A Mind of Figures Ltd Accountants

👜 THE BUDGET...is this a Reeves' Treat or a Halloween Horror Show?! 💀 Employers National Insurance increased from 13.8% to 15% from 06/04/2025 💀 National Insurance secondary threshold reduced from 9,100 to 5,000 until 06/04/2028 💀 Employment allowance increased from 5,000 to 10,500 & removal of 100,000 threshold 💀 Capital Gains Tax increased from 10% to 18% in the lower bracket & from 20% to 24% in the higher bracket 💀 0% Stamp Duty threshold for first time buyers 💀 Stamp Duty rise on second homes from 3% to 5% 💀 Minimum Wage increased to £12.21ph for 21+ years, £10ph for 18-20 years, £7.55ph for 16-17 years (also includes apprentices) 💀 Private Independent Schools hit hard as VAT exemption removed & business rates now being payable 💀 Inheritance Tax Rates frozen until 2030 What are your thoughts on these changes? Should you need guidance on how this will affect you and support with your business going forward contact us now! #Budget2024

🔎 Check you National Insurance shortfalls The new Check your State Pension forecast online tool is now live and is a joint service run by HMRC and the DWP. The handy tool calculates whether any outstanding contributions are need to ensure the individual receives the full state pension when they retire. The tool shows taxpayers how much their state pension could increase and details of the voluntary NI contributions they would need to pay to achieve this. It allows most people under state pension age to view gaps in their NI record and pay voluntary contributions to fill those gaps if it will benefit them. The state pension age is set to rise to 67 years between 2026 & 2028 for those born from 1 April 1960, and to 68 years between 2044 & 2046. From 6 April 2025, people will only be able to pay voluntary contributions for the previous six tax years, in line with normal time limits. Taxpayers will need to login to the new digital service using their Personal Tax Account login details or through the HMRC app. Those without an online HMRC account can register on gov.uk #AMOF #Pension #NationalInsurance #pensioncontribution #nationalinsurancecontribution #planningahead #retirement #retirementplan #voluntarycontributions

⛽ HMRC advisory fuel rates for company car users from 1 June 2024 The advisory fuel rates that apply from 1 June 2024 have been amended by HMRC. The previous rates, effective from March 2024, can be used for up to one month from the date the new rates apply. The rates only apply in the following circumstances: ⛽ reimburse employees for business travel in their company cars; or ⛽ require employees to repay the cost of fuel used for private travel. These rates cannot be used in any other circumstances. When employees are reimbursed for business travel in their company cars, HMRC will accept there is no taxable profit and no Class 1A national Insurance to pay. HMRC reviews rates quarterly on 1 March, 1 June, 1 September & 1 December #fuelrates #fuelrates2024 #companycar #AdvisoryFuelRates #businesstravel #AMOF

🎉 Happy Birthday to our Accounts & Tax Senior, Kimberley. We hope you have an enjoyable day off 🎂

‼ VAT repayment scam ‼ Be extra vigilant as there has been a surge in fraudulent activity affecting VAT repayments from HMRC with certain sectors being targeted such a businesses in construction 👷♂️ food 🍕 and farming 🚜 Fraudsters are disguising themselves as taxpayers to alter bank account details on HMRC’s online portal, with monthly/quarterly VAT repayments then diverted to a third party! So check your account details and If you have been affected report the fraud immediately to HMRC direct, providing the reference of the affected VAT registration number - Telephone: 0800 788 887 #hmrcfraud #VATrefund #hmrcscam #repayments #vatrepayments

📅 REMINDER: Calendar of Tax Dates for 2️⃣0️⃣2️⃣4️⃣ / 2️⃣5️⃣ Understanding the calendar of key tax dates is crucial for effective planning and meeting your financial responsibilities. Here is a month-by-month breakdown of the significant dates for the 2024/25 tax year. Each of these dates carries its own set of responsibilities and implications for both individuals and businesses. Staying aware of these deadlines ensures compliance and can help in better financial planning. Here at #AMOF we assist our clients in keeping track of these important dates, offering expert advice to navigate through the tax year seamlessly. #TaxDates #TaxCalendar #accountantsupport

👏 Fully funded apprenticeships for small business launched! The PM has announced £60m in additional new funding to pay for apprenticeships in small businesses from 1 April by paying the full cost of training for anyone up to the age of 2️⃣1️⃣ This is designed to reduce costs and burdens for businesses and deliver more opportunities for young people to kick start their careers 👩💻 The announcement also included changes to the apprenticeship levy 🛠 This will remove the need for small employers to meet some of the cost of training and saves time and costs for providers like further education colleges who currently need to source funding separately from the government and businesses 💻 In addition there will be an increase in the amount of funding that employers who are paying the apprenticeship levy can pass onto other businesses. Apprenticeships can currently be funded by a levy paying employer transferring up to 25% of their unused levy to a different employer; this transfer limit will go up to 50% of funds to support other businesses, including smaller companies, to take on apprentices 🤝 The small business move is backed by an additional £60m of new government funding for next year. Since 2010, 5.7 million people have started an apprenticeship. #apprenticeship #apprentice #apprenticeshipfunding #smallbusiness

⚠ Don’t get hit by £10 a day self assessment penalty From 1 May, taxpayers who have not yet filed overdue self assessment tax returns for 2️⃣0️⃣2️⃣2️⃣ - 2️⃣3️⃣ will face an additional late filing penalty of £10 per day, up to a maximum of £900 ➕ This is in addition to the £100 late filing penalty for missing the deadline for filing self assessment tax returns online by 31 January❗ ➕ Additional penalties are also levied for late payment of the tax due – 5% of the tax due at 30 days, six months, and 12 months – along with interest charged on the unpaid tax at 7.75%, the highest rate in over 20 years 😲 The £10 penalties accrue on a daily basis and will quickly mount up so DON'T DELAY, GET IN TOUCH TODAY! 📞 01924 682113 📧 [email protected] #AMOF #maydeadline #selfassessment #hmrcpenalties #selfassessmentpenalty #taxreturn

WE ARE RECRUITING... 2 x Semi-Senior Accountants; and 1 x Client Manager Working at #AMOF you will receive: * A competitive salary * Pension contribution * Day off on your birthday * A bonus holiday on every work anniversary * Personal & career development * Excellent work/life balance working only 4 days a week * Paid lunchbreak * Free parking outside the office * Social events throughout the year If you are interested in knowing more then send your CV and a covering email to [email protected] - we look forward to hearing from you 💡 #AccountantJobs #Recruitment #accountancyjobs #Horbury #Wakefield #wearerecruting