Thompsons Accountants

03/07/2023

HELPING HANDS OFFICE SERVICES
Top tips for staying motivated at this time of year!...... 1. maintain your routine - allocate lunchtime and breaks to reset and keep fuelled (an empty tank is going nowhere) 2. if nothing else appeals its never too early to start a spring clean of your stock, systems, and record keeping (little tasks go a long way) 3. focus on your breathing for 5 minutes and invite the workload into your space again

30/01/2023

THOMPSONS ACCOUNTANCY SERVICES LTD

There is a lot of concern about how the new prosposals set out in the Autumn Statement will affect us all as individuals. Please remember that in all matters we are here to help you. Please call if you have any concerns and we would be happy to discuss these with you.

29/01/2023

THOMPSONS ACCOUNTANCY SERVICES LTD

The chancellor made changes to the taxation of electric vehicles – from April 2025, electric cars, vans and motorcycles will begin to pay Vehicle Excise Duty (VED), in the same way as petrol and diesel vehicles. What are your thoughts on this? Call if you would like to discuss your options

28/01/2023

THOMPSONS ACCOUNTANCY SERVICES LTD

Recent studies by FSB have found that small businesses are being left in the cold when it comes to payments. They are either getting their money really late or worse having their payments frozen. Is this affecting you? Speak to us if you need help drawing up financial plans to get through this

27/01/2023

THOMPSONS ACCOUNTANCY SERVICES LTD

The VAT registration threshold remains frozen at £85,000, instead of increasing each year in line with inflation. This will remain the case until March 2026. If you are concerned that you may be nearing the limit and want advice give us a call.

26/01/2023

THOMPSONS ACCOUNTANCY SERVICES LTD

Interesting article here about how HMRC may change their penalty schemes in the future: - how will this affect you?

How much the taxman’s new system will cost sole traders who pay late or submit late.

25/01/2023

THOMPSONS ACCOUNTANCY SERVICES LTD

Accounting causes stress to micro businesses

Micro businesses spend 10 weeks a year trying to sort out their finances and accounting compliance is one of the most stressful tasks – if you need help to sort out your finances please speak to us.

01/01/2023

Wishing you all a Happy, Healthy and Prosperous New Year

15/11/2022

THOMPSONS ACCOUNTANCY SERVICES LTD
In the current tax year, 2022/23, no inheritance tax is due on the first £325,000 of an estate, with 40% normally being charged on any amount above that.
However, what is charged will be less if you leave behind your home to your direct descendants, such as children or grandchildren. This is because you will then have two tax-free allowances:
• £325,000 – this is the basic inheritance tax allowance, which still applies.
• £175,000 – since 2015 you've also been able to take advantage of something called the 'residence nil-rate band', commonly known as the 'main residence' band. This is an additional allowance you'll receive ON TOP of the existing £325,000 inheritance tax allowance if you pass on a main residence to your children or grandchildren.
This means inheritance tax might not be due on the first £500,000 of your estate (£325,000 + £175,000), depending on who you leave your home to. However:
• The £175,000 main residence allowance only applies if your estate is worth less than £2 million.
• On estates worth £2 million or more, the main residence allowance will decrease by £1 for every £2 above £2 million that the deceased's estate is worth.
• Your home won’t qualify for the £175,000 main residence allowance if it's in a discretionary will trust, even if the beneficiaries of the trust are your children or grandchildren.
A very complicated subject!!

Please call if you wish to discuss the implications of your own estate – we would be happy to help.

14/11/2022

THOMPSONS ACCOUNTANCY SERVICES LTD
The way you file VAT returns has now changed, as part of Making Tax Digital.
This means you need to keep digital business records, sign up to Making Tax Digital and file all your future VAT returns using Making Tax Digital-compatible software. This reduces common mistakes and makes it quicker and easier for you to manage your tax affairs.
If you do not file your VAT returns through Making Tax Digital, you may have to pay a penalty.
Even if you currently keep digital records, you must check your software is compatible and sign up for Making Tax Digital.
If you have not signed up to Making Tax Digital yet, you need to do so before you file your next VAT return, otherwise you could receive a penalty. Time is running out. Call now for a no obligation chat about how we could help you.

13/11/2022

THOMPSONS ACCOUNTANCY SERVICES LTD

Are you a landlord or property investor? If so read this article to get the latest information on the tax landscape. If you wish to discuss this give us a call.

For property investors and landlords investing in UK property, it's vital to keep up to date with UK tax rules. The new guide helps you navigate the system.