Remote Accounting Services Ltd

10/05/2024

We're heading to the Dentistry Show at the NEC Birmingham on 17 and 18 May 2024. 🦷

Find us, along with our partners The First Principle and CISEO, at stand L24!

18/03/2024

Discover our in-depth analysis of the Spring Budget 2024. 🌼 📉

Here is a quick summary of the announcements:

1. National Insurance: From April 2024, the main rates of Class 1 and Class 4 employee NICs will be reduced from 10% to 8% and from 8% to 6%, respectively, following a 1% cut announced in the 2023 Autumn Statement.

2. High Income Child Benefit Charge (HICBC): The threshold for HICBC will rise from £50,000 to £60,000 in April 2024. The withdrawal rate will be halved so that Child Benefit is not fully withdrawn until individuals earn £80,000 or more, replacing the current system.

3. Taxation of non-doms: The tax regime for non-UK domiciled individuals will be abolished and replaced with a new residence-based regime from April 2025, ensuring all UK residents pay the same tax on foreign income and gains after staying in the UK for over four years.

4. Capital Gains Tax: The higher rate of Capital Gains Tax for residential property disposals will be reduced from 28% to 24% from April 2024.

5. Stamp Duty Land Tax: Multiple Dwellings Relief will be abolished from 1 June 2024, impacting those purchasing multiple properties in a single transaction.

6. Furnished holiday lettings: From 6 April 2025, landlords letting short-term furnished holiday properties will lose a tax advantage.

7. Fuel duty: The freeze on fuel duty will continue for another year by extending the temporary 5p cut and not adjusting duty rates with inflation.

8. Alcohol duty: Duty on alcohol will be frozen from 1 August 2024 until 1 February 2025, extending the previous six-month freeze.

9. To***co and va**ng duties: From October 2026, a new duty on va**ng products and an increase in to***co duty will be introduced, aiming to incentivize va**ng over smoking.

10. Air passenger duty: Rates for premium economy, business, first class, and private jet passengers will increase by more than forecast inflation from 2025/26 to account for recent high inflation, otherwise set to increase by inflation.

11. VAT threshold: The VAT threshold will rise from £85,000 to £90,000 in April 2024.

12. Energy profits levy: The levy introduced in May 2022 will be extended to 2028/29 in response to rising oil and gas company profits.

13. Household Support Fund: Extended by six months to September 2024, the Household Support Fund allows discretionary payments to help those most in need with food, energy, and water bills.

Personal TaxRates, Allowances and ThresholdsThe Autumn Statement confirms that the main personal allowance and the 40% threshold will be maintained at their 2022/23 levels until the end of 2027/28, resulting in a tax increase as income rises annually.The threshold for the

29/01/2024

Side Hustlers Beware! New HMRC Rules

You may or may not be aware of recent developments involving HMRC, which has introduced fresh regulations from 01 January 2024 impacting online platforms such as eBay, Vinted, Etsy, and many others. These rules mandate that these platforms must now keep records of users' earnings on their platforms and submit this financial data to HMRC.

In addition to income reporting, these platforms are required to furnish the following details about their sellers:

✅ Sales Income
✅ Full Name
✅ Date of birth
✅ Address
✅ Bank Account Details

What this essentially means is that if you haven't been disclosing your income from these online platforms and paying the relevant taxes, HMRC is poised to uncover your supplementary income sources and charge penalties and/or interest.

There are exemptions for "occasional" sellers, defined as individuals who engage in fewer than 30 transactions throughout the calendar year, with a total income not exceeding £2,000, or whose side hustle generates less than £1,000 (before deducting expenses). Such sellers are unlikely to attract the attention of HMRC.

Moreover, if you are primarily selling items you no longer need, such as old clothing or books, often at prices lower than your initial purchase cost, and your activities lack a pattern of regularity, organisation, or explicit intent to generate profit, then you are not considered to be engaged in a trade. In such cases, you are less likely to fall within the purview of the new tax regulations.

If you do fall under these new rules, it will necessitate your registration for self-assessment, requiring you to declare your income from your side business and comply with tax obligations accordingly.

Check if you need to submit by getting in touch with us at [email protected].

You may or may not be aware of recent developments involving HMRC, which has introduced fresh regulations from 01 January 2024 impacting online platforms such as eBay, Vinted, Etsy, and many others. These rules mandate that these platforms must now keep records of use

22/11/2023

Autumn Budget 2023: Highlights

Take a look at our latest post about the Autumn Budget. Here are the key highlights:

Personal Tax

✅ Employees Class 2 NICs reduced from 12% to 10%.
✅ Class 4 NICs for Self-Employed will be reduced from 9% to 8%.
✅ Class 2 NICs for Self-Employed will be scrapped completely.

Business Tax

✅ The Full Expensing Allowance will be extended permanently.
✅ A Business Rates Support Package will help high streets and small businesses.
✅ The two R&D schemes will be merged in April 2024.

Wages and Welfare

✅ The National Living Wage will be increased To £11.44 (Including 21s)
✅ The National Minimum Wage will be increased to £8.60 for 18 to 20s.
✅ The National Minimum Wage will be increased to £6.40 for 16 to 17s.
✅ Reform will be taking place to the Work Capability Assessment.
✅ The Local Housing Allowance will also be increased.
✅ The State Pension will be increased by 8.5% in April 2024.

Economy

✅ Extra investment of £4.5bn between 2025 and 2030 in manufacturing.
✅ New investment zones in Wrexham, Manchester, the West and East Midlands.
✅ Inflation is expected to fall to 2.8% by the end of 2024.

For further details, read our full blog here:

Jeremy Hunt says the government has taken difficult decisions to put the economy back on track and halve inflation, but “the work is not done”.

10/11/2023

Happy International Accounting Day! Today also marks the beginning of our online video content journey. We’ll share everything accounting-related, from industry news to client success stories and helpful education.

Follow our social media platforms to make sure you don’t miss our first post:

YouTube - https://buff.ly/3FRJRH9
Instagram - https://buff.ly/47tqYWQ
TikTok - https://buff.ly/47nTbyo
Facebook - https://buff.ly/3FPmP3X
LinkedIn - https://buff.ly/3FTKEaM
Twitter - https://buff.ly/49u9rj4

Fun Fact: The father of modern accounting is Luca Pacioli, who in 1494 first described the system of double-entry bookkeeping. While he was not the inventor of accounting, Pacioli was the first to describe the system of debits and credits in journals and ledgers that is still the basis of today's accounting systems!

Maybe it's not that fun, but it is a fact…

05/07/2023

A Beginner's Guide To The Balance Sheet

Understanding financial statements is essential for anyone looking to gain insights into a company's financial health. Among the three main financial statements, the balance sheet holds a pivotal role.

Understanding financial statements is essential for anyone looking to gain insights into a company's financial health. Among the three main financial statements, the balance sheet holds a pivotal role.

28/06/2023

Liability

Liability refers to the legal and financial responsibility or obligation of an entity to compensate or fulfil obligations to another entity.

26/06/2023

Understanding Inheritance Tax: When and How

This post aims to shed light on the Inheritance Tax system, outlining the circumstances that trigger its payment and providing guidance on managing this financial obligation.

This post aims to shed light on the Inheritance Tax system, outlining the circumstances that trigger its payment and providing guidance on managing this financial obligation.

21/06/2023

Dental Associate Expenses Guide

Take a look at our detailed guide on the expenses you can claim as a dental associate. Not sure about some of your expenses? Comment below ⬇️

https://www.remoteaccounting.org.uk/resources/our-blogs/dental-associate-expenses-guide/

16/06/2023

BrightPay Payroll Cloud

BrightPay is a comprehensive payroll software solution that simplifies the payroll process for businesses of all sizes. It offers a range of features and functionalities that help streamline payroll management, such as automated calculations, direct integration with HMRC, and the ability to handle complex payroll scenarios.

BrightPay is a comprehensive payroll software solution that simplifies the payroll process for businesses of all sizes. It offers a range of features and functionalities that help streamline payroll management, such as automated calculations, direct integration with HMRC, and the ability to handle c...