8 Ways You Could Be Saving on Tax

There are plenty of ways we can be reducing our tax bill legally, whether you’re self-employed, an employee, investor, pensioner, or landlord. Sometimes this can be remarkably simple, boosting the earnings you take home with a minimal amount of effort on your part,...

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Accountancy Trends for 2022

With an increasing digitisation taking place across many industries, 2022 is going to be a year of changes both familiar and unfamiliar. Many of these changes are going to be technologically based, with AI, social media and blockchain all becoming prominent trends...

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Tax Changes You Should Know About in 2022

2022 is going to be an extraordinarily poor year for the financial sector in the UK, with the biggest fall in living standards since records began rapidly approaching. What does this mean for the tax sector? We have identified four changes that could potentially...

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End of Year Accounts

Yes, end of year accounts!  It's THAT time of year again, when limited Companies are required, by Law, to submit their full 'statutory' annual accounts and company tax return for filing with Companies House and the HMRC.  Ultimately, you can use your accounts to...

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end of year accounts

Tips on Filing Your Self Assessment

Business owners are required, by Law, to complete and file a self-assessment form with the HMRC.  This self-assessment is used by the HMRC to collect information required to calculate how much income tax you should pay.  Therefore, SME’s need to know how much they...

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Minimum Wage Increases Announced

On the 22nd October 2021, the Low Pay Commission recommended to the Government, an increase in the National Living Wage.  These recommendations have been accepted by the Government and will come into force on 1st April 2022. The National Living Wage applies to all...

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3 big benefits of outsourcing your payroll

Thinking about outsourcing your payroll? Keeping up to date with your payroll can be a painful task every week or month.  It's absolutely critical that you get it right, not only from your employees point of view, but also for the HMRC and, as an employer for you...

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outsourcing your payroll

All you need to know about Second Job Tax

With finances and paying our tax being harder than normal the past few years, some of us have had to take on second jobs to help pay the bills. About 1.18 million of us in the UK have a second Job and it is always increasing. So what happens to our taxes when we...

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second job tax makinsons blog august 2021

Useful Financial Tips for Couples

Everyone has their own particular way of managing their finances. This is why it can often be an issue when new couples come together with their finances to try and make it work. It can be difficult to know where to start when it comes to managing both of your...

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Helpful Budgeting Tips

It can be difficult to keep track of your outgoings, especially when you lead a busy lifestyle. Losing track of your spending often leaves many feeling out of control and concerned. This is when it becomes important to budget. Not only does budgeting allow you to...

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Makinsons Blog Header June 2021 Budget Tips

Useful Online Finance Calculators

There are a great variety of useful online finance calculators available to help you understand your finances. Whether you are looking to work out your capital gains tax, inheritance tax or income tax – there is a finance calculator out there for you. It is...

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HMRC : Warning of new phishing campaigns.

HMRC have recently released an update warning the general public about new phishing campaigns. They have shared examples demonstrating how these scams work and have provided appropriate information explaining why they are illegitimate and how to report phishing...

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Makinsons HMRC Phishing Scams Blog April 2021

HMRC: New scheme for 2020 VAT deferrals

The announcement of the VAT Deferral New Payment Scheme will be a relief for many businesses. Here’s a look at what it is and what it means for you and your business. The pandemic affected most businesses last year. Due to this the UK Government announced a scheme...

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HMRC: New scheme for 2020 VAT deferrals

Eat out to help out

The world has started to open up, which has seen restaurants re-opening; our hungry bellies rejoice! With restaurants facing hard times throughout the coronavirus pandemic, the government have launched the ‘Eat Out to Help Out’ scheme. What does it involve? As it...

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July Blog Picture

Working safely during coronavirus

Guidance to help employers, employees and the self-employed understand how to work safely during the coronavirus pandemic. The government, in consultation with industry, has produced guidance to help ensure workplaces are as safe as possible. These 8 guides cover a...

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May Update Blog

10 Fun Facts About Accountancy

I regret that there is some stigma surrounding my profession in that is thought by some people to be boring.  I’m here to tell you that is far from the truth and I have some fun facts to help prove my case: The word ‘accounting’ comes from the French...

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February Blog Picture

MTD For VAT Compatible Software

As you may be aware, HRMC are moving towards all tax returns becoming digital.  They are calling the scheme Making Tax Digital and the first step concerns VAT. From 1st April 2019 all businesses with sales over the VAT threshold which are registered for...

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January Blog

Countdown To Self-Assessment Deadline!

It is that time of year again and the deadline for filing your tax return is looming – if you are unsure it is 31st January. So do you need to file a tax return?  You do if, during the last tax year (6th April 2018 to 5th April 2019), you...

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January Blog