Newton & Co Accountants

Newton & Co Accountants Here at Newton & Co Accountants we pride ourselves on having expert knowledge, being pro-active and building strong relationships with our clients.

We act for a wide range of clients offering all aspects of accounting and tax services. TAX SAVING SPECIALISTS

The Low Incomes Tax Reform Group (LITRG) is reminding gig workers and side hustlers to check if they need to complete a ...
02/10/2025

The Low Incomes Tax Reform Group (LITRG) is reminding gig workers and side hustlers to check if they need to complete a self assessment tax return for the 2024/25 tax year and register with HMRC by the 5 October deadline if necessary. Or, contact us for more info.

The Low Incomes Tax Reform Group (LITRG) is reminding gig workers and side hustlers to check if they need to complete a self assessment tax return for

More people are using online platforms to sell goods to make some money. There are different tax rules depending on whet...
03/12/2024

More people are using online platforms to sell goods to make some money. There are different tax rules depending on whether you are trading, making some casual income, or just selling off unwanted personal items. But what if you are doing a mixture of activities? This article explains what type of sales are relevant for tax, and how keeping clear records can help you be more confident in understanding your tax position.

More people are using online platforms to sell goods to make some money. There are different tax rules depending on whether you are trading, making

Careful planning is vital to avoid paying too much tax when you are alive.Make a mistake when it comes to Inheritance Ta...
29/11/2024

Careful planning is vital to avoid paying too much tax when you are alive.

Make a mistake when it comes to Inheritance Tax (IHT) however, and it is your loved ones who may face the consequences. With the current IHT rate at 40% on estates above the threshold of £325,000 (or £500,000 if the main residence is left to direct descendants), the cost of errors can be significant. Here are some common mistakes people make with inheritance tax—and how to avoid them.

Avoid costly mistakes with inheritance tax planning. Learn common errors to watch out for and how to protect your loved ones.

HMRC are introducing evidence requirements for claims for tax relief on employment expenses. These requirements came int...
28/11/2024

HMRC are introducing evidence requirements for claims for tax relief on employment expenses. These requirements came into force on 14 October 2024. As a result, HMRC are also making changes to the process for claiming tax relief on employment expenses. This is to try to ensure HMRC only pay tax refunds to taxpayers who are eligible for tax relief.

HMRC are introducing evidence requirements for claims for tax relief on employment expenses. These requirements come into force on 14 October 2024. As

Starting or returning to studying this autumn? Planning on earning some money to help fund your way through your course?...
26/11/2024

Starting or returning to studying this autumn? Planning on earning some money to help fund your way through your course? It’s important to understand your tax. Working students are taxed in the same way as other employees. This means that if you get an employed job – for example working shifts around your studies – you will need to check your Pay As You Earn (PAYE) tax code to check you are paying the right tax. And if you have a ‘side hustle’, such as earning money through online platforms, you need to make sure you get your tax right. Use this guidance to help you!

Starting or returning to studying this autumn? Planning on earning some money to help fund your way through your course? It’s important to understand

Business owners face a gradual reduction in capital gains tax breaks on business asset disposal relief (BADR) but it sur...
13/11/2024

Business owners face a gradual reduction in capital gains tax breaks on business asset disposal relief (BADR) but it survives another day

The rate for business asset disposal relief (BADR) and investors' relief will increase 4% from the current 10% to a standard rate of 14% from 6 April 2025 before increasing again the following year to equalise with the main lower rate of 18% capital gains tax from 6 April 2026.

Business owners face a gradual reduction in capital gains tax breaks on business asset disposal relief (BADR) but it survives another day

The 2024 Autumn budget, the first from the new Labour government was delivered by Chancellor Rachel Reeves on Wednesday ...
07/11/2024

The 2024 Autumn budget, the first from the new Labour government was delivered by Chancellor Rachel Reeves on Wednesday 30th October.

What were the key decisions, and how difficult will they actually be for us all as taxpayers?

Its not all bad news.

Get all the details on the 2024 Autumn Budget from the new Labour government. Discover the changes, increases, and impacts for UK taxpayers.

If you are a Scottish taxpayer with taxable income of more than £26,561 per year, and you are paying into a pension sche...
17/10/2024

If you are a Scottish taxpayer with taxable income of more than £26,561 per year, and you are paying into a pension scheme, you may be able to claim extra tax relief on top of the tax relief you receive automatically. In this article, it explains the tax relief available for the two main types of pension scheme, as well as when and how you can claim extra tax relief. As always, contact us for more info.

If you are a Scottish taxpayer with taxable income of more than £26,561 per year, and you are paying into a pension scheme, you may be able to claim

Online platforms are now required to collect information about certain people selling goods or services through their si...
08/10/2024

Online platforms are now required to collect information about certain people selling goods or services through their site, and report it to HMRC. Because of this, they may have changed their sign-up processes (sometimes called ‘onboarding’ processes) and the questions they are asking. This article helps you understand what to do if you are asked for a VAT number.

Online platforms are now required to collect information about certain people selling goods or services through their site, and report it to HMRC.

The dividend allowance has reduced significantly in recent times, and from 6 April 2024 is only £500. Anyone who receive...
24/09/2024

The dividend allowance has reduced significantly in recent times, and from 6 April 2024 is only £500. Anyone who receives dividends of more than £500 in a tax year will now have to pay tax on that income, unless their total income falls below the normal tax free personal allowance.

But are HMRC doing enough to make people aware of this? And how are people supposed to report the income? This article looks at what has changed with the taxation of dividends in recent years.

The dividend allowance has reduced significantly in recent times, and from 6 April 2024 is only £500. Anyone who receives dividends of more than £500

The personal savings allowance, introduced in April 2016, allows most people to earn £1,000 of savings income, like bank...
20/09/2024

The personal savings allowance, introduced in April 2016, allows most people to earn £1,000 of savings income, like bank or building society interest, before having to pay tax. Recent increases in interest rates mean that some people will now exceed £1,000 in savings income, meaning they may have to pay tax on it. For more info read on or contact us.

As more people are having to pay tax on their investment income, here we remind you of some tax-free and tax efficient savings options that may be

If you are an employee and you have to travel within the UK in relation to your work, you may have to pay for other trav...
22/08/2024

If you are an employee and you have to travel within the UK in relation to your work, you may have to pay for other travel-related expenses too, like meals (subsistence) or overnight accommodation. Your employer may reimburse you for these expenses – in this article we explain the tax and NIC treatment of these payments. If your employer does not reimburse these travel-related business costs fully, you may be able to claim tax relief for them from HMRC. This article explains when you might be able to do this. As always, contact us for more info.

If you are an employee and you have to travel within the UK in relation to your work, you may have to pay for other travel-related expenses too, like

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Jarrow Business Cente
Jarrow
NE323DT

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Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm
Friday 9am - 4pm

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