Goff & Company Chartered Accountants

We wish you all a Happy Christmas and a prosperous New Year. Please note that our office closes at midday Friday 20th and re-opens on Thursday 2nd January.

Rachel Reeves delivered her first budget today, here are a few highlights. • Capital Gains Tax (CGT) will rise to 18% from 10% for lower rate taxpayers, and to 24% from 20% for higher rate payers. CGT on the sale of residential homes will remain at 18% to 24%. • Business asset disposal relief (BADR) will rise from 10% to 14% in April 2025, before rising further to 18% from 2026. A lifetime limit for business asset disposal relief will remain at £1 million. • Fuel duty is frozen next year. • Employers will pay out more in National Insurance (NI), a tax on earnings, in a move expected to be one of the biggest revenue-raisers for the Treasury. Employers currently pay a rate of 13.8% in NI on a worker’s earnings above £9,100 per year. That will rise to a 15% rate on salaries above £5,000 a year. • In an attempt to combat the above NI rises, Reeves increased the employment allowance from £5,000 to £10,500, meaning 865,000 businesses will not pay any NI at all next year, with another one million paying the same or less as they did previously. • Reeves announced fresh investment to modernize HMRC’s systems and recruit additional compliance staff in a bid to curb tax avoidance and raise £6.5 billion by the end of the decade. “We will clamp down on those umbrella companies who exploit workers ... increase the interest rate on unpaid tax debt to ensure people pay on time ... and go after promoters of tax avoidance schemes,” she said. • Inheritance tax thresholds frozen until 2030. • Higher rate stamp duty for second homes increased to 5% from tomorrow! • A boost to the national living wage, with the minimum someone aged 21 and over can be paid increasing by 6.7% to £12.21 an hour. • The national minimum wage, for 16 to 20-year-olds, will also increase - by 16.3% to £10 an hour. Finally, some good news if you want a pint of draft beer to ponder the changes, alcohol duty rates on non-draught products will rise in-line with retail price inflation, but duties on drinks served on draught will be cut by 1.7%. 🍻

Just 100 days to go until the tax return deadline of 31st January, and you have Christmas in between too, so don't leave it too late! Contact us if you need any help with your accounts or tax return. #HMRC #taxreturn #TaxReturnDeadline #accountant #emsworth

Today is the day to pay HMRC that second payment on account for 2023/24. 😞 If you can't pay in full, you may be able to set up a payment plan with HMRC. Details can be found on the HMRC website here: https://lnkd.in/dg5vU-b Contact us for any further assistance. #HMRC #TimeToPay

HMRC have launched a VAT Registration Estimator tool. You can use it to help estimate what registering for VAT may mean for you. It's obviously not as good as getting advice directy from your accountant, but will give you some idea of the effects of VAT registration on your business. The current registration limit is £90,000 but you can voluntarily register even if your turnover is below this limit. Once you have had a play on the estimator (link below), contact us if you need further advice. https://lnkd.in/eavEn5aF #VAT #HMRC #business #Accountant #Emsworth

Whether you are a start-up or long established business, just looking for some bookkeeping assistance or want to outsource your entire accountancy burden, we are ready to help move your business forward. Contact us now on 01243 373992 to discuss how we can help you and take advantage of our FREE initial consultation. #accountancy #bookkeeping #help #tax #accounts #payroll #VAT #business #emsworth https://lnkd.in/esN5zYD7

Whether you are a start-up or long established business, just looking for some bookkeeping assistance or want to outsource your entire accountancy burden, we are ready to help move your business forward. Contact us now on 01243 373992 to discuss how we can help you and take advantage of our FREE initial consultation. #accountancy #bookkeeping #help #tax #accounts #payroll #VAT #business #emsworth https://lnkd.in/esN5zYD7

Did you know that HMRC have an app? The app includes details on the following: - Self Assessment - PAYE - Tax Credits - Child Benefit - Help to Save - Tax Calculator - State Pension - National Insurance - Annual Tax Summary You can, for example, see what payments are due to HMRC under self assessment and make a payment, check you tax code, get a State Pension forecast, make changes to your Tax Credits claim and update your name and address to name just a few of the available options. Please ensure you download the correct app and we suggest following the link from Gov.UK website below. https://lnkd.in/eiv9rYj5 #HMRC #app #selfassessment #PAYE #taxcredits #NationalInsurance #StatePension #taxcalculator #childbenefit

From 1st April you should now be paid at least the following National Minimum / Living Wage rates: Apprentice - £6.40 Under 18 - £6.40 18 to 20 years old - £8.60 21 and over - £11.44 Apprentices are entitled to the minimum wage for their age if they both: - are aged 19 or over - have completed the first year of their apprenticeship. #HMRC #NationalMinimumWage #nationallivingwage #apprentice

Do you get paid for creating content on social media? If you earn more than £1,000 using sites like Instagram, OnlyFans and TikTok, you must declare the income to HMRC and pay tax on it. HMRC regularly review social media and are increasingly contacting individuals who they believe may have undeclared tax to pay. Contact us now for a free initial consultation to see how we can use our experience in this field to help minimise your tax burden and avoid falling foul of HMRC penalties. #socialmedia #influencer #HMRC #emsworth #accountant