Heritage Accountancy Ltd

23/06/2026

Congratulations for two of our employees this week.

Joanne Robinson on completing AAT Level 4

and

Rebecca Robinson on completing AAT Level 3

Joanne Robinson Rebecca Robinson

13/06/2026

I read this article this morning and thought I would share. We are all concerned about pensions and about what the state pension will look like when we retire. A conversation we have had with a few clients lately is investing in pensions for children……

https://news.sky.com/story/how-to-reduce-your-inheritance-tax-bill-and-set-your-child-up-for-life-13552928

Don't forget about children's pensions ……
"Although it may seem like a crazy idea to put money aside for their retirement when they are very young, helping children establish long-term savings early in life could significantly improve their future financial security and flexibility, particularly at a time when many younger people struggle to prioritise retirement planning," Leeson added.
You could do this by putting money into a Junior Self-Invested Personal Pension (Junior SIPP) - again, by doing this, you may reduce the value of your estate for inheritance tax purposes.
Junior SIPPs are tax-efficient savings accounts that can be opened for a child under 18 by a parent or legal guardian.
Other parties such as grandparents can make contributions.
When the child turns 18, they take control of the account, but they cannot access the money until they are 55 (this is rising to 57 from 2027).
One of the tax benefits for those paying into the account is that they can pass money free from inheritance tax.
You can contribute as much as £2,880 into a junior SIPP each tax year. The government then applies basic 20% pension tax relief, adding £720 if you make the full contribution.
Leeson explained:
"Assuming 5% annual growth until age 57, and no further contributions after age 18, the child could have access to a pension fund worth around £737,000.
"Better still when the child is old enough to make their own contributions to a pension, assuming a 5% personal contribution from age 30 and matching employer's contributions for someone earning £30,000 a year, the total pension at age 57 could be over £905k. Adding in the JISA/ISA investment, that's a cool £2.69 million.
"Even if you assume inflation will take 2% of the return each year, your child could still have the equivalent of more than £1 million in today’s terms, when they reach 57 years old."

Trying to cut the amount of inheritance tax our loved ones pay has long been a priority - but frozen allowances and changes coming in April 2027 mean more people are looking to keep more of their estate out of the taxman's hands.

09/02/2026

Meet the team! Can you tell who is who?

22/12/2025

Merry Christmas.

Our office will close at 5pm on Tuesday 23rd December and we will reopen on Monday 5th January at 9am.

Wishing everyone a Merry Christmas and a Happy New Year.

22/05/2025

Super proud of Gayle and her team at Vintage at the Tower. Well done Gayle!

We woooooon! Vintage at the Tower is officially a ‘gem’ and a High Street Hero tonight at The Small Awards. ❤️❤️❤️❤️❤️❤️

Click on the link for more info.

https://www.facebook.com/photo?fbid=1285053243619735&set=a.432567848868283

10/03/2025

HMRC Let Property Campaign

Do you need to make a disclosure to HMRC about a rental property or multiple rental properties that you own that you have never declared the income on to HMRC?

We have had multiple people who live in Prudhoe and the surrounding areas contact us over the last two weeks to ask if we can help them with letters they have received from HMRC asking them whether they have something to declare.

Land Registry data is available to HMRC as is data from multiple sources; council tax and utilities companies as examples. It is not possible to avoid declaring income you have from rental properties as eventually you will receive a letter which explains it has come to their attention that you may have something to declare.

We are experts in Accountancy and Tax and are able to support you in bringing your tax affairs up to date, ensuring the correct legislation is applied to minimise tax liabilities and penalties and keeping you compliant. It is better to come to us to help you than face an investigation from HMRC in the future.

Please get in touch today if you would like to take advantage of the Let Property Campaign Disclosure facilities and let us help you.

20/12/2024

Wishing you all a Merry Christmas

The Heritage office will be closed from Monday 23rd December at 2pm, and reopen on Thursday 2nd January at 9am ☃️

08/12/2024

How much can I earn before I pay 40% Tax?

Everyone has a Personal Tax Free Allowance of £12,570. This is the amount each individual can earn and pay no tax - 0%.

The next £37,999 earned, or up to £50,270 is at the Basic Rate which is 20%.

Someone who earns over £50,270 per annum will start to pay tax at 40% but only on each £1 over that amount.

After you earn £125,140 you will pay 45% and lose the Personal Allowance too.

For advice on taxable income or for help calculating and submitting a self-assessment tax return contact us today.

28/11/2024

The tax deadlines for self assessment tax returns to the 5th April 2024 are looming.
If you haven’t brought your records in to us yet please do. We have a list we are working through 😄