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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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Thank you for your Business in 2022

December 15, 2022

Wishing you all a Merry Christmas and a Prosperous 2023 CHRISTMAS OPENING HOURS Please note the office will be closed on Friday 23rd December at 12 noon to Tuesday 3rd January.  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 3rd January…Read More

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Thank you to Bedford Blues

November 21, 2022

Back in September this year, we were delighted to be celebrating 30 years of Accounting and Tax Advice in Bedford, first opening the doors of Cowley Holmes Accountants on 1st September 1992. Mike Rayer of Bedford Blues very kindly gifted us this fabulous signed Bedford Rugby shirt to celebrate the occasion. Now that we’ve had…Read More

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Tax Increases and Public Spending Cuts

November 18, 2022

The new Chancellor Jeremy Hunt had warned the public and the financial markets that his Autumn Statement would include “eye-watering” cuts in public spending and tax rises for those with the ‘broadest shoulders’. Unlike the ill-fated Fiscal Event of 23 September, the Government “rolled the pitch” this time with several leaks prior to the event.…Read More

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U-Turns to Steady the Financial Markets

November 3, 2022

In his Fiscal Statement delivered on 23 September 2022, the previous Chancellor, Kwasi Kwarteng, introduced a Growth Plan including the tax cuts promised by Liz Truss in her Conservative Party leader campaign. However, the tax cuts were broader than expected and were being funded by increased borrowing. Furthermore, the plan was not accompanied by a…Read More

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Cowley Holmes 30th on the 30th!

October 6, 2022

On Friday we celebrated in true 90’s style, bringing it back to 1992 when Barry started up Cowley Holmes 30 years ago! Congratulations Barry from all the team, and thanking you for a fun-filled evening.

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The Chancellor’s Mini Budget in Summary

September 30, 2022

TEAM TRUSS CUT TAXES TO STIMULATE THE ECONOMY On 23 September 2022, Kwasi Kwarteng, the new Chancellor (the fifth in as many years) delivered a Tax Cutting “Fiscal Event” or Mini-Budget to help boost economic growth. This was in line with promises made by the new Prime Minister Liz Truss when she was campaigning to…Read More

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Celebrating 30 Years in Business

September 1, 2022

Today we are delighted to be celebrating 30 years of Accounting and Tax Advice in Bedford, first opening the doors of Cowley Holmes Accountants on 1st September 1992. Later this month our staff will be celebrating in true 90’s party style!  We’re sure there’ll be some photos to follow! We would like to thank our clients,…Read More

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Making Tax Digital – Update

August 19, 2022

Making Tax Digital (MTD) for VAT has been with us since April 2019, with the extension to all VAT registered businesses from April 2022. The next roll-out will be the introduction of MTD for income tax which is scheduled to start in April 2024. The obligation to keep records in a digital format and report…Read More

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Attracting and Retaining Key Staff with Shares

August 15, 2022

In the increasingly competitive jobs market, it is important that employers are able to attract and retain talented people to help them grow their business. Within certain sectors, the opportunity to participate in the equity of the organisation that they work for is something that more employees are seeking and those employers that do not…Read More

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