Electric car owners to save money under landmark initiative
Barringtons | Accountants Stoke on Trent | Chartered Accountants in Staffordshire UK
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1y ago
Cheaper motoring is heading down the road with the announcement of a new scheme for smart charging of electric vehicles. The Electric Vehicle Smart Charging Action Plan, published by the Government and Ofgem, sets out steps being taken to seize on the significant potential of smart charging and make it the preferred method of long duration charging by 2025. Smart charging harnesses the potential of energy use data and the latest energy innovations to deliver significant benefits for consumers, including allowing motorists to charge electric vehicles when electricity is cheaper or cleaner, allo ..read more
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Be on your guard against scammers
Barringtons | Accountants Stoke on Trent | Chartered Accountants in Staffordshire UK
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1y ago
It’s a sad fact of life that scammers love to take advantage of vulnerable people, but there are steps you can take to protect yourself. Making yourself and your loved ones aware of the tactics used by criminals is the first step to staying safe. Consumer champions Which? have helpfully put together a guide to the leading five banking scams to look out for. 1. Money mule requests These scammers try to use unwitting victims to help them launder stolen money by using legitimate bank accounts. They will pay you for passing the money through your account. Lloyds Bank recently revealed that more mo ..read more
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Energy discount scheme a further boost for businesses
Barringtons | Accountants Stoke on Trent | Chartered Accountants in Staffordshire UK
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1y ago
New energy bills support will give businesses a boost when it is introduced later this year. A new energy scheme for businesses, charities and the public sector has been confirmed ahead of the current scheme ending in March. The new plan will mean all eligible UK businesses and other non-domestic energy users will receive a discount on high energy bills until 31 March 2024. This will help businesses locked into contracts signed before recent substantial falls in the wholesale price manage their costs and provide others with reassurance against the risk of prices rising again. The Chancellor of ..read more
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Clampdown on repayment agents will protect taxpayers
Barringtons | Accountants Stoke on Trent | Chartered Accountants in Staffordshire UK
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1y ago
New legislation from HMRC that changes the way repayment agents are paid will better safeguard taxpayers and improve standards in the sector. The way taxpayers who use a repayment agent can receive overpaid tax will be adjusted to protect them and raise standards among repayment agents. Angela MacDonald, HMRC’s Deputy Chief Executive and Second Permanent Secretary, said: “Taxpayers deserve better – we want to make sure they are better protected before choosing to enter into an agreement with a repayment agent. HMRC’s updated standards for agents will level the playing field and provide the ben ..read more
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Sunak has five priorities – will he be successful?
Barringtons | Accountants Stoke on Trent | Chartered Accountants in Staffordshire UK
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1y ago
Prime Minister Rishi Sunak has made his new year pledges, including halving inflation and growing the economy. He listed his five immediate priorities when he gave his first speech of 2023, asking the public to judge him on the results. Not surprisingly, critics are, however, suggesting that the PM’s pledges are a little vague – and even suggesting that his inflation promise is unnecessary as economists believe it has already gone as high as expected. He hasn’t been clear on timelines for growing the economy, which his opponents feel will make it harder for the electorate to judge the success ..read more
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Cost-of-living payments to support low-income households
Barringtons | Accountants Stoke on Trent | Chartered Accountants in Staffordshire UK
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1y ago
Millions of families will be starting the new year with the welcome news they will be receiving cost-of-living support. The lowest-income households across the UK will get up to £1,350 from the Government in 2023/4 to help with rising costs across energy and food bills. The new cost-of-living support will be paid from spring, following up to £1,200 in support for more than eight million low-income households in 2022. Work and Pensions Secretary Mel Stride said: “We are sticking by our promise to protect the most vulnerable and these payments, worth hundreds of pounds, will provide vital suppor ..read more
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More time to prepare for MTD transition
Barringtons | Accountants Stoke on Trent | Chartered Accountants in Staffordshire UK
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1y ago
If you’re self-employed and have been worried about the approaching 2024 deadline for transitioning to Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA), you can relax. The Government has made the decision to phase in the mandatory use of software from April 2026, two whole years after the original date. Victoria Atkins, Financial Secretary to the Treasury, said: “It is right to take the time to work together to maximise the benefits of Making Tax Digital for small businesses by implementing the change gradually. It is important to ensure this works for everyone: taxpayers, tax ag ..read more
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Super-deductions finish March 2023
Barringtons | Accountants Stoke on Trent | Chartered Accountants in Staffordshire UK
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1y ago
Time is running out to claim the super-deduction offering 130% first-year tax relief. The deduction is available to companies until March 2023. The super-deduction was designed to help incorporated businesses finance expansion after the coronavirus pandemic and to help drive growth. The super-deduction tax break was introduced on 1 April 2021 and allows businesses to deduct 130% of the cost of any qualifying investment on most new plant and equipment investments that would ordinarily qualify for 18% main rate writing down allowances. This means that for every £1 businesses invest, they can red ..read more
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Mortgage payment support
Barringtons | Accountants Stoke on Trent | Chartered Accountants in Staffordshire UK
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1y ago
The Chancellor, Jeremy Hunt, recently hosted a meeting at 11 Downing Street to discuss what help may be available to support homeowners who encounter problems paying their mortgage. The meeting was attended by leaders of the UK’s major mortgage lenders, the Chair of the Financial Conduct Authority (FCA), and Martin Lewis of Money Saving Expert. The meeting was convened in light of the increase in interest rates over the last year coupled with rising inflation. At the meeting, mortgage lenders committed to help all their customers by: enabling customers who are up to date with payments to swit ..read more
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Vehicle benefit charges from April 2023
Barringtons | Accountants Stoke on Trent | Chartered Accountants in Staffordshire UK
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1y ago
The vehicle benefit charges for 2023-24 have been announced. Where employees are provided with fuel for their own private use by their employers, the car fuel benefit charge is also applicable. The fuel benefit charge is determined by reference to the CO2 rating of the car, applied to a fixed amount. The car fuel benefit charge will increase in 2023-24 to £27,800 (from £25,300). The fuel benefit is not applicable when the employee pays for all their private fuel use. The standard benefit charge for private use of a company van will increase to £3,960 (from £3,600). A company van is defined as ..read more
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