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;
The rising interest rates combined with the increased cost of borrowing with wage inflation pressures and labour shortages are all contributing factors to a challenging economic landscape, for both businesses and individuals. In this article, Tara Aldwin provides expert insight into the effects rising interest rates are having on business and provides tips on minimising the damage.
Having previously discussed the topic of capital allowances and knowing that it is of interest to many of our clients, we again welcomed the opportunity to speak to Giordano Goggioli, Senior Associate for Tax Incentives and Reliefs, at Markel to provide a more in-depth look at the relief around commercial properties acquisition and refurbishments. Here we explain what reliefs are available, what qualifies, and what benefits claimants can enjoy. Most importantly, we outline how tax relief saves you money and aids cash flow for further investment.
In this article, we summarise and provide expert insight into a number of notable tax changes and updates; HMRC basis periods for sole traders and partnerships, VAT payment plans, the simplified process for marriage allowance, deadline extension for NIC payments, replacement of the UK trader scheme by UK Internal Market scheme, the rise of interest rates and advisory fuel rates, and the availability of HMRC webinars and online learning resources. The launch of the HMRC charities newsletter enlightens charities on the restriction of tax reliefs for non-UK Charities registered in the UK and the future improvement of Gift Aid. We also delve into the launch of a 12-week consultation on Charities’ Tax Compliance by HMRC.
Foxley Kingham Anniversary Foundation announced Luton-based NOAH Enterprise as their charity partner for 2023 with the cost-of-living crisis in mind. Fundraising is well underway with the team planning fundraising challenges and getting ready to take part in the Big Sleepout this October. NOAH is a lifeline for many suffering in poverty across Luton and Central Bedfordshire. The funds we raise will therefore go towards helping the most in need, through Welfare Centres, street outreach programmes, and vital employability training.
In this article, we outline how we are keeping our clients ahead of the competition with the launch of Foxley Kingham’s new cost-effective service aimed at small and medium-sized enterprises to help them improve their business operations. We can make major changes in taxation smoother for our affected clients – one-man bands and sub-contractors who typically sit under the VAT threshold and up until now, have kept paper records.
In this article, we seek to place inheritance tax into context and describe how it works, how to mitigate it, as well as, explaining the Nil Rate Band. We highlight the intricacies of inheritance and the need for careful planning. It may be a less-than-welcome fact of life but with help to forward plan your finances, the amount of inheritance tax liable on your estate can be significantly reduced.
Is AI an exciting opportunity or cause for concern? In this article, we explore the ever-growing phenomenon of AI, gaining insight into what it is, the benefits and pitfalls, and what we predict will be the future of AI in our industry. We get to grips with how the integration of AI could produce financial insights and greatly benefit financial decision-making whilst discussing the pinnacle point made by ICAEW that “humans and computers need to work together.”
Karen Dyer, qualified Accountant and Audit specialist has been appointed Director at Foxley Kingham’s sister firm, GKP Ampthill. Her appointment comes at a pivotal point in the company’s journey, as it looks to further expand its team and client base. We’ve featured Karen in this article – offering a glance into her career from Foxley Kingham trainee to GKP director.