KC Accountancy Services

21/06/2024

🌞☀️ Happy Summer Solstice! ☀️🌞

As we welcome the longest day of the year, let's take a moment to shine a light on our financial goals and bask in the glow of achieving them! Here are a few bright ideas to keep your finances in top shape this summer:

Review Your Budget: Just as the sun is at its peak, make sure your budget is too! Take some time to review your expenses and adjust your savings plan.

Tax Planning: It's never too early to start thinking about next year's taxes. Use this sunny season to gather your documents and plan ahead.

Investment Check-Up: Summer is a great time to review your investment portfolio. Ensure your investments are working as hard as you are during these long days.

Emergency Fund: Like sunscreen, an emergency fund protects you from unexpected financial burns. Make sure yours is well-stocked!

Financial Goals: The summer solstice symbolises new beginnings. Set or revisit your financial goals for the rest of the year.

Enjoy the extra daylight and remember, whether it's tax time or beach time, I'm here to help you keep your finances in perfect balance.

Happy Solstice!

17/06/2024

At KC Accountancy, we offer a wide range of services to support your business's financial health and growth. Our offerings include:

Accounts Preparation:
Beyond just compiling financial statements, we ensure they provide meaningful insights into your business performance, helping you make informed strategic decisions.

Bookkeeping: Whilst we handle the accurate recording of financial transactions, our service goes further by identifying trends, spotting potential issues, and providing recommendations for improvement.

Business Advisory: We offer expert advice on various aspects of your business, from financial planning and risk management to growth strategies and market analysis, ensuring you stay ahead in a competitive environment.

Payroll: Our payroll services are designed to ensure timely and accurate payment to your employees while also managing compliance with tax laws and regulations, giving you peace of mind.

-Software Solutions: We provide and support accounting software tailored to your business needs, streamlining your financial processes and ensuring you have real-time access to your financial data.

Taxation: We offer comprehensive tax services, including tax planning, preparation, and filing. Our proactive approach ensures you maximise tax benefits and remain compliant with all regulations.

VAT: Our VAT services include registration, compliance, and advisory. We help you navigate the complexities of VAT regulations, ensuring accurate and timely submissions to avoid penalties.

Budgeting: We assist in creating detailed budgets that align with your business goals. Our budgeting service includes ongoing monitoring and analysis to help you stay on track and make adjustments as needed.

At KC Accountancy, we believe that managing your finances is not just about entering data and reconciling accounts. Our services extend far beyond that, offering valuable insights, strategic advice, and proactive support to help your business thrive. We are committed to being your trusted partner in achieving financial success and long-term growth.

Get in touch today:
https://www.kcaccountancyservices.co.uk/contact-us/

14/06/2024

If Carlsberg wrote client testimonials, this would be it!

Helping clients feel in control of their business, is a core goal at KC Accountancy Services.

Quite often clients come to us in tricky situations, just as Rebecca & Martin did. We ensure we communicate closely with our clients, so that you're always kept in the loop.

Contact us today to see how we can help your get back in control of your business and love what you do!

https://www.kcaccountancyservices.co.uk/contact-us/

10/06/2024

What is an Overdrawn Director's Loan Account (ODLA)?

An Overdrawn Director's Loan Account occurs when a company director withdraws more money from the company than they have put in. Essentially, it's like borrowing from the business without formal approval.

Why is it Important?

Legal Implications: Directors must repay the loan within 9 months and 1 day of the company’s year-end to avoid additional taxes.

Tax Consequences: Failure to repay on time incurs a tax charge of 32.5% on the outstanding amount.

Company Health: Persistent overdrawn accounts may indicate poor financial management and can impact the company's creditworthiness.

How to Manage an ODLA:

Repay the Loan: Return the borrowed amount within the stipulated time.

Declare as Income: If unable to repay, the amount can be treated as a dividend or salary, which will be subject to personal tax.

Company Policies: Implement strict policies and regular monitoring to avoid future overdrawn accounts.

Final Thought:

Overdrawn Director’s Loan Accounts can have serious financial and legal repercussions. It's essential for directors to manage their withdrawals prudently to maintain the financial health of the company and comply with tax regulations.

Stay informed and manage your finances wisely!

07/06/2024

Top tip for business owners!

Develop a Clear Business Plan:

- Outline your business goals, target market, competitive landscape, and strategies.
- Regularly update the plan as your business evolves and market conditions change.
- Ensure the goals you set are measurable

At KC Accountancy we help our clients set challenging yet realistic and achievable goals. By reviewing historic trends and current data we can forecast where you will be this time next year. We can help you take appropriate action to ensure you smash your goals.

https://www.kcaccountancyservices.co.uk/contact-us/

06/06/2024

Value Added Tax (VAT) is a key milestone of running a business. Registering for VAT can be mandatory or voluntary depending on your business's turnover and nature of goods and services. Here’s what you need to know about VAT registration:

Value Added Tax (VAT) is a key milestone of running a business. Registering for VAT can be mandatory or voluntary depending on your business’s turnover and nature of goods and services. Here’s what you need to know about VAT registration:

03/06/2024

How compliant is your business?

As a business owner, there are many rules and regulations that you need to stay up to date with, such as employment laws, health and safety standards, tax obligations, data protection regulations, industry-specific compliance requirements, environmental regulations, advertising and marketing laws, consumer protection laws, licensing and permits, and financial reporting standards.

There's a lot to think about isn't there?

Stay Compliant:

- Ensure your business complies with all relevant laws and regulations.

- Regularly review compliance requirements and seek legal advice when necessary.

- Outsourcing your finance department to a professional to ensure that side of it is covered!

Get in touch today.

https://www.kcaccountancyservices.co.uk/contact-us/

02/06/2024

Proud to sponsor the new sweatshirts for a fabulous group of ladies 🎉⚾️⚾️

The pennant all rounders have a new addition to their kit 💗

Thank you so much to KC Accountancy Services for treating the team to a new team sweater.

31/05/2024

This month we welcomed three new clients to the practice who all came following referrals from current clients – There is no better advertising than word of mouth. Thank you to all of our clients who spread the word!

Jess provided QuickBooks training on site – Did you know we can offer 1-2-1 support and assistance with your accountancy software, giving you the confidence to carry out your own bookkeeping?

National Urdd Eisteddfod came to our local area! – The national Urdd Eisteddfod is the largest European Welsh-language youth festival of literature, music and performing arts organised by Urdd Gobaith Cymru. It is the youth counterpart to the National Eisteddfod of Wales. This festival brings up to 90,000 people to the area, it has been fabulous for local businesses and communities.

Both Kim’s children competed and performed in the event!

Overall we've had a really exciting month at KC Accountancy. How has May been for you?

27/05/2024

We'd like to shout out to a brand-new client who we only started working with early this year – Eric & Albert, they create beautiful wooden toys and gifts.

We want to congratulate them on navigating becoming VAT registered after hitting the threshold, and the changes they have implemented into their business to adjust to these changes, including upgrading their accountancy software and using add-ons like 'Link my Books' which for online retailers is a fast and accurate way of recording online sales into their accountancy software, correctly posting VAT and fees.

It hasn’t been an easy journey for them, but it has given them the opportunity to re-focus on their business and the goals they want to achieve in the next few years.

24/05/2024

At KC Accountancy, we take pride in delivering exceptional service and building strong relationships with our clients.

Contact us today to see how we can help your business thrive!

20/05/2024

If you don't have a bookkeeper or an accountant in the background of your business then how are you staying up to date with legislation?

Here's some tips:

1. Sign up for regular updated from HMRC
2. Listen to government announcements such as budgets
3. Keep a list of deadlines from gov.uk
4. Attend HMRC webinars

If you don't have the time for all that then hire an accountant who will do all that for you!

17/05/2024

At KC Accountancy we use BrightPay for processing all of our clients payroll.

BrightPay integrates with Xero and Quickbooks accounting software that we use in our practice every day. This makes the process streamlined to give you access to real time data.

Our payroll system ensures compliance and accuracy.

If you're looking for help with your payroll why not get in touch today?

https://www.kcaccountancyservices.co.uk/contact-us/

13/05/2024

🌟 Welcome Back, Jess! 🌟

We're thrilled to announce the return of our incredible team member, Jess, from maternity leave! 👶💼

Since joining us in 2021, Jess has been an invaluable part of our team, bringing dedication, expertise, and a positive attitude to everything she does. Now, after taking some time to welcome her newest addition to the family, she's back and ready to dive back into making a difference here at KC Accountancy.

Jess, your presence has been sorely missed, and we couldn't be happier to have you back with us. Your passion, creativity, and hard work inspire us all, and we can't wait to see what amazing things we'll accomplish together moving forward.

To our clients and partners: Get ready to experience the exceptional service and professionalism that Jess brings to every interaction. She's back and better than ever, ready to exceed your expectations and deliver outstanding results!

Join us in giving Jess the warmest welcome back to the team! 💫

10/05/2024

🏡 Calling all Landlords and Holiday Let Owners! 🏡

Are you ready to take your rental property to the next level? Look no further! KC Accountancy specialises in serving landlords and holiday let owners just like you.

With our expertise in property accounting, we'll help you maximise your rental income and streamline your financial management processes. From tax planning and compliance to expense tracking and profitability analysis, we've got you covered every step of the way.

Here's what we offer:
✅ Comprehensive bookkeeping services tailored to your property portfolio.
✅ Expert advice on tax deductions, allowances, and strategies to minimise your tax liabilities.
✅ Guidance on navigating complex regulations and compliance requirements.
✅ Insights to optimize your rental property's profitability and cash flow.

Let us handle the numbers so you can focus on providing exceptional experiences for your tenants and guests. Whether you're a seasoned landlord or just getting started in the holiday let business, KC Accountancy is here to support you every step of the way.

Ready to unlock the full potential of your rental property? Contact us today to schedule a consultation and discover how we can help you achieve your financial goals.

09/05/2024

If you employ staff it’s important that you keep up to date with the changes coming into place for employment law. At KC Accountancy services we ensure we’re always up to date so our clients don’t need to worry.

Several changes to employment law came into play from 6 April 2024.

Read our latest blog to find out more:

If you employ staff it’s important that you keep up to date with the changes coming into place for employment law. At KC Accountancy services we ensure we’re always up to date so our clients don’t need to worry.

06/05/2024

Are you spending your precious bank holiday Monday buried in paperwork and bookkeeping instead of enjoying some well-deserved time off? KC Accountancy is here to help you reclaim your weekends and holidays!

At KC Accountancy, we understand the challenges of running a business, especially when it comes to managing finances. That's why we're offering a solution to lighten your load and give you back the freedom to enjoy your downtime.

Outsourcing your bookkeeping to a professional accountant means you can trust that your financial records are in expert hands, leaving you with more time to focus on what truly matters – growing your business and spending quality time with loved ones.

Our team at KC Accountancy is dedicated to providing top-notch bookkeeping services tailored to your specific needs. We'll handle the number crunching, paperwork, and compliance, so you can finally say goodbye to working weekends and bank holidays.

Take the first step towards a more balanced work-life schedule. Contact us today to learn how outsourcing your bookkeeping can transform your business and give you the freedom you deserve.

Let's make every day feel like a holiday! 🌟

03/05/2024

If you've sold a residential property recently, are you aware of the 60 days real-time reporting and payment of tax requirements for Capital Gains Tax (CGT)?

Ensuring you're up to speed with your compliance requirements can make all the difference in managing your financial obligations efficiently and avoiding any surprises.

Remember, staying informed and compliant is key to a smooth financial journey. For personalised advice and support on CGT reporting, reach out to us. We're here to guide you through every step of the process.

Let's Make Your Financial Journey Stress-Free!

29/04/2024

This month we increased our capacity as Daisy is now working 4 days a week and we're welcoming Jess back from maternity leave. We now have space for new clients, so get in touch quick as the spaces are filling up.

Kim had a lovely break in stunning Norway, where they have work/life balance sussed! Taking a break from the daily grind is so important, with burnout being such an issue for many of us in this industry!
Kim may bring back some tips from the Norwegian way of working to KC Accountancy.

Thanks to our ‘on the ball’ clients using accountancy software (QuickBooks and Xero) we were able to file our first 3 tax returns by 7th April! The first one was filed at 9am on 6th!

Software is making a huge difference to our clients and the practice, as we can be more proactive and efficient for clients and our clients feel completely in control!

26/04/2024

It's always lovely to hear great feedback.

We take great care when looking after our clients accounts and want you to be happy with the service you receive.

22/04/2024

As announced during the Spring Budget 2024, there are changes to the High Income Child Benefit Charge (HICBC) in the United Kingdom. Here are the key points:

Starting this year, adjustments will be made to ensure fairness and support for all families. If your household falls into the higher income category, it's crucial to stay informed about how these changes might affect your child benefit entitlements.

Whether you're receiving this benefit for the first time or have been part of the system for years, these updates could impact your family's financial planning. We at KC Accountancy Services are here to help you navigate these changes smoothly and efficiently.

Our team is ready to provide the guidance and support you need to make the best decisions for your family's future.

Stay informed, stay prepared. For personal advice and more information on how we can assist you, reach out to us today!

19/04/2024

Kim is off to cruise the Norwegian Fjords from 19th April and will be back in the office on 29th - during this time she will be completely unavailable. Daisy will be in the office for any urgent queries.

So here's a fun factor about Norway!

Norway once implemented a "voluntary" tax initiative in 2017 where they allowed citizens to pay extra taxes if they felt they were not paying enough. This unusual move was based on the idea that some Norwegians, known for their high civic engagement and trust in government, might want to contribute more to their nation's welfare. However, the initiative saw limited success, with only a small amount collected compared to the national budget, showcasing the quirky yet practical nature of Norwegian financial policies. It's a fun example of how even in the realm of taxation, Norway thinks outside the box!

15/04/2024

The abolition of the furnished holiday lettings (FHL) tax regime is set to take place. This move aims to level the playing field by removing the tax advantages previously available to landlords of short-term furnished holiday properties compared to those renting out residential properties to long-term tenants.

If you're currently benefiting from the FHL tax regime for your property, it's time to reassess your rental strategy and financial planning. The change will impact tax reliefs and allowable expenses, making it more important than ever to understand the new landscape.

KC Accountancy Services is here to guide you through these changes. Whether it's exploring new tax-efficient strategies or understanding the implications for your property investments, our team is ready to provide expert advice and support.

Don't wait until the last minute to adjust your plans. Contact us today to ensure you're prepared for this significant shift in the property tax regime.

12/04/2024

At KC Accountancy Services, we're all geared up and eager to help you kickstart your account preparations and tax returns with ease and accuracy.

Now is the perfect moment to ensure your accounting software is fully updated, or to gather your financial records for a smooth handover. Why? Because starting early means finishing early - and with less stress!

We're here to guide you through every step, ensuring your financial health is in top shape for the upcoming year.

The sooner you start, the smoother the process. Let's get your accounts in order and your tax returns ready to file without a hitch.

At KC Accountancy Services, we're more than just accountants; we're your financial peace-of-mind providers. So, update that software or drop off those records. We're here, ready and waiting to tackle this new financial year together!

08/04/2024

As we step into the new financial year, it's crucial to stay informed about the changes affecting your finances. Let's dive into the essentials of Capital Gains Tax (CGT) and Dividend Tax allowances, ensuring you're all set for a prosperous year ahead!

Capital Gains Tax Allowance for this tax year is £3,000 and Dividend Allowance is £500.

Proper planning and understanding of these allowances can lead to significant savings and smarter investment strategies. Whether you're a seasoned investor or just starting, keeping abreast of these changes is crucial.

Navigating tax allowances can be complex, but you don't have to do it alone. KC Accounting Services is dedicated to providing you with expert guidance and support tailored to your unique financial situation.

Have questions or need assistance with your tax planning? Contact us today to ensure you're making the most of your allowances in the new financial year.

05/04/2024

We're Here to Help - Team Availability Update!

Exciting news from KC Accountancy Services! We're making some changes to ensure we're always here, ready to support you with all your accounting needs. Here's what's happening:

Welcome Back, Jess! Starting the end of April, Jess will be here every Wednesday. Her expertise and bright smile are something we've all missed!

Daisy will now be available Monday to Thursday, starting 1st April. More Daisy means more of her dedicated service to help guide you through your financial journey.

Please note, Kim will be taking Tuesdays off from now on. But don't worry! She's still here to offer her exceptional accounting advice and support the rest of the week.

We're adapting to serve you better and ensure you have the support you need when you need it. Thank you for being a part of our community!

Reach out to us anytime; whether it's Jess, Daisy, Kim, or any of our amazing team members, we're here to make your accounting seamless and stress-free.

04/04/2024

The property market is tricky at the moment to say the least so congratulations on selling your property! But, are you aware of what you need to report to the taxman and the deadlines you need to pay your Capital Gains tax by?

If you have gained a profit from the sale of your property (which isn’t your home) then this must be reported to HMRC.

If the completion date of the sale of the property was on or after 27th October 2021 then you need to report and pay the tax owed within 60 days of completion.

If the completion date was between 6th April 2020 and 26th October 2021 then this should have been reported within 30 days of the completion date.

Read more here:

The property market is tricky at the moment to say the least so congratulations on selling your property! But, are you aware of what you need to report to the taxman and the deadlines you need to pay your Capital Gains tax by?

01/04/2024

Don't be hiding from the situation, year end is approaching!

Are you prepared?

29/03/2024

If you have employees make sure you're aware of the changes to the National Minimum Wage as of 1st April.

Here's the information for you.

26/03/2024

Putting budgets in place for your small business may not be something you’ve considered yet. However managing your finances sensibly means you’ll keep your cash flow nice and healthy and you’ll cut back on overspending.

Read our latest blog to find out more about creating budgets for your small business

Putting budgets in place for your small business may not be something you’ve considered yet. However managing your finances sensibly means you’ll keep your cash flow nice and healthy and you’ll cut back on overspending. Poor cash flow is the most common cause for business failure.