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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
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
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
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
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
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
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.
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
September 9, 2022
Queen Elizabeth II 1926 – 2022
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
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
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
July 19, 2022
NEW GUIDANCE ON PENALTIES FOR NON-COMPLIANCE HMRC have issued new guidance on the penalties that they impose for non-compliance with the Making Tax Digital (MTD) for VAT rules. In particular, there is a penalty of up to £400 for every VAT return a business files without using ‘functional compatible software’. Functional compatible software means a…Read More
July 15, 2022
PENALTIES FOR OVERCLAIMED SEISS GRANTS HMRC are reminding sole traders and partners who have received Self-Employed Income Support Scheme (SEISS) grants that there are potentially penalties of up to 100% of amounts overclaimed in certain circumstances. HMRC may apply the penalty where they believe that the trader knew that they were not entitled to the…Read More
June 30, 2022
The shortage of semiconductors has meant long delays in the delivery of new cars. This has caused many company car drivers to choose a second hand car instead, but what are the tax consequences? Unless the car has zero emissions, the capital allowance rules are the same for new and used cars bought by the…Read More
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