Set Accountancy Ltd

10/04/2024

16/03/2024

We've been informed of scam attempts targeting new businesses through official-looking letters, requesting payments via short links or QR codes. Please stay vigilant, do not pay, and confirm any such requests directly with us.

Protect your information and your hard-earned money!

For further information and more examples, visit:
https://www.gov.uk/guidance/reporting-scams-pretending-to-be-from-companies-house -register-payment-requests

11/03/2024

10/03/2024

📢 The VAT threshold is changing from 1 April 2024 🗓️

The government has recently announced in the Spring Budget 2024 that the VAT registration threshold will increase from £85,000 to £90,000. What does this mean for you? If your business’s taxable turnover for the past 12 months hits this figure, you’ll need to register for VAT. 📈

Deregistering for VAT threshold has also gone up to £88,000

This is a crucial update that could affect your business planning and strategy, so make sure to mark your calendars and prepare accordingly. 💡📅

08/03/2024

Happy International Women's Day! Celebrating the strength, beauty, and wisdom of women around the world today and every day 🌍💃💐

02/02/2024

🚨 Missed the Self-Assessment Tax Return Deadline? Here's what you should know! 🚨

The deadline for filing and paying your Self-Assessment Tax Return for the 2022-23 tax year was January 31, 2024. If you missed it, here's what you need to know:

💸 **Penalties:**
- Didn't file on time? You're hit with an automatic £100 fine. ⏰
- Late filing your 2022-23 tax return? After 3 months, penalties increase. 📈

💰 **Late Payment?**
- Interest accrues on the amount owed. The longer you delay, the more interest piles up. 🔄

🛑 **Reasonable Excuses:**
- Death of a close relative, serious illness, computer failure, HMRC issues, unavoidable circumstances, disability or mental health issues, legal misunderstandings, third-party failures. 🙏

❌ **Unreasonable Excuses:**
- Lack of funds, HMRC system complexity, no reminder received, incorrect filing. 🚫

🔍 Questions or concerns?
- DM us 📩
- Whatsapp Business: 07864 03 00 10 📲
- E-mail: [email protected] 📧

24/01/2024

📈 Your accountant keeps you informed about new rates, legal changes, etc., so you don't need to research them yourself.

🎯 While your accountant deals with accounts and taxes, you can focus on growing your business.

📊 Knowing an accountant is handling your accounts keeps you free from stress!

📈 A good accountant sends you regular updates and reminders about key deadlines.

💷 Working with an accountant may seem like an extra expense, but it can prevent much higher penalties due to accounting errors or missed deadlines.

🔍 A good accountant knows and applies ways to legally reduce your tax liability, like informing you about allowable expenses.

🚀 Your accountant strives to make your business/company more profitable.

👥 Consider your accountant as an additional member of your company team.

22/01/2024

If you are a limited company director of an SME, the ideal salary for tax benefits and future state pension entitlements is £12,570.

Why? This amount equals the personal allowance threshold, meaning it's exempt from income tax. 🚫💰

By getting a salary at this level, you minimize income tax while securing your national insurance contributions. This strategy slightly increases the cost to your company (through Employer NI), but ensures you are eligible for future state benefits and pension. 💼🌟

21/01/2024

🚶‍♀️Sunday walk ☺️