July 2022 Newsletter Please get in touch if we can be of assistance with any of the issues raised e:email@example.com. 0800 019 1744
Dains Accountants has announced the acquisition of Barringtons, which has offices across Staffordshire, Cheshire, and Shropshire.
Founded in 1980, Barringtons is a highly regarded provider of accounting and tax services to owner-managed businesses and individuals. Richard McNeilly, CEO of Dains, said “Barringtons is a well-established and highly credible firm with a high-quality team and client base. We have similar values and strongly believe in delivering impressive results for clients and rewarding careers for staff. The acquisition builds on our position within the North Midlands marketplace and is the first of several transactions we hope to complete in 2022”.
Dains recently recorded another record year for the business and had its prestigious Investors in People Gold Standard reconfirmed which recognises the company’s commitment to people and the key role they play at the heart of the firm’s success. This follows the recent investment from Horizon Capital in 2021.
Managing Director of Barringtons, Phil Wood said “We have continued to invest in technology and in our team in recent years and we have always been determined to deliver the best possible service to our loyal clients. By joining Dains, our ability to deliver an even broader range of services is enhanced and we look forward to working with the Dains team for many years to come”.
Luke Kingston, Partner at Horizon Capital, said “Barringtons is a well respected business and has performed strongly through the pandemic demonstrating its importance to customers and the critical service it provides. We are delighted to have supported Dains on this acquisition as they continue their journey to consolidate the fragmented SME accounting and tax marketplace.”
Are you Full of Bright Ideas?
Innovation is a significant driver of economic growth but sometimes taking an idea and transforming it into a fully-fledged product or procedure needs a helping hand. Research and development (R&D) tax credits are designed to encourage innovation across multiple industries. They can reduce your corporation tax bill or make you eligible for a refund from HMRC based on the number of working hours and relevant costs your business dedicates to research and development. Please talk to us about R&D tax credits. We have many years of experience and success in advising businesses across a wide range of sectors.
In the Spring Statement 2022, the UK Government announced an increase in National Insurance thresholds affecting the 2022 to 2023 tax year. These take effect from 6 July 2022, meaning employees will pay National Insurance contributions on less of their income. The primary threshold will be £242 per week and £1,048 per month, equivalent to £12,570 per year (increased from £9,880 per year). The National Insurance lower profits limit for self-employed people has also increased.
Please contact us about these changes – we are here to help!
TAX-FREE Childcare: Help for your Employees
Tax-Free Childcare can help your employees pay for approved childcare across the UK, including nannies and childminders, before and after school clubs and nurseries. For every £8 a parent pays into their Tax-Free Childcare account, the government adds £2. Eligible parents with children under 12 could get up to £2,000 per child, per year or up to £4,000 for each disabled child under 17. Employees can learn more here.
Summer Diary Dates
Here are some dates for your diary this month. Speak to us about meeting these deadlines and freeing up time to enjoy the good weather. If you haven’t already done so, 1 July 2022 was the due date for corporation tax payment. Contact us if you need help with this.
19 July: - Pay Class 1A NICs (by the 22 July 2022 if paid electronically).
19 July: - PAYE and NIC deductions due for month ended 5 July 2022. (If you pay your tax electronically the due date is 22 July 2022).
19 July: - Filing deadline for the CIS300 monthly return for the month ended 5 July 2022.
19 July: - CIS tax deducted for the month ended 5 July 2022 is payable by today.
Did you Overclaim SEISS?
HMRC has updated its guidance on reporting and repaying overclaimed Self-Employed Income Support Scheme (SEISS) Grants. Potential penalty looms - up to 100% of the amount overclaimed in certain circumstances. We are here to help your business thrive. If you are concerned about overpayment, please get in touch.
Minimum Wage Rate Reminder for Employers: Summer Staff
The new National Minimum Wage hourly rates are:
£9.50 - age 23 or over (National Living Wage)
£9.18 - age 21 to 22
£6.83 - age 18 to 20
£4.81 - age under 18
£4.81 - apprentice
Tech and Innovation Drive to Increase Food Production
The government has set out plans to drive innovation and harness pioneering technology in farming as part of its Food Strategy. Currently, the UK only produces 15% of tomatoes supplied domestically. However, new generation technology, such as sustainable and efficient glasshouses, has opened up new opportunities for British producers which will help to reduce reliance on overseas production. £270 million will be invested across farming innovation funding programmes until 2029. Read more here.
'Help with the Cost of Living' Website
There’s a new government website designed to help people manage bills, transport costs, childcare, housing support and finding work. Click here to see.
Seeing is Believing?
It is no longer certain that if you receive a letter, email, text or phone call – purporting to be the tax office or some similar, regulatory authority – that it is a genuine communication. Red flags should be waved, and warning buzzers sounded if anyone ever requests personal information or your bank details. See our blog for more. Meanwhile there’s a new app allowing users of social media and professional networking sites, such as Linkedin, to stay safe. It is part of the ‘Think Before You Link’ campaign and has been developed with behavioural scientists to help users identify potentially fake profiles.
Stock Holding and Inflation
If your business processes materials or assembles goods for sale it will need to keep a stock of items to ensure that future sales can be met. Ideally, stock levels should be kept to a minimum such that hard won cash reserves are not tied up unnecessarily. Innovation, of course, can throw a spanner in the best laid stock management plans. We can help you consider your options. See our blog for more.
Firm News: Steven -
A Real Charmer
He’s been at it again. Steven Betts, Client Services Manager, has taken part in his seventh World Worm Charming Championships. Armed with a garden fork and trowel, Steven twanged his 3x3 metre plot for half an hour only to lure one worm. See his story in local press
Firm News: Jeanette proves a cut above after 45 years in Payroll
Barringtons has said a sad farewell to Jeanette Wyatt who joined our Payroll department after many years working for her family hairdressing business. Jeanette honed her skills doing Payroll for He & She Hair Fashions, founded by her husband Tim and still going strong on Kingsway in Stoke after 45 years. Before joining us seven years ago she had spells looking after Payroll for a law firm, charity and cycle clothing company. At Barringtons her skills were spread across a variety of clients including doctors, estate agents and farmers. But there will be plenty to keep her occupied during her retirement including six grandchildren aged six to 18, two horses and growing her own greenhouse veg. She has seen many changes in Payroll over the years. “Real time submissions and compulsory pension provision makes things complicated for employers so outsourcing is always the course of action. “I have loved working at Barringtons and supporting clients over the years. It was touching to receive flowers and so many good wishes from them.” Jeanette still plans to help out doing Payroll at the salon where Tim is the barber and her daughter Kelly does ladies hair alongside four employees. Retirement will offer a chance to enjoy more ‘me’ time and a long holiday to see family in Florida.
Never let it be said accountants are boring. According to the dating site, Plenty of Fish, we are the best kissers in Britain! And here’s the news article to prove it. We promise not to demonstrate this when you visit our offices.