Discover Technological Changes We Could See in Accounting During 2022
Since we live in a world that has become increasingly data-driven, the nature of business has undergone transformations enabled by technological processes that have only recently sprung onto the scene. The challenge that accountants face is how to leverage...
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,...
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...
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...
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...
Working from home – You may be eligible for tax relief!
Are you working from home as a result of the Covid-19 lockdown restrictions over the past 2 years? Well, in this article, we look at who is eligible and how to go about claiming tax relief on your household bills. It is possible that you may be eligible to claim...
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...
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...
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...
Will The National Insurance Rise Affect My Small Business?
Small-to-medium sized businesses (SME’s) have been through a lot in the past 18 months. First Brexit, then a global pandemic followed by a driver shortage and now a national insurance hike of 1.25 percent as of April 2022 has left many SME’s gasping for breath. ...
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...
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...
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...
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...
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...
Pay as You Grow: Help for Bounce Back Loan Borrowers
Last month the government announced the Pay as You Grow scheme. The aim of the scheme is to help businesses who have signed up for a Bounce Back Loan. Here’s a look at what it is and how it can affect you. It became very clear very quickly how badly the pandemic...
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...
Self-Assessment Tax Return Deadline: Waiving of Late Filing Files
The deadline for filing your self-assessment tax return for the tax year 2019/2020 is this Sunday (31st January). However, the Government have announced that if you file your self-assessment late, you won’t receive the usual £100 fine. This is as long as you...
What is Inheritance Tax (IHT) and do I have to pay it?
Inheritance tax is a tax on the estate of someone who has passed away. Their estate includes all property, possessions and money. This can result in your loved ones paying hundreds of thousands in tax when you die. However, there are ways you can mitigate this if...
What are the latest grants available to businesses during local restrictions?
As the latest national lockdown comes to an end, we are all preparing to go back into the Tier system. With this the new Local Restrictions Support Grant has been announced to be applicable from 2nd December. This grant provides funding to businesses based on...
Changes to the furlough scheme this September
The Furlough Job Retention Scheme is changing this month as businesses will need to pay towards the wages of staff on furlough as of the 1st September 2020. The government will be reducing their contributions from 80% to 70% of an employee’s wage up...
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...
What you need to know about the coronavirus job retention scheme – key dates
At Makinson and co, we are here to help! During this troubling time, we want to make sure you know what is going on and what you need to know about the coronavirus job retention scheme that the UK government have put in place. There are several key...
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...
What you need to know about the self-employed income support scheme
In recent days, the Government launched the Self-Employed Income Support Scheme, which allows those who are self-employed, or a member of a partnership to apply for a Government grant during the COVID-19 pandemic. The scheme allows eligible individuals to...
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...
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...
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...
