Reken Integrated Accountants

12/12/2024

🎄Christmas 2024🎄

06/03/2024

SPRING BUDGET 2024

At a glance 👇

💷 2% cut to the main rate of national insurance from 10% to 8%

💷 Self employed national insurance cut from 8% to 6%

🏢 Abolished multiple dwellings relief

🏠 Reduced the higher rate of CGT on property sales from 28 to 24%

💷 VAT threshold increased to £90,000

👦 Reformed the High Income Child Benefit Charge

🏦 Introduced brand new ISA which allows an additional £5,000 annual investment

🏡 Abolished Furnished Holiday Lettings relief

✈️ Abolished the non-dom status

🚭 Introduced duty on va**ng products from October 2026 plus one-off

🍺 Frozen the fuel duty for the 14th year in a row for another 12 months, maintaining the 5p cut

🍺 Extended the alcohol duty freeze until February 2025

🎶 Made tax reliefs for orchestral productions permanent

🎭 £1bn in additional tax relief for creative industries over the next five years

18/12/2023

We would like to take this opportunity to wish you all a Merry Christmas and a Happy, healthy New Year.

As always, we think the money spent on sending cards could be put to better use, therefore instead, we will be donating to and instead.

The office closes for Christmas at 4.45pm on 21 December and will open again at 9am on 2 January. No one will be contactable in this period.

23/11/2023

ATUMN STATEMENT 2023- AT A GLANCE

Forecasts:
✅ Inflation dropped to 4.6% - halved this year.
✅ UK Economy - improved position & forecast position
✅ Borrowing - forecasted lower this year and next

KEY POINTS:

SMALL BUSINESS:
✅ Significant investments in business, manufacturing and AI
✅ Business Rates - Freeze small business multiplier for another year AND extended 75% business rates discount for retail, hospitality and leisure.
✅ Self-employed - plan to reform and simplify taxes:
- Class 2 NIC - to be abolished - saving £192 per year - but access to benefits retained
- Class 4 NIC - Currently 9% - reduced to 8% from April 2024
✅ Business Investment - ‘Full Expensing’ for investment in plant & machinery - now permanent.
✅ Procurement act - improving terms of payment from public sector

INDIVIDUALS:

✅ Reducing NI rate for employees from 12% to 10% - from 6th January 2024!
✅ National Living wage to increase to £11.44
✅ Universal credit & other benefits increasing by 6.7%
✅ Alcohol Duty frozen until 1st August 2024 🍻
✅ Pensions - triple lock retained - increasing by 8.5%
✅ Incentives / support for those to get back in to work
✅ Reform to fit note system - risk of losing benefits if non-compliant.

19/10/2023

We're hiring!

Reken Intergrated Accountants

16/03/2023

Budget 2023/24 at a glance 👀

❄️personal allowance and 40% tax threshold frozen at current levels until 2027/28

⬇️ 45% threshold lowered from £150,000 to £125,140

💸 Tax free dividend allowance falls from £2,000 to £1,000

🏡 Annual capital gains tax exempt amount falls from £12,300 to £6,000

👴 Pension saving threshold increases from 06 April from £40,000 to £60,000. Also the lifetime allowance, previously £1,073,100 has been abolished.

💷 ISA limit remains at £20,000

🏦 Main rate of corporation tax increases from 19% to 25%. Companies with £50,000 or less will continue to pay 19%

🏭Super deduction for limited companies will end on 31 March and replaced with 100% first year allowance for qualifying expenditure, without upper limit, for three years from 01 April 2023.

🚜 Annual investment allowance to be made permanent at £1,000,000 from April 2023

🔥 Energy price guarantee retained at £2,500 for average households for another three months to 01 July 2023

👶 Significant expansion of free childcare provision to be phased in from April 2024

⛽️ Fuel duty frozen, and temporary 5p reduction retained, for another year.

02/03/2023

Pay your tax before 3 March to avoid a penalty 💷

❕If you do not pay your 2021/22 self assessment liability, or agree a time to pay arrangement by 3 March 2023, in most cases HMRC will charge a penalty equal to 5% of the outstanding amount.

➡️HMRC need to receive payment for those amounts by midnight on 02 March.

➡️You need to setup a time to pay arrangement, either online through your government gateway, or over the phone by midnight on 02 March.

➡️The first late payment is calculated at 5% of the 2021/22 outstanding on 03 March 2023

13/02/2023

Now dust has now settled after both the tax and vat return filling deadlines, we must take stock and plan for the year to come.

I would like to publicly thank everyone on the team. Who, in possibly the most challenging of years, without their hard work, none of what we do could be possible.

To our clients, we will shortly be sending our our tax planning information, and please contact me directly to discuss.

Lastly, I would also like to congratulate Beth on passing her final AAT exam.

Our first apprentice, the guinea pig, the person who we have built our training processes and systems around.

Thank you for believing in my crazy ideas and blindly following me. What we have created is still a work in progress, but I really believe it has the ability to change accounting for small businesses.

Whatever comes next, well done all of you, you've smashed it!

22/12/2022

08/09/2022

Rest in peace Ma'am.

The thoughts of us all are with the Royal Family at this time.