We hope you are all well. Autumn has arrived and that means at Smarter we are entering the busy tax return season. This is a reminder for anyone who has not yet got their records in to get everything in to us so that we have time to get your tax returns filed by the end of January 2025.
Smarter Charity Ball
On Friday 20th September, Smarter co-hosted a Charity Ball in aid of Rowcroft Hospice with Orestone Wealth Management at Teignmouth Golf Club. The black-tie fundraising event welcomed over 100 guests, including tables from local businesses including Scott Richards Solicitors and Castle Hill Insolvency who generously contributed towards the prizes on the night.
We are delighted to announce that we raised an amazing sum of £5,054 from ticket sales, donations, a raffle and auction for Rowcroft Hospice.
Special thanks to Fiona Lee, Michelle Buck, and Michelle’s Mum who did an amazing job in organising the event. Alison Upton, Philanthropy Manager at Rowcroft commented:
“Here at Rowcroft, we are so incredibly grateful to Fiona Lee, Michelle Buck, Shaun Lee and the team, at Smarter Accounting who organised the fabulous Ball. It was an evening of fun and friendship, and importantly it raised so much money that will enable Rowcroft to continue to support families across South Devon. With only 25% of our funding coming from the government, we rely upon the generosity of member of the community, and we would like to thank the many people who provided raffle and auction prizes, gave their time to help organise, and spent money at the ball. You have made a real difference.”
The funds raised at the Ball will support the provision of hospice care for people with life-limiting conditions and their whole family.
Upcoming Autumn Budget
Next Wednesday, 30th October, the Chancellor, Rachel Reeves will deliver her first budget. It is much anticipated and should give a clear indication of what the future under a Labour Government looks like.
All we have heard since the election is how tight the Government coffers are. The shortfall figures seem to have grown almost daily, and we can expect various measures to increase Government revenues. The rumours seem to be coming daily, and I think we can expect some leaks of what is actually in the budget over the weekend. The options are a little limited as Labour’s election pledge was not to increase Income Tax, National Insurance or VAT for working people.
The rumours that seem to be most prevalent are:
- Pensions
- Potential reduction in pension tax relief for high earners. Could be difficult though due to the impact of those in the public sector
- Removal of Inheritance Tax exemptions on pensions
- Employers National Insurance – Various rumours that this could be increased, and they currently seem to be focused on bringing in Employers National Insurance on employer’s pension contributions, which are currently exempt
- Continued Income Tax Threshold Freeze – Currently tax threshold bands are frozen until April 2028. Current rumours suggest this may be extended to April 2030
- Capital Gains Tax – The tax rates are low when compared to other taxes. Rumours suggest that they may be increased, particularly for higher rate tax payers
- Inheritance Tax Changes – Although bands have stayed the same for many years and the tax rate is 40%, the Chancellor may look to make changes, to increase revenues
- Fuel Duty – Increases in fuel duty rates have not been seen for many years and more recently cost of living pressure has actually seen a 5p per litre reduction in 2022. Could the Chancellor consider removing the reduction, or even worse, an increase?
- A new ‘Wealth Tax’ – Seems to have gone quiet recently but there have been rumours of a Wealth Tax on the rich at 1%. Difficult to construct and collect, but could come into play
- Roadmap for Business Taxation – The Labour Government have promised to publish this roadmap within 6 months of the election and we are expecting to see it within this budget. What will this include?
- Corporation Tax frozen at 25% has been promised – but could it become a flat rate 25%, compared with the varying 19%-25% rates we have currently?
- Business Rates replacement?
- Making Tax Digital for Corporation Tax?
Clearly next Wednesday will be an interesting day but you can be rest assured that we will bring you our normal budget update shortly after the budget is announced.
Xero Price Increases
Xero have increased their prices as of September 12. We will be increasing prices in line with this on invoices from 1st November. The new prices, excluding VAT are:
- Standard (Now called Grow) – £33 per month (was £30)
- Starter (Now called Ignite) – £16 per month (was £15)
Smarter Recruiting Now!
We are always on the lookout for new members of staff for both offices, at all levels. We are particularly looking for anyone with practice experience.
If you know anyone who may be interested, then please ask them to contact us!
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Best wishes, take care,
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