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Spring 2024 Budget

Fri, 15 Mar 2024 23:08:46 GMT

Video summary of the Chancellor's 2024 Spring Budget

Chancellor Jeremy Hunt delivered his ‘Budget for Long Term Growth’ on Wednesday 6 March 2024. His speech promised ‘more investment, more jobs, better public services and lower taxes’. He insisted that the economy has turned the corner and delivered on the Prime Minister’s three economic priorities: ‘inflation has fallen, growth has been more resilient than expected, and debt is forecast to fall’

The video below summarises the key points that affect both individuals and businesses. If you are short on time, we have also prepared a budget summary pdf which can be accessed here .

Spring 2023 Budget

Thu, 23 Mar 2023 13:38:19 GMT

Video summary of the Chancellor's 2023 Spring Budget

The Chancellor, Jeremy Hunt, delivered his first Spring Statement on 15 March 2023. His aim is to tackle three of the five key priorities as set out by the Prime Minister in January

to halve inflation
to grow the economy
to get debt falling

The video below summarises the key points that affect both individuals and businesses. If you are short on time, we have also prepared a budget summary pdf which can be accessed here .

2021 Spring Budget

Thu, 04 Mar 2021 13:33:18 GMT

As the nation continues to be gripped by the Coronavirus pandemic, we are seeing some light at the end of the tunnel. The mass vaccination roll-out seems to be progressing well and, in addition to the roadmap outlining how the economy is expected to re-open, the Government have now confirmed what support businesses and individuals can expect to receive as we start to return to some form of normality. Whilst this Budget may not go as far as many were hoping for, it does provide some clarity, particularly around ongoing COVID support and how the unprecedented borrowing is expected to be funded over the coming years.

With the announcement of The Chancellor’s Spring 2021 Budget yesterday, we’ve been reviewing all 106 pages of the big ‘Red Book’ (the Budget Bible if you will) to bring you the key points…

Capital Gains Tax on Land and Property

Mon, 17 Aug 2020 14:40:31 GMT

With the chancellor announcing a 'Stamp Duty Holiday' last month, the property market has been booming. Under the new rules, stamp duty is no longer payable o n the first £500,000 of all property sales in England and Northern Ireland until 31 March 2021.

As the scheme applies to ALL property sales, landlords and second home buyers are also finding themselves eligible for a tax cut of up to £15,000. It's important to note that the additional 3% stamp duty such individuals would have been charged under the previous rules remains, but still, it's a great saving!

But, are you aware of your tax and reporting obligations when it comes to selling a property? If not, read on...

Why use a Chartered Certified Accountant?

Mon, 03 Aug 2020 11:09:19 GMT

Did you know that legally, anyone can call themselves an 'accountant' - you don't actually need any training, qualifications or experience to practice.

We unfortunately see many instances where clients have engaged an accountant without first checking their qualifications and experience, because if you're an accountant you must be trust-worthy, right? Unfortunately not, and the results could be disastrous for your business and finances (and sadly we've seen it more times that we would like).

So, how does a chartered certified accountant differ to an unqualified one?

W ho regulates chartered certified accountants?

And what about a chartered accountant - what's the difference?

In short, not a lot! Chartered accountants are regulated by a different professional body, the ICAEW (Institute of Chartered Accountants in England and Wales). It is a UK-based qualification and has been around since the 1880s (whereas ACCA is internationally recognised and was founded slightly later in 1904). The exams follow a slightly different format and that is pretty much it! You may hear of some friendly competitive rivalry between ACCA and ICAEW accountants!

Final roundup...

Whilst hiring a unqualified accountant could save you a few ££, they probably won’t be able to meet the standards needed to provide you with best possible service. Unqualified individuals are usually unable to provide things like mortgage references, and are unable to carry out certain regulated activities, such as audits and probate. The saving you make today might prove to be more expensive in the long term.

If an accountant holds themselves out to be a qualified individual, be sure to check their membership status with the relevant body (again, we've seen instances where individual say they are qualified members, but actually may only be in training!). It will only take a few minutes, but could save you from a lot of pain and expense in the future!

Best business bank accounts

Mon, 13 Jul 2020 11:17:46 GMT

Now that you have decided to move forward with a business bank account, the next question you might ask yourself is "which should I go for?"

This really depends on the nature of your business and what you might need to do with it. Are you simply looking to separate your business income and expenditure? Do you deal with a large number of cash and cheques and therefore need an account that will allow you to process these with minimal fees? Is it important that your account integrates with your bookkeeping software?

Most business bank accounts offer a charge free period (usually 12 to 18 months) and then usually move to a fixed monthly fee. This typically lies around £5-£10 per month, but some charge more and others less. Some banks will also charge extra fees based on the type of transaction e.g. additional charges for paying in cash or cheques. Therefore it is important to check the terms and fees past any initial "free period".

In addition to fees, you will also need to consider the type of institution your account is held with. In addition to regular high street and online banks, there has been an increase in the offerings from electronic money (or e-money) institutions. The key difference between these institutions is that only banks are authorised to accept customer deposits and therefore lend, make investments and therefore pay interest from these funds. E-money institutions must safeguard funds which are received from you, but protection is not provided under the Financial Services Compensation Scheme. It is therefore important to know what type of provider is offering the account to ensure you are comfortable with the level of protection it offers.

Read on to view our top pick of everyday business accounts...

Zero monthly fee

High Street Banks
For all accounts listed below, funds are protected by the FSCS up to £85,000

Note: Prices/terms correct as of 13 July 2020.

The information in the post is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by Bo&Co Ltd and is not intended to be relied upon by users in making (or refraining from making) any investment decisions.

Do I need a business bank account?

Tue, 30 Jun 2020 15:02:00 GMT

When starting out on a new business venture, it is not uncommon to want to keep costs to an absolute minimum. One question we often get asked is whether you actually need a business bank account. Since business accounts tend to be accompanied by a monthly fee, with little perceived added value, using a personal account can often be seen as an easy way to avoid extra costs.

Let's take a look at when you need to use a business account, or why it might be best to separate your finances.

Trading through a limited company?

This question is the easiest and most clear-cut... The answer is always YES.

Since a limited company is a separate legal entity from you (the owner), you are required to operate a separate account. Every account, even savings, must be in the name of your company.

Unfortunately interest rates for business accounts are often much lower than what you are able to get from a personal account. Whilst it can be tempting to transfer and temporarily 'hold' the funds in your own account to earn a few extra pounds, be aware that this can have significant tax consequences.

What about if I am self-employed?

Now this one is not quite so easy to answer... The technical answer is NO, but you may want to keep reading!

If you are a sole-trader, freelancer, contractor (not through a limited company) or gig worker, your business is not legally separate from you - in the eyes of HMRC and the law you are deemed one and the same. Therefore there is no specific requirement for you to use a separate business bank account.

So if you don't have to use a business bank account, why should you?