The reader maybe wondering whether they actually ever saw John’s spring Blog, well I somehow believe this got missed in the pressure of work. My apologies, so this is a sort of combined spring and summer blog.
As I write, we have a mini heat wave and we hope that we have a good summer.
However, with all the various political and economic challenges around us it is certainly unusual times, perhaps worrying.
Added to this we have the awful disaster with the Grenfell Tower block, which has highlighted areas of poverty and need within our communities.
I find it amazing in this time of uncertainty and chaos that the only matters that seem to worry some of our politicians and political commentators are religious and gender items, when there is so much more to concern ourselves with. The massive debt of the country and the continuing deficit, the monthly deficit only makes the debt higher and what will happen over Brexit let alone so many people rely on Foodbanks and State Aid. The words from the Bible 2 Chronicle Chapter 7 verse 14 come to me - so for me I always hold to the fact that God is unchanging and ‘He is the same yesterday today and forever’ and my faith sustains me through difficult and uncertain times.
Most of the controversial Clauses in the Finance Bill back in the spring were of course omitted when the Election was called by Mrs May. We now await the new legislation and probably another budget in the autumn and we see what comes forth although I doubt whether there are going to be many changes or certainly not contentious issues arising. For Accountants and Tax Practitioners that is good news. In the accounting and tax world many of the firm’s clients will suddenly be faced this year with additional tax bills because of the new dividend tax which is expected to increase next year when the threshold reduces from £5K to £2K.
We still await further details re the Making Tax Digital rules, but one assumes that this will happen and as from April 2018 sole traders, partnerships in excess of the VAT threshold and those clients with property income will have to be keeping their records on a digital basis and filing quarterly. I do hope to be in contact with those who will be affected by the Autumn although the reality is that it does not affect a lot of people at this stage. If you are interested in moving your accounting records on to a digital basis using products like QuickBooks or Xero do contact us and Liam or Colin in the office will be more than pleased to help you get this set up, as this will become the "norm” within the next few years. Days of the paper bag job are long gone where the client brings into the office a package of papers for us to sort out. However having said that we will still be prepared to do so but we will be transferring all your paperwork onto online digital products.
In recent weeks we have seen success in our office with Jacob passing another paper as he seeks to become a fully qualified Chartered Certified Accountant with now just three exams to go. Michael, Alina and Tina have also passed further exams in their Association of Accounting Technician papers and Andrew has passed the intermediary exams as he starts his studies for the Association of Chartered Certified Accountants qualification.
On the tax front we are pleased to have Kanwal working for us assisting us with Tax Returns. I am indeed grateful for all the support given to me by my staff, many who are long serving members and friends.
If you have any particular problems please do not hesitate to get in touch.