Early on, you can track your finances with Excel or in Google Sheets. When you start paying employees, you can still fit that on your sheet. At some point, though, there will come a point where a spreadsheet doesn’t give you the fine detail you need, and you need to invest in better bookkeeping software.

As a firm of accountants supporting small businesses, we deal with businesses exiting this stage on a very regular basis. That’s why we feel qualified to say:

Don’t do this.

Why not?

There’s No Double-Check

Before accounting moved from paper ledgers to software, the term double-entry bookkeeping emerged. When you add incoming revenue or outgoing expenses, you’ll enter it twice, and this provides an opportunity to check that it was entered correctly the first time.

Some modern accounting software allows you to do things like import PDF invoices or scan receipts directly into the system. Even then, there’s a cross-check to ensure that the totals being recorded are right.

When you enter figures into a regular spreadsheet, it doesn’t necessarily cross-check them. Just as importantly, if your calculation formula has an error in it, the only way you’d know is if it causes an error message. More likely, your spreadsheet is just going to show you an inaccurate number, with no good indication that it’s inaccurate.

It’s Not Compliant

Perhaps it would be better to say, it’s easy to become noncompliant this way.

The threshold at which you must enrol into Making Tax Digital dropped this financial year, and it is likely that either in 27/28 or 28/29 it will drop again. Small businesses will be dealing with Making Tax Digital earlier and earlier in their growth.

Overall, we have to say this is a good thing. The Making Tax Digital initiative is encouraging better financial hygiene in small businesses and giving business owners, stakeholders, and decision makers a clearer sense of the monetary impact of their decisions.

That means you can move away from bad decisions more quickly and put more weight behind the tactics that are working.

Spreadsheet accounting will not cut it in a Making Tax Digital world. Your information must be accurate, up to date, and it must be submitted in specific formats. However proud you are of your spreadsheet wizardry – and we do respect an XLOOKUP executed correctly – the simple fact of the matter is that spreadsheets aren’t designed to do this.

It’s Time Consuming

One of the other benefits to modern accounting software is that a lot of data entry becomes automatic. Invoices can be automatically filed, payments noted automatically, payroll systems are integrated – so much manual work has been replaced, which both saves you time and minimises the chance of error in entry. This is a huge benefit.

It’s Never the Best Time to Switch

The whole myth of using spreadsheets early on is built around the idea that once you hit a certain point, it’s the right time to switch. In practice, transitioning from spreadsheet to modern software requires you to learn new habits, unlearn other habits, and transfer a significant amount of data from one system to another.

As your business grows, this is always a huge time investment you can see coming, and the temptation must always be there to take a look at that time investment and put it off. Businesses that start on Excel end up with a perverse incentive to stay with the old ways for much longer than they should do.

Far better to start off the right way and get into good habits from the start so you don’t have to unlearn them later.

We hope you’re reading this article with time to make the right decision from the start, but we know that some of you will already be well embarked on your spreadsheet and wondering how to transition.

If you’re dreading it, why not give us a call? Having the support of experienced accountants will make the process much more efficient.

The post Beyond the Spreadsheet first appeared on ICS Accounting.

The post IR35 FAQ first appeared on ICS Accounting.

There are several knock-on financial effects for landlords.

• New regulations provide greater incentives for homebuyers, reducing the renting population
• Finance to expand can be harder to arrange
• Even welcome changes like the increased AML introduce additional costs in time and money
• Taxation changes can further reduce profits

The combined impact of these factors can be reduced by working with specialist property accountants like the ICS Accounting landlords team.

Identifying Tax Opportunities

The tax situation for landlords is notoriously confusing, so much so that HMRC published a document setting out example errors commonly made by landlords. This was last updated in 2017, so don’t treat those issues as current – but it’s not something they do for every industry, so that definitely tells you something!

We highly recommend that you double-check you fully understand your tax obligations not just when filling out your tax returns but throughout the year. With a clear understanding and careful planning, you can make the most of the tax opportunities you’re eligible for, and you may make decisions that reduce your overall tax liability, all while remaining fully compliant.

In particular, if you’re looking to sell some of your property portfolio this year, it’s well worth being aware of the potential Capital Gains Tax (CGT) implications of your sale, as well as any other charges that might apply. When divesting yourself of properties, a strategy can really help you to minimise effects.

Buy to Let Limited Companies

The 2020s has seen an explosion in the number of landlords incorporating as limited companies. This has one huge advantage in that it introduces a barrier against full financial liability. It can also mean lower tax liabilities at the end of the financial year, but this is by no means guaranteed.

As a limited company:

• You may be paying less corporation tax on profits than you would in personal income tax, especially at higher rates
• Restrictions on mortgage interest relief and relief on finance costs are more relaxed

But:

• There will be an additional layer of tax on what you pay yourself
• As property is considered an investment rather than a trade, you will be ineligible for some tax reliefs
• A number of buy-to-let mortgages are not available to limited companies, so you may find yourself having to take more expensive mortgages
• When you first incorporate, your property must be sold to the limited company, incurring capital gains tax, potential early repayment charges on an existing mortgage, and the costs of a new mortgage under the company

We’ve heard a number of people within the industry use a rule of thumb that it’s time to incorporate at about your tenth or eleventh property, but ultimately when and if you make the switch will depend on so many individual factors that this can only be a rule of thumb.

Whether you want to think about incorporation, aren’t sure if you could be more tax efficient, or just want to make sure you understand the finances of the business, get in touch – we’ll be happy to have a conversation.

The post Accounting Tips for Landlords first appeared on ICS Accounting.

Quite honestly, a balance sheet is a powerful tool for making business decisions. While they can take some time to learn to read, the way they present information is extremely useful.

Why Do You Need a Balance Sheet?

As a limited company, of course, you need a balance sheet as part of your tax records. But balance sheets are also a key part of your management accounts. Management accounts weren’t designed for tax records; over decades, the techniques for management accounts have developed to help to plan for the future.

Your balance sheet is a snapshot; it gives you a clear, detailed picture of your assets, liabilities, and your net book value at the moment the balance sheet is created.

Only the smallest sole traders can really keep all of this information in their heads, but experience has taught us that as a business grows, some owners continue to believe their mental picture is accurate enough to be useful over time. (Even then, we recommend you keep your Profit and Loss (P&L) sheet up to date.)

With these accounts, you can more easily and effectively identify where individual projects, products, or customers are becoming a problem. Starting while still a small business gives you practice reading these reports for the point where the business has grown enough that there’s no other way to track your performance.

Many lenders also require a balance sheet as part of a loan submission. Your balance sheet will show what existing obligations you have, and it also confirms the extent of your assets. This information allows lenders to feel confident when offering loans.

Using Your Balance Sheet

A balance sheet is split into two sides (the name comes from the process of balancing the two).

You record your assets on one side. This includes the value of all property and equipment owned by the business and the total liquid assets. Calculating equipment value can often be the most complicated part of the process.

On the other side, current liabilities should be added – this is anything payable within a year – wages, loans, pending supplier payments, and taxes – alongside your equity (retained earnings and common stock).

You should find that the two values are identical. If they aren’t, check all starting figures and calculations carefully to identify any error in your working. If there’s no error in your working, you have a serious problem on your hands. Most likely, the issue will be with your cash flow.

If you find you have a serious issue, we encourage you to get in touch – we may be able to help you identify the problem and start figuring out a solution.

The post Using Your Balance Sheet first appeared on ICS Accounting.

Tax regulations in the UK are not designed to be so complicated that only professionals can handle them, but as they evolve constantly, it’s still important to keep up to date with the latest changes so you can understand the implications of any that affect you.

At the heart of a correctly filed tax report are accurate records and double-checked calculations. The third ingredient, however, is time – the time needed to keep your records up to date, to identify any unexpected tax liabilities and to make sure you’re aware of all tax opportunities. The less experience you have, the more time you’ll need to take.

That’s why many sole traders still want their accountants to do their self-assessment.

Should You Ask an Accountant for Your Self-Assessment?

If you don’t have time to do your self-assessment with the diligence it deserves, or if you’re not confident in your understanding of all relevant tax regulations, you might want to have an accountant handle your self-assessment tax returns. In fact, this is one of the government’s own suggestions!

Sources of Tax

The fact of the matter is that the majority of incorrect self-assessments are the result of tax sources that the filer may not have been aware needed to be part of the assessment.

It’s not just about the income received directly from your business. If you also have income from renting property or you’ve sold items qualifying for capital gains tax during the year, these also need to be represented. Even interest on your savings should be taken into account!

A sometimes-controversial factor is the High Income Child Benefit Charge. If you or your partner receive child benefit and your individual income is above £60,000, you qualify for this charge. This can also be true if someone else receives child benefit for a child who lives with you, provided they contribute at least an equal amount toward their upkeep.

This charge is levied to reduce the government’s additional spending for the keep and care of children in cases where at least one of their parents or guardians is capable of shouldering the full amount. The controversy comes from the way it is levied, meaning that if you were near the threshold and your income increases above it (but not by much), you may feel unduly affected.

Claimable Expense Types

As a self-employed individual, a number of different categories can be expensed.

This blog is not the place to go into each one in detail, but if you weren’t aware of any of the following being eligible for expenses, you may be missing out on these and others:

• Staff costs (if any)
• Office costs including phone bills, stationery, etc.
• Financial costs (insurance, bank charges, etc.)
• Costs associated with stock or raw materials
• Business travel costs
• Marketing expenses, including digital marketing
• Any training courses taken for the purpose of growing your business

As you can see, going into the specifics of what can be expensed under which circumstances would take much longer than this article – instead, we recommend you consult an accountant!

The post Should I Use an Accountant for My Self-Assessment? first appeared on ICS Accounting.

As always with these blogs, we would recommend consulting directly with an accountant as specific situations do vary.

What is the Basic Rate for Dividend Taxes?

Beginning this past April 6^th, the Basic Rate has risen from 8.75% to 10.75% and the higher rate from 33.75% to 35.75%. The Additional rate remains fixed at 39.75%, and the dividend allowance remains at £500.

The tax on dividends remains lower than the equivalent tax on salary, but this cost has changed; the most tax efficient way to receive your payment will have changed in addition.

Obviously the best course of action will vary wildly between any two contractors or businesses depending upon your requirements. Other factors work taking into consideration include:

The ISA Allowance

Dividends received on investments held in an ISA are tax free; the maximum amount you can invest in ISAs each tax year is currently set to £20,000, and this allowance cannot be carried forward to future tax years.

Investments held inside an ISA are also exempt from income tax and capital gains tax. This is very tax efficient, but of course does require you to be able to set that money aside – so how far you can pursue this will vary not just according to your business results but also your own personal needs.

Pension Contributions

As with the ISA, paying dividends into a pension fund allows you to save for the longer term provided that you still leave yourself enough liquidity to handle the year’s expenses – and you should include some allowance for safety when you do!

Pension contributions qualify for tax relief at the marginal rate, which can significantly increase the savings made on any proportion of your income you’re willing to set aside for the long-term future.

Taxation Evolves

The best strategy for tax efficiencies will always shift slightly from year to year, and sometimes the ramifications of a change will not be immediately obvious. To make sure you maximise your available opportunities while still remaining fully compliant, we recommend regular discussions with your accountant.

Contact us today to find out how we can help.

The post Paying Dividend Taxes first appeared on ICS Accounting.

But as a sole trader or a limited company director, especially if you’re a contractor limited company or a small business, it can be a lot harder to figure out how much to pay yourself under these circumstances. In many cases, your absence will mean a measurable drop in company income; if you’re the only person in the business, it may mean a complete halt in revenue.

Under these circumstances, how much you can pay yourself (and how long you can pay yourself for) will depend on a number of different factors. Let’s take a look.

Business Liquidity

Most obviously, you can’t pay yourself more than your business’ cashflow permits. This is another situation where your management accounts can be essential. Regularly reconciling your accounts remains the best way to understand your actual financial position in real terms.

For the most part, businesses have significant fixed costs that don’t go away even if you’re not there to manage the ship; in many cases, the amount of expenses incurred by actually doing the work are negligible in comparison.

Forecast Horizons

As with liquidity, your management accounts have a huge role to play here. That information can significantly extend the timescale for your planning. From there you have a clearer picture of how long you could afford to step back from the business before you run into issues – which is another upper limit on this situation!

Deadlines

Here, alas, as accountants we can’t point you in the right direction. You’ll still need to be aware of any upcoming deadlines, how much work each of these represents, and how much time you’ll have to get it all done.

The above factors mostly limit how long you can take off, but they’re also a factor in setting an upper limit in what you can pay yourself. Having defined our upper limits, let’s look at the lower limits.

Personal Needs

The last factor to take into account is much simpler, and again it’s one that can’t easily be read from your business finances. Simply put, how much will you need over the time you’re not working? Subtract from this any of your existing personal finances you’re willing to spend and you have a lower limit.

Unfortunately, unlike an employee, it’s possible at this point to look at the maths and decide that voluntary time off isn’t possible, or at least isn’t worth it. However, sometimes this isn’t a choice; a significant illness or broken arm at the wrong time can have a huge impact on your business until it’s grown past a certain point.

We do recommend business interruption insurance against situations like this, but in the event you find yourself facing harsh decisions over how long you can afford to be away or how much you can justify taking from the business while you are, we also encourage you to reach out to us. We’ll be happy to help you get clarity on the numbers – something that’s essential if you want to make the right decisions.

The post How Should You Pay Yourself When You’re Not Working? first appeared on ICS Accounting.

With World Entrepreneur’s Day held every August 21st, there’s a danger of turning this celebration of innovation, leadership, and the entrepreneurial mindset into yet more pressure. Instead, let’s take a realistic look at the pressures, pleasures and pitfalls of striking out on your own, and distil the best real-world advice from those who’ve “made the mistakes you don’t have to” on their way to the top. 

Benefits of Being an Entrepreneur in the UK Today 

Contractor, startup, SME or next Peter Jones in the making, there’s nothing like the agency, flexibility, freedom and potential that striking out for yourself offers. Britain remains a strong environment for fledgling ventures, with successful startups averaging of 111% revenue growth over the last three years. 

There’s also more support and high-profile hand-ups available than people realise, with organisations such as the New Entrepreneurs Foundation, UnLtd, and Shell’s LiveWIRE (the catalyst behind Innocent Smoothies and BrewDog) offering awards, mentorship, and grants to UK entrepreneurs. Definitely worth a Google! 

Challenges in the Current UK Business and Tax Climate 

Navigating regulatory and tax complexities including IR35 regulations, PAYE, National Insurance, VAT, and potential audits can be daunting for individuals running small businesses or working as contractors. Uncertainty around status (employed vs. self-employed) remains a concern particularly under shifting legislation. 

Contractors and small-business founders can face inflationary pressures and rising operational costs- higher costs for premises, utilities, insurance- against increasingly fluctuating consumer confidence. Access to working capital and managing cash flow remain critical hurdles. When a headline or political statement can cause waves, having adaptability and a long?term vision is more important today than ever. 

 “You can do anything, but not everything” 

Years of reading autobiographies, watching TED talks, and access to exceptional workplace training, this is the phrase that hit home most. It somehow encompasses inspiration, understanding and support into those few words. You can reach for the stars- but you don’t have to get there tomorrow. You don’t have to be perfect. You can dare to delegate, ask for help, take time for yourself, and you are allowed to say no! Each of those simple phrases is espoused by every successful entrepreneur you can think of, from Ben and Jerry to Oprah Winfrey- so how come most of us don’t allow ourselves this grace, as we try to juggle, control, and hold onto everything? 

Small, Timely Steps Can Free You to Take Big Strides 

As we began, consider this time of year: if you are a parent, as many entrepreneurs and self-employed are, there are multiple “restarts” a year, with a big one looming on the horizon: the start of the new school year. Outgrown uniforms to be replaced, moving up to “big school”, subject options to be chosen, exam years begun, leavers heading for college, apprenticeships and university.  

It’s a lot to juggle! And just as you close the door on their shiny-shoed journey, hot on its heels come rushing back all the revolving decisions and deadlines of the turning financial year: tax registration, paper returns, online filing and paying. Easily lost in the countdown to Christmas, our de-stress takeout is: piggyback on the convention of the “new school year” to pull together your 2024/5 accounts. Get them to us, and we will file them swiftly, allowing time for checks and queries, avoiding HMRC backlogs, the risk of late fees, and that horrible New Year rush, just when you want to be planning and projecting. 

The View from ICS 

Like everyone, summer brings change to the office; we’re all enjoying a bit of a reset and refresh. We’re lucky to work in a genuinely supportive environment, and from recent feedback and award nominations, our clients and umbrella employees feel the same support. While summer holidays are being taken, we all coordinate to provide a consistent level of service and speedy response. 

So don’t forget, “you don’t have to do everything”: our accounting and umbrella employment solutions can take the stress out of tax, payroll, finances and more, freeing you up to “do anything!” For no-obligation advice, call one of our friendly team on 01524 580720, or email info@icsuk.com. 

The post World Entrepreneurs’ Day: “You can do Anything, but not Everything?” first appeared on ICS Accounting.

From some conversations we’ve had lately, there seems to be a belief that this is a complex, difficult procedure. It might just be that we’ve been doing this for as long as we have, but we believe it shouldn’t be seen as such a challenge.

In today’s blog we’re taking a look at how you set up a limited company – and some ways that you can make the most of it.

What Do You Need When Setting Up a Private Limited Company?

A limited company is legally a separate entity from the people who own and work there. When you keep this in mind, it makes sense that a lot of the things you need are all about building an identity.

The most important things you should have to hand when starting the process are:

• A company name
• Your company’s address
• At least one director
• At least one shareholder
• Details of the company’s share breakdown
• All details of anyone with significant control over your company
• A memorandum and articles of association
• Your SIC Code

Some of these are a little more complicated than others:

What Counts as Significant Control over a Private Limited Company?

For the purposes of setting up a private limited company, you are considered to have significant control if you own more than 25% of shares or have voting rights.

What is an SIC Code?

An SIC code, also known as a Standard Industrial Classification code, identifies the area the business is active in. You can find the official list on Companies House here.

What Are the Memorandum and Articles of Association?

At their most basic, these documents are an agreement by shareholders to create the company and the written rules under which it will operate. The government has a pro-forma for the memorandum of association here and model articles of association here.

Your company’s name cannot be the same as another registered company’s. We recommend using the Companies House register to find out if the name you want has been taken. If you incorporate with a similar name to a previously existing company and they complain, you will have to change your name.

Your name should end in either Limited or Ltd or, if you register the company in Wales, in ‘Cyfyngedig or ‘Cyf’, which are the Welsh equivalents.

Your company address must be a physical address with a postcode, and it must be in the same country as you are registering the company. The home address of a director or of the person managing your Corporation Tax can be used if there is no distinct business premises.

Your director must be at least 16 years old. It’s possible, though rare, to be disqualified from being a company director, and obviously anyone who has cannot be your director. In the case of contractors, there will usually be one director and one shareholder, making this very straightforward.

Registering a Private Limited Company

After you have everything assembled, you can register your company online in 24 hours for just £50, payable by debit card, credit card, or PayPal. You can also register by post; this takes eight to ten days and costs £71. An ID and right to work check must be conducted, per the Companies House rules. Once registration is complete you will receive a certificate of incorporation. This confirms your company exists legally and will have your company number and date or formation.

You will need to register for Corporation Tax within three months of starting your company.

You can also register through an accountancy practice like ICS Accounting. Forming a company through ICS Accounting is completely free of charge, provided that you sign up to use our services. With your permission, we can also assist you in registering for Taxes, such as Corporation Tax.  We also provide strong peace of mind as you can be sure your company has been set up properly, and shareholding will be correct from the outset.

Benefits of Being a Limited Company as a Contractor or SME

When the directors and shareholders of a limited company are the same people, there are a number of ways they can benefit from this status. This is done through a mix of salary, dividends (if profitable), and benefits. For contractors using a limited company they will always be in this position, but it’s also true for many startups.

Director’s Salaries

The right mix of salary, benefits and dividends can vary on a taxpayer-to-taxpayer level. You may have seen people attempt to impose a one-size-fits-all model onto limited companies, usually with a low salary and anything else paid as dividends, with a reminder to clients to avoid higher tax brackets where possible.

The argument behind this is that while salaries attract National Insurance once high enough, dividends only suffer income tax once tax-free allowances have been used up.

At the same time, many of the benefits associated with National Insurance continue to accrue if the salary is in excess of the lower earnings limit. This area is known as the ‘golden zone’, with access to state benefits and pension rights retained without paying contributions. Ultimately, the decision lies with the director of the company to determine their remuneration, however ICS Accounting can offer you tailored advice on an individual basis.

Other Impact Factors

In some cases this is an appropriate arrangement, but not in all. For one thing, consider the tax bill. Salaries are deducted from profits when determining the company tax bill, but dividends are not deductible.

Some financial institutions are also more wary of dividends than salaries, and therefore those looking for mortgages or loans may benefit from higher earnings and lower dividends in order to obtain these agreements.

Having mentioned loans, let’s also look briefly at loans to the company as a source of withdrawing funds. It’s fairly common for start-ups and small businesses to put cash or assets into companies, and these amounts can be repaid over time. Repayments on these loans will stay off tax returns, unlike salaries and dividends, which both have tax implications.

Company vehicles, mobile phones, and other Directors’ benefits are also available through limited companies, but there may be tax implications for any of these.

Tailored Solutions

That’s why a tailored solution is called for; an experienced accountant working closely with you can help you assess all of these options and settle on the balance between salary, dividends, and benefits that is most optimal for you.

If you are looking for an experienced accountant, who will provide advice on remuneration levels, we have the solution for you.

If you’d like to discuss this, please get in touch and we’ll be happy to help.

The post Setting Up a Limited Company first appeared on ICS Accounting.

Spring is in the air and by the end of the week we’ll have officially moved into the season!  With the clocks about to go forward, stepping from one financial year to the next, days growing longer and lighter, and nature waking up outside the windows, this time of year is all about looking forwards. So in this blog, we’ll highlight some important spring dates and deadlines, to ensure you’re not left out of step.

What are My Tax Year Deadlines and Obligations?

The end of the current tax year is about to be upon us, and the new one starting afresh (April 5th/6th). Of course you’ll have filed any personal self-assessment tax returns and payments for the 2023/4 year by the 31st January deadline (October 31st 2024 for paper tax returns). How keen do you feel for your 2024/5 tax return? In 2024, HMRC revealed almost 300,000 self-assessment customers filed their tax return in the first week of the new tax year, nearly 70,000 people on the opening day (6th April) itself!

While that might be a bookkeeping step too far, early is always better than late to allow for checks, queries and avoid late fees. At ICS Accounting, we’re keen and ready to file clients’ returns as soon as you want to pass us your tax information, saving you (and HMRC) battling a last-minute backlog.

Useful things you can do before the 5th April deadline include using your ISA allowance, topping up pension contributions to take advantage of tax relief, using you tax-free Capital Gains Tax allowance, claiming business expenses and any tax reliefs eligible, and reviewing investments and dividends.

The start of the new tax year is a good time to review savings and investments as ISA, pension, and tax-free allowances are reset, adjust workplace benefits and pension contributions, check for any tax code errors, and make sure your income and expense record-keeping is on track from the start of the year. (Is that all? If that’s made you light-headed, remember that tax experts like ICS Accounting are here to relieve you from tax hassles!) Timing your retirement for the turn of the tax year can also carry financial advantages- but we’re not considering that yet!

Ready for some Fundamental Fiscal Changes?

While we’re looking ahead, several changes from Rachel Reeves’ autumn budget come into effect on 6th April, as well as regular annual inflation-linked rises, affecting personal and business tax and finance. For many, it will be about balancing inflationary rises (council tax, car tax, increased employer National Insurance contributions) with payment and allowance rises (state pension, national living wage, universal credit).

Employers need to ensure they are ready for the upcoming increase in the National Minimum Wage, as follows:

• Age 21 and over: increasing from £11.44 to £12.21 per hour (6.7% increase)
• Age 18-20: increasing from £8.60 to £10.00 per hour (16.3% increase)
• Age 16-17 and Apprentice: increasing from £6.40 to £7.55 per hour (18% increase)

Employer National Insurance contributions are increasing from 13.8 per cent to 15 per cent. The threshold at which National Insurance is due is also being reduced, from £9,100 a year to £5,000 a year. Businesses will be able to reduce their employer National Insurance contributions by up to £10,500 per year, up from the current £5,000. Designed to provide financial relief to smaller businesses with employees, Employment Allowance can be claimed through payroll systems. All these changes could make outsourcing company tax and payroll to business accountancy experts a sound move, ensuring you are both compliant and claiming any relief eligible.

Retail, hospitality, and leisure businesses will continue to receive business rates relief throughout 2025, but the level of relief is dropping from 75 per cent to 40 per cent, capped at a maximum of £110,000. Business rates themselves will be charged on a new rateable value, reflecting changes in property values.

What Can We Expect from the Spring Forecast?

Chancellor Rachel Reeves has announced that the Spring Forecast will take place on 26th March. This comes under the legal requirement for the Office for Budget Responsibility to produce two forecasts each financial year. Under some previous chancellors, the spring forecast has effectively been a “mini budget”, however, Rachel Reeves has already committed to announcing only one major fiscal event (the autumn budget) per annum, as a tool to market stability.

Therefore, we are unlikely to see any major tax changes, especially as the announcement comes just days before new tax and financial changes come into effect. However, the forecast will provide an invaluable guide to the financial health of the country, half-year effects of the autumn 2024 budget, and prospective impacts for business planning. At ICS Accounting, we will be interrogating every detail of the spring forecast, and updating you on everything you need to know.

Spring Forward Without Stress

In times of upcoming deadlines, financial and regulatory changes, it can be easy to feel swamped. However, it’s all about perspective. You might not be one of the 70,000 people filing their tax return on April 6th, but keeping on top of paperwork, digital records and requirements is the key to saving you time, stress and money, and the new financial year is the perfect time to start.

April is also stress awareness month, a great prompt to look at steps you can take to reduce pressures and be kind to yourself (see last month’s blog for our great tips for boosting personal and business health). At ICS Accounting, we take the stress out of every aspect of tax, payroll, finances and more, so whether you are self-employed, contractor, employer or limited company, don’t hesitate to call one of our friendly team on 0800 195 3750, or email info@icsuk.com, for no-obligation advice,  hassles off your to-do list, and a weight off your shoulders.

The post Ready to Spring Forward? first appeared on ICS Accounting.