Matthew McCann

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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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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Join us for a webinar on 5 November to hear our tax specialists delve into the detail of the Autumn Budget, sharing their expert analysis on what the announcements mean for you, your business, and the economy. Sign up at the link below. #Webinar #AutumnBudget2024 #WeTalkTax

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Question for the R&D tax relief community. Last week at Accountex, I was explaining how our tax calculator can help with the various R&D tax relief rates and the merger scheme when someone said, "I think the government's long-term goal is to get rid of the R&D scheme." I paused... Naturally, I asked what made them feel that way, pointing out that it couldn't just disappear overnight? They replied, "they will gradually reduce it until it goes to zero." What do you think? Surely the UK government won't remove the incentive that so many other countries offer, especially in the EU? #researchanddevelopmenttaxrelief #randd #innovation #randdtaxrelief

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If cakes 🍰 , pastries 🥐, red meat 🥩, poultry 🐓 and fish 🎣 were subject to #VAT in the UK the Treasury could raise an extra £4bn in tax every year. This is my quick and dirty estimate based on last year’s combined sales of all those items (approximately £20bn) £4bn that could be spent to reform Child Benefit by introducing a much fairer and higher household income threshold (which would cost £1.4bn) and remove the 2 child benefit cap (which has an estimated cost of £2.5bn) Considering that the UK has probably the biggest and most controversial ‘pool’ of zero rated items in the world, particularly with regards to food, and that charging VAT on cakes and meat would leave more essential items such as bread 🍞 and milk 🥛 unaffected I believe it is something worth exploring Oh, and it would make the never ending Jaffa Cake debate totally irrelevant 😃 Thoughts?

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From 2025 You Will Be Able to Become a Chartered Accountant Without a Degree With the shortage of Accountants expected to be at 58,000 by 2033, the Institute of Chartered Accountants has announced an apprenticeship like training scheme that will allow people wanting to become Accountants to learn by working on the job, instead of taking the current route of a university degree. It could be argued that lowering entry requirements could dilute the profession’s standards and diminish the University qualifications already earned by past graduates, but I think this is a smart move for the CA and its members, with firms finding it increasingly hard to attract Graduates to the industry. In an article for the AFR, Euan Black spoke with Rob Dunderdale (Head of Talent Attraction at KPMG Australia) who said employees recruited through this type of program tended to “stay longer and generally progress faster through our organisation. They spend time with our business, they get to build connections quickly, and they understand how we work.” A traineeship system like this emphasizes the value of practical experience over academic qualifications that can be expensive and time-consuming. People can gain exposure to the profession before making such a big commitment and it can counteract the appeal of much larger Graduate salaries that can be earned in other industries. Is the new Traineeship Program a good idea or should the CA stick with the current University requirements to undertake its qualification? Let me know your thoughts in the comments below. #ALRARecruitment #CharteredAccountants

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💡 🎥 🍿- Delighted to have collaborated with the ICAEW and Springpod to provide an insight into Forensic Accounting. If anyone has any questions about this versatile profession, please feel free to contact me #icaew #forensicaccounting #lightscameraaction

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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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AAT or ACCA/CIMA?🤔 Deciding between AAT, ACCA, or CIMA can be overwhelming. Understanding the differences can make that decision much easier! AAT is an excellent foundation for a career in accounting. 🏠 It provides practical skills in bookkeeping, financial accounting, and management accounting. If you're starting and want to gain industry experience, AAT can be a great choice. However, further qualifications may be necessary for those aiming for senior management or strategic roles. ACCA and CIMA offer a more advanced path.📈 It focuses on strategic thinking, financial management, and business decisions. These qualifications are highly respected and often essential to opening doors to leadership roles. While ACCA and CIMA do demand a significant time and financial commitment, they can pave the way for substantial career growth and increased earning potential. 📈 Ultimately, the best choice depends on your career goals, learning style, and available time. If unsure, you could always start with AAT and then progress to ACCA or CIMA if desired. If you have any questions or need further clarification, don't hesitate to reach out to me or anyone in our team. We're here to help! 📨 #AAT #ACCA #CIMA #Graduate #SchoolLeaver

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HM Revenue & Customs this is laughable. January 2024 - small business has £6,000 CIS deducted from their sales invoice. October 2024 - CIS offset request against Corporation Tax liability made online. CIS suffered is more than CT bill. Advised will be dealt with within 5 weeks (for a simple credit transfer between departments of the same organisation!) 6 weeks later - started phone call journey at 08.59. Pushed across 4 departments and finally spoke to someone at 10.37 😴 only for it to be confirmed nothing has been actioned. Advised the transfer from CIS to CT won't be dealt with until January 2025 😭 1 December 2024 - CT will show as overdue (February year end) - taxpayer will receive debt management letters causing them anxiety and interest will be charged on the CT which doesn't get cancelled until HMRC departments get around to talking to each other. Apparently CT department cannot override this even though taxpayer has OVERPAID 10 months in advance 🤬🤬! £6k is a lot of money to a small business in this day and age. At the least £300 interest could have been earned on that by my client, not to mention the opportunity cost of using that £6k to reinvest in growing their business (and yes, they are putting monies aside for their tax bills as recommend by us) if ever entrepreneurs were wondering why accountants are struggling with our workload, it's because this is what we have to deal with on a daily basis! Could be worse, taxes could be going up soon - oh wait... Let's hope all this increased tax revenue will make key government organisations more efficient!

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💡 If you're looking for more information about the changes to Inheritance Tax announced in the #AutumnBudget, take a look at this detailed overview from Kreston Reeves 👇 #Budget #IHT

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Heading to Accountex ? Whether you're a seasoned attendee or a first-timer, this event is the largest of its kind in the UK for accountants and finance professionals. Here are a few handy hints to make the most out of your experience: Plan Your Sessions: The lineup can be overwhelming, with back-to-back seminars and keynotes. Before you go, highlight the sessions that are must-sees for you. And remember, sometimes the best insights come from the unexpected talks, so leave room for a few wild cards. Network Like a Pro: Accountex isn't just about soaking up knowledge; it's a goldmine for networking. Don't be shy—introduce yourself, swap cards, and connect on LinkedIn. You never know, the person you're chatting with over coffee might just be your next big client or collaborator. I'd suggest knowing how to get to your LinkedIn QR code. Explore the Exhibits: With a myriad of vendors showcasing the latest in accounting tech and services, make sure to allocate time to wander the exhibit hall. It's not just about the free pens or socks; it's an opportunity to demo new tools that could change the way you work. Follow Up: Once the buzz of Accountex is over, don't let those new connections and insights fade away. Follow up with the people you've met, explore the software you were impressed by, and start applying what you've learned. This is the bit I need to work on. Accountex is more than an event; it's a stepping stone for growth, learning, and connections. Go in with a plan, but also allow yourself the flexibility to enjoy the event. https://lnkd.in/e8bQfdgQ #Accountex #AccountingTips #Networking #CPD #ProfessionalDevelopment

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#Budget2024 🚨 Headline tax and other changes for EMPLOYERS CORPORATE TAX - The government has just published its corporate tax roadmap focusing on predictability, stability and certainty. Look out for Crowe UK's commentary on this coming soon. - In the roadmap there is a commitment to cap the rate at 25%. - Commitment to retain the small profits rate and marginal relief - Commitment to retain key cpaital allowances such as the £1m Annual Investment Allowance and full-expensing. Full expensing will be extended to leased assets. - Commitment to keep the R&D relief regime at its current level of 'generosity' - The government will explore ways to clarify what qualifies for capital allowances. EMPLOYMENT COSTS - National minimum wage increased by 6.7% from April 2025 from £11.44 to £12.21. - Minimum wage for 18-20 year olds to rise by over 16% from £8.60 to £10.00, with the aim of aligning the rate with the main rate for over-21s in the long-term. - Employers National Insurance rate increase from 13.8% to 15% - Threshold at which an employer has to start paying national insurance decreased from £9,100 to £5,000 (until April 2028, uplifted with inflation thereafter) - Employers allowance for NICs increased from £5,000 to £10,500 from April 2025. - 🚨 £100k eligibility threshold for Employers allowance REMOVED. BUSINESS RATES - Permanently lower rates for retail, hospitality and leisure from April 2026. ADMIN - 🚨 Hints that Making Tax Digital will be brought in for companies. - HMRC recognises that systems supporting corporation tax are outdated and will be updated to help companies meet their obligations. #AutumnBudget2024 #tax Crowe UK

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Studying ACCA APM? Then here is a tip for the day. The UK government set targets, some time ago, for electric vehicle (EV) manufacturers. They had to sell a certain proportion of EVs. The current proportion is 22% and failure means large fines. So what is wrong with this KPI? On the face of it the KPI is very much in line with sustainability targets (if you focus ONLY on fossil fuel use and CO2 emissions and ignore the battery production and disposal problem). However... There is much about EV sales that are outwith the control of car manfacturers and any performance manager worth their salt knows that setting targets outside the control of a business is just not fair! Two of the main issue here are: * Government help to customers for the purchase of EVs has fallen, making the cars much more expensive than they used to be. * Lack of investment in the charging infrastructure means customers are nervous about the purchase. The Times article (well worth a read) also says the KPI is having unfortunate consequences. The vehicle manufacturers are actively constraining the sales of non EVs to be able to meet the targets! The is commercially very dodgy. Obviously they want to avoid the fines but turning customers away is hardly a desirable action. Setting targets isn't easy. This one is deeply unfair and in the end hugely costly to the motoring industry. ACCA APM - a truly great exam paper, you should study it if you want to be a better accountant. Affordable quality in a digital world at FMELearnonline.com (Online college of the year 2024)

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As an accountant you probably won't move role between January & April. Some firm's are ok with it. But realistically, you probably won't want to move anyway. Normally (if you did find some time to interview) you will defer your start date. Your colleagues or friends however are probably looking for a new job in November and December. That's because their current firm probably doesn't look after them. And doing another busy season with them looks exactly like the picture below. Busy season is a super stressful time. So, reach out if you want to understand how other firm's make that period as stress free as possible.

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One month in at Cooper Parry, and I’m happy to say joining CP was the right decision. ✅ I’ve been humbled by the well wishes, so thank you for the comments. It’s been great to connect with some old faces again. And it’s hard to put the move into words without it being a cliché – but I guess they’re clichés for a reason.   Cliché #1 – Feels like home – Everyone has been supportive and like minded. Plus, when you are from the Midlands and someone says “ayup” - if you know you know.   Cliché #2 - Teamwork makes the dreamwork – We all turn up for one another to make each day count and check in weekly with our teams. The collaboration between the departments to deliver a better seamless service is next level.   Cliché #3 – Fun and flexible atmosphere – That doesn’t mean we sometimes have the radio on! We have a fake grass bull in the middle of the office – enough said!   Cliché #4 – Solutions not problems – If we can do this better then let’s go, there is nothing stopping us – we always find a way.   I believe that if you have a superior product then it sells itself. CP’s people are at the heart of that, and as we constantly track our client engagement scores, it’s their feedback that proves we walk the walk. 💥   #RebelsofAccountancy

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