Laura Stanford

Fantastic post by Douglas Aitken. Are you an ambitious accountant who wants to build a better firm, but finds change hard? That's because change is hard, and that is why we are here to help. #ambitiousaccountants #buildabetterfirm #change #changemanagement #ambitious #accountants #accountingandfinance #tuesdaytips #humanisethenumbers

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Discussions I tend to have with clients after a Budget can sometimes be negative ones, which is totally understandable. However, one meeting I've recently had really helped the business owner to look at more than just the Budget but also about longer terms ambitions of what they really want to achieve with their businesses. From this, we're now looking at a number of parts of the businesses, which will help them grow ... in spite of the Budget changes. Really makes you think about the type of conversations which need to be had after Budget changes. How many of those conversations have you had? #accountant

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This week is mental health awareness week. Our clients' mental health is at the heart of everything we do here at NHD Tax Solutions Ltd and this shared value is one of the reasons why our team work so well together. An email to me from a potential client during the past couple of weeks included the following sentence: "I have been very impressed with you, not just your professional knowledge and experience, but your thoroughness, and kindness too". Receiving this feedback made me very happy because this is exactly the impression I try to give. I have conversations on a weekly, at times daily basis, with individuals dealing with a once in a lifetime, often traumatic HMRC issue. This is normal for me but it is not normal for the taxpayers concerned and my role is to spend as long as needed to help the individual share information with me that they may not yet have shared with anyone else, not even their close family. I gather all of the information I need to propose a way forward and offer plenty of reassurance along the way. Taxpayers requiring support with a tax dispute all have a unique story and all of our clients receive a tailor made strategy and our way of working, communicating and meeting with our clients fits around their needs. Those with a tax dispute may or may not have made mistakes in the past. One thing many of my client's have in common is that they want to put things right and I therefore do my very best to help them with that and to achieve the right result with HMRC.

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This April is a particularly busy one for payroll departments, with changes to National Insurance Contributions (NIC) and to statutory pay scales all coming into force at once. Here’s a quick summary of what your payroll department needs to know for the 2024/25 tax year... https://sowo.kr/1y5KHbnY #PayrollUpdate #NewTaxYear #BusinessAdvice

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🌺 Have you signed up to my monthly Newsletter? 🌺 Each month I send out a Newsletter with the most up to date Tax information as well as what we have been up to during the month! 🌺 If you do not want to miss out on our tax tips, get in touch & we will add you to our mailing.

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The accountancy world is shifting - becoming more focused on sustainability and community impact. 🌲 Carl Wright has written an insightful blog on these exciting new outlooks. Read more below

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Do you find accounts and reports just baffling? 🤯👌 That's why we provide a narrative to all of our clients that have a Management Accounts package with us NOT just reports that leave you confused 👌 Think of it as a wee short story of your business over the last month and year to date. Things like: ✅ - Profit for the month and how that compares to previous months. ✅ - How much corporation tax that profit has created that you need to have saved aside as well as the profit for the full year and how much money you need saved in total for your corporation tax. ✅ - How much VAT has been created in the last month that you need to have saved aside and how much VAT money you need saved for the quarter so far. ✅ - How much personal tax you have created this month in things like dividends and how much you need to have saved for the tax year to date. ✅ - Capital / Equity position at the end of the month. This is your retained profit and current profits minus your dividend. You can never withdraw more dividends than you have available in equity so we keep an eye on this for you and advise how much you could take. ✅ - Discuss any outliers. If something looks unusual high or low, we'll discuss that so you understand why. No more 🤯 - just clarity and understanding. Reports are pointless if you don't understand what they mean 🤷‍♂️

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Being clear on what you want out of your practice from the outset is crucial. Our hub for Creating Tomorrow’s Practice Today has a section about strategic thinking that includes a short video with Calvin Cooper of CRC explaining how that clarity will help you create a business that you love being part of and is true to you - https://lnkd.in/eTKQ6UDa See more on the hub at https://lnkd.in/eZU-4ZJU   #acca #taketheleap #startyourpracticejourney

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One week on from the Autumn budget update. What are your thoughts? 👀 At Gravitate Accounting HQ 🚀we have been assessing the changes and helping our clients understand the impact on their business. Check out our new blog from our co-founder Sam Newton FCCA to see his thoughts and key take aways from the statement. ➡️ https://lnkd.in/eFeWPcdP #budgetupdate #business #capitalgainstax #nationalminimumwage #nationalinsurance

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Meet Corporate Colin 🤝 Colin tells me... 🙅‍♂️ You're not running your business the way you should 🤷‍♂️ Why aren't you tying your FD's into a contract - that's not in your best interests! 🤦‍♂️ You should be taking a bigger margin Colin is not only in Lego form (thanks to someone currently taking my PowerUP! programme who so very kindly sent me my very own Lego 'Colin' - I talk about him during the course) - he's in my head. But I'm not going to let Colin live in my head rent free (that's not just the FD in me!), Colin can get back in his box. He's not real, he's just my thoughts, and I have power over those, I can politely show Colin the door whenever I want to. Giving those negative, nagging self doubts a persona helps me to push them aside and gain perspective. So take your briefcase Colin and get out of here! What do you do when you feel imposter syndrome creep in? Do you have a Colin?* *apologies to any Colin's out there - I know some very lovely ones, it's just got a ring to it 😉 I think you'll like this post Claire Ackers :) #FinanceDirector #fd #portfoliofd #fractionalfd #powerup #businessmindset

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🚘 Gearing up for 2025! Updated Company Vehicle BIK rules come into play from 1st of January. Our latest insight from our Tax Experts at Malone & Co. Accountants delves into all the changes that you need to be aware of. 🌟 Check it out here https://lnkd.in/esN4c7BR Reach out today to discuss the changes and what it means for you and your business. #BIK #TaxChanges #TaxAdvisors

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A question for business owners - Do you really want success, or just the appearance of it? As an accountant and self-proclaimed tax nerd, it's frustrating when my clients seek pro-active advice but then ignore it... Sometimes, our suggestions aren't glamorous. We might advise you against forming a limited company or advise against hiring another staff member. These suggestions aren't about limiting your success—they're about making smart financial decisions. Shock, they might even keep your accountancy fee low! Business owners ask yourself, do you want to save on taxes, or do you want your business to appear 'legitimate... successful... big...' to outsiders? Maybe you value the prestige more than the potential tax saving. Personally, I would rather have extra cash in my bank. Moral of the story, it's essential to know your real goal. Success isn't just about outward appearances; it's about making choices that are right for you and your business.

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Before the close of each accounting period (or financial year) for every owner-managed business, the directors/shareholders must review the below: 1️⃣ Does the business still qualify as a trade for CGT and IHT purposes? 2️⃣ Have there been any changes in the nature of the business activities? 3️⃣ Are there any future planning issues to consider? 4️⃣ Have cash balances built up to an excessive level, compared to the needs of the company? When it comes to accounting and tax matters, it is necessary to be PROACTIVE, and not REACTIVE. As a young, dynamic team of Chartered Tax Advisors, we ensure proactivity when it comes to tax planning. We can help on the above. Why do the above 4 points matter? The 'status' of the company potentially affects valuable tax reliefs, namely: • Business Asset Disposal Relief for capital gains tax • Business Property Relief for inheritance tax • Substantial Shareholding Exemption for corporation tax Trading status may also impact on the type of expenses that are allowed under the 'wholly and exclusively' rule, as well as what is reasonable in terms of remuneration levels. Elsewhere, a change in trading status may result in unrelieved losses. There is lots we can do to help owner-managed businesses reduce their tax burden significantly, eliminate risk and avoid unnecessary pitfalls. Ultimately, we assess your objectives and goals (both for the company and as shareholders) and help you achieve them tax-efficiently. 😎 ASWATAX #taxadvisory #taxplanning PS written by me. No AI. 😝

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Dear #HMRC Is everything ok? Are you all alright? We have noticed things are starting to get on top of you with notices being sent to clients that just don't make any sense. Notices for clients without their name showing (it's like a new format of guess who!) despite us having agent authority with you. Top this with calls to the relevant department asking for an explanation on the issued notice and your team don't even know what the demand is for either 🤦‍♀️ We want to work with you but when our requests are met with a brick wall, where/what can we do? It's good to talk, matters get resolved quicker.... With affection Accountants around the country #communication #talkinghelps #accountantstruggles

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Having been on a few webinars recently in relation to Making Tax Digital for self assessment it has given me a few concerns! MTD ITSA as it’s called, isn’t due to come in until April 2026 however, if you really think about it that isn’t that far away! So what are my concerns? 1️⃣ HMRC! Given how bad everything at HMRC is currently, do they really believe they have the expertise and resources to implement one of the biggest changes in our tax system to date? 2️⃣ MTD for VAT all those years ago was hard work, but the difference was those businesses were used to filing something quarterly, they just had to implement a new way of working. Self assessment businesses are not used to this and the change is going to be crazy! 3️⃣ The cost. Unfortunately to be compliant is going to mean that these businesses will need to start using software and paying for it. They are also going to see their accountancy fees triple if not more, if they require an accountant to file everything. The requirement is going to be quarterly submissions and a final tax return! If they try and save costs, they are going to end up going to an unqualified person which will cause further headaches down the line. Cheap isn’t best! 4️⃣ The pressure on accountants! The quarterly submissions will all fall at the same time and won’t be staggered across the year. This triples the work load for accountants and puts an incredible pressure on resources. I can see accountants turning away sole traders and focusing on limited companies to spread the workload. 5️⃣ The pressure on businesses to incorporate to avoid these requirements and in turn raising their costs. It seems there is no winner here. It just is too rushed with not alot of consideration for smaller businesses and how they will survive with these requirements. Many will unfortunately either retire or look for employed work which is sad. Why dampen the entrepreneur? As accountants, there is alot of planning to do and communicating with clients for the transition… if it even happens because oh wait we have a general election soon! 🤦🏼‍♀️ Make it make some sort of sense. #taxchanges #accountantlife #mtd

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