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Merry Christmas from Cowley Holmes

December 18, 2023

Wishing you a great holiday and counting down to a prosperous PLEASE NOTE THE OFFICE WILL BE CLOSED ON FRIDAY 22nd DECEMBER AT 12 NOON TO TUESDAY 2nd JANUARY 2024.During this period, messages can be left on our answer machine by calling 01234 355300 or email to mail@cowleyholmes.co.ukWe will reopen as normal on Tuesday 2nd January 2024. Thank…Read More

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Tax News

November 21, 2023

SALARY OR DIVIDEND BEST IN 2023/24? In recent years many accountants have advised their director/shareholder clients that the most tax efficient method of extracting profit from their family company was to pay themselves a low salary, at or around the £12,570 personal allowance, with the balance in dividends. This strategy may need to be revisited…Read More

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Tax Free Childcare / Child Benefit

September 26, 2023

BACK TO SCHOOL – SET UP A TAX FREE CHILDCARE ACCOUNT? The Government’s Tax-Free Childcare Accounts provide a 25% subsidy towards the cost of childcare. The account can be used to pay nursery fees, breakfast clubs, after school clubs and registered childminders. The scheme operates by topping up savings of up to £8,000 per child…Read More

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Super-Deduction Replaced by “Full Expensing”

July 21, 2023

In the Spring Budget the Chancellor announced that “full expensing” – 100% relief for new, eligible plant and machinery – would replace the 130% super-deduction from 1 April 2023 for limited companies. This is in addition to the £1 million annual investment allowance (AIA) and will be available for expenditure incurred up to 31 March…Read More

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Deadline for topping up NI Contributions Extended again to 5 April 2025

July 20, 2023

With all of the changes to personal pensions in the Spring Budget, maximising the State Pension entitlement should not be overlooked. The full rate of new State Pension increased to £203.85 per week (£10,600 pa) from 6 April 2023; a 10.1% increase over the 2022/23 rate as a result of the “triple lock” being restored.…Read More

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Should Employees Reimburse their Employer for Private Fuel?

June 22, 2023

The table below sets out the HMRC advisory fuel rates that apply from 1 June 2023. These are published quarterly these days due to the volatility in petrol and diesel prices in recent years. Where the employer provides an employee with a company car there may be an additional benefit in kind on the provision…Read More

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Happy Easter from all of us here at Cowley Holmes

April 6, 2023

Our Office will be closed for Easter on Good Friday 7th April and Easter Monday 10th April. During this period messages can be left on our answer machine by calling 01234 355300 or email mail@cowleyholmes.co.uk and we will get back to you from Tuesday 11th April onwards. Have a wonderful long Easter weekend.

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Farewell and good luck to Armando

March 20, 2023

Next week we say goodbye to our team member Armando who has been with us since 2017.  Armando also completed his work experience with us back in 2010 so he has become part of the furniture here at Cowley Holmes! He’ll be missed in our office. Armando will be continuing in the profession and working…Read More

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Spring Budget

March 16, 2023

On 15 March 2023, Chancellor Jeremy Hunt presented his first Budget to Parliament and set out a plan to reduce inflation, grow the economy and get government debt falling all whilst avoiding a recession and tackling labour shortages. Below we set out some of the main points. COST OF LIVING SUPPORT Energy Costs The Energy…Read More

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Advisory Fuel Rate for Company Cars

March 14, 2023

The table below sets out the HMRC advisory reimbursement rates for employees’ private mileage using their company car from 1 March 2023. Where full reimbursement is made there is no taxable fuel benefit. The rates for the previous quarter, if different, are in brackets. Engine Size Petrol Diesel LPG 1400cc or less 13p (14p)  …Read More

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Year end Tax Planning

March 13, 2023

It’s not too late to undertake some end of year tax planning. If you have available funds, an obvious tax planning point would be to maximise your £20,000 ISA allowances for the 2022/23 tax year. You might also want to consider increasing your pension savings before 5 April 2023, if you have available ‘pension annual…Read More

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Penalties for careless and deliberate errors

March 10, 2023

As well as charging interest on tax paid late, HMRC may also levy a penalty where there is an error in a tax return. These penalties may be judged as careless or deliberate and the level of penalty will also depend upon whether or not; This matter is topical following the recent sacking of the…Read More

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“Nudge” Letters from HMRC about R&D Claims

March 9, 2023

Following on from the alleged abuse of the Research and Development (R&D) tax relief schemes, particularly the SME tax credit scheme, HMRC have issued “nudge” letters to the directors of over 2,000 claimant companies asking them to check their claims. Here is an extract from the letter:- “As Company Director, it’s important you submit accurate…Read More

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Will the Spring Budget stimulate economic growth?

With the UK economy flat lining the Chancellor is under pressure to announce measures to stimulate growth. There are even calls for him to cut corporation tax which is scheduled to increase from 1 April 2023. He may possibly extend the 130% super-deduction for investment in new plant and machinery which is due to end…Read More

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