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Michael Sands Chartered Accountant Ltd

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Michael Sands Chartered Accountant Ltd

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Experienced Chartered Accountant providing a personalised service for individuals, partnerships, sole-traders and limited companies.

16/08/2026

🏠 VAT on Self Builds: What You Need to Know

If you're building your own home, you may be entitled to reclaim VAT on certain costs through HMRC's DIY Housebuilders' Scheme. Understanding the rules from the start can help maximise your claim and avoid costly mistakes.

💷 When VAT is chargeable
Most building materials purchased from suppliers will include VAT. Knowing where VAT applies can help you budget accurately throughout the build.

📋 How to reclaim VAT on costs
Once the build is complete, self-builders can submit a claim to HMRC for eligible VAT incurred on qualifying materials. Good record keeping is essential.

🧱 Eligible materials and expenses
Many materials that become part of the finished property may qualify for reclaim. However, some items, appliances and professional services may not be eligible, so it is important to understand the distinction.

⚠️ Key rules and common pitfalls
• Keep all VAT invoices and receipts.
• Ensure invoices are made out correctly.
• Submit your claim within HMRC's deadline.
• Check eligibility before making significant purchases.

A successful VAT reclaim can often be worth thousands of pounds, making it well worth getting the paperwork right from day one.

📞 Planning a self-build? Get in touch with MSCA for advice on the VAT implications and how to maximise your claim.

20/12/2025

Let's be honest: this wasn’t the "growth" budget many of us were hoping for. While there was plenty of talk about long-term stability, there was very little in the way of immediate wins for the average working person or small business owner.

In fact, with tax thresholds still frozen for the foreseeable and new pressures like the Dividend Tax hike, many will actually feel a "stealth" squeeze on their take-home pay. When your pay goes up with inflation, but the tax-free income levels stay the same, you end up paying a larger portion of your income in tax without the government officially raising tax rates, slowing the economy.

The reality? You’re going to have to work harder to keep what you earn. I’ve broken down the most important shifts you need to prepare for in the slides.

The UK tax system is becoming increasingly complex; engaging a professional ensures you avoid expensive pitfalls and maximize every relief still available to you.

21/08/2025

I am seeking a bookkeeper in the Newry area for some part time and ad hoc work. Please PM me for more details.

Many thanks

12/05/2025

Attention all Self-Employed Individuals and Landlords.

Making Tax Digital (MTD) for income tax is a new system for recording and reporting income and expenses if you are self-employed and/or receive property income. This will eventually affect those with a combined annual gross income of more than £20,000.

This change will result in five submissions to HMRC each year instead of the usual single self-assessment income tax return submission.

Start Dates:

- From 6 April 2026, for those with annual gross income of over £50,000 from self-employment and property letting.

- From 6 April 2027, for those with annual gross income of more than £30,000 and up to £50,000 from self-employment and property letting.

- From 6 April 2028, for those with annual gross income of more than £20,000 and up to £30,000 from self-employment and property letting.

Digital Records:

The new requirement to maintain business records digitally means that a digital record-keeping system will have to be used.

Quarterly Updates:

Quarterly updates will have to be submitted to HMRC to declare business/property income and expenses for the period covered by the update.

Making Tax Digital is no longer on the horizon - its nearly here!

This is a big shift but with the right support it doesn't have to be stressful.

At Michael Sands Chartered Accountant Ltd we help clients:

- Choose HMRC Compliant Software
- Understand what records are needed
- Get ahead of the deadlines.

Get in touch today to discuss how we can help you navigate these changes.

01/01/2025

Happy New Year! Wishing all of our clients success, happiness, and exciting opportunities in 2025.

#2025

07/12/2024

Our practice has teamed up with Vantage Fee Protect to offer Tax Investigation Insurance.

As HMRC continues to increase its scrutiny on businesses and individuals, the risk of being selected for a tax investigation has never been higher. Even if your tax affairs are in order, investigations can occur randomly or due to minor discrepancies. The accounting industry has noted an increase in the number of HMRC enquiries in the last number of months.

The Risk:

• Random Selection: HMRC can investigate any individual or business without warning.
• Expensive and Disruptive: Investigations can be time-consuming and costly, often requiring professional assistance to resolve, which can lead to unforeseen expenses.

Benefits of the Fee Protection Service:

• Covers Professional Fees: All accountancy fees related to handling an HMRC investigation will be covered under this service.
• Expert Support: We will manage the entire enquiry process on your behalf, allowing you to focus on your business or personal matters.
• Peace of Mind: Whether you’re an individual or a company, you’ll be protected against unexpected fees.
• You will also get free access to a Business Legal helpline and a separate Employment Law, Health & Safety helpline.
• It will not be necessary to accept unreasonable tax charges by HMRC due to concerns about professional fees.

This is a small price to pay for the security of knowing that if HMRC investigates, you’ll have full support without the worry of additional costs.

Get in touch today to find out more.

29/11/2024

The change in taxation will come into effect from 1 April 2025 for corporation tax and 6 April 2025 for income tax, where double-cab pickups will then be treated as cars for the purposes of capital allowances, benefits in kind, and some deductions from business profits.

This news comes after a U-turn on the same decision in February, where HMRC announced double-cab pickups were to be classed as cars not vans for income tax, only to reverse that decision a week later – and double-cab pickups were back to being vans.

Eight months later, the dizzying double-cab roundabout has had another tyre-screeching U-turn with the new government’s decision to steer the taxation of double-cab pickups back to being cars.

The existing capital allowances treatment will apply to those who purchase double cab pick-ups before April 2025.

It follows years of debate around legislation defining the tax treatment of when a vehicle is a van or a company car.

This represents a significant increase in overall tax payable for both self-employed businesses and limited companies.

However with proper planning any increase in tax liabilities can be mitigated!

02/11/2024

This is the first Budget from a Labour government since March 2010, and the first ever from a female Chancellor.

The Budget is a statement made by the Chancellor to MPs in the House of Commons, presenting the government’s plans for the economy, including changes to taxation and spending.

For the working population in general there isn’t any significant impact. However, there are critical tax changes for employers, property investors, large estate owners and those planning on disposing assets whether business related or otherwise.

Some of the effects of the budget are immediate and a summary of the main highlights are as follows:

• The main rates of capital gains tax will increase with immediate effect to 18% for non and basic rate taxpayers and 24% for higher and additional rate taxpayers. The rate for business asset disposal relief will rise to 14% for 2025/26 and 18% from 2026/27.

• Inheritance tax (IHT) business and agricultural 100% reliefs will be capped at a combined total of £1 million from April 2026. Above that, the rate of tax relief will be 50%.

• Unused pension funds and death benefits will form part of a person’s estate for IHT purposes from 6 April 2027.

• The additional Stamp duty (SDLT) rate for second homes and buy-to-let properties increases from 3% to 5% from 31 October 2024. The temporary increases in the 0% SDLT band for first time and other property buyers will end on 31 March 2025.

• The main rate of class 1 employer national insurance contributions (NICs) will be increased from 13.8% to 15.0% with effect from 6 April 2025 and the secondary threshold at which NICs are payable will be reduced from £9,100 to £5,000.

• Subscription limits for individual savings accounts (ISAs), Junior ISAs and Lifetime ISAs will be frozen until April 2030.

Speak to a professional today to discuss these developments and how they may impact you.

30/09/2024

Welcome to my page!

I’m committed to providing first-class, personalised accounting services to all my clients, no matter the complexity or unique circumstances. As an award-winning Chartered Accountant with extensive experience in both practice and business, I’m uniquely positioned to deliver exceptional support and results.

Whether you’re just starting out in business, an employee, or a seasoned entrepreneur, I strive to add value and offer tailored solutions that meet your specific needs. I take the time to understand your goals, ensuring the advice and services you receive are aligned with your vision.

Your success is my priority, and I’m ready to help you achieve it. Let’s work together to take your financial future to the next level!

Address

22 Turmore Road
Newry

Telephone

+447845312099

Website

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