How Can Businesses Prepare For A No Deal Brexit Scenario?

No Deal Brexit Scenario ImageWhilst a deal has been agreed between EU and UK negotiators said the deal is currently likely to lack enough support in parliament to be accepted, with some MPs now resigning and casting votes of no confidence in the current leadership.

As a no-deal scenario becomes more and more of a possibility, businesses should ensure they are prepared for any outcome. Recently, the Government released detailed guidelines for businesses in the event of the UK leaving the EU without a deal.

Find out more about the guidelines and how you can ensure your business accounting is prepared in our latest blog post.

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October 2018 Budget Summary

Cabinet Office Blog ImageOn 29th October 2018, the Chancellor, Philip Hammond delivered the Autumn Budget.

Whilst this budget was overshadowed for the most part by the UK’s upcoming departure from the European Union, there were a number of announcements that will impact both individuals and businesses in the UK.

Find out more about the key announcements and how they may affect you.

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Latest Updates on Making Tax Digital for VAT

How to prepare for digital tax
Making Tax Digital (MTD) is quickly approaching. The system, which is designed to make tax more efficient has seen many timeline changes and will affect all businesses in the UK once fully implemented.

The next big milestone on the journey to a digital tax system comes in April 2019. From this date, businesses with a taxable turnover of above £85,000 will need to keep VAT records digitally and file their returns using software that’s compatible with MTD; this will impact around 1 million businesses in the UK.

On the 16th October 2018, HMRC launched a private pilot, inviting around 500,000 businesses to try the new online VAT service.

Find out more about the pilot scheme, the latest updates to MTD in regards to VAT and how you can ensure you are prepared if your business will be required to fulfil MTD obligations from April 2019.

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Reversal of Plan to Scrap Class 2 NICs – What It Means for the Self Employed

Vibrant overvew of london image

The Government’s plan to abolish Class 2 NICs by April 2019 has been shelved, with no chance of the abolishment of Class 2 NICs taking place during this parliament.

The planned move, which could have benefited self-employed workers earning more than £6,205 per annum, was dropped under the premise that lower earning self-employed workers would have seen their voluntary payments increase significantly.

Find out more about the change, the current rates of National Insurance for the self-employed and how you can ensure you’re paying the correct National Insurance Contributions (NICs).

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Income Tax in Wales Is Changing – What You Need to Know

Welsh Flag and blue sky imageFrom April 2019, people living in Wales will begin paying some of their income tax directly to the Welsh Government. Under the current system, 100% of the funds collected go to the UK Government.

The change, which is similar to how the Scottish rate of income tax (SRIT) works, will allow the Welsh Government to play a role in the collection of tax, as well as enabling them to vary the rate of Income Tax paid by Welsh taxpayers to fund various public services.

Find out more about what’s changing, how it will impact Welsh taxpayers and employers, and what the current rates of Income Tax in the UK are in our latest blog post.

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Landmark Gig Economy Case – Pimlico Plumbers

Gig economy ruling for plumbersIn another landmark case for those working in the so called ‘Gig Economy’, the Supreme Court has ruled in favour of a plumbing and heating engineer being a worker as opposed to being self-employed; granting him access to workers rights including sick pay, holiday pay and protection for unfair dismissal. You can read the full story here.

This is not the first case of its kind, with other gig economy employers including Uber and Deliveroo having cases brought against them in relation to the employment status and rights of the people working for them.

Find out more about the gig economy and the rights of those working in it in our latest blog post.

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The Importance Of Ensuring GDPR Compliance With Your Accountant

With so many businesses focused on making their own steps towards GDPR compliance, it’s easy to overlook the importance of ensuring that your “Processors” (those who process data for you) are also compliant with the new data protection regulations.

In payroll and accountancy, the volume and sensitivity of the data that is collected, held and processed puts pressure on business owners of all sizes to ensure their provider is compliant.

In this blog post, we’ll look at how you can ensure that your current payroll provider, bookkeeper or accountant is compliant with GDPR. We will also highlight the steps and ongoing processes that we at FCF have put in place to ensure that we are 100% Compliant.

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First Call Financials New Brand and Identity

First Call Financials Logo

Since we began trading in 2011 (becoming a limited company in 2013), we’ve been providing a professional accountancy and payroll service for businesses of all sizes and structures in Bristol and the surrounding areas.

With over 90+ years combined experience across our close-knit team of accounts and payroll specialists, we are trusted to look after the accounts of both major councils and SMEs – providing a proactive and collaborative approach that is second to none.

In the next step of our business’s development, we are delighted to announce the release of our new logo and brand identity to better reflect our values, our services, the work we do with our customers and the way in which we do it.

The new branding will soon be reflected on our website, which will go live in September. Read on to find out more about the rebrand and get a sneak peek of our brand new promotional material.

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Luxury Car Dealer Banned From Running Companies for 13 Years

A luxury car dealer has been banned from running companies for 13 years after failing to maintain adequate accounting records.

After being placed into Creditor’s Voluntary Liquidation in 2015, the director of the company was unable to deliver accounting records to the insolvency practitioner, which then led to an in-depth investigation.

Find out more about the case and the real cost of failing to maintain adequate accounting records regardless of the size of your business.

This report was first published by the Insolvency Service on the GOV.UK website and can be read in full here.

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A Landlord’s Guide to the HMRC Let Property Campaign

Whether you are a landlord of a large property portfolio, or you just let a single property to a tenant; you must pay tax on your rental income.

The ‘Let Property Campaign’, is a Government initiative that was launched in 2013 with the aim of giving landlords the opportunity to get their taxes up to date through voluntary disclosure.

As the campaign launched, it was estimated that 1 in 3 landlords were not declaring rental income.

Find out more about the Let Property Campaign and how it affects you as a landlord.

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