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Raymond's Accountants & Tax Consultants

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Raymond's Accountants & Tax Consultants

Our company motto is “you grow we grow”, we will do all that we can to assist you so that your b

12/06/2026

UK economy contracts for first time since last August

The recent data from the Office for National Statistics (ONS) highlights a concerning trend in the UK's economic performance, with GDP experiencing a slight decline of 0.1% in April. This follows modest growth in the preceding months, indicating a volatile economic environment.

The fall in GDP was primarily driven by a 0.2% decrease in the services sector, which plays a crucial role in the country's economy. Notably, the arts, entertainment, and recreation sectors suffered significantly, with a 4.3% drop, exacerbated by a 9.1% contraction in the sports industry due to the cancellation of major events in the Middle East amid ongoing conflicts.

Despite these challenges, construction and manufacturing sectors provided some resilience, with marginal growth. The broader context includes a squeeze from the Iran conflict, which has also impacted retail sales, particularly in fuel, as rising petrol and diesel prices take their toll on consumer spending. This economic snapshot underscores the complexities facing the UK economy as it navigates geopolitical tensions and domestic challenges.

11/06/2026

Tax fraud warning on use of bills of exchange

The warning issued by HMRC against the use of ‘Bills of Exchange’ for paying tax liabilities highlights a critical issue within the recruitment and temporary labour sectors.

Promoters of such schemes may present them as legitimate alternatives for settling tax obligations, but HMRC firmly rejects these instruments as valid forms of payment. Taxpayers who fall for these schemes risk incurring additional interest, penalties, and even enforcement actions to recover outstanding debts.

To avoid such consequences, it is crucial for individuals and businesses to conduct thorough due diligence and seek independent professional advice before engaging in any financial arrangements that appear unconventional or suspicious. This proactive approach can help safeguard against potential legal and financial repercussions.

10/06/2026

75% of CFOs sidelined from major investment decisions

The EY DNA of a CFO report illuminates the evolving role of CFOs in shaping their organizations' strategic directions, revealing both opportunities and challenges. While finance leaders are generally involved in the initial stages of investment assessment, only one in four actually lead critical investment decisions and major capital expenditures

This indicates a potential gap in the influence of CFOs, despite the expectation that they should play a significant role. The survey also uncovers a perception within businesses that finance functions primarily as an "enablement function" focused on operational support rather than strategic insight, with 38% of respondents sharing this view. Contributing to this perception are factors such as a predominant focus on technology investments aimed at enhancing efficiency (52%) and a lack of diversity in experience within finance teams (40%).

These findings suggest that for CFOs to fully realize their potential as strategic leaders, there needs to be a shift towards fostering diverse skills and leveraging technology for generating insights rather than merely improving efficiency.

09/06/2026

P&L accounts will be mandatory for small companies from April 2028

In a significant policy shift, the government has announced changes to the requirements for small companies and micro-entities regarding the filing of balance sheets and profit and loss (P&L) accounts. Starting April 2028, these businesses will need to file more detailed financial accounts. However, due to extensive lobbying, they will be granted an opt-out from having their complete financial details publicly available on Companies House.

This decision aims to balance transparency with privacy concerns for smaller enterprises. Additionally, the government will abolish the practice of filing abridged accounts, indicating a move towards greater uniformity in financial reporting. Business owners are advised to prepare for these changes, which reflect a nuanced approach to financial disclosure, catering to both regulatory requirements and the need for business confidentiality.

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08/06/2026

SNP calls in HMRC to investigate VAT breaches at political party

The recent developments involving Peter Murrell, the former CEO of the Scottish National Party, have prompted the First Minister of Scotland to request an investigation by HM Revenue and Customs (HMRC) into potential VAT breaches. Allegations have emerged that Murrell used fake invoices and accounts to conceal a lavish lifestyle, raising serious concerns about financial misconduct.

The First Minister's call for HMRC to investigate underscores the importance of transparency and accountability within political organizations. This situation highlights the broader issue of financial integrity and the necessity for robust oversight mechanisms to prevent and address such malpractices. As the investigation progresses, it will be crucial for the involved parties to cooperate fully and ensure that justice is served, maintaining public trust in political institutions.

Murrell, the estranged husband of former first minister Nicola Sturgeon last week admitted embezzling £400,310.65 from the party while in charge as chief executive.

04/06/2026

HMRC finalises £500m contract for phone and contact centre system

The major overhaul of HMRC's telephone and customer service centre is set to transform the agency's interaction with taxpayers by implementing a cutting-edge Contact Centre as a Service (CCaaS) system, thanks to a £500 million contract with Capgemini.

Over the next decade, this initiative will migrate HMRC's legacy infrastructure to a cloud-native platform, leveraging AI to enhance customer experience. The new system aims to address the deficiencies of the current outdated setup, which has struggled to meet customer support expectations.

While HMRC is pushing for extensive digitisation of its services with an online-first approach slated for completion within four years, the necessity for efficient phone support and improved record management persists. This transformation is expected to not only streamline operations but also significantly boost customer satisfaction by providing a more responsive and intelligent service experience.

03/06/2026

Official HMRC manual on tax adviser registration clarifies rules

The introduction of the HMRC’s mandatory tax adviser registration has been a significant development for tax advisers, accountants, and conveyancers in the UK. Starting from May 18, these professionals have been required to register with HMRC, with staggered sign-up dates for different sectors. Initially, the process was met with confusion due to fragmented updates from HMRC.

However, the recent release of the comprehensive manual MTAR10000-20000 aims to provide clearer guidance on compliance rules. This manual is intended to streamline the registration process and ensure that all tax professionals are adhering to the new regulations. Despite this effort, many still find the process challenging to navigate, highlighting the need for continued communication and support from HMRC to facilitate a smooth transition into this new regulatory framework.

02/06/2026

Government plans 300k work experience

The initiative to create 300,000 placements for young people represents a significant effort to address the challenges faced by those classified as NEETs—individuals not in education, employment, or training.

This move is a direct response to the concerns highlighted in Alan Milburn's interim report, which criticized the current state of opportunities available to young people. By providing hands-on experience and skills development, these placements aim to bridge the gap between education and employment, equipping young individuals with the necessary tools to succeed in the workforce.

Over the next three years, this initiative is expected to not only enhance the employability of young people but also contribute to reducing unemployment rates and fostering economic growth. Such targeted interventions are crucial in ensuring that the next generation is better prepared for the challenges of the modern labor market.

Milburn wrote: ‘We are at risk of a lost generation. Shockingly, six in 10 young people who are NEET today have never had a job, up from four in 10 in 2005,’

01/06/2026

HMRC fuel advisory rates hiked from 1 June 2026

As of 1 June 2026, the newly implemented split advisory electric rates for public charging and domestic use remain unchanged, offering stability in energy costs for electric vehicle users.

Companies with fleet vehicles charged at both public and residential locations can allocate mileage based on the proportion of charging at each site, ensuring a "fair and reasonable" calculation as per HMRC guidelines. Meanwhile, the advisory fuel rates for petrol and diesel have increased significantly from the previous quarter, influenced by Brent crude prices hovering around $100 per barrel due to the closure of the Strait of Hormuz.

This shift marks the first adjustment in a year, with HMRC setting a baseline of £1.88.8 for diesel and £1.56.8 for unleaded petrol, reflecting the rising fuel expenses drivers face. Additionally, LPG prices have returned to levels noted by HMRC at the end of last year, further impacting fuel budgeting for businesses and individuals alike.

31/05/2026

Raymond's Accountants is dedicated to making financial management effortless for you. We know that handling finances can be daunting, which is why our team is prepared to manage everything from tax returns to detailed financial accounts. Our aim is to eliminate financial stress so you can concentrate on your core business activities. By entrusting your financial needs to us, you gain a reliable partner committed to enhancing your financial acumen and success. Contact us via phone or email to discover how we can elevate your financial strategy. Let's work together to achieve financial clarity and success.

Address

Social Economy House
West Bromwich
B708ET

Opening Hours

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

Website

http://raytax.co.uk/

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