Spence Accounting Limited

13/11/2025

Today I have popped in to Riverhead Coffee to help them celebrate 🥳 10 years of business an amazing achievement well done Riverhead Coffee

28/10/2025

What is that we do? We are so much more than number crunchers.

We are Profit Architects!

08/10/2025

A few weeks ago I was kindly asked to pose for some business head shots, and here are the results.

Thank you James Morgan of Red Hill Studio, so pleased with the end result. If you are looking for a refresh of your images get in touch with James, I can't recommend him enough.

Thanks again.

20/03/2025

Today's team building exercise was taste testing chocolate!

Here at Spence Accounting Ltd, we are taking a closer look at our customer experience. We are wanting to up our game with client onboarding and welcoming our clients to the office.

The team already do a great job but if we could do it better what would you do? For us, a simple gift of Chocolate welcoming a new client to the team. But not just any chocolate will do. We want the chocolate to say something about us and the way we do business.

The Cadbury's Dairy Milk is old faithful, reliable and you know what to expect, but something that you might have all the time. A Terry's Chocolate Orange, is something you want to buy, but only on special occasions and you remember how good it is when you bite into it. A Dime Bar, different from the norm, but still not exceptional when it comes to the overall experience.

We tested and tasted a few more than this! Which one do you think we picked?

Why not book in with us for a discovery call and find out which one we chose.

06/03/2025

Urgent Pension Deadline to Boost State Pension

Over the last few days we have received quite a few enquiries from our clients in relation to Martin Lewis Money Saving Experts, advice to check your national insurance record.

Whilst we are not pension advisors, we do deal with clients National Insurance Contributions for Individuals.

If you wasn't aware, you need to top up any missing years for national insurance before 5th April 2025 to ensure that you are entitled to your full state pension. If you have missing years, this can be down to low income or no income for those years and HMRC are giving you the opportunity to buy those missing years under Class 3 National Insurance Contribution's.

I just want to clarify a couple of points as there may be some confusion

1. If you are due to claim your pension in the next couple of years, this may be worthwhile doing. But you need to check the gaps in your national insurance record to see what the cost of this will be.

You will need to have your own gateway account with HMRC to log in and find out your details. You then will be given options to top up. This is the easiest and quickest way to access these details.

2. If you are planning on working, whether in business or employment for a while yet, and have missing years as long as you have 35 years (current rules) you will be entitled to your state pension. Therefore you may not need to top up, especially if you still have a good few years of your working life yet!

If you are trying to contact HMRC to find out where you stand, given the deadline of 5 April 2025, HMRC's Website has been experiencing technical difficulties and you may have difficulty getting through on the telephone.

If you can log into or create a Government Gateway Account I would suggest to do this.



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01/03/2025

The dreaded Brown Envelope drop from HMRC will be coming to you soon, if you have a turnover of £50,000 as a sole trader (combined income if you have rental properties too), then HMRC will be writing to you sometime in May 2025 to advise you of the changes coming to Self Assessment Tax.

Yes MTD for Income Tax is coming from April 2026. Now is the time to get organised folks.

If you need help or advice if you meet these criteria happy to help.

For a quick quote go to

Our tailored accounts solutions are designed to work with you and your business, to change and adapt when your business changes and moves forward.

01/03/2025

10/01/2025

Can you believe it the first week of January is nearly over!

As Accountants January is typically a busy month finalising the last few tax returns for clients and submitted them.

At the end of week one in January we have submitted 71% of the returns due. Of the remaining, 6% sent out waiting for signature, 16% still being worked on and 7% still not in. When we look back at the same point last year it was a completely different picture but it is great to be back on target!

Personally this week I have struggled to get my butt out of bed particularly due to the cold mornings, despite this I feel very positive about our progress as a business and a team in the last year and the first week of January has been so much easier to manage this year.

In January as individuals and business owners we can often focus on the negatives. I am sure we will face challenges again this year but I feel ready for them physically and mentally.

Keep moving forward, even if it is a slower pace, you will get there if you truly want to.

Happy Friday Folks, enjoy your weekend, I'm off for another hot cuppa and back to the tax returns that need finalising! 😀

If you are one of the 5.4 million people still to file your return remember the deadline is 31st January !!

03/01/2025

New Year, New You!

Finally January here we are! For me January is always a busy month finalising the last few Self Assessment Tax Returns for clients, but also looking to the future of the business and getting prepared for the year ahead.

This year we are launching our new Subscription service for small business. With Making Tax Digital for Income Tax on the horizon all sole traders with a turnover of £50,000 (Rental income also applies) or more will be required to submit to HMRC on a quarterly basis from April 2026.

You might think that is a while away but the reality is this, your first submission would be July 2026 and all your data needs to be electronic in order to make the submission.

We are therefore planning with any of our existing clients who are not yet compliant to get them organised from April 2025. Most of our clients are all ready organised.

A whole year early I hear you say! The reason for this is to encourage good habits over the next year as these will be easier to stick to and be consistent with, no different to your new diet and exercise plan! The transition to MTD for income tax will be simpler and less stressful.

We are looking to recruit new clients to work with that meet the following criteria

Turnover between £50,000 and £85,000 per year
Hates record keeping but can shove receipts into an envelope to post to us
Or Can use a camera on their phone

If this is you, then our new service will be perfect for you.

You will have a dedicated Accountant who will remind you to send in your records and request any missing bits of information but as long as you send this to us we will process all the data for you monthly and provide you with a simple Profit and Loss report on a quarterly basis to keep you updated.

We use the technology to support you, therefore you do not need to be local to us, you can concentrate on running your business and doing the things you love.

Our prices start from as little as £37.50 plus VAT per month

It's time to get those new year goals in place and get organised this year.

If you want a quote or to chat about what you need this year for your business we are waiting for your call 01522 244 310. Or email us [email protected]

New Year, New You, New business goals!

15/11/2024

Budget Update -

On the 30th October the Chancellor announced the tax changes. Most of these are due to come in from next year however some items where applicable with immediate effect, relating to property and Capital Gains Tax. We are here to help you navigate these changes and how these impact you are your busine...

09/11/2024

Day in my life as an accountant I do more than just tax returns

16/10/2024

Inflation is at 1.7% for September!

Today's headline in the news, what does this mean for you and your business? Prices have still risen in September but at a slower growth than previous months. Lets consider this in real terms, prices have risen by 30% in the last 2 years and are still climbing.

The budget is planned for 30th October and with increases planned to minimum wage between £11.82 to £12.39 (suggested by ONS) we are set for further inflationary rises. If rumours are true added to this employer costs for National Insurance and increase in sick pay, our costs are set to rise.

Now is the time to start looking at your pricing strategy within your business, whilst you may want to wait for confirmation of the tax law changes giving thought to your prices for services and products for next year will need careful planning.

Some of you may decide to absorb the additional costs but as a business this impacts your bottom line and how much profit you make, and in turn as a business owner how much you take home. Valuing your service and what you do is important. Let's face it we are in business to make money!?

If you need help in planning your prices or monitoring your business costs through your management accounts please get in touch as we will be happy to assist in advising the best way forward for you and your business.

Planning for the future is an important step to your business sustainability!