Chris Norris

Accountants & bookkeepers! 📣 Summer’s arrived, and if the sun’s playing hide and seek, it’s the perfect time to dive into some CPD-accredited learning tasks ☀️ Here are a few to get you started 👇

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Tax codes can be tricky, but keeping on top of them keeps everyone happy (especially your employees!) Do: ✔️ Double-check employees' tax code against their P45 (if applicable) ✔️ Encourage employees to inform you of any changes in circumstances that might impact their tax code ✔️ Seek help from HMRC or your accountant if you're unsure Don't: ❌ Just guess, as the wrong tax code can lead to over or underpaid taxes ❌ Set and forget, as tax codes aren't permanent ❌ Panic if mistakes happen - act quickly to rectify any errors Remember: By keeping on top of tax codes, you ensure fair pay for your employees, avoid legal hassle for yourself, and contribute to a happy, productive team! #accountingservices #businessadvice #financialservices

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🚀 Outsourcing for UK Subsidiaries 🚀 For UK subsidiaries of overseas businesses, outsourcing can be a transformative strategy. At Cooper Parry, we’ve seen firsthand how outsourced accounting can revolutionise operations for companies of all sizes and sectors. 🌍 Bridging the Gap: Navigating the complexities of business, communication, and compliance between the UK and your head office can be daunting. Outsourcing ensures timely, meaningful management information, enhancing transparency and accountability. 📈 Freeing Up Leadership: Outsourcing lets your leadership team focus on market impact and growth. ✅ Meeting UK Requirements: A UK partner that can ensure compliance and tax efficiency with local regulations. ⚖️ Flexibility and Scalability: Outsourcing adapts to your business’s evolving needs, ensuring you only pay for what you use, avoiding unnecessary expenses. Curious about how outsourcing can benefit your UK sub? Check out Tanveer Mahtab-Ahmed’s full article. 📖 https://shorturl.at/Zp5ZB #Outsourcing #UKBusiness #uksub #Compliance #BusinessGrowth

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HMRC Guidelines for Compliance - Capital Allowances This guidance will be relevant to anyone working on Capital Allowance claims for expenditure on plant and machinery. This is one of a series of Guidelines for Compliance issued by HMRC in the last few years - they give HMRC's view on complex areas of the tax system. While useful, the underlying legislation should still be consulted! https://lnkd.in/e5taUQR7

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WoodWhite Accountants is one of few UK accountancy practices with a license to provide probate services. Our probate services are carried out by Xeinadin Probate Services Limited of which Emma Newnham, our CEO and Head of Legal Services, is a board director. We can offer a comprehensive, non-contentious, service without any need to involve a third party, simplifying the whole process for you as a result. What do we mean by "non-contentious"? A contentious probate means that there is a dispute about how a person's estate (money, property or other possessions) is passed on to other people after they die. This could happen if the person who died did not have a will in place or if someone is contesting a will. At the start of the process, a probate may be non-contentious. If contentious probate arises, that does not mean we cannot help you with the probate. We will bring in a solicitor to deal with the contentious issue and once resolved we can continue with the process. We do not know at the start if a probate will turn contentious but we do have a solution for if it does. #Accountant #Probate #Tax

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Lots of trainee accountants have recently received exam results. Congratulations if you have passed your exams and are now qualified or are now a step further along your path to being qualified. To those that have failed an exam, here are a few tips for dusting yourself off and continuing on your journey to successfully becoming a Chartered Accountant, Chartered Certified Accountant or Chartered Management Accountant. Working full time and trying to pass up to c16 exams is a challenge. If you are also trying to do this whilst being a carer, parent or other responsibilities it is even more of a challenge. Here are a few tips for retakes: ⭐️ plan the amount of time that you have available for study ⭐️ study at the best time for you, whether before work, after work, weekends or book study leave or holiday off from work ⭐️ take your retake at the next sitting so that you don’t risk the syllabus changing and still remember a lot of the content ⭐️ book a revision course that includes exam technique ⭐️ work out the best way of learning for you, how do you absorb information quickest ⭐️ practice by taking as many mock exams and or past papers as possible ⭐️ get your mock papers marked so that you can see where your knowledge gaps are ⭐️ don’t kick yourself, almost everyone fails an exam at some point in their life, what is important is that you don’t give up and try to assess why you failed so that you pass next time, whether it is due to you not putting in enough time, find a certain area tricky or managed exam time poorly ⭐️ give yourself breaks during study, whether it is watching your favourite TV programme, going for a walk, having dinner with your family ⭐️ write down the reasons why you want to become an accountant so that you can motivate yourself ⭐️ give yourself rewards along the way and definitely a big reward once you qualify, I bought myself my first new car once I qualified ⭐️ try to take several exams together when you have time, so that you can pass more quickly. Good luck to everyone studying. Goringe Accountants have five trainees expected to qualify within the next 16 months, which we are looking forward to celebrating with. Next year, September 2025 we will be hiring two new trainees. Further details will be shared re these opportunities early 2025. #chartered #training #skills #accountant #exams #retakes

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Self-Assessment HMRC expects Self-Assessment Tax Return as well as any tax payment due to be completed for the Tax Year 2024/2025 - Paper form: 31 October 2024 - Online Submission: 31 January 2025 Nearly half of the 🕰️ has lapsed and if you or your Accountant have not completed your Tax Return as of yet We would suggest to prioritise this Some of the reasons as 👇 - Better planning and understanding of the taxes - Prepared to understand and pay any payment on Account for the following year (If applicable) - More accurately prepared rather than left until the last minute - Be able to raise any queries with HMRC Office if tax has been overpaid as a result of incorrect Tax Code - Less likely to submit the Tax Return late - Less likely to pay the Tax Late - Be prepared better for Making Tax Digital (Expected to begin in April 2026) and this will apply to many individuals If you require any assistance Please feel free to reach out to us Tel: 01212852534 Web: https://lnkd.in/ewYzdMs #accountants #taxes #bookkeeping #vat #paye #selfassessment #corporationtax #accounts #companies #pension #investments #business #businessowner #SME #accountant #accountancy #director #soletrader #partnership #incorporation #taxadvice #Crypto

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⏱️ Negotiating payment plans with HMRC is a lot harder than it used to be. 🥅 For individuals looking to set up a time to pay arrangement, the goalposts are always changing. 📞 Having regular contact with HMRC enables us to help our clients navigate these changes and reach an agreement that satisfies all parties. Forths Forensic Accountants #taxexperts #payingtax #HMRCNegotiations

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The October 2024 edition of HMRC’s Employer Bulletin provides a key update on reporting employee working hours data. The bulletin confirms a delay in the requirement for employers to report detailed hours data through PAYE real-time information returns, pushing the implementation to April 2026 at the earliest from the initial deadline of April 2025. Stay tuned for further updates as stated in the bulletin. #paye #rti #employers

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VAT Compliance: Are You Ready for HMRC's New Rules?   HMRC is cracking down on VAT compliance, introducing stricter rules and higher penalties. Many businesses are unaware they might be non-compliant, leaving them vulnerable to hefty fines. Here's what you need to know:   What’s Changing?   - HMRC now demands robust controls and risk management across all business functions touching VAT—not just finance. - They expect proactive risk identification, industry-specific guidance adherence, and detailed compliance processes. - Errors deemed "careless" could cost you 30% in penalties—or 100% if HMRC uncovers them. Individuals might also face consequences in severe cases.   Find out more about the changes and what we can do to help here: https://lnkd.in/e9URPn5g   #VAT #IndirectTax #HMRC

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HMRC is the loser in a key R&D tax case at the first tier tribunal. For those of you operating in the R&D space, you will be aware that HMRC have increased their scrutiny of claims especially for software development in the last 24 months or so. Many of these cases have been dragging on without conclusion whilst the merits of the guidelines are being argued. Many of the cases opened by HMRC are being argued by them as not being in line with BEIS guidelines but the recent case heard by the tribunal for Get Onboard Ltd concluded that it did in fact meet those guidelines. There were a number of key takeaways from the case:- 🌟 using existing technology does not exclude it from eligibility 💻 - lack of comparable capability elsewhere can be sufficient to demonstrate the advance as not readily deducible 👩‍🎓 the competent professional does not have to have the formal qualifications 📰 the burden of proof can shift to HMRC where the taxpayer has demonstrated sufficient evidence #Researchanddevelopment #alliotts #taxcredits

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MLROs in accountancy firms - are you looking for some training specifically for you? Myself and Giles Mooney of PTP have recorded a 20 minute training session video for MLROs in accountancy firms. You might find it useful - it might even be interesting! We called it the MLRO Cheat Sheet and there is a brief supporting summary document https://lnkd.in/dsne2UAp

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I've been adding Loom videos to my 2023/24 tax return process - to help explain the form/tax position a bit more comprehensively. Check me out - utilising technology to improve the tax compliance service 😏 Here are some early pros and cons I've noticed: Pros: 😇 Nothing helps you pick up a mistake better than doing/recording a presentation on a form. I'm going to notice typos more often. 😇 The clients understand my thought process when I've made a claim/treated something a certain way. 😇 The clients get to see I've thought about things, and they see it's not a data entry exercise. (this was always the case, but a recording proves it) Cons: 😈 It's a faff and takes additional time. 👿 There's no hiding from the difficult decisions - they have to be addressed. I will hopefully keep this up all year and I'll see how the clients respond to it on mass... I'll keep you updated as things progress.

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With so many people getting exam results yesterday, it got me thinking, are exams the best way to judge someone's technical ability? I know plenty of excellent tax advisers who are not CTA qualified, some even sat the exams, failed, and became 'qualified by experience' instead. I also know of a few who have passed exams but offer questionable tax advice. So, are exams really the best way to judge our technical ability? Being a member of a professional body certainly adds some credibility which some (not all) clients find important. However, there are also many people who do not thrive in exam conditions for various reasons and yet in day-to-day work are excellent advisers. I've thought about this before, unfortunately, whilst it might not be a perfect solution, it does seem to be the best option where there cannot be a 'one size fits all' solution. What do you think? Should we have other routes to qualification/membership to allow more individuals to showcase their abilities? Indeed, are there other routes to membership of professional bodies that are less well known?

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Budget update 👏 Increases to personal allowances and thresholds that weren't expected, and should be welcomed by everyone [update - this only applies from 2028] Increase to minimum wage for low earners to £12.21/hour from April 2025 and £10.00/hour for those between 18-21 No further increase in this parliament to Corporation Tax provides stability (remains at max 25%) Annual investment allowance and full expensing retained, encouraging capital expenditure No changes to dividend tax rates, which is good for those whose earnings are mostly generated through dividends 😮‍💨 Employers NI increasing from 13.8% to 15% and for earnings on every employee earning over £5,000 (down from £9,100) This rate doesn't fall when earnings reach the higher rate tax threshold (like it does for employees) so the new 15% rate applies on all earnings over £5,000 Huge impact on large employers - not to be overstated The additional cost for any employer paying a salary of £30,000 is therefore £866 a year, not insignificant. [The OBR has just said it expects 3/4 of this cost to be passed on to employees somehow...] Don't be surprised to see reductions in pay increases and a slow down in hiring 👀 Increases to Capital Gains tax rates coming (although no uplift to the rates on gains relating to the sale of residential property) SDLT increases to second property purchases from 2% to 5% from tomorrow - big uplift for those looking to invest in property APR and BPR caps coming in to make inheritance tax more likely on wealthy individuals with agricultural or business assets worth more than £1m Anything we've missed? Although there are still significant incentives for businesses to invest in capital expenditure there are seemingly now more disincentives when it comes to employing people in the UK What does that mean for hiring? What does it mean for inflation? What's your take? #budget2024

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Self Assessment Tax Return-Claim allowances for > 10% tax saving As another tax year draws to a close, you have started receiving notice to complete a self-assessment tax return for the tax year 06 April 2023 to 05 April 2024. It's time to fulfil tax obligations as responsible taxpayers. Whether you're a self-employed entrepreneur, landlord, investor, or individual with complex financial arrangements, the self-assessment process offers to declare your income, claim allowable expenses, and ensure compliance with tax regulations. With careful planning, attention to detail, and perhaps some expert guidance, you can confidently navigate the complexities of tax filing and emerge with a clearer understanding of your financial landscape. Here's the list of some critical allowances you can claim on your tax return: 1. Claiming Allowable Expenses: Ensure you claim all allowable expenses related to your self-employment, rental income, or other sources of revenue. These expenses can include costs incurred exclusively for business purposes, such as office supplies, travel and professional fees. 2. Maximizing Deductions: Take advantage of all available deductions... To read the full blog post, please visit https://lnkd.in/ee8CxHRb #selfassessment #taxreturn #taxsavings #allowances

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The Institute of Chartered Accountants in England and Wales (ICAEW) has stated that new guidance from HMRC on research and development (R&D) tax relief guidance ‘could be clearer’. HMRC’s draft guidance covers the restriction applying for contractor payments and payments for externally provided workers (EPWs) where the R&D activity takes place overseas; and the new rules for contracted-out R&D. The ICAEW’s Tax Faculty believes that additional clarity would be ‘helpful’ on a few of the new points. It also said that the guidance ‘does not fully address the implications of an arrangement between the customer and the contractor that is governed by multiple contracts’. The Institute has called for the guidance to explain how to determine if the contractor took R&D into consideration at the time of the contract when multiple contract dates exist. Read more here: https://lnkd.in/eqstut5b

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