The Spring Statement- What it means for you and your business.

As with The Autumn Statement, we put together a quick blog to share the important updates from The Spring Budget without the all the jargon.

 

Changes that will affect employees:
  • The main change announced in the spring 2024 budget was a reduction of 2% in National Insurance contributions for employees from April.
Changes that will affect the Self-employed:
  • As in The Autumn Statement, the national insurance reduction has also been passed onto the self-employed. With a reduction of 2% Class 4 national insurance, taking contributions down to 6%.

Due to the high employment figures, these reductions have not been passed on to employers, who are still paying NI contributions at 13.8%. This is unlikely to change until unemployment begins to rise.

 

Changes to the VAT threshold:
  • The compulsory VAT registration threshold is increased from £85,000 p.a. to £90,000 p.a. with the de-registration threshold increasing to £88,000 p.a.

 

Changes to capital gains allowance:
  • The higher rate capital gains tax from the sale of properties will be reduced from 28% to 24%.
  • As announce in The Autume Statement, last year’s capital gains tax free allowance of £6,000 p.a. is being reduced to £3,000 p.a.

 

Other tax updates:
  • The Child Benefit disqualification income allowance is increased from £50,000 p.a. to £60,000 p.a with a sliding scale of reduction between £60,000 – £80,000.
  • The classification of “furnished holiday lettings” is to be removed over the next 4 years by annual steps of 25% per year. Eventually, furnished holiday lettings will be treated in the same way as “buy-to-let” and investment properties currently are.

 

If you have questions on other announcements or wish for more information regarding the above changes, our team is always available to answer your questions.


Simplify your bookkeeping with a Walton Accountancy spreadsheet.

If you’re starting out in business, one of the top tips any accountant will give you is to stay on top of your bookkeeping.

No one wants to spend hours at the end of their year going through old receipts and trying to find the missing invoice that you carefully filed…somewhere.

There are a number of different option available to make this process easier, including paper records and cloud-based software. To help bridge the gap between the two, our Walton Accountancy team have created a number of spreadsheets designed to make this task easier.

 

Standard spreadsheet

This is the perfect spreadsheet if you are starting out as a sole trader or just starting your limited company.

Each month is split with its own tab, with a section for your sales at the top, and your expenses below. We have also included in the yellow box a calculation where you can see your year-to-date figures, helping you keep track of how your business is growing.

We have given you the option of including three sales types, which may be different products or services offered within your business. The expenses are set out in different categories as they would appear on your tax return.

 

VAT spreadsheet

The VAT spreadsheet is suitable for everyone registered for standard VAT.

Again, the spreadsheet is split up monthly, with a section for both income and expenses.

When filling out the spreadsheet, you will need to include the VAT exclusive figure in the sales column with the VAT element listed under the VAT heading. The Spreadsheet will then calculate the VAT inclusive figure in the VAT inc. total.

The expenses are set up in the same format as the standard spreadsheet, all you need to do is input the expense with VAT exclusive figure under the correct heading, then follow along the row to the VAT heading. The software will then calculate the VAT inclusive figure.

Also, under the expense category (on the first two months), you will find two pink boxes which can be completed if your VAT period include months prior to the start of this spreadsheet.

 

Flat rate spreadsheet

For some industries it is more beneficial to be registered for a flat rate VAT scheme (we won’t go into this now but keep an eye out for a future blog on this subject). When registering you will be given a flat rate percent, which needs to be entered into the top on the spreadsheet on the first month.

The rest of the spreadsheet is then set out the same as the standard spreadsheet, you will just need to include your VAT inclusive figures into the spreadsheet.

As with the standard VAT spreadsheet you can also include previous months figure in the pink boxes, if needed for your VAT periods.

 

Margin scheme spreadsheet

A little more complex to understand and navigate the VAT treatment if your business is registered for the margin scheme. This would apply usually to 2nd hand goods business like car sales or an antique store.

The spreadsheet’s expenses are calculated the same as the previously mentioned spreadsheets, but the sales are broken down into sales price and purchase price. For each item sold, you will need to include the total of both the sale/purchase price to work out your VAT inclusive difference. Importantly, you only consider the VAT on the difference between the sale price and purchase price- this is referred to as the margin.

 

Multi-invoice spreadsheet

This spreadsheet is designed for people who are issuing multiple invoice or sales each day.

On the multi-invoice spreadsheet, unlike the previous, you will need to total up the daily sale for each category into one total. We have included the option of splitting them into three sale types, so you can still see how each product or service is doing.

As with the standard VAT spreadsheet, you will need to input the VAT exclusive figure into the sales columns and then add the total VAT for the day into the VAT column, the spreadsheet will then calculate the VAT inclusive figure.

The expenses also need to be entered under the correct categories with VAT exclusive figure, the VAT then needs to be input under the VAT column, this will then allow the spreadsheet to calculate the VAT inclusive figure.

 

For your convenience the final page on each of the spreadsheets is a totals page, where you can see the accumulative sales totals for the year and your monthly expenses all in one place.

 

Why not download one of our spreadsheets from our website and get started today.

If you have any question regarding the spreadsheets or need assistance with filing your accounts, please feel free to contact us on 02392 593917 and a member of the Walton Accountancy team will be happy to assist.


Wishing you a Merry Christmas and a successful new year from the Walton Accountancy team.

As the year comes to an end, the team here at Walton Accountancy will be taking a little break, ready to return to a busy self-assessment period and to answer all your accountancy queries in the new year.

But before heading off we thought we’d share a few of our top tips to help you tune out over the festive season (we all know business owners never like to take a day off).

 

  • Make a to-do-list

Before breaking up for Christmas, why not make yourself a to-do list for the first week back. This will stop you worrying about upcoming tasks during your time off and allows you to hit the ground running when you get back to work in the new year.

 

  • Family time

The festive season is full of family time and although it may not always be the most relaxing idea on our list, it can be a great reminder of why you work so hard. So why not embrace the chaos and laughter, and let your inner child take control even just for the day.

 

  • Time away from technology

With technology at our fingertips it can be difficult to stop from peeking at incoming emails or taking calls after hours. So why not set your do not disturbs and enjoy a few hours to yourself or with your loved ones.

 

  • Get out doors

Although winter can be wet and cold, it still worth getting outside for a walk or run, especially if you can manage it in the few hours of daylight available. Plus, it makes getting warm and cosy afterwards feel even better.

 

We hope you have enjoyed our tips for your time off and we can’t wait to see what 2024 has lined up once everyone has had their hard-earned rest.

From the team here at Walton Accountancy, have a magical Christmas and a Happy New Year.


The Autumn Statement- What it means for you and your business.

At the end of November, the autumn statement was realest.

As with any government announcement, a lot of information and updates were released. In this blog, we have removed the jargon and focused on the topics that will affect our clients.

 

Changes that will affect employees:
  • Employees will be pleased to hear that from the 6th January 2024, the national insurance rate will be reducing by 2%. This means that from January, Class 1 NI will be deducted from your pay at 10%, rather than the current rate of 12%.

 

Changes that will affect the Self-employed:
  • The reduction of national insurance has also been passed onto the self-employed, by the abolishment of Class 2 National Insurance contributions. Currently, most self-employed workers will be paying £3.45 per week in Class 2 NIC – From the new tax year (6th April 2024), class 2 NI will no long exist. The Class 4 national insurance contributions have also been reduced from 9% to 8%.

 

  • As announced in previous budgets, HMRC are still rolling out plans for Making Tax Digital for self-assessment taxpayers. From April 2026, quarterly submissions for self-assessment will need to be made. Unlike previously announced, the additional summery submission at the end of the year has now been dropped, resulting in just 4 quarterly submissions.

With each quarterly submission, a cumulative total of income for the year- to-date will need to be included. This will remove the need to submit amendments to previous quarters if corrections are needed.

 

Other tax updates:
  • An increase in national living wage from April 2024 was also announced. The hourly rate will increase from £10.42 to £11.44. Along with this increase, the age threshold has also been reduced to 21-year-olds for the first time.

 

  • Changes to the capital gains allowance have also been announced, reducing the exemption allowance by half, to £3000 per year, from April 2024.

 

We hope the information above has helped clarify some of the change that will affect you and your business in the coming few months. If you have questions on other announcements or wish for more information regarding the above changes, our team is always available to answer your questions.


The team supporting your business.

Here at Walton Accountancy, we pride ourselves on supporting you and your business, but who are the team, and how did they come to be part of our growing company.

Below we have asked each member of the team to share a little snapshot of how they came to join us and why they enjoy the ever-changing world of accountancy.

David- Founder, Director & Accountant

Walton Accountancy was founded after I had experienced difficulties finding affordable accountancy for my previous business. After I completed my qualification, I wanted to use this to support fellow business owners, so started Walton Accountancy. I have now stepped back and passed the day-to-day management of the company to my son Ben. You will still find me in the office on a Friday passing my experience and knowledge onto the team, from my 25 years of experience in the industry.

 

Ben- Director & Accountant

My career didn’t initially start in accountancy –but as a behaviour support worker. After 5 years of working in schools, I dropped to part-time hours to study for my accountancy qualification. When I qualified in 2015, I joined the family business which at the time was just myself and David, and we set out to create an accountancy company that is client focussed, offering professional accountancy services without the extortionate fees that some of our competitors were charging.

I am delighted to see that we have grown to a company that currently services over 2,000 clients nationwide, across 25+ industries, whilst still maintaining a close personal relationship with each business owner. Getting to know our clients and understanding their business is the part of accountancy that I really enjoy.

 

Tom- Director & Accountant

Like most people, I didn’t grow up dreaming of becoming an accountant, however with ambitions to work within the business and finance world and enjoying accounts in college I thought working in an accountancy practice would be one of the best routes for me.

When I started, I was taught the basics of accounting, including bookkeeping, self-assessment tax returns and coffee runs. Since then, my role has developed and includes helping all the staff in the office with training and support. I have also used my expertise to specialise in more complex topics including R&D reclaims and property companies.

 

Naomi- Admin & Marketing Manager

When I joined the team, I had previously worked in a number of industries and roles but never finance. I have enjoyed learning about accountancy and how HMRC work, which is always changing. Although I do not deal directly with the accounts, I work behind the scenes to make sure we have everything set up and keep our records up to date so we can always provide our clients the best possible experience. I love that each day is different from help with onboarding new clients, submitting registrations or writing a blog post 😊

 

Elli- Payroll Manager & Admin Support

My job here at Walton Accountancy began with my interest in learning about payroll. This is a service that every business needs and I wanted to understand how it works, and the other day-to-day tasks involved with running a business. Walton Accountancy took me under their wing, and a few years later, I now manage the payroll administration. I spend my time liaising with clients and HMRC, whether this be about PAYE or CIS matters.

 

Carter- Accountant

My main role at Walton Accountancy is the onboarding of new clients. This role gives me the opportunity to focus on what the individual client needs. I get to use my knowledge and experience to tailor the service we offer to create a bespoke package which has the client’s needs at the centre. I also have the task of maintaining our existing limited companies by keeping on top of their deadlines and making sure that everything is filed on time.

 

Sheryce- Assistant Accountant & Social Media Assistant

I have been working in my assistant accountant role for just over 3 years now and can genuinely say that the time I have spent developing my skills has made me enjoy my job role even more. My initial interest came from a background in other finance roles and speaking with a friend who was working as an accountant. I really enjoy connecting with clients to find how I can help their business grow while giving tax advice. I spend a lot of my time researching different schemes and requirements online with HMRC to further my knowledge and to ensure I can give specific advice to my clients, based on their work.

 

Adam- Assistant Accountant

Throughout my education I have had a passion for business and working with numbers, this led me to pursue further qualification in Economics & Business. I am now in the final year of my apprenticeship to become an accountant. Throughout my time here at Walton Accountancy, I have really expanded my knowledge of the tax system and enjoy that it is always changing and evolving.

 

Charlie- Assistant Accountant

My Favourite part about being an accountant is interacting with individual clients and getting to know them and their business on a personal level. It is great being able to enjoy communicating with clients whilst providing a service which is beneficial to them.

 

Jamin- Payroll/Admin Assistant & Social Media Manager

I joined the team with a love for administrative tasks and looking to learn new skills. I now assist with both admin/payroll tasks and manage the credit control for the company. The best part of my job is liaising with clients and building a good relationship with them as well as being part of the Walton Accountancy team.

 

Tilly- Accounts Assistant

When I joined the team, I was seeking a career in accountancy. Since joining the team here at Walton Accountancy my knowledge has grown massively and continues to grow daily. My main tasks are preparing and submitting self-assessment tax returns, VAT returns and company accounts. The most rewarding part of my role is using my knowledge to ensure that our clients are given the best advice possible.

 

I hope this post has given you a little insight into the charismatic and client-focused team we have built and why they enjoy working with you and your business.


Walton Accountancy- Here to partner with you and your business.

This is probably a cliché that you’ve heard from many accountancy and business advisors, but here at Walton Accountancy, we aim to provide a client focused service which is tailored to you and your businesses individual needs.

Walton Accountancy is a family business started by David Walton. Who, after noticing a gap in the market for affordable accountancy services, aimed to create a service which could not only be cost effective, but would also provide a professional service delivered in a concise and understandable way… Taking the jargon out of accounts.

With this ethos in mind, we have built a tailored service to put the client at the centre of everything we do.

 

Subscription service

With our menu-style subscription service, you’ll only ever pay for the services that have a direct benefit for you.

Services we provide:

  • Self-assesment
  • Self-employment
  • Partnerships
  • Limited company
  • Payroll
  • VAT
  • R & D claims

No tie-ins or contracts

It’s as simple as it sounds. We do not believe in tying our clients into a contract, clients are free to leave at any point, which makes us focus on giving each client the best possible service.

Client communication

We pride ourselves on our client communication.

You’ll never have to leave a voicemail as our phone lines are always answered during normal office hours (9am-5pm Mon-Thurs 9.30am-5pm Friday).

All E-mails are answered promptly, and we welcome all clients into our office for face-to-face meetings.

Unlimited support and advice

With our unlimited support and advice, you will never have to worry about any unexpected bill following a call or meeting. This service is there for you to use as you need, helping you stay on top of your business finances, your way!