Claire Maith

HMRC has published the latest minutes of the "Employment and Payroll Group". It looks at a number of different areas: 1. Elective Deduction Model is being considered by HMRC. HMRC also "shared a Tribunal judgement that came out in March 2024 and advised that following this HMRC will take a more aggressive approach to [mini umbrella companies]" 2. Regarding the pensions dashboard "[HMRC] advised that State Pension and the largest schemes will be onboarded first, with the connect by date for public sector pension being October 2025, medium sized schemes will onboard through Q4 of 2025/26 with the smaller schemes onboarding from April to September 2026. To be eligible for the dashboard, schemes must have had 100+ members in scope as of 2023/24 tax year end." 3. "HMRC are in the early stages of the process and at present have been working internally with colleagues to gather data and look at the user experience of Gift Aid. " 4. "Members expressed concerns with RTI issues, which can impact on the reallocation of payments, and on interest charges, adding that reallocations do not have any accompanying notes so can be very frustrating to follow." https://lnkd.in/egHdg9Pa

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Happy 1st of July! As we enter the second half of the year, it’s a perfect time to reflect on our journeys, celebrate achievements, and set new goals. Reflecting on My Journey: 🏆 Ultra Tax Ltd was awarded Tax Team of the Year 2024 by Business Awards UK. 🎉 Finalists for Best Newcomer Accountancy Firm. ⭐️ I was a finalist for Rising Star Accountant. ⚽️ Proud sponsors of Hartlepool United’s new Away Kit for the 2024/25 season. 📈 Achieved a 302% growth and a 100% client retention rate! Looking Ahead: Our past achievements inspire me to strive for more. Here’s what I’m focused on for the rest of 2024: Expanding Services: Introducing new financial solutions for our clients. Continuous Improvement: Enhancing our processes and staying ahead of industry trends. Strengthening Relationships: Building stronger partnerships and networks. Sustainable Practices: Implementing eco-friendly initiatives. Client Success: Helping clients achieve their financial goals with personalised advice. Inspiration from the Euros: Watching Jude Bellingham’s dramatic equaliser for England in the Euros reminded me of an important lesson in business: perseverance is key. Just like in football, where players push through tough moments to change the game, we must persist through business challenges. Whether it’s facing setbacks, closing a tough deal, or meeting monthly targets, our determination and resilience can make all the difference. Your Turn: What personal and professional goals are you setting for the rest of the year? How have your achievements so far inspired you to push further? What challenges are you looking to overcome? Let’s use this mid-year milestone to share and support each other. I’d love to hear about your goals, achievements, and any tips you have for staying motivated and successful. Drop a comment below and let’s inspire one another to make the second half of 2024 even more amazing! Here’s to a successful and fulfilling July and beyond! #HappyJuly #FutureGoals #BusinessGrowth #Achievement #CommunitySupport #UltraTaxLtd #HartlepoolUnited #Euro24 #BusinessInspiration #SalesMotivation #NeverGiveUp

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Whilst Employee Share Schemes and their value to growing the economy were not mentioned in yesterday’s Budget, the changes to Capital Gains Tax (CGT) rates – not being as high as many commentators expected - do feed through to such schemes and will increase the amount of CGT payable by employees on disposals of shares on or after 30 October 2024:   * EMI Options – where conditions are met for Business Asset Disposal Relief (BADR) on the sale of shares acquired under a qualifying EMI Option, the applicable rate of CGT on the first £1m of lifetime gains will be 10% until 5 April 2025, 14% in 2025/26 and 18% from 2026/27.  Capital Gains in excess of the lifetime limit will be taxed at 18% or 24%. * CSOP Options – any capital gain made on disposal of shares acquired under a CSOP option will be subject to new rates of CGT unless the seller meets the conditions for BADR generally. * Unapproved Options - any capital gain made on disposal of shares acquired under an unapproved option will be subject to new rates of CGT of unless the seller meets the conditions for BADR generally. Capital gains made on shares held within a Share Incentive Plan trust (or SIP) are still exempt from CGT.  For company’s thinking of all-employee type plans, this arrangement has further merit where Partnership Shares are used given that the deductions from an employee’s gross salary used to acquire Partnership Shares (capped at £1,800 per year) are exempt from Employers’ NIC. 

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Mid-tier accountancy firms are 𝗕𝗘𝗧𝗧𝗘𝗥!!!! Don't come for me- this isn't me saying this! It's you! I wonder whether the Audit Reform has impacted the results here as more complex technical work has trickled down to smaller firms and allowed a balance of large audits with exposure to the full audit file. The “𝗯𝗲𝘀𝘁” experience depends on what you value most—complex work on big clients, varied work or handling multiple audits at a time. -------------------------------------------------------------- What’s been your experience? Do you agree that mid-tier firms offer better overall exposure? Share your thoughts! 👇 #AuditReform #AccountancyPractice #Audit Leo Hewett Micâ Postans Joe Monger Louis Cordice Richard Bailey Lewis Bittle Stuart Vincent Andrew Buscombe Harrison Robertson

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The deadline for submitting paper self-assessment tax returns for the 2023-24 tax year is 31 October 2024. If the return is submitted late, a £100 penalty will be imposed, regardless of whether there is a tax liability or if any owed tax is fully paid by 31 January 2025. #Tax #HMRC #SelfAssessment

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Four payroll providers have joined HMRC’s “list of shame”! Acacia Management Services, Alphasaint, Ultra Employment and Worx 4U have all been named and shamed as promotors/enablers of tax avoidance schemes. As you might be aware, HM Revenue & Customs has created a list of named tax avoidance schemes, promoters, enablers and suppliers to enable transparency as to who are engaged in these schemes. HMRC updates the list regularly and a link to the list can be found in the comments below. Don’t get caught out by suppliers like these, talk to accountants like NumberMill for the best quality advice and service. #HMRC #tax #taxavoidance

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🏭 **Thinking about selling your manufacturing business? The 2025 UK budget could shape your next move.** For business owners in the manufacturing sector, especially those aged 55+, the journey to selling your business can feel both exciting and daunting. With new UK budget reforms on the horizon, understanding how changes like corporation tax increases, capital allowances, and energy reliefs will impact your business valuation is crucial to maximising your returns. Our latest blog breaks down the key insights and actionable steps to help you position your business for a strong sale. From optimising profit margins to embracing sustainability and R&D incentives, we’ve covered everything you need to know to prepare for 2025. 💡 It’s not just about selling—it’s about creating the legacy you’ve worked so hard to build. 👉 **Click here to read the full blog:** https://lnkd.in/er2kee3n Let’s plan for your future with confidence. #ManufacturingBusiness #BusinessValuation #UKBudget2025 #SMEAdvice #BusinessOwners

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20%25 1 January 2025 was not just the first day of a new year, but a new era. 20% VAT is now being charged on private school fees. This introduction of VAT was well trailed, but the (ultimately misplaced) hope had been that it would be delayed to September 2025. 💸 Impact for schools 👩‍🎓 If you work at a school which needs strategic advice or assistance regarding any of the following issues below, we have some great advisers who are helping schools across the country and who would be delighted to help you 📈 - VAT; John Rainsford or Owen Burn - Business rates; Colette Henshaw - Cashflow, forecasting, turnaround plans; Claire Burden or Gail Seamark. Impact for parents / grandparents / trustees 👨‍👩‍👧‍👦 If you want to understand the issues, implications and the options open to you as the feepayer to best manage your affairs in response ✔️ - you can watch our hour long video on this from 11 October (I will repost this in a separate post) - or please speak to Natasha Etherton or me Toby Tallon

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Exits I joined a call the other day with a group of accountants and Liquidation Practitioners, who where discussing the current situation in the UK's SME world. Much of what we anticipated was going to happen when the flurry of covid loans were being dolled out, to all who fearlessly asked for them, has started coming to fruition. Money has gone from being free, to a very rare and expensive commodity for many of the smaller entities in the UK. This coming at a time when customers are feeling the pinch and stalling payments, creating a perfect storm of business failures. For many small business owners who are living from hand to mouth in this era of constantly rising costs and taxes, there seems to be little hope. The banks who they have trusted to keep their money safe for years and who, a few short years ago were clamouring over themselves to offer loans, are nowhere to be seen or heard. If you need a loan now and want to speak to a bank manager, you are probably going to struggle to get hold of anyone. Most of the high street banks have outsourced their Client manager functions to faceless AI bots, and left many a business owner with very few options for funding their struggling businesses. The Liquidators I have spoken to recently are indicating that things are starting to pick up in their industry, but it is not the tsunami that we are expecting - yet. The thing is, financial woes are not the only issue that cause business failure, or untimely exits, divorce, discontentment, death and disease can play a nasty role in causing problems for your retirement plans. But how about Unrealistic Expectations on the value of your business. Many owners believe that the blood, sweat, tears and sacrifice they had sown into their business for years has a price way higher than a reasonable buyer is willing to pay for it. So as a result, their ideas of a comfortable retirement are dashed, as they are confronted with retirement funds which are significantly less than they need for the remainder of their time on this mortal coil. Managing your expectations as well as those of your loved-ones is critical when planning the exit from your business. So where is the silver-lining in all this? There are a few things you can do as a business owner to give yourself a chance at a beneficial exit. Here are a couple of things to think about: - Know your business value now - Know your number (how much money do you need to fund the lifestyle you desire when you sell up) - Know what you are going to do when you have exited (there is little point in exiting to spend time travelling in a motorhome if you have never tried a holiday in a motorhome.) - Know how dependent your business is on you - Have a plan to extract yourself from your business, while still having the business create value for its stakeholders If this has sparked an cord of concern or interest for you, feel free to DM me and we can explore this further for your business. Until then, Be blessed

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I promised I'd share some details with you about what was discussed last week during the Finance, Scale, Exit event - here it is! Having reflected on the event's success and the quality of questions asked to the panel, which included me, Adam Truluck from Nordens Chartered Accountants, and Andy Knight from Metro Bank (UK), I can honestly say I'm looking forward to taking part in more of these events! We covered a huge amount in a relatively short space of time, including the following questions: How can recruitment agencies strategically manage cash flow to ensure sustainable growth, especially regarding financing options like invoice financing or working capital facilities? What are some of the best practices recruitment agencies should consider when setting up employee incentive schemes, such as EMI schemes, and how can they impact long-term growth? For agency owners looking to exit or sell their business, what are the most important factors they should consider to maximise the value of their recruitment agency? You can read the answers here, along with more of the questions we were asked: https://lnkd.in/eExFeBGA Let me know your thoughts on the answers, and if you want to discuss these in more detail regarding your recruitment agency, send me a message. #RecruitmentAgency #BusinessExit #RecruitmentLeaders

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⛔ ⛔ Don't do what this accounting firm did ⛔ ⛔ Friday Lesson for Accounting Firms 🧑‍💼💻: Don’t promise candidates things in an interview if you have no intention of delivering on them. I try to work predominantly with long-term, trusted clients, but on occasion, a new or untested firm asks for help with recruitment. After doing my due diligence—asking all the right questions to ensure we align with the candidate's needs—I was told, "WFH flexibility" and "flexible hours" were no issue. Fast forward a few weeks, and now the candidate I placed is told, "Oh, WFH isn’t really encouraged, and we really do prefer people to be in the office at the same time." 🤦‍♂️ Shock horror, the candidate is frustrated, potentially wants to leave and now they’re not too happy with me. Delightful!! 🙃 I completely get that WFH and flexible hours don’t work for every firm—but please, be upfront and manage expectations the right way. Do not just give lip service to get a decent candidate initially on board and then expect them to change their expectations. Clear, honest communication will save a lot of drama down the road! Anyway...I hope everyone is having a better Friday than me 😅

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Can't believe I am using a picture of Free Gear Kier to head up a Business Development Piece. Kier is bang on the money. Couple of articles coming out soon regarding business acquisition or disposal strategies. One of the themes is that these things have to be thought through so that you have a clear plan of what you want to achieve and a clear plan as to how you want to achieve it. Always happy to help - but a plan and notice of the plan is always a better start. Imagine if you had 6 months notice that you were likely to acquire a business and then 6 months post acquisition you presented to the new acquired business 'A plan for change'. Think we can agree that would be pretty incompetent and no way to run a business that you want to growth and improve. Just imagine if it was the biggest acquisition / change of control you could ever of dreamt of and you had the future of 70m people in your grasps - and 6 months in you launched your plan for change.....just imagine. #planforchange

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PAYE tax repayment to individuals Following the HMRC announcement, from 31st May 2024 PAYE tax repayment cheques are no longer issued automatically. Instead, individuals will need to take an action to receive their repayment either directly to their bank accounts or by cheque. Backstage: Although the right amount of tax is calculated by payroll through PAYE, there are cases when an underpayment/overpayment that relates to the whole tax year rather than a particular pay period, may occur. Individuals who are changing their jobs frequently are amongst the most vulnerable to underpaying/overpaying taxes, followed by staff who are not providing the right set of documents to their new employer at the time of starting new employment. The easiest way to request a PAYE tax overpayment is through your Government gateway. Abolishing the automated issue of cheques is a major change in the process of PAYE tax repayment known for a while. Although it is out of the employer's responsibility to look after the personal tax matters of its staff, it is worth sharing the change with your staff. https://lnkd.in/dxmxqefU

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Day 2 of the Burdy team training in VAT and RCT was done and dusted today and was so so good. Arguably tax is perceived by many as either boring or just plain hard to understand and that’s where the Burdy team come in. We approach tax training in a holistic manner and make it relatable and real. We pose questions to attendees that is specifically designed to tickle the grey matter and really think about why tax is the way it is. Its logical but often dressed up as something far more complicated. I won’t mention the name of the client we partnered with over the last two weeks but it was a pleasure to work with them and we look forward to more collaboration over the coming years. What we are most proud about is the fact that we brought team members in from different departments in this very successful PLC that perhaps never understood how the actions of one team affect the next team. That’s the holistic part I speak of for we all have our “role” but it affects the person in another department. We had debates. We had conversations. We had agreements being reached. What started out as tax training evolved into an amazing day of team building. 🙌🏻 An amazing day. If you’re interested in in-person, CPD training for any of your team members in the areas of VAT, RCT, employers taxes etc……reach out to us on hello@burdy.ie #burdy #training #cpd #inpersontraining #teambuilding

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Off-payroll is “loss-making exercise for the Treasury” It does not make sense for one department (HMRC) to charge another for tax, which it then gives to the Treasury, to pay the bill. There is a reason the public sector has ended up putting vast numbers of people on-payroll (e.g. not outside IR35). It's a combination of a few factors, which I'll write about in due course (I'm sat on some FOI's). Clue: they've effected been strong-armed into doing so, irrespective of the position in law. Somewhere in the centre, something hasn't been excellent. OPW in the public sector has been a disaster, and just increased costs. We don't actually need OPW for the public sector - they could just run a rule which says every single hire is a deemed employee, and the result would be near-on the same. The stupidy of it all. Worthy of a Tax Policy Darwin award. #ir35 #offpayroll

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UK accounting industry revenue dipped 2.2% in June 2024, following three months of decline, attributed to seasonal fluctuations and broader economic pressures. While year-on-year figures show slight growth, inconsistent monthly performance raises concerns. Broader uncertainty, including election impacts and economic challenges, continues to weigh on the sector despite hopes for improvement following recent interest rate cuts. Long-term stability remains uncertain, prompting firms to carefully manage costs and risks. https://lnkd.in/eWdtn--E

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