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Updated VAT road fuel scale charges from 1 May 2024

From 1 May 2024, the VAT road fuel scale charges will be updated. The new rates will need to be used from the start of the next VAT accounting period that begins on or after 1 May

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Employment Law changes in April

New employment laws came into force on 6 April 2024 that apply to all businesses.

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Generative AI: A potential game-changer for your business

Generative AI can help you unleash your creativity and drive innovation in your business.

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New R&D tax relief guidance available

For accounting periods beginning on or after 1 April 2024, a new merged scheme for research and development tax credit comes into force.

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Thinking of buying another business?

What things should you consider before entering a deal to buy another business? In this article we will look at some of the key considerations.

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Are training costs tax deductible for the self-employed?

HM Revenue & Customs have recently updated and clarified their guidance on training costs paid by the self-employed.

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Budget News

Spring Budget 2024 - at a glance

Chancellor Jeremy Hunt has unveiled the contents of this year's Budget in the House of Commons., calling it a “budget for long term growth”

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Autumn Statement Review – November 2023

Chancellor Jeremy Hunt has unveiled the government's road map for the upcoming year through his Autumn Statement in the House of Commons.

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Budget 2023 - at a glance

The Chancellor Jeremy Hunt has delivered his Budget in the Commons saying he was reporting today on a "British economy that is proving the doubters wrong"

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Brearley & Co - Autumn Statement Review

The new Chancellor Jeremy Hunt had warned the public and the financial markets that his Autumn Statement would include “eye-watering” cuts in public spending and tax rises for those with the ‘broadest shoulders’.

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Autumn Statement 2022: Key Points

The Chancellor of the Exchequer Jeremy Hunt has announced his Autumn Statement in the House of Commons, aiming to restore stability to the economy, protect public services and build long-term prosperity for the United Kingdom.

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2022 Spring Statement Summary

Chancellor Rishi Sunak delivered the 2022 Spring Statement yesterday, responding to the latest economic forecasts published by the Office for Budget Responsibility (OBR).

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Brearley & Co News

Brearley & Co announce regional growth with the launch of two new offices

We are excited to announce that Brearley & Co has widened its presence across the county by opening two new offices.

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Introducing Gala Technology's SOTpay: Revolutionising Digital Payments for Businesses

Discover Gala Technology's innovative digital payment solution, SOTpay, offered by Brearley & Co.

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Supporting Bluebell Wood Children's Hospice

Following the fantastic casino night and charity auction that Brearley & Co and Alexander Calder Financial hosted together at the AESSEAL New York Stadium, we were delighted to present Bluebell Wood Children’s Hospice with the proceeds of our charity event, a cheque for over £1300.

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Ben Raises over £1500 for Cancer Research UK with 5K a Day Challenge

Ben Kay, based at our Dinnington office has completed an incredible 5K a day challenge to raise money for Cancer Research UK, raising over £1500 for the charity in the process.

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Alexander Calder Financial and Brearley & Co Accountants announce strategic partnership.

North Nottinghamshire based Financial Advisors, Alexander Calder Financial, have partnered with Yorkshire based accountancy firm, Brearley & Co, expanding their services and client base further.

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Brearley & Co Accountants announced as latest Chamber Patrons

Brearley & Co Accountants are proud and delighted to announce that we are now Patrons of the Barnsley & Rotherham Chamber.

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Events

Pension Salary Exchange & Planning and Managing Redundancies Webinar

Brearley & Co Accountants and Bhayani Law are pleased to jointly present this webinar.

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Chamber Means Business Expo 2019

Brearley & Co are pleased to be exhibiting again at the Chamber Means Business Expo on 5 September at the Aesseal New York Stadium, Rotherham.

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Breakfast Seminar – Company Sale and Exit Strategy

Are you thinking about selling your business, or interested to know more about what is involved?

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Careers

Accountancy Apprenticeships, Swinton and Rotherham

Are you a School/College leaver and looking to develop a career within Accountancy?

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COVID 19 News

Chancellor announces financial aid package for charities

On 8 April, Chancellor Rishi Sunak announced a £750 million package to help charities struggling during the coronavirus (COVID-19) pandemic.

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HMRC – Time to pay details for Coronavirus

HMRC have issued a helpline for businesses who have concerns and worries about complying with their tax obligations due to the Coronavirus pandemic. This number is 0800 0159 559.

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Coronavirus ‘gravest threat to global economy since financial crisis’, says OECD

The Organisation for Economic Co-operation and Development (OECD) has warned that the coronavirus represents the 'gravest threat' to the global economy since the 2008 financial crisis.

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GDPR

GDPR rules prompt spike in data breach notifications

Notifications of data breaches to the Information Commissioner’s Office (ICO) have rocketed in the first year of new reporting rules following the introduction of the General Data Protection Regulation (GDPR)

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GDPR – One month to go

Today (25 April) marks the start of the final month before the General Data Protection Regulation (GDPR) comes into force. Read more here.

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Half of businesses ‘unprepared for GDPR’ survey suggests

The government is urging companies to check they meet the requirements of the new GDPR data protection laws which come into effect in May.

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UK business leaders ‘in the dark’ about new GDPR

A survey carried out by the Institute of Directors (IoD) has suggested that almost a third of UK business leaders have not heard of the new GDPR.

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HMRC News

605k people miss tax return deadline

More than double the number of taxpayers have failed to file their self assessment tax return on time this year

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Self Assessment Tax Helpline closes

HMRC has closed the self assessment tax helpline for three months over the summer to focus call center resources on dealing with other problem calls

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Online sellers targeted for unpaid tax

HMRC has information on thousands of online sellers who have failed to pay tax on sales over the internet

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Record 11.7 million tax returns received on time

A record 11.7 million customers submitted their tax returns on time, HM Revenue and Customs (HMRC) has revealed.

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Online services cannot replace HMRC staff, say MPs

In a hard hitting report on HMRC’s performance, MPs have demanded urgent improvements to address unacceptable service standards

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Christmas workers can save time with HMRC App

As tens of thousands of people start seasonal jobs over the next few weeks, they can use the HM Revenue and Customs (HMRC) app to save them time to find details they need to pass on to their employer.

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Making Tax Digital

Making Tax Digital: New policy paper published

A new policy paper has been released by HM Revenue and Customs (HMRC) on Making Tax Digital for Income Tax Self Assessment for sole traders and landlords.

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Treasury announces two-year delay to MTD ITSA

Self-employed individuals and landlords will have more time to prepare for Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA), following a government announcement today (19 December 2022).

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VAT businesses must be ready for Making Tax Digital filing by November

HMRC is reminding businesses that they will no longer be able to use their existing VAT online account to submit VAT returns from 1 November.

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Essentials: Making Tax Digital for income tax

Despite a one-year delay to implementation, it is important to start preparing for Making Tax Digital for income tax self-assessment (MTD for ITSA)

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MTD for VAT takes effect for over one million businesses

On 1 April, the government's Making Tax Digital for VAT (MTD for VAT) initiative came into effect.Businesses which have a taxable turnover above the VAT registration threshold (currently £85,000) are now required to comply with MTD for VAT.

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Charities urged to prepare for Making Tax Digital VAT

The Charity Commission is urging trustees to ensure charities are getting ready for the implementation of Making Tax Digital for VAT, which starts on 1 April

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Personal Tax

Have you checked your tax code?

Prior to the tax year starting each 6 April, HM Revenue and Customs (HMRC), will issue new tax codes to employees, usually where there is a change of tax code.

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Furnished Holiday Lets – what tax benefits will you lose?

If you run a holiday let, then you are likely well aware of the useful tax advantages that holiday lets have had for many years.

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March is top month for Marriage Allowance claims

With the tax year ending on 5 April, March is a good month to check whether sharing unused tax allowances with your partner could save you some money.

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Income Tax and selling online

In recent weeks there has been a flurry of online activity discussing the new law that will require online marketplaces to report information about income made by their users to HMRC.

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What to do when frozen thresholds put you in a higher tax bracket

The freeze on income tax thresholds and changes to dividend and CGT allowances will see millions dragged into higher rates of taxation, but there are ways for higher earners to reduce their tax bill.

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Inheritance Tax Planning Tips

With inheritance tax receipts to HMRC set to reach new levels this financial year, now more than ever are families needing to plan for their future.

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VAT

Get ready for new VAT penalties from 1 January 2023

For VAT periods starting on or after 1 January 2023, HMRC is replacing the default surcharge with separate penalties for late returns and late payment of VAT.

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VAT rate reduction for hospitality, holiday accommodation and attractions.

The reduced VAT rate of 5% has been extended until 30 September 2021. Following this, an interim rate of 12.5% will be in place for a further six months with the standard rate of 20% returning in April 2022.

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HMRC urged to act on online VAT fraud by overseas sellers

HMRC has been too slow to address the problems of online VAT fraud by overseas sellers and its estimates of the tax loss are ‘out of date and flawed’.

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How can we help you?

Brearley & Co Accountants are pleased to offer a free, no obligation, initial consultation with one of our experts who will be happy to discuss your business needs and how we can help you.

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