less 13 pence 9 pence 1401cc to 2000cc 15 pence 10 pence Over 2000cc 22 pence 15 pence Engine size Diesel – … Read More

Crypto assets – have you received a ‘nudge letter’ from HMRC?

crypto assets

We’re seeing an increase in ‘nudge letters’ sent by HMRC to taxpayers suspected of holding crypto assets. The rise of the nudge letter Under increased powers of access, HMRC now works with a larger number of external organisations, exchanging and receiving information about taxpayers’ financial interests. Letters are being sent to taxpayers believed to hold crypto assets based on data … Read More

Tax basis period reform changes for self-employed and partnerships

Tax reform

In the recent Budget, Chancellor Sunak announced major changes to self-employed and partnership taxation from 6th April 2024 which will lead to bigger tax bills for many self-employed taxpayers in the short run. Under the reforms, tax will be assessed on profits arising in the tax year, regardless of the business accounting date. This replaces the accounting year basis and … Read More

Key tax & accounting deadlines to 31 January 2022

tax & accounting deadlines

With Christmas fast approaching and the busy January tax season soon after, here’s a reminder of the approaching tax & accounting deadlines affecting businesses. November 2021 1 November – Deadline for corporation tax payment for accounting period ended 31 January 2021 7 November – VAT returns and payments for quarter ended 30 September 2021 14 November – CTSA quarterly instalments … Read More

Autumn Budget 2021 Key announcements for businesses

Budget 2021

Autumn Budget 2021 – In March the Chancellor announced an increase to corporation tax rates from April 2023 to 25% for taxable profits above £250,000. Currently we have one unified tax rate of 19% and this will remain for business with taxable profits of up £50,000 with a tapering relief provision in place between the £50,000 up to £250,000 when … Read More

Autumn Budget 2021 – individuals, employment taxes & duties

employment taxation

Today’s Budget was rather light on changes to individual and employment taxation, which was expected given recent ‘spoilers’. From April 22 the National Living Wage will increase by 6.6% to £9.50 per hour for people aged 23 and over.  This means an increase of over £1,000 p.a. for an employee working full time. Personal income tax thresholds are frozen until … Read More

Is the cash flow forecast realistic? Here’s why it should be

cash flow forecast

Having an accurate and realistic cash flow forecast is vital to any business, perhaps more so at present given the current economic climate and challenges. What is the purpose of the cash flow forecast? The cash flow forecast provides a summary of all cash flowing into and out of a business and how it’s used in the business. Crucially, it … Read More

Key tax & accounting deadlines to 31 December 2021

Tax Reliefs 2021 - 2022

Moving towards the notoriously busy festive season, here’s a reminder of the approaching tax & accounting deadlines affecting businesses. October 2021 1 October – The SDLT nil rate band reduces from £250,000 to £125,000 14 October – deadline for furlough claims 14 October – CTSA quarterly instalments due for large companies with a year end March, June, September or December … Read More

Key changes to Covid-19 support schemes and taxation

furlough

The end of furlough The CJRS furlough scheme (Coronavirus Job Retention Scheme) ends on 30 September 2021. Final claims for September 2021 can now be submitted and should be made by the deadline of Thursday 14 October ’21. For the furloughed employee, employers can claim a maximum of 60% of usual wages for hours not worked, capped at £1,875 per … Read More