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Monday 9:30am - 5:30pm Tuesday 9:30am - 5:30pm Wednesday 9:30am - 5:30pm Thursday 9:30am - 5:30pm Friday 9:30am - 5:30pm

Stephen Farra Associates

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Stephen Farra Associates

We are a well established firm of Chartered Certified Accountants, specialising in tax advice and business consultancy based in Hornchurch, Essex

14/08/2026

📊 Bookkeeping shouldn't feel like a mystery.

Whether you're a sole trader or running a limited company, you need clear records of what comes in and what goes out. But as a creative, your income doesn't always look like a typical 9 to 5, project fees, royalties, grants, overseas platforms, crowdfunding.

At Stephen Farra Associates, we build simple, creative, friendly bookkeeping systems that actually fit how you work. No jargon, no judgement, just a calm, practical plan so you always know where you stand with HMRC.

From tracking income and claimable costs to untangling director's loans, salary and dividends, we speak your language and keep you compliant without the stress.

Ready to swap the spreadsheet panic for a system you can stick with? Let's talk.

10/08/2026

💡 THINGS YOUR ACCOUNTANT WON’T TELL YOU. BUT WE WILL.

You became a creative to make great work, not to become an expert in tax, company law and Companies House.

At Stephen Farra Associates, we understand that creative businesses work differently. Lumpy income, late payments, changing projects, collaborations, retainers, usage fees and the occasional project that takes off unexpectedly.
We don’t just tell you “set up a limited company” or “stay a sole trader”. We explain what those choices actually mean for your business, your money and your future, in plain English.

From tax planning and business structures to collaborations, growth and succession, we help creative businesses make informed decisions without the jargon or scare tactics.

A few things we can help you understand:
✅ Whether a limited company is right for you
✅ How to pay yourself efficiently
✅ What different business structures actually mean
✅ How to plan for growth and future opportunities
✅ When a new structure is worth it, and when it isn’t

At Stephen Farra Associates, we believe financial advice should be clear, practical and relevant to the way creative businesses actually work.

📩 Get in touch to find out how we can help your creative business.

09/08/2026

🎨 Should creatives trade as a limited company?

Many freelance creatives start out as sole traders — and that's often the right call early on. But as income grows and projects get bigger, a limited company can offer real advantages:

✅ Personal asset protection — the company is a separate legal entity, so your home and savings are generally shielded from business debts
✅ Cleaner separation of business and personal finances, with flexibility over how you pay yourself (salary, dividends, or reinvesting profit)
✅ Added credibility with agencies, brands, and larger clients — a limited company can signal you're established and serious
✅ Easier to bring in partners or collaborators through shares

Of course, it's not without trade-offs — more admin, filing requirements at Companies House, and less privacy than being a sole trader.

The right structure really comes down to your scale and ambition. At Stephen Farra Associates, we help creatives weigh up the options and choose what fits their business.

07/08/2026

Keeping the books straight for small media, creative and photography businesses 📊

Running a creative business? Your talent is the work, but the numbers still need to add up.
Even as a one person company, the law expects proper records: invoices, receipts, bank statements, and a clear yearly set of accounts. It's not just admin, it's a legal document that goes on public record, and it shapes how clients, banks and investors see you.
A few habits make all the difference:
✅ Keep every invoice and receipt
✅ Use a separate business bank account
✅ Reconcile your books regularly
✅ Track your kit and when you bought it
✅ Set simple "house rules" for invoicing, deposits and project sign-off
File late or file messy accounts, and it's not just a fine, it's your reputation on the line.
At Stephen Farra Associates, we help creative businesses keep their numbers boring, steady and reliable, so you can focus on the work that matters.
📩 Get in touch to make sure your books are working for you, not against you.

01/08/2026

🏛️ HMRC Employer Bulletin – June 2026 is here!

Stay ahead of the latest payroll and employment updates 👇

✅ PSA agreements – mailbox closure alert
✅ Mandatory payrolling of benefits in kind – phased rollout confirmed
✅ CIS monthly returns – file on time or face penalties ⚠️
✅ Low Earner's Pension Payment – what it means for employers
✅ Employment Rights Act 2025 – key actions to take now
✅ Encourage your team to file tax returns early 📝

At Stephen Farra Associates, we help you stay compliant and stress-free. Get in touch to see how these changes affect your business. 💼

🔗 Read the full bulletin: gov.uk/government/publications/employer-bulletin-june-2026

31/07/2026

🚗 HMRC Mileage Rates Just Went Up!

Great news for employees and the self employed using their own vehicle for business travel. The approved mileage rate has risen from 45p to 55p per mile for the first 10,000 business miles (effective 6 April 2026), the largest increase in 15 years! The rate for miles over 10,000 remains at 25p.

This move is designed to ease the pressure of rising fuel costs, and could save a worker doing 6,000 business miles over £120 a year.

Got questions about how this affects your business or personal tax position? Get in touch with the team at Stephen Farra Associates today.

30/07/2026

📢 Good news for small businesses and the self employed struggling with finances

The Treasury has announced a £4 million funding boost over three years to strengthen business debt advice services, building on the success of the Business Debtline (delivered by Money Advice Trust).
✅ An additional 16,000 businesses to benefit, taking the total to 75,000 over the next three years

✅ A further £2 million this year to help modernise debt advice services
Economic Secretary to the Treasury, Rachel Blake, said: "Small businesses are the backbone of our economy, and we know they sometimes need a helping hand when times get tough."
If you're a business owner feeling the financial pressure, support is out there, and it's getting stronger. Get in touch with Stephen Farra Associates if you would like advice on managing your business finances.
🔗 Read more: GOV.UK

24/07/2026

🍽️ Hospitality sector calls for VAT relief

UKHospitality has launched the campaign, calling on the government to cut VAT for the hospitality sector to 10%, bringing the UK in line with European levels. The campaign is backed by industry heavyweights including the British Beer and Pub Association, the British Institute of Innkeeping, CODE Hospitality — and chef Tom Kerridge, who says a VAT cut is "the key to unleashing hospitality's potential to grow and thrive."

With the sector under sustained pressure, this could be a significant moment for pubs, restaurants and hotels across the UK. We'll be watching closely to see how this develops and what it could mean for our hospitality clients.
If you run a hospitality business and want to understand how changes like this could affect your finances, get in touch with the team at Stephen Farra Associates.

23/07/2026

Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA) is here.

If you're self employed or a landlord, the new rules may affect you. At Stephen Farra Associates, we're here to help you understand your obligations, keep digital records, and stay compliant with quarterly reporting requirements.

We can also assist with software, digital record keeping, and the submission process.

📩 If you're unsure whether MTD for ITSA applies to you, get in touch with our team today.

22/07/2026

📢 Do you have an HMRC Government Gateway account?

As HMRC continues to move towards digital services, having access to your Government Gateway account is becoming increasingly important.
If you already have an account, make sure you keep your User ID and password safe. If you don't have one yet, we encourage you to set one up as soon as possible.
Need help getting started or accessing HMRC's digital services? We're here to help! Get in touch with the Stephen Farra Associates team for guidance and support.
📧 [email protected]

Address

98 Hornchurch Road
Hornchurch
RM111JS

Opening Hours

Monday	9:30am - 5:30pm
Tuesday	9:30am - 5:30pm
Wednesday	9:30am - 5:30pm
Thursday	9:30am - 5:30pm
Friday	9:30am - 5:30pm

Website

https://www.stephenfarra.com/

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