Making Tax Digital for Income Tax and Corporation Tax approaching

Saffery Champness is encouraging owners of farm and land-based businesses yet to give consideration to compliance with the requirements of Making Tax Digital for Income Tax or Corporation Tax to take time to plan for those changes.

David Chismon, Partner, Saffery Champness, and head of the firm’s Land and Rural Business Group, says:

“Whilst it was recently announced that the introduction of MTD for income tax will be deferred for a further year to April 2024, there are major changes on the horizon. Businesses that are yet to start planning for the changes need to start thinking now.

“Many will already be set up and complying with the requirements of MTD for VAT. Those VAT registered businesses that are yet to report under the requirements of MTD for VAT will be required to comply from April 2022, regardless of size. However, digital reporting for Income Tax or Corporation Tax brings additional considerations.”

For Income Tax, compliance will be required from April 2024 for individuals with unincorporated businesses or landlords with turnover or property income exceeding £10,000. This will include digital quarterly reporting to HMRC of income and expenses through approved software.

Some general partnerships with income/turnover exceeding £10,000 will be required to comply from April 2025. However, other types of partnerships, including LLPs and general partnerships with trust or corporate members, will be required to join MTD for Income Tax at a future date, yet to be confirmed.

The precise date for the introduction of MTD for Corporation Tax is yet to be announced although it is thought that this is unlikely to be before April 2026. Many businesses will need to upgrade their financial recording and reporting systems to comply with the requirement to keep accounting records in a digital format and to be able to provide information digitally to HMRC.

David Chismon says:  “It may still feel like some way off, especially given the recent deferral of MTD for Income Tax for a further year, but for a lot of businesses, the changes that will be required to comply cannot be implemented overnight and will need careful thought and planning.”

Saffery Champness has produced two new briefing notes on MTD and Corporation Tax and MTD and Income Tax, now available online at https://www.saffery.com/our-services/tax/making-tax-digital

About Saffery Champness LLP
Saffery Champness LLP is a firm of chartered accountants that advises individuals and families, not-for-profit organisations and businesses across a range of sectors. As a member of Nexia International, it is part of a worldwide network of independent accounting and consulting firms. For over 160 years, the firm’s success has been founded upon providing clients with a genuinely partner-led service and working with them to create bespoke solutions that help them to achieve their personal and business objectives. For more information visit www.saffery.com or see Twitter @Safferys

Saffery Champness sponsor ‘Independent Business of the Year’ Award in the Poole Business Awards

Saffery Champness Chartered Accountants have come on board as a sponsor of the ‘Independent Business of the Year’ Award in the inaugural Poole Business Awards.

Partner Hannah Mazrae said, “We are delighted to support these Awards which recognise excellence in our communities across Poole.  Poole is home to a number of thriving businesses across all sectors of varying size and the award categories cater for everyone.

“The last 18 months has been a challenge, no matter the sector. I have no doubt that independent businesses found the last 18 months harder than most and we look forward to supporting those businesses in the future.

Our team at Saffery Champness supports a significant portfolio of clients within the local market, acting for small entrepreneurial businesses to large corporate entities. We are extremely proud to work alongside our clients assisting them to develop a range of strategies and solutions to aid success.”

Entry to the Awards is via the web site  poolebusinessawards.co.uk and entries close on 4th October.

The 15 categories are:

  • Start-Up Business of the Year
  • Young Entrepreneur of the Year
  • Service Provider of the Year
  • Best Place to Work
  • Independent Business of the Year
  • Digital Innovation Award
  • Retail Business of the Year
  • Best Customer/Client Service
  • Health, Beauty, Fitness Award
  • Green/Eco Business of the Year
  • Hospitality Business of the Year
  • Tourism Business of the Year
  • Artisan/Local Produce Provider of the Year
  • The Dorset Mind Excellence in the Community Award
  • Overall Business of the Year

Saffery Webinar – Onwards and upwards – lessons learnt in the charity sector

Saffery Champness hosted a webinar for their charity clients entitled, ‘Onwards and upwards’. Attendees shared experiences from over the last 15 months during the pandemic and talked about the lessons learnt, challenges faced and opportunities arising.

“Relentless, challenging, thought provoking and busy” were just some of the words used to describe the period.

Will Travers, Co- Founder & Executive President of The Born Free Foundation and Dean Daniels, Director of Finance at Weldmar Hospice Care were interviewed by Saffery staff.  Reflections included insight such as:

o   Unsurprisingly, it has been a year of uncertainty, with limitations on primary activities.

o   Fundraising has come to a standstill but is slowly making a return as restrictions reduce.

o   Both charities were able to make quick changes to adapt to working from home and remote meetings.

o   Whilst virtual meetings have, at times, seemed relentless, Patrons and third parties have received a seamless service.

Their top tips included:

o   Embrace change and be adaptable.

o   Do what you can today not tomorrow.

o   Don’t panic. Have faith in yourselves! Keep calm and carry on!

Casidhe  Baleri, Director – Audit at Safferys said, “Coronavirus has impacted the charity sector in an uneven and unpredictable way, with some charities having recorded a very successful year whilst others have struggled to stay afloat. Through talking, listening and sharing experience we can help to support each other. Those who attended the webinar told us that they would be keen to revisit the topic of lessons learned in a year’s time – we look forward to it!”

Saffery Webinar – Entrepreneurs: Driving Business Performance

Saffery Champness Chartered Accountants held their second webinar of a 12-part series to support Entrepreneurs. Hosted by Alistair Hunt, a partner in the Peterborough Office, this webinar entitled “Entrepreneurs: Driving Business Performance” was joined by Chris Zanone from Centurion Safety Products and Ashley Maile from Treerange Group, who discussed the value of KPIs in driving business performance and growth.

The panel discussed the value of key performance measures, how to set them, how to track them and the importance of tailoring them so that they drive the behaviours of your employees and match the culture of your business. Some great advice was given on how to set KPIs to achieve this by focusing on performance measures which will really push your business forward whilst avoiding the trap of chasing the numbers. To see the full webinar, visit Entrepreneurs Webinar | Driving Business Performance – Saffery Champness.

William Howell, Manager- Audit in the Bournemouth Office said, “Our series of webinars provide business tips to entrepreneurs. This event was well received, with good attendance, and delivered some fantastic snippets of advice on how entrepreneurs can better measure performance to drive their business forward. We look forward to the remainder of the series with upcoming webinars covering topics in business management, tax and strategy.”

For a full programme of upcoming webinars go to Events – Saffery Champness.

 

Saffery Champness Accountants host Cyber Security webinar to support entrepreneurs

​On the 24th June, Saffery Champness Chartered Accountants held the first in their 12 part programme of webinars to support Entrepreneurs.  This first webinar was entitled “Managing your business:  Cyber Security” and Jamie Lane, a partner in the Bournemouth Office chaired the webinar, with guest speakers from Saepio Information Security, where all aspects of protecting your business from cyber attacks were discussed.  Whilst many businesses have successfully focused on their technology, especially during the pandemic where remote working has become the norm, the risk from cyber attack events has increased significantly.

Jamie Lane advised, “This is the first of our new series and was well attended from entrepreneurs seeking tips to manage what is an ever-increasing risk in their business.  We are excited about the variety of topics that are going to be covered in our series and especially welcoming many guest speakers along the way.”

 Saepio outlined some quite scary statistics at the outset of the webinar which would be enough for any CEO to take this risk to the top of the board agenda.   91% of respondents to the UK Government Cyber Breaches Survey had encountered an information security incident in the first half of 2021 however 81% of respondents had no dedicated security resource.  With sensitive data and GDPR compliance leading to record fines, and the amount of cyber fraud committed increasing significantly in recent times, Saepio set out some simple but valuable ideas on where business could focus some of their attention to help mitigate risk.

There were some great tips, including using the NSCS Board Toolkit as a resource to manage cyber risk in your business as well as their ‘Exercise in a Box’.  Conducting penetration tests atleast annually to ensure you understand any vulnerability and utilising multi-factor authentication are also good tips.  To see the full webinar visit 24 June – Entrepreneurs Webinar | Managing your business: Cyber security – Saffery Champness.

For a full programme of upcoming webinars go to Events – Saffery Champness.

 

New Head of Office at Saffery Champness Accountants in Bournemouth

Saffery Partner Roger Wareham has been appointed as the new Head of Office at Saffery Champness Accountants in Bournemouth, taking over from senior Partner Nick Fernyhough, who previously held the role for 5 years.

Nick Fernyhough said, “It has been an honour to lead our office through such a significant phase of its journey with the office having almost doubled in size since I took over the position. I feel it is important to now hand over this role to Roger who is ideally placed to lead the office through its next exciting chapter.”

Roger Wareham commented “I am very proud to succeed Nick as Head of Office. We continue to see significant growth, with some really exciting opportunities in front of us. Our industry is in a period of significant change, both in the mix of firms operating within it but also from technology. We are well placed to take advantage of both of these.”

 

About Saffery Champness LLP
Saffery Champness LLP is a firm of chartered accountants that advises individuals and families, not-for-profit organisations and businesses across a range of sectors. As a member of Nexia International, it is part of a worldwide network of independent accounting and consulting firms.

For over 160 years, the firm’s success has been founded upon providing clients with a genuinely partner-led service and working with them to create bespoke solutions that help them to achieve their personal and business objectives. For more information visitwww.saffery.com or see Twitter @Safferys