MOJO Memo May 2022
Update From Our Founder - Claire Flinders
Claire Flinders
This month has been a busy month at Mojo!
We have seen lots of clients needing their accounts and tax returns completed early either for their mortgage applications or for funding and loan requests.
We have now also joined with the TAG tax community which means we have a network of 30 tax experts at our disposal who are ready to work with you on any specialist tax requirements you may need.
The tax specialists can also do some tax planning for you for both your personal situation and in terms of your business. I will be building this into our new business review process that I will be launching for clients that wish to have a review and see where they might be able to save further tax.
It is really important to us as a team that we provide support to local charities. This year the charities we are choosing to support are:-
- Menphys – Servicing young people and children with disabilities across Leicester, Leicestershire and Rutland
- Accommodation Concern – A dedicated anti-poverty and homeless prevention charity in Kettering.
- Helping Hands – A charity based in Wigston, Leicester who help anyone who’s life is in crisis.
Making Tax Digital
Self-employed businesses and landlords with annual business or property income above £10,000 will need to follow the rules for MTD for Income Tax from their next accounting period starting on or after 6 April 2024.
Some businesses and agents are already keeping digital records and providing updates to HMRC as part of a live pilot to test and develop the Making Tax Digital service for Income Tax. If you are a self-employed business or landlord you can voluntarily use software to keep business records digitally and send Income Tax updates to HMRC instead of filing a Self Assessment tax return.
Follow the button below to find out more:
Business Tax Cuts from April 2022
A number of business tax cuts came into effect from April 2022. This includes an increase in the Employment Allowance from £4,000 to £5,000.
The allowance enables eligible employers to reduce their National Insurance liability. An employer can claim less than the maximum if this covers their total Class 1 NIC bill.
The Employment Allowance is only available to employers with employer NIC liabilities of under £100,000 in the previous tax year. Connected employers or those with multiple PAYE schemes will have their contributions aggregated to assess eligibility for the allowance.
There is also the super-deduction tax break that allows companies to deduct 130% of the cost of any qualifying investment on most new plant and machinery investments that would ordinarily qualify for 18% main rate writing down allowances continues until 31 March 2023.
Introducing Duncan Turner
We showcase existing clients or business contacts and each month we’d like to showcase a different business as their services may be useful to you. In this week’s spotlight, we have Duncan Turner from Harwood HR: Harwood HR Solutions offers a range of HR support services and advice for SME businesses. Their UK-based team is made up of highly-qualified and experienced consultants that can support you in all areas of HR, Employment Law, Employee Rights, and Training and Development.
- They know that every business is unique, and that is why they personalise their services to give you the best advice and support possible.
- They know that HR can sometimes seem like a minefield to business owners, and that is why they will offer training and support to make your life easier.
- They know that your employees are the backbone of your company, your biggest asset when it comes to customer retention and satisfaction. That is why they will offer you a bespoke service to handle all of your employment needs and challenges head-on.
To contact Duncan please email info@harwoodhrsolutions.co.uk
Charity and Community News
Thames to Tyne Menphys Cycle Challenge
Darren Bradbury successfully completed the Thames to Tyne cycle challenge over the period 15th, 16th and 17th April 2022! Our very own Gary Zimmerman helped by driving the support van. We were one of the sponsors of this challenge which has raised over £10,000.
If anyone else would like to donate and help raise as much as possible for this amazing charity.
