Cofton Financial Limited

03/09/2026

VAT… do you actually understand it? 🤔

VAT is one of those things that can feel straightforward… until you actually have to deal with it!

You register for VAT, you charge VAT to your customers, you pay VAT to HMRC… simple, right?

Well, not always! 😅

There are different VAT schemes, different rates, rules around what you can and can’t reclaim, reverse charge VAT, VAT on expenses, VAT returns… and then there’s the small matter of making sure you’re actually putting the right figures on your return.

And one of the biggest misconceptions we hear is:

“I’ve got £10,000 in my bank, so that’s £10,000 I’ve made.”

Not necessarily.

If you’re VAT registered, some of that money may belong to HMRC.

Understanding your VAT isn’t just about submitting a return on time. It’s about knowing what the numbers actually mean for your business.

So, be honest…

👇 How confident are you when it comes to VAT?

🟢 I completely understand it
🟠 I understand the basics but still get confused
🔴 I just send everything to my accountant and hope for the best! 😂

No judgement here — VAT can be complicated, and asking questions is often the best place to start.

What’s the one thing about VAT you’ve never quite understood? Drop it in the comments — you might not be the only one wondering!

01/09/2026

⚽ Supporting our local community ❤️

On 23rd August, Cofton Financial Limited were incredibly proud to be the Match Ball Sponsor for Bromsgrove Sporting Ladies.

Supporting local businesses, teams and organisations is really important to us. But when it’s something that is also close to our hearts, it means even more.

With daughters who play football, we know just how much the sport can mean to young girls. And as women in business, we’re passionate about supporting women, encouraging girls in sport and helping create opportunities for the next generation. ❤️⚽

Lucie was lucky enough to head down with her daughter Hallie, who is just 5, and what followed was a pretty magical experience for her.

Hallie got to meet the team, go into the changing room and even have her very own little photoshoot with the match ball! 📸⚽

Seeing how excited and proud she was made the day even more special. Moments like this are exactly why supporting our local community matters to us.

We feel incredibly privileged to be able to support Bromsgrove Sporting Ladies and the fantastic work they’re doing.

We wish the team the very best of luck for the season ahead and we hope there will be plenty more opportunities for Cofton Financial Limited to support the team in the future.

Local support. Women supporting women. Girls supporting girls. And a sport we love. ❤️

Come on Sporting Ladies! ⚽❤️💙

23/08/2026

⚽️ Today, it’s all about women supporting women!❤️💙

We’re incredibly proud that Cofton Financial Limited are today’s matchday ball sponsors as Bromsgrove Sporting Ladies take on AFC Telford United Ladies in the Adobe Women’s FA Cup!🏆

It’s fantastic to support a team that is growing and creating exciting opportunities for women in football. There’s clearly a lot of hard work, passion and ambition going into building something special for the future.

As a local business, we love being able to support our local community and, in particular, women’s sport. Because sometimes supporting a team is about more than what happens on the pitch — it’s about helping create opportunities, confidence and a pathway for the next generation. ❤️

Good luck ladies — go smash it!🔥

UP THE ROUSLERS!❤️💙

21/08/2026

Fun Friday 😊

Myth vs Fact

🗒️Tax & Expenses

MYTH: “If I’m self-employed, I can claim anything I buy for my business.”
FACT: An expense generally needs to meet the relevant tax rules to be deductible.

MYTH: “If I put something through the business, I don’t pay for it.”
FACT: The business still pays the cost — tax relief simply reduces the taxable profit where the expense qualifies.

MYTH: “You can claim your whole household electricity bill if you work from home.”
FACT: There are specific rules for claiming business use of your home.

MYTH: “I can claim my car as a business expense because I use it for work.”
FACT: The tax treatment depends on how the vehicle is owned and used, and the type of business.

MYTH: “If I don't keep receipts, I can just estimate my expenses.”
FACT: Good records and evidence are important to support your claims.

MYTH: “A business lunch is always tax deductible because I’m discussing work.”
FACT: Business entertaining has specific tax rules and isn't automatically deductible.

MYTH: “Buying something before I start trading can never be claimed.”
FACT: Some pre-trading expenses can qualify, subject to the relevant rules.

“Which accounting myth did you believe when you first started your business?”

20/08/2026

👀 BE HONEST… which one are you?

When it comes to your business finances, are you:

💚 A –I know exactly what’s happening with my numbers.

🟡 B – I know roughly… but I probably should look at them more.

🟠 C – My accountant deals with it, so I don't really look.

🔴 D - I open my bank account and hope for the best! 😂

There is no judgement here — we’ve seen it all!

But knowing your numbers can make such a difference to the decisions you make in your business.

So come on…

👇 Tell us your letter!

And if you're brave enough, tell us why! 😂

19/08/2026

💷 What does your payroll department look like?

Let’s be honest… payroll is probably one of the most undervalued departments in a business.

Until something goes wrong. 😬

Whether you have 2 employees or 200, payroll comes with responsibilities that can’t simply be forgotten about because you’re busy running the business.

So, which one are you?

👩‍💻 “I do it myself.”
You run payroll alongside everything else because it feels like the most cost-effective option.

👥 “We have someone in-house.”
You’ve invested in a trained person to manage payroll and keep on top of the details.

🤝 “We outsource it.”
You’ve decided payroll is better handled by specialists, giving you one less thing to worry about.

Or perhaps you’re somewhere in between?

📋 But are you meeting all your payroll obligations?

When operating PAYE, employers generally need to:

✔️ Register as an employer with HMRC when required
✔️ Keep accurate payroll records
✔️ Calculate pay, Income Tax and National Insurance deductions
✔️ Calculate employer National Insurance where applicable
✔️ Provide employees with payslips
✔️ Submit a Full Payment Submission (FPS) to HMRC on or before payday
✔️ Pay the tax and National Insurance owed to HMRC
✔️ Deal correctly with things such as student loan repayments, pension deductions and statutory payments
✔️ Report taxable benefits and expenses where required

And then there’s workplace pensions…👀

You may also need to:

🟢 Automatically enrol eligible employees
🟢 Make the required employer pension contributions
🟢 Monitor employees' age and earnings as circumstances change
🟢 Deal with requests to join or leave the scheme
🟢 Keep records of how you have met your duties
🟢 Complete re-enrolment and re-declaration when required

And these aren't simply “set it up once and forget about it” responsibilities.

They are ongoing.

🤔 So… how confident are you?

Do you understand why you're doing everything you're doing?

Are you confident your payroll is being processed correctly?

Are pension assessments happening when they should?

Are your submissions being made on time?

And do you have someone who can actually answer your questions when something unusual happens?

There is no wrong answer to how you run your payroll.

But there is a huge difference between “I think we're doing it right” and “I know we're doing it right.”

💬 Tell us in the comments:

SELF – I do my own payroll
TEAM – We have payroll in-house
OUTSOURCE – Someone else handles it
HELP! – I don't even know where to start 😂

At Cofton Financial Limited, payroll is one of the services we provide because we know how important getting it right really is.

📩 If you’d like to talk through your payroll setup, get in touch — no judgement, just a conversation.

GOV.UK - The best place to find government services and information.

18/08/2026

💙 Do you know what Cofton Financial Limited can do for you?

We’re more than just an accountancy firm.

We’re a small, personal team who genuinely believe that our clients deserve time, support and someone they can actually speak to.

And our story started with K J Bookkeeping & Payroll Services — a trading name we’re still proud to use today.

🌱 It all started with Kate.

After having a family, Kate wanted to be more present at home while still continuing the career she had worked so hard to build.

She wanted to find a way to have it all — a career she loved and time with her family.

That’s where K J Bookkeeping & Payroll Services was born.

What started as a small bookkeeping and payroll business has grown year after year.

And as our clients' needs grew, so did we.

✨ Cofton Financial Limited was born.*

Today, we can offer so much more than bookkeeping and payroll, with a growing team of like-minded women and mums who support one another and bring that same positivity and personal approach to our clients.

📊 So, what can we help with?

✔️ Bookkeeping
✔️ Payroll
✔️ VAT Returns
✔️ CIS Returns
✔️ Self Assessment Tax Returns
✔️ Year-End Accounts
✔️ Corporation Tax
✔️ Management Accounts
✔️ Business Support & Advice
✔️ Xero, QuickBooks & software support
✔️ Finance and bookkeeping training
✔️ Virtual finance support

But for us, it’s not just about the list of services.

It’s about the service you receive.

We want to know our clients, understand their businesses and — most importantly — have the time to actually help them.

💬 Looking for an accountancy firm where you're more than just a number?

Whether you're starting out, growing your business or simply want more support with your finances, we'd love to hear from you.

📩 Get in touch with Cofton Financial Limited today and let’s have a chat about how we can help.

Personal service. Professional support. A team that genuinely cares. 💙

17/08/2026

⚽❤️ Supporting our local community!

We’re incredibly proud to be supporting Bromsgrove Sporting Ladies as they start their FA Cup journey! 🏆

At Cofton Financial Limited, we believe in supporting the local businesses, organisations and communities around us wherever we can.

And we love seeing local women’s football going from strength to strength! 👏

This weekend, the team take another step in their FA Cup journey, and we want to wish all the players, coaches and everyone behind the scenes the very best of luck! 🍀

Come on, ladies! 💪⚽

If you’re local, why not head over to the Bromsgrove Sporting Ladies page, give them a follow, show them some support and cheer them on! 📣

Good luck this weekend from everyone at Cofton Financial! ❤️

14/08/2026

🚨 Thinking about cashing in your pension because of the upcoming Inheritance Tax changes? STOP AND CHECK THE TAX FIRST.

With new rules bringing most unused pension funds and pension death benefits into the scope of Inheritance Tax from 6 April 2027, some people may be tempted to withdraw their pension early.

But taking money out simply to avoid a potential future IHT bill could create a different tax problem today. 👀

💷 Taking a large pension withdrawal can push you into a higher Income Tax band.

And taking your whole pension in one go could mean a significant amount is taxed at 40% or even 45%, depending on your circumstances.

There are other things to consider too:

🔹 Your State Pension already uses most of the £12,570 Personal Allowance.

🔹 You don't necessarily have to take your tax-free pension cash all at once — you can often plan withdrawals over time.

🔹 Taking taxable pension income can trigger the Money Purchase Annual Allowance (MPAA), potentially restricting how much you can contribute to a pension in the future.

🔹 Taking money out also means that money is no longer sitting within your pension and potentially benefiting from future investment growth.

And importantly…

You don't have to make a decision just because the rules are changing.

The right decision will depend on your pension value, other income, age, IHT position, future needs and what you ultimately want to leave to your family.

📊 Tax planning isn't about reacting to one tax change. It's about looking at the whole picture.

Before making a large pension withdrawal, take a step back and understand:

👉 What Income Tax would you pay?
👉 What happens to your IHT position?
👉 What will you need the money for?
👉 Could spreading withdrawals across tax years work better?
👉 Are there other options available?

⚠️ Pension decisions can be difficult to reverse, so don't make a rushed decision based on headlines.

This post is for general information only and is not financial or personal tax advice. Pension and Inheritance Tax planning depends on your individual circumstances. Specialist financial advice should be obtained where appropriate.

13/08/2026

💷 Is your tax bill rising even though your tax rate hasn’t?

Here’s something many taxpayers may not realise…

The Personal Allowance has been frozen at £12,570 since April 2021 and is currently set to remain frozen until April 2031.

That means the amount you can earn before paying income tax hasn’t increased with inflation.

And that’s where “fiscal drag” comes in. 👀

As wages increase over time, more of your income can be pulled into the tax system — and some people are pushed into the 40% higher-rate tax band even though their purchasing power hasn’t increased significantly.

📊 According to analysis from the Institute for Fiscal Studies (IFS):

• The Personal Allowance has fallen by around 22% in real terms since 2021–22.

• Around 4.9 million more people are expected to be paying income tax in 2026–27 than if the allowance had kept pace with inflation.

• That figure could rise to around 6.1 million by 2030–31.

So what would happen if the Personal Allowance had increased with inflation?

The IFS estimates it could be around £16,070 today rather than £12,570.

But there’s a catch…

💰 Increasing the allowance would cost the government around £8.4 billion a year, and the biggest financial gains would go to middle and higher earners.

So the debate is:

Should the Personal Allowance rise with inflation, or is freezing it a necessary way to raise revenue without increasing headline tax rates?

And for individuals and business owners, there’s another important question:

👉 Are you reviewing your tax position as your income changes, or simply accepting the tax bill when it arrives?

With frozen thresholds and changing tax rules, tax planning matters more than ever.

💬 What do you think?

Should the Personal Allowance be increased with inflation — or should the government leave it frozen?

👇 Let us know what you think.

Source: Institute for Fiscal Studies (IFS), “Unfreezing the Personal Allowance”. This post is for general information and discussion and does not constitute personal tax advice.