Declan Murphy & Co Chartered Accountants

Declan Murphy & Co Chartered Accountants Declan Murphy & Company provide a range of Accountancy and Tax services for SMEs.

Congratulations Rory McIlroy - 2026 Masters Champion, from Declan Murphy & Company Chartered Accountants, Holywood. ⛳️
13/04/2026

Congratulations Rory McIlroy - 2026 Masters Champion, from Declan Murphy & Company Chartered Accountants, Holywood. ⛳️

𝗛𝗮𝗽𝗽𝘆 𝗦𝗮𝗶𝗻𝘁 𝗣𝗮𝘁𝗿𝗶𝗰𝗸’𝘀 𝗗𝗮𝘆𝗟𝗮́ 𝗳𝗵𝗲́𝗶𝗹𝗲 𝗣𝗮́𝗱𝗿𝗮𝗶𝗴 𝘀𝗼𝗻𝗮 𝗱𝗮𝗼𝗶𝗯𝗵 𝗠𝘂𝗰𝗸𝗹𝗲 𝗚𝘂𝗶𝗱 𝗦𝘁 𝗣𝗮𝘁𝗿𝗶𝗰𝗸’𝘀 𝗗𝗮𝘆Wishing all a happy and safe St Pa...
17/03/2026

𝗛𝗮𝗽𝗽𝘆 𝗦𝗮𝗶𝗻𝘁 𝗣𝗮𝘁𝗿𝗶𝗰𝗸’𝘀 𝗗𝗮𝘆

𝗟𝗮́ 𝗳𝗵𝗲́𝗶𝗹𝗲 𝗣𝗮́𝗱𝗿𝗮𝗶𝗴 𝘀𝗼𝗻𝗮 𝗱𝗮𝗼𝗶𝗯𝗵

𝗠𝘂𝗰𝗸𝗹𝗲 𝗚𝘂𝗶𝗱 𝗦𝘁 𝗣𝗮𝘁𝗿𝗶𝗰𝗸’𝘀 𝗗𝗮𝘆

Wishing all a happy and safe St Patrick’s Day ☘️ From Declan Murphy & Company.

Happy New YearÁthbhliain faoi mhaise daoibhGuid New Yeirfrom Declan Murphy & CompanyWishing all our clients and friends ...
31/12/2025

Happy New Year
Áthbhliain faoi mhaise daoibh
Guid New Yeir
from Declan Murphy & Company

Wishing all our clients and friends a peaceful and prosperous 2026

Merry ChristmasNollaig Shona DaoibhA Blythe Yuletidefrom Declan Murphy & CompanyWishing all our clients and friends a pe...
25/12/2025

Merry Christmas
Nollaig Shona Daoibh
A Blythe Yuletide
from Declan Murphy & Company

Wishing all our clients and friends a peaceful and prosperous New Year.

𝗔𝘂𝘁𝘂𝗺𝗻 𝗕𝘂𝗱𝗴𝗲𝘁 𝟮𝟬𝟮𝟱 - 𝘀𝗼𝗺𝗲 𝗸𝗲𝘆 𝗽𝗼𝗶𝗻𝘁𝘀 𝗮𝘁 𝗮 𝗴𝗹𝗮𝗻𝗰𝗲Income tax and national insurance• Income tax and national insurance thr...
26/11/2025

𝗔𝘂𝘁𝘂𝗺𝗻 𝗕𝘂𝗱𝗴𝗲𝘁 𝟮𝟬𝟮𝟱 - 𝘀𝗼𝗺𝗲 𝗸𝗲𝘆 𝗽𝗼𝗶𝗻𝘁𝘀 𝗮𝘁 𝗮 𝗴𝗹𝗮𝗻𝗰𝗲

Income tax and national insurance

• Income tax and national insurance thresholds will be frozen for another three years from 2028, continuing a freeze implemented by the previous government. This will bring more people into higher tax bands.

• Reeves admits this decision will “affect working people” but says changes to the tax system will ensure the wealthiest contribute the most.

• Headline rates of income tax, VAT and national insurance will not go up, which Reeves says means Labour has kept its manifesto pledge not to raise taxes on working people.

Property and council tax

• The basic and higher rates of tax on property, dividend and savings income will go up by two percentage points each.

• From April 2028 there will be a high-value council tax surcharge – AKA the “mansion tax” – for properties worth more than £2m, of £2,500 a year, rising to £7,500 for properties worth more than £5m.

Pensions

• From April 2029, there will be a £2,000 cap on the amount that can be put into a pension and shielded from national insurance contributions through salary sacrifice. Contributions above that level will be taxed in the same way as other employee pension contributions.

• Removing tax benefits from salary-sacrifice pension schemes is forecast to raise £4.7bn in extra national insurance contributions, the OBR says.

ISA reform

• From 6 April 2027 the annual ISA cash limit will be set at £12,000, down from £20,000. The government will publish a consultation in early 2026 on the implementation of a new, simpler ISA product to support first time buyers to buy a home.

Two-child benefit limit

• “The biggest barrier to equal opportunity is child poverty,” says Reeves, as she abolishes the two-child limit for universal credit and tax credit, costing the Treasury £3bn by 2029-30.

National minimum wage

• The minimum wage for 18- to 20-year-olds will go up from £10 to £10.85 an hour from April, while the national living wage will go up from £12.21 to £12.71 an hour.

Business taxes

• There will be an expansion of entrepreneurial investment schemes and there will be a three-year stamp duty holiday on the purchase of shares in companies newly listed in the UK.

• Reeves is also launching a consultation on how to attract more entrepreneurs. “If you build here, Britain will back you,” she says.

• There will be a 40% allowance to allow businesses to write off more of their upfront investment costs.

• There will be permanently lowered business rates for 750,000 retail, hospitality and leisure businesses, paid for higher rates on properties worth more than £500,000, used by “warehouse giants”. There will be £4.3bn of support for properties that receive a large increase in their bill.

• Customs duty will apply to parcels of any value, to stop online retailers undercutting high street retailers on price.

Full budget with supporting and related documents can be found at https://www.gov.uk/government/collections/budget-2025

𝗪𝗵𝗮𝘁 𝗰𝗼𝘂𝗻𝘁𝘀 𝗮𝘀 𝘄𝗼𝗿𝗸𝗶𝗻𝗴 𝘁𝗶𝗺𝗲 𝗳𝗼𝗿 𝗺𝗶𝗻𝗶𝗺𝘂𝗺 𝘄𝗮𝗴𝗲 𝗽𝘂𝗿𝗽𝗼𝘀𝗲𝘀?Employers must ensure they are paying staff at least the National ...
17/10/2025

𝗪𝗵𝗮𝘁 𝗰𝗼𝘂𝗻𝘁𝘀 𝗮𝘀 𝘄𝗼𝗿𝗸𝗶𝗻𝗴 𝘁𝗶𝗺𝗲 𝗳𝗼𝗿 𝗺𝗶𝗻𝗶𝗺𝘂𝗺 𝘄𝗮𝗴𝗲 𝗽𝘂𝗿𝗽𝗼𝘀𝗲𝘀?

Employers must ensure they are paying staff at least the National Minimum Wage (NMW) or National Living Wage (NLW). The NMW and the NLW are the minimum legal amounts that employers must pay their workers. The latest NMW and NLW rates took effect on 1 April 2025. The current hourly rate for the NLW is £12.21. For those aged 18 to 20, the NMW is £10.00 per hour. Workers aged 16 to 17 and apprentices are entitled to £7.55 per hour.

The minimum wage is calculated as an hourly rate, but it applies to all eligible workers however they are paid. This means that even if someone is paid an annual salary, and it is paid by the piece or in other ways, they must still calculate their equivalent hourly rate to check whether they are receiving at least the minimum wage.

To do this correctly, it is also important to understand what counts as working time under NMW rules.

According to HMRC guidance, for all types of work, this includes time spent:

at work and required to be working, or on standby near the workplace (but do not include rest breaks that are taken);
not working because of machine breakdown, but kept at the workplace;
waiting to collect goods, meet someone for work or start a job;
travelling in connection with work, including travelling from one work assignment to another;
training or travelling to training;
at work and under certain work-related responsibilities even when workers are allowed to sleep (whether or not a place to sleep is provided).
Working time does not include time spent:

travelling between home and work;
away from work on rest breaks, holidays, sick leave or maternity leave;
on industrial action; and
not working but at the workplace or available for work at or near the workplace during a time when workers are allowed to sleep (and you provide a place to sleep).

𝗕𝘂𝗱𝗴𝗲𝘁 𝗱𝗮𝘁𝗲 𝗮𝗻𝗻𝗼𝘂𝗻𝗰𝗲𝗱The Chancellor of the Exchequer, Rachel Reeves has confirmed, in a video message, that the next UK ...
17/10/2025

𝗕𝘂𝗱𝗴𝗲𝘁 𝗱𝗮𝘁𝗲 𝗮𝗻𝗻𝗼𝘂𝗻𝗰𝗲𝗱

The Chancellor of the Exchequer, Rachel Reeves has confirmed, in a video message, that the next UK Budget will take place on Wednesday, 26 November 2025.

Details of all the Budget announcements will be made on a special section of the GOV.UK website which will be updated following completion of the Chancellor's speech in November.

The Budget will be published alongside the latest forecasts from the Office for Budget Responsibility (OBR). This forecast will be in addition to that published for the Spring Statement and fulfil the obligation for the OBR to produce at least two forecasts in a financial year, as is required by legislation.

The OBR has executive responsibility for producing the official UK economic and fiscal forecasts, evaluating the government's performance against its fiscal targets, assessing the sustainability of and risks to the public finances and scrutinising government tax and welfare spending.

𝗧𝗶́𝗿 𝗖𝗵𝗼𝗻𝗮𝗶𝗹𝗹 𝗢𝗽𝗲𝗻 𝟮𝟬𝟮𝟱 𝗺𝗮𝗸𝗲𝘀 𝗳𝗼𝗿 𝗮 𝘃𝗲𝗿𝘆 𝗺𝗲𝗺𝗼𝗿𝗮𝗯𝗹𝗲 𝗲𝘃𝗲𝗻𝘁A fantastic weekend of golf with perfect weather.Prize winners a...
04/08/2025

𝗧𝗶́𝗿 𝗖𝗵𝗼𝗻𝗮𝗶𝗹𝗹 𝗢𝗽𝗲𝗻 𝟮𝟬𝟮𝟱 𝗺𝗮𝗸𝗲𝘀 𝗳𝗼𝗿 𝗮 𝘃𝗲𝗿𝘆 𝗺𝗲𝗺𝗼𝗿𝗮𝗯𝗹𝗲 𝗲𝘃𝗲𝗻𝘁

A fantastic weekend of golf with perfect weather.

Prize winners as follows:

Portsalon individual competition

Jon O’Hara Memorial Trophy winner - 𝗢𝗱𝗵𝗿𝗮𝗻 𝗠𝗰𝗚𝗼𝘄𝗮𝗻
2nd Place - 𝗣𝗮𝘁𝗿𝗶𝗰𝗸 𝗠𝗰𝗚𝗼𝘄𝗮𝗻
3rd Place - 𝗗𝗮𝗻𝗶𝗲𝗹 𝗠𝘂𝗿𝗽𝗵𝘆
4th Place - 𝗞𝗲𝘃𝗶𝗻 𝗢’𝗛𝗮𝗿𝗮
Best Gross - 𝗠𝗶𝗰𝗵𝗮𝗲𝗹 𝗔𝗹𝗲𝘅𝗮𝗻𝗱𝗲𝗿
Longest Drive - 𝗔𝗮𝗿𝗼𝗻 𝗦𝘁𝗲𝗲𝗹𝗲
Closest to the pin - 𝗗𝗮𝗻𝗶𝗲𝗹 𝗠𝘂𝗿𝗽𝗵𝘆

Sandy Hills Links Champagne Scramble

1st Place - 𝗥𝗶𝗰𝗵𝗮𝗿𝗱 𝗗𝗼𝘆𝗹𝗲, 𝗠𝗶𝗰𝗵𝗮𝗲𝗹 𝗔𝗹𝗲𝘅𝗮𝗻𝗱𝗲𝗿, 𝗗𝗮𝘃𝗶𝗱 𝗖𝗵𝗶𝗹𝘃𝗲𝗿𝘀 𝗮𝗻𝗱 𝗦𝗲𝗮𝗻 𝗤𝘂𝗶𝗻𝗻
2nd Place - 𝗣𝗮𝘁𝗿𝗶𝗰𝗸 𝗠𝗰𝗚𝗼𝘄𝗮𝗻, 𝗦𝗵𝗮𝗻𝗲 𝗠𝗰𝗚𝗹𝗮𝗱𝗲, 𝗛𝘂𝗴𝗵𝗶𝗲 𝗠𝗰𝗚𝗶𝗻𝗹𝗲𝘆 𝗮𝗻𝗱 𝗝𝗼𝗵𝗻 𝗜𝗿𝘃𝗶𝗻𝗲
3rd Place - 𝗞𝗲𝗶𝘁𝗵 𝗟𝗮𝗺𝗼𝗻𝘁, 𝗘𝘂𝗴𝗲𝗻𝗲 𝗠𝗰𝗞𝗲𝗲𝘃𝗲𝗿, 𝗞𝗲𝘃𝗶𝗻 𝗢’𝗛𝗮𝗿𝗮 𝗮𝗻𝗱 𝗗𝗲𝗰𝗹𝗮𝗻 𝗠𝘂𝗿𝗽𝗵𝘆

𝗧𝘄𝗼 𝘄𝗲𝗲𝗸 𝗰𝗼𝘂𝗻𝘁𝗱𝗼𝘄𝗻 𝘁𝗼 𝘁𝗵𝗲 𝗧𝗶́𝗿 𝗖𝗵𝗼𝗻𝗮𝗶𝗹𝗹 𝗢𝗽𝗲𝗻 𝟮𝟬𝟮𝟱 𝘀𝗽𝗼𝗻𝘀𝗼𝗿𝗲𝗱 𝗯𝘆 𝗗𝗲𝗰𝗹𝗮𝗻 𝗠𝘂𝗿𝗽𝗵𝘆 & 𝗖𝗼𝗺𝗽𝗮𝗻𝘆Just two weeks to go until the Tír...
18/07/2025

𝗧𝘄𝗼 𝘄𝗲𝗲𝗸 𝗰𝗼𝘂𝗻𝘁𝗱𝗼𝘄𝗻 𝘁𝗼 𝘁𝗵𝗲 𝗧𝗶́𝗿 𝗖𝗵𝗼𝗻𝗮𝗶𝗹𝗹 𝗢𝗽𝗲𝗻 𝟮𝟬𝟮𝟱 𝘀𝗽𝗼𝗻𝘀𝗼𝗿𝗲𝗱 𝗯𝘆 𝗗𝗲𝗰𝗹𝗮𝗻 𝗠𝘂𝗿𝗽𝗵𝘆 & 𝗖𝗼𝗺𝗽𝗮𝗻𝘆

Just two weeks to go until the Tír Chonaill Open 2025 featuring two fantastic courses at Portsalon and Sandy Hills Links, Rosapenna with some brilliant prizes. We wish all those competing well and to enjoy the weekend of the Downings Festival.

𝗜𝗻𝗵𝗲𝗿𝗶𝘁𝗮𝗻𝗰𝗲 𝗧𝗮𝘅 𝗽𝗿𝗼𝗽𝗼𝘀𝗮𝗹𝘀 𝘀𝗽𝗮𝗿𝗸 𝗰𝗼𝗻𝗰𝗲𝗿𝗻 𝗳𝗼𝗿 𝗳𝗮𝗿𝗺𝗶𝗻𝗴 𝗳𝗮𝗺𝗶𝗹𝗶𝗲𝘀Proposed changes to Inheritance Tax (IHT) are causing alarm ...
10/07/2025

𝗜𝗻𝗵𝗲𝗿𝗶𝘁𝗮𝗻𝗰𝗲 𝗧𝗮𝘅 𝗽𝗿𝗼𝗽𝗼𝘀𝗮𝗹𝘀 𝘀𝗽𝗮𝗿𝗸 𝗰𝗼𝗻𝗰𝗲𝗿𝗻 𝗳𝗼𝗿 𝗳𝗮𝗿𝗺𝗶𝗻𝗴 𝗳𝗮𝗺𝗶𝗹𝗶𝗲𝘀

Proposed changes to Inheritance Tax (IHT) are causing alarm in the UK farming community. If introduced as expected from April 2026, new rules could see agricultural estates over £1 million subject to 20% IHT, even when the land or business is still being farmed by the next generation.

This potential shift in the tax regime has triggered protests and demonstrations across the UK countryside. Farming families are worried that, without the current reliefs in place, it will become much harder to pass on farms without either selling off land or taking on significant debt.

Under the current rules, Agricultural Property Relief (APR) and Business Property Relief (BPR) can reduce the taxable value of a farming estate by up to 100%. This allows family farms to be passed down with minimal or no IHT liability, provided certain conditions are met.

The proposed changes would likely involve the reduction or removal of these reliefs for some types of land or property, particularly where the farm includes diversified business activity, such as holiday lets or renewable energy generation. There is also speculation that unused land, or land leased out under long-term arrangements, may no longer qualify.

For farmers and rural business owners, the implications are significant:

Land valuations are high, especially in the South and East of England. Even small farms can exceed £1 million in value, making them vulnerable to the new rules.
Succession planning becomes harder. With a 20% tax charge on top of probate and legal costs, the younger generation may find it financially unviable to continue the family business.
Borrowing to pay tax could increase pressure on margins, particularly in years with poor yields or falling commodity prices.
So, what can be done?

The key is to start planning early. Succession should be reviewed well before April 2026. This might include:

Restructuring the ownership of the land or business
Reviewing whether assets currently qualify for relief
Transferring ownership gradually during lifetime
Making use of trusts or lifetime gifting strategies where appropriate
Every farm is different, and tax planning in the agricultural sector requires a bespoke approach. The important thing is not to assume that the current rules will remain in place. The political and fiscal climate is shifting, and reliefs that have long been taken for granted may no longer apply.

If you are involved in farming, rural business, or own land used for agriculture, we strongly recommend a conversation about your current IHT position. Early advice can prevent future problems and help protect the legacy you plan to pass on.

𝗟𝗲𝘀𝘀 𝘁𝗵𝗮𝗻 𝗮 𝘆𝗲𝗮𝗿 𝗯𝗲𝗳𝗼𝗿𝗲 𝗠𝗧𝗗 𝗳𝗼𝗿 𝗜𝗻𝗰𝗼𝗺𝗲 𝗧𝗮𝘅 𝘀𝘁𝗮𝗿𝘁𝘀MTD for Income Tax kicks off in April 2026 for those earning over £50k....
10/07/2025

𝗟𝗲𝘀𝘀 𝘁𝗵𝗮𝗻 𝗮 𝘆𝗲𝗮𝗿 𝗯𝗲𝗳𝗼𝗿𝗲 𝗠𝗧𝗗 𝗳𝗼𝗿 𝗜𝗻𝗰𝗼𝗺𝗲 𝗧𝗮𝘅 𝘀𝘁𝗮𝗿𝘁𝘀

MTD for Income Tax kicks off in April 2026 for those earning over £50k. Digital records, quarterly updates, and tougher penalties are on the way. If this affects you, it's time to get ready.

Designed to modernise the tax system and improve accuracy, MTD will significantly change how Income Tax is reported and paid. With less than a year until the first group of taxpayers must comply, now is the time to prepare.

MTD for Income Tax will become mandatory for self-employed individuals and landlords with annual business or property income exceeding £50,000 from April 2026,. This will require taxpayers to submit quarterly updates to HMRC, maintain digital records, and comply with a new penalty regime for late submissions and payments.

The second phase of implementation will begin in April 2027, extending the requirements to those earning between £30,000 and £50,000. In a further expansion announced during the Spring Statement 2025, MTD obligations will apply to sole traders and landlords with income over £20,000 starting April 2028. The government has also indicated that it is considering the best approach for individuals earning below this threshold.

HMRC is currently contacting taxpayers whose 2023-24 self-assessment returns indicate income near or above the £50,000 threshold. These letters are intended to provide advance notice of upcoming obligations under MTD.

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18A Shore Road
Belfast
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Thursday 9:30am - 5:30pm
Friday 9:30am - 5:30pm

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078 4219 3413

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