Sam Minchella

Question for the R&D tax relief community. Last week at Accountex, I was explaining how our tax calculator can help with the various R&D tax relief rates and the merger scheme when someone said, "I think the government's long-term goal is to get rid of the R&D scheme." I paused... Naturally, I asked what made them feel that way, pointing out that it couldn't just disappear overnight? They replied, "they will gradually reduce it until it goes to zero." What do you think? Surely the UK government won't remove the incentive that so many other countries offer, especially in the EU? #researchanddevelopmenttaxrelief #randd #innovation #randdtaxrelief

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Happy 1st of July! As we enter the second half of the year, it’s a perfect time to reflect on our journeys, celebrate achievements, and set new goals. Reflecting on My Journey: 🏆 Ultra Tax Ltd was awarded Tax Team of the Year 2024 by Business Awards UK. 🎉 Finalists for Best Newcomer Accountancy Firm. ⭐️ I was a finalist for Rising Star Accountant. ⚽️ Proud sponsors of Hartlepool United’s new Away Kit for the 2024/25 season. 📈 Achieved a 302% growth and a 100% client retention rate! Looking Ahead: Our past achievements inspire me to strive for more. Here’s what I’m focused on for the rest of 2024: Expanding Services: Introducing new financial solutions for our clients. Continuous Improvement: Enhancing our processes and staying ahead of industry trends. Strengthening Relationships: Building stronger partnerships and networks. Sustainable Practices: Implementing eco-friendly initiatives. Client Success: Helping clients achieve their financial goals with personalised advice. Inspiration from the Euros: Watching Jude Bellingham’s dramatic equaliser for England in the Euros reminded me of an important lesson in business: perseverance is key. Just like in football, where players push through tough moments to change the game, we must persist through business challenges. Whether it’s facing setbacks, closing a tough deal, or meeting monthly targets, our determination and resilience can make all the difference. Your Turn: What personal and professional goals are you setting for the rest of the year? How have your achievements so far inspired you to push further? What challenges are you looking to overcome? Let’s use this mid-year milestone to share and support each other. I’d love to hear about your goals, achievements, and any tips you have for staying motivated and successful. Drop a comment below and let’s inspire one another to make the second half of 2024 even more amazing! Here’s to a successful and fulfilling July and beyond! #HappyJuly #FutureGoals #BusinessGrowth #Achievement #CommunitySupport #UltraTaxLtd #HartlepoolUnited #Euro24 #BusinessInspiration #SalesMotivation #NeverGiveUp

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If your company is paying interest on a loan, think “should it have withheld any tax”? If so, #talktaxtome This requirement is often overlooked or the incorrect treatment assumed. Getting it wrong can mean hefty late filing penalties for not paying over the correct tax to HMRC or filing in the right forms. If the interest is paid to individuals, partnerships, overseas companies or if the interest is not ‘paid’ in cash but ‘settled’ via a PIK note or in any other way – you probably need to have withheld some tax. If you are relying on a reduced treaty rate, did you apply for this? Collecting this tax and paying it over to HMRC is processed via a CT61 form which you have to specifically request from HMRC and have sent to you – no easy downloads available – so you need to allow time for this. Please read the article below by Simon Crookston for a deeper dive or give me or your usual Crowe UK contact a call. #talktaxtome #omb #corporatetax #croweuk https://lnkd.in/eT_6sWc6

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Why Retain Trace – Expert Accountancy Recruitment for your Senior Accountancy & Finance Appointments  👉 We are experts at helping clients build great finance teams, at all levels  👉 We have a toolkit meaning shortlists are assessed before they get to you  👉 There are countless case studies of great delivery across FS, C&I and NFP  👉 Tap into our knowledge – there is so much experience you can lean on  👉 We have access to people other Competitors may not due to the strength of our interpersonal relationships  👉 We will charge less for more, if the partnership is there  👉 Our only interest is great service, zero miss-hires, and long-term trusted relationships We have a great leadership team with many many years’ experience, across various London & South East Consultancies. Our SLT may be getting on a bit (🧓), but I reckon that bodes well when it comes to our networks and abilities to consult, search, assess & manage senior appointments. You know where we are. 📲 Gareth Cowan (he/him) Gemma Smith Simon Humphreys Jessica Fryer Deniz Dervish Harry Coleman

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#MTD ITSA Myth Buster 🔇 - ‘HMRC collect transactional level data in the quarterly updates⁉️’ Nope 👎🏻 Quarterly updates are simply summary totals of income and expense transactions 🧾 They are NOT full tax returns and therefore they don’t need to include accountancy adjustments (accruals/prepayments etc) or tax adjustments (capital allowances etc) 📈 Such adjustments are only required (if at all, circumstances depending) after the 4th quarter is filed and before the 31st Jan filing deadline 🔚. It’s optional to make such adjustments during the year/in the quarterly updates. Taxpayers reporting under the ‘cash basis’ will likely have very few, if any such adjustments to make. From 6 April 2024, the ‘cash basis’ has become the default. https://lnkd.in/emFtFXbr ALL MTD taxpayers will file to the same legal deadlines (on or before the 7th of August > November > February > May) 📧🛜 Each income/expense transaction should be allocated a category. The available categories for self employment income are shown below. ⬇️ It’s this CATEGORY LEVEL that is filed to HMRC, NOT the individual transactions underpinning it. 💡 The quarterly update is therefore constructed a bit like a summary pivot table based on the detailed income and expense transactions 💡 📊 Categories for Self Employment are as follows; ⬛️Business income: 🔸Turnover 🔸Other business income ◼️Business expenses: 🔹Cost of goods bought for resale or goods used 🔹Construction industry – payments to subcontractors 🔹Wages, salaries, and other staff costs 🔹Car, van, and travel expenses 🔹Rent, rates, power, and insurance costs 🔹Repairs and maintenance of property and equipment 🔹Phone, fax, stationery, and other office costs 🔹Advertising 🔹Business entertainment costs 🔹Interest on bank and other loans 🔹Bank, credit card and other financial charges 🔹Accountancy, legal and other professional fees 🔹Other business expenses For those taxpayers that qualify, MTD also supports ‘consolidated expenses’… which to me and you is ‘three line accounts’. For anyone opting to report using this easement, each transaction must simply be categorises as one of two categories - ‘income’ or ‘expense’ - and summary totals reported as such. Property categories and more information ℹ️ is available in the update notice linked below 👇🏼 #MakingTaxDigital #ITSA

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ICAEW Business Confidence Monitor (BCM): North West Q1: Business confidence rebounds to highest level for over two years. The Business Confidence Index for the North West climbed to +24.9 in Q1 2024, up from +3.9 in Q4 2023. The North West was among the weakest regions in terms of domestic sales growth and saw the slowest export growth in the past 12 months, but businesses are optimistic for significant improvement in the coming year. Input cost inflation slowed in Q1 2024 but businesses expect input cost rises to remain higher than most other regions. Salaries continued to rise at near record rates and growth is expected to remain above the historical average in the year ahead. With falling inflation and an expectation of strong sales to come, companies are predicting the largest rise in profits next year of any UK region. For the full NW picture 👇 https://lnkd.in/emzMr2s5 National 👇 https://lnkd.in/eBA_wrve

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🗣 MARKET UPDATE 🗣 Market Overview The accountancy and finance recruitment market in Essex has seen dynamic shifts in recent months. There is a stable yet cautiously optimistic outlook for the remainder of the year as the economic environment starts to take shape, we are seeing a steady demand for finance professionals across all industries. 🔑 Key Trends Increased Demand for Qualified Professionals There has been a notable rise in demand for qualified accountants and finance professionals, particularly those with ACCA, CIMA, and ACA certifications. This is driven by businesses seeking to strengthen their financial reporting and strategic planning capabilities. Interestingly, we have seen a spike in demand for people making their first move out of practice. 🖥 Emphasis on Digital and Analytical Skills Employers are increasingly valuing candidates with strong digital competencies, including proficiency in financial software (e.g., SAP, Oracle) and data analysis tools (e.g., Excel, Power BI). Skills in automation and AI-driven financial analysis are also becoming highly sought after. 🏘 Hybrid and Remote Working Models Many companies are offering hybrid working models, this shift has broadened the talent pool, allowing employers to attract candidates from a wider geographic area. We are starting to see more businesses within the Essex market opt to bring people back into the office full-time with the larger PLCs still providing a 3/2 split. 📰 Growth in Interim and Contract Roles: There is a growing preference for interim and contract roles, particularly in project-based work such as system implementations, financial restructuring, and regulatory compliance.   👯 Retention Issues Retaining top talent remains a challenge as professionals seek career advancement opportunities and better work-life balance. Businesses are starting to create strategies on how to keep their best talent, we have just launched our annual salary guide which can help you benchmark this. 👀 Future Outlook The outlook for the Essex accountancy and finance recruitment market remains positive. Companies will continue to prioritize digital transformation and strategic financial management, driving the need for skilled talent. The Essex accountancy and finance recruitment market is vibrant and evolving, presenting opportunities and challenges for both employers and job seekers. Staying ahead of the trend remains paramount when recruiting, the market is fast-moving meaning jobseekers are not on the market for long and urgency when hiring puts you in the best possible position to attract talent. If you're looking for your next role or would like to add the best talent Essex has to offer, please feel free to reach out on my contact details below: jameslassey@rutherfordbriant.com 01371 832922

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Very much looking forward to Dorset Chamber Business Expo tomorrow. Ruth, Georgie and myself will be there as well on the Azets stand! - stand 63! Come and say hello! #BusinessExpo #Accounting #Audit #Tax #Advisory

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Self-Assessment Tax Return 23-24 We are proactive and request information, which is specific to each client at the end of each tax year so in this case an email correspondence would be sent around 6 April 2024 or a postal correspondence is sent. However, we understand that in some cases it would take additional time for the taxpayer to provide the information with examples such as 👇 - P60 (Mandatory ✅ for an employer to provide by or before 31 May each year) - P11D (Has to be processed ☑️ by early July by the employer and made available to the employee to avoid late filing penalties) - Pension saving allowance (If in excess of £60,000, the excess will be charged to 40% tax) - Partnership Accounts where a Partnership Return has to be completed ✔️ for then the figures to be reflected on the Self-Assessment (Please note a separate late penalty if filed late) Constant communication 📧 📞 ✉️ is key with each taxpayer to assess their situation and for updates to be provided If we can be of any assistance in regards to your Self-Assessment, please feel free to contact ☎️ Please note we have contacts with other specialists throughout 🇬🇧 if you prefer someone local Tel: 01212852534 Web: https://lnkd.in/ewYzdMs #accountants #taxes #bookkeeping #vat #paye #selfassessment #corporationtax #accounts #companies #pension #investments

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https://lnkd.in/eG38Stkf Basis period reform. If you’re a sole trader or partner in a partnership with a normal financial year end other than 31st March or 5th April, then this is imoortant reading for you. #soletrader #selfassessment #basisperiod

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We just completed our Financial Services Accounting & Finance market insights and salary guide, and the results are in! Here are some key takeaways: 🔄 Increased job flow in both permanent and contract roles due to vacancies from 2023. 💼 Senior hiring is happening across a number of FS businesses where they need to strengthen finance functions and focus on succession planning. 💰 Salaries remain stable overall, but niche areas like Treasury, Tax, and Technical Accounting are experiencing salary uplifts due to a shortage of quality candidates. 📈 Companies are promoting strong performers internally, making these candidates less likely to seek external opportunities. 📆 Companies are offering extended contracts due to cost pressures, though many candidates prioritize job security and career growth. 🚀 Demand for Commercial and Project Finance skillsets is surging, driven by evolving industry needs. 🤝 The adoption of Agile aims to enhance flexibility and collaboration, though some employees may face challenges adjusting. If you want to understand more, please reach out to me. Whether you're hiring or seeking new opportunities, we're here to help. #financejobs #keytrends #financialservices

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Full expensing allows for a 100% first-year capital allowance for qualifying plant and machinery assets and came into effect last April. To qualify for full expensing, expenditure must be incurred on the provision of “main rate” plant or machinery. #FullExpensing #TaxAllowances

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When we think of an accountant, the image that often comes to mind is one of a stuffy, dull professional, hunched over a desk crunching numbers all day. It’s a perception that has long plagued the accounting industry, making it challenging to attract the next generation of talent and clients. But the reality is that accounting has evolved significantly, with accountants now playing a vital role in driving business growth and innovation. Accountancy Age explores the rebranding of the sector: https://bit.ly/4cb2Ue2 How is your organisation representing the sector? #ReedAccountancy #Accountancy #Finance #TalentAttraction #Business

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This is a great read from Tax Partners, Andrew McMillan and David Ward, who joined forces with the team at DWF to shed some light on the new single merged R&D scheme, and what it means for businesses, following its debut in April. #WeTalkTax

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