Foxley Kingham

Foxley Kingham Medical


ProActivity is our triannual newsletter, bringing you the latest updates and developments in accounting and commerce and what they mean to your business.

In this edition, our experts give their opinions on what’s impacting business right now, including;

Beyond the budget headlines: what the Spring Statement means in reality

The UK Budget delivered several changes to the tax and pension systems, in this article Stephen Mason, Director at FK, gives his invaluable opinion and insight. There were big changes for pensions, corporation tax will rise and the Office for Budget Responsibility reckons by the end of the year inflation will have stabalised – Stephen comments on what it all really means.

Don’t miss out on property capital allowances opportunities and make sure you maximise the opportunity with expert advice

In this feature, we’ve outlined the importance of capital allowances for businesses and how you can maximise the opportunity by seeking expert advice. Capital allowances allow businesses to claim tax relief on capital expenditure, which can help to reduce tax liability. However, many businesses are unaware of the opportunities available and fail to take advantage of them. Most importantly, we suggest seeking advice from experts who can help identify all the available allowances and ensure that they are claimed correctly, take advantage of the recent changes to capital allowances and vitally increase tax savings to free up cash flow for further investment.

Your tax, digital tax, and business tax – what’s changing this month?

The UK government announced its budget on March 15, revealing several changes to tax policy. The changes include an increase in corporation tax, a decrease in the additional rate threshold (ART) of income tax, the capital gains tax exemption will be cut and the tax-free allowance on dividends will be reduced. The Making Tax Digital (MTD) programme, designed to make it easier for individuals and businesses to get their tax right and keep on top of their tax affairs, has been delayed. MTD for Income Tax Self-Assessment (ITSA) will now apply to sole traders and landlords from April 2026.  These changes come after a year of political and economic turmoil in the UK, and aim to address the rising government debt incurred during the pandemic.

Do you run an SME? We’ve launched a service just for you

We have launched a new service aimed at small and medium-sized enterprises to help them improve their business operations. The service includes a range of offerings, including accounting support, tax filing, and business strategy advice. The aim of the service will help SMEs gain a better understanding of their financial performance and make more informed decisions about their operations. We’ve tailored the new approach to the specific needs of SMEs, and pricing will be dependent on the level of support required.

The final part in our three-part series: How to grow your business

The final article in our three-part series on growing a business covers analysing a company’s value differential, surveying competitors and team members, leveraging the power of referrals and writing an action plan – getting you going on putting all of the advice offered into practice.

Joining GKP – meet the team member Karen Bowyer

Meet Karen Bowyer, a new team member of GKP, FK’s sister accounting firm. Karen has been appointed as an Accounts Senior and brings with her over 20 years of experience in the accounting industry. In this touching interview, Karen tells us what her previous boss, the late Charles Little, would have made of GKP’s acquisition of the Bedford-based branch of KSK.

The Charities Commission Act: What you need to be wary of coming along the track

The Charities Act 2022, which became law last year, introduces several changes affecting unincorporated charities, charitable trusts, and charitable unincorporated associations. The first changes came into effect in October 2022, with further changes due to come into effect in spring and autumn of 2023. While the act does not revolutionize charity governance, it introduces many changes that aim to reduce red tape, increase efficiency and ease of process in several areas.

FKAF raises £13,000 for our charity partners

Foxley Kingham Anniversary Foundation, has had another phenomenal year – raising £13,000 for three charities focused on health and wellbeing. The foundation’s charity partners for 2022 were Child and Adolescent Mental Health Room (CAMHS), the CHUMS Charity, and Mind BLMK. The fundraising activities included a wing walk, a 68.2-mile cycle ride, quizzes, dress-down days, bridge games, and raffles. The team is already planning this year’s fundraising challenges focused on supporting charities that alleviate poverty in the area and help those facing significant challenges due to the cost-of-living crisis.

Pension changes announced in the Budget: What does this mean for you?

Chancellor Jeremy Hunt has announced in the government’s Spring Budget 2023 that the Pensions Annual Allowance (AA) is to increase from £40,000 to £60,000 from 6 April 2023. The adjusted income threshold for the tapered AA will also be increased from £240,000 to £260,000 from 6 April 2023 and the lifetime allowance is set to be abolished! In this article, we cover what the changes mean in reality for anyone impacted by the change.