I must apologise that my blogs have been far and few between this year as I have just not been able to find the time to write them on a regular basis…..BUT my New Years resolution is to write them at least once a fortnight (although I have to be honest and don’t have a very good track record for keeping resolutions – if I did, I’d be 8 stone and a millionaire !! 😊)
This year has been an amazing year for me, both from a business and personal point of view. We moved house earlier in the year which has been the best decision we have ever made 😊 It has enabled me to grow the business as the new home has an office downstairs and with both of my children now at the local school (and doing awesomely well I have to add – proud Mummy moment 😉), I have been able to fully focus on Edney Bookkeeping & Accountancy Services which has been great.
At the beginning of 2018 I had 44 clients on my books. As the year comes to a close, the count is now 124! The majority of these new clients have come from recommendations and introductions from current clients and for this, I will be forever grateful to you all.
With the business growing fast, I have had to take on a member of staff and the need for this could not have come at a better time. My twin sister was made redundant from her employer in March and with her redundancy money, she put herself through her AAT (Accountancy) exams and has been able to come on board with me (I’m very proud of what she has accomplished – way to go Emma!!). Not only has this been a great help with the day to day tasks of the business but it has also given me a new love for what I do. It can be very lonely being Self Employed but having her come in to the office a few times a week has been great 😊 and we have had a few giggles at the double takes some of my clients have made during their visit to us for an appointment 😉
Thank you also to my husband Bjorn. Not only is he my husband but he is my businesses Web designer and IT support 😉 and I would be lost without him (I spent a very stressful 2 days in June thinking my keyboard had broken as the number pad wasn’t working…..he ‘fixed’ it by pressing the ‘numlock’ key!! – doh!!)
All in all it has been a wonderful year. I have enjoyed watching all of my clients’ own businesses grow and also being able to sort out some very challenging problem cases, which have been a relief for the owners of that business once resolved (you know who you are!!)
I look forward to 2019 and hope that it brings me as much joy as 2018 did.
Thank you to you all for your continued custom and support and of course your referrals and recommendations to potential new clients.
I wish my family, friends and clients a wonderful New Year and hope that is a prosperous and successful year for you all!
So, as I’m sure that you are all aware by now, the Autumn budget for 2018 was held last week. Obviously in true budget style, the budget announcement is about a million pages long so I have taken the liberty of trawling through the budget and have made some bullet points of the most appropriate changes that I think will affect my customers the most. Here they are …
In fairness, there is quite a lot more information that came out of the Autumn budget but the above are the points which I think are most relevant to my customers and blog readers.
However, if you would like to see the full budget in all it’s glory, feel free to follow the link below
https://www.gov.uk/government/publications/budget-2018-documents/budget-2018#tax
All in all, I think that there are some good changes announced in this budget which in my humble opinion seem to be trying to help the working class and small businesses 😊
Well we had a busy one this weekend at the annual charity pig race for the ‘Help Jessica Walk’ charity. Myself and Emma were at the Pavilion in Pawlett nice and early on Saturday morning setting up the stalls, erecting gazebos and getting everything organised for this event. The weather was horrific which was a shame as the event is usually held outside but we didn’t let it dampen our spirits and we just moved the whole event inside (except for the BBQ of course!!)
As a local business, we like to sponsor local charities and the ‘Help Jessica Walk’ charity is one that is close to our hearts so it always feels amazing to help out when we can.
I helped to run the totes and had much fun taking the bets and paying out the winnings. I was able to put my maths skills to good use when calculating the pay outs for each win 😊
Well today is 23rd August and all over Facebook today I have been seeing posts about GCSE grades as they were released today. Congratulations to everyone who passed their GCSEs today or had the results that they needed to do what they desire for their future.
This lead me on to thinking about youngsters who go on to further education and therefore I thought that today's Blog should be about Student Loans and Student Finance.
You may be able to borrow money from the government to help pay for university or college tuition fees and to help with your living costs whilst you are a student. You only start repaying student finance/loan once you earn over a certain threshold (which changes each year). The size of your monthly repayments will depend on how much money you earn, not on how much is outstanding on the loan. You will repay your loan either via monthly deductions in your salary taken by your employer (once you start work) or if you are Self Employed, you’ll repay your loan through your Self Assessment Return.
The amount of loan that you can apply for depends on a number of things from the course that you are doing to the amount of income you receive. There is an online calculator on the HMRC website where you can enter all of your individual details and it will tell you what you can apply for and how much you can apply for. Here’s a link direct to the calculator
http://media.slc.co.uk/sfe/1819/sfe_terms_and_conditions_guide_1819_o.pdfhttp://media.slc.co.uk/sfe/1819/sfe_terms_and_conditions_guide_1819_o.pdf
I am usually more specific in my Blog writing but because there are so many variables to consider when applying for a Student Loan, I think it more appropriate to link you direct to the pages that you need. Otherwise, this blog would end up about 10 pages long!!!
I hope this has at least pointed you in the right direction to discovering what help is out there for students and how you can claim it 😊It has always been something that you are automatically entitled to when you are responsible for a child or children and I remember sitting down and applying for child benefit when I was pregnant with my first child 😊 The amount of child benefit that you were entitled to receive was only ever dependant on the amount of children that you have. Well not anymore!!!
In the tax year 2012/13, a new rule came in to place called the High Income Child Benefit Tax Charge and unfortunately not that many people appear to be aware of it and are getting lumped with hefty tax bills. This is because if either yourself or your partner (if you have one) receive an income of £50,000 or more per year, you will be subject to the High Income Child Benefit Tax Charge.
This charge is all dependant on how much over that £50,000 your income is and the charge is subject to change in line with budgets etc BUT the main rule to go by is that for every £1,000 earnt over that £50,000 threshold, you are taxed on your child benefit a sum of 10%.
To give you an example, if you claimed child benefit for 1 child between 2013/14 and you were paid £50,000 you would have received the full child benefit of £1055.60 for that year. If you earnt £51,000 for that year, you would have received the full child benefit of £1055.60 but would be charged a child benefit tax of 10% totalling £105.00. If you earnt £52,000 your child benefit tax would have been 20%, £53,000 would be 30%, £54,000 would be 40% and so on. Once your income received gets to £60,000 then you would not be entitled to receive any Child Benefit as the tax charge would be 100%.
The main stinger in this charge is that it is not the household income that is taken into consideration. Therefore you could have a family with 2 adults where one earns £51,000 and one is unemployed (total household income of £51,000) and the High Income Child Benefit Tax Charge applies. You could also have a family with 2 adults where they each earn £49,999 (total household income of £99998) and the High Income Child Benefit Tax Charge would not be applicable because neither individual earns over the £50k threshold. Crazy isn’t it!!!
The way that HMRC will collect the tax charge is that they require anyone who earns over £50,000 to now complete a Self Assessment Tax Return where you will declare your income and be charged the Tax Charge accordingly.
I am coming across more and more customers who have been caught out by this Tax Charge and when they have raised their dispute with HMRC, the standard response is that it is individual’s responsibilities to ensure that they are aware of these regulations ☹
Therefore, I thought it was worth writing this weeks blog about it as although it’s not good news for some, it’s worth knowing about and being aware of 😊As with all of the tax rates, these amounts and percentages are subject to change each year.
And that’s it in a nutshell so to speak 😊
Thanks for reading this blog and I promise not to leave it soooooo long next time!!