Following the UK’s departure from the EU, Chancellor Rishi Sunak presented the 2020 Budget against a backdrop of economic uncertainty caused by the spread of the coronavirus.

Our Budget Summary provides an overview of the key announcements arising from the Chancellor’s speech. Measures for businesses include a capital gains tax reduction in the Entrepreneurs’ Relief lifetime limit from £10 million to £1 million, together with changes to Statutory Sick Pay for employees advised to self-isolate because of the coronavirus.

Individuals will benefit from a rise in the national insurance contribution (NIC) threshold from £8,632 to £9,500, alongside the abolishment of the 5% VAT rate charged on sanitary products.

Additionally, throughout the Summary you will find informative comments to help you assess the effect that the proposed changes may have on you personally.

If you would […]

Our offices will be closed from 12 noon on Tuesday 24 December 2019 until Thursday 2 January 2020 at 8:30 am

We wish you a very Happy Christmas and a prosperous New Year

We are delighted to announce that we have been selected to join the Handpicked Accountants network following recognition of our outstanding service standards and longstanding support to small business owners across the North.  Based in South Cumbria and with over 20 years’ experience, we are accredited by ICAEW and aim to make running your business easier.

The Handpicked Accountants team have years of experience working with several accountants across the country and have handpicked Melville & Co to feature as a recommended accountant.  We are located in Barrow-in-Furness and also have a base in Ulverston and can service clients in Lancaster and Morecambe.  We provide an all-rounded service including accounts management, taxation, bookkeeping, payroll, VAT and we are also Registered Auditors.

As part of our service, we offer access to Sage and Quickbooks which are industry-standard accounting software designed to make record-keeping easier.  From […]

In these difficult economic times it is important to ensure that you are not paying more tax than you need to.

Our useful tax planning guide for 2019/20 is your personal reminder of key tax planning points.  This guide suggests many ways in which you can save money on your tax bill by taking full advantage of the tax system.  It highlights tax planning opportunities as well as some of the pitfalls you should avoid.

Our useful guide reflects the changes in tax rates that come into effect from the start of the new tax year.  Many of the figures are fundamental to our business and personal lives and you will find the key taxes summarised.

Our summary of this year’s Autumn Budget is now available (below).

The Government reserves the right to make changes to fiscal policy at the Spring Statement if the economic circumstances require it.  With the Brexit uncertainty, further changes may be announced in the Spring Statement including amendments to tax rates and allowances. The Spring Statement will take place in March 2019 and we will update you on pertinent announcements.

If you have a question concerning any of the issues covered in the summary, or would like advice on the best possible course of action in a particular area, please contact us.

Over the coming years, the government will phase in its landmark Making Tax Digital (MTD) initiative, which will see taxpayers move to a fully digital tax system.

From 1 April 2019, businesses will be mandated to use the MTDfB system to meet their VAT obligations – termed Making Tax Digital for VAT (MTDfV).

No matter if your business is big or small, MTD will undoubtedly affect you. As your accountants, we can help you to prepare for the changes ahead of the implementation of MTDfV in April 2019.

For more information, please contact us.

This guide includes planning points for you and your business.  It suggests many ways in which you can save money on your tax bill by taking full advantage of the tax system and points out recent changes which may be of interest.  It also highlights tax planning opportunities as well as some of the compliance issues you should be aware of.

Should you require any further information, have any questions or need detailed advice we are only a phone call or email away. Remember, we are here to help.

This guide provides only an overview of the regulations in force at the date of publication, and no action should be taken without seeking professional advice.  Therefore no responsibility for loss occasioned by any person acting or refraining from action as a result of the material contained in this guide can be […]

The Spring Statement announced or confirmed many of the figures fundamental to our business and personal lives and the main ones are summarised in our leaflet below.

These rates are intended for use as a quick point of reference. Should you require any further information, have a simple question or require detailed advice we are only a phone call away.

The attached tables contain the proposed tax rates and allowances for 2018/19.

For those of you planning ahead for 2018/19 the proposed rates are a useful point of reference. Maybe you are considering remuneration planning options or perhaps looking to purchase a new car? If so then the information on the income tax and NIC bands, reduced dividend allowance, increased car benefits rates and revised limits on car CO₂ emissions for capital allowances will be particularly useful.

Please be aware that these rates are not yet final. We will be providing you with the finalised 2018/19 rates and allowances following the Spring Statement which will take place on Tuesday 13 March 2018. Please contact us if you require advice in the meantime.

Proposed Tax Rates and Allowances 2018-19