Professional Bookkeeping Services Shropshire

All businesses have to keep accurate records of their financial transactions. At the Hollies Bookkeeping, we understand that bookkeeping, payroll and accounting demands are involved in the running of a business no matter how small or large. We also understand that maintaining your financial accounts and records, supervising accounting staff, dealing with accountants, debtors and creditors all place pressure on the valuable time and monetary resources of your business.

Our services include Bookkeeping, Payroll (including Auto-enrolment), VAT Returns, Self-Assessment Tax Returns, Partnership Tax Returns, Construction Industry Scheme, Limited Company Set-up and filing of Annual Returns. We aim to relieve you of these demands by providing professional and efficient services at competitive rates whist at the same time helping you to avoid paying the high costs involved when engaging accountancy firms over an extended period of time.

Hollies Bookkeeping Shrewsbury have been providing first-class Bookkeeping services to businesses across Shropshire for over 10 years. Our team of professionals work tirelessly to provide Shropshire businesses with the best possible Bookkeeping services. We are proud to be a member of the Institute of Certified Bookkeepers.

HMRC making improvements to its digital services

We have all been there – the HMRC government gateway can be at the best of times – challenging, so it’s good news that HMRC is making improvements to its digital services.

So, here’s the lowdown on what you need to know:

Employer PAYE: recurring direct debit functionality

HMRC is developing functionality to allow employers to set up a recurring direct debit to pay PAYE and national insurance liabilities. The current system allows only a single payment to be made by direct debit.

There will be a new link in business tax accounts to "Set up a Direct Debit" from around mid-September. On

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National insurance threshold increase explained

The income threshold at which people have to start paying national insurance has increased by £3,000 this July.

This means the threshold will increase to £12,570.

What is National Insurance?

It’s tax which helps pay towards benefits and pensions, covering everything from job seekers allowance to maternity leave payments for people in the UK.

What you contribute depends on your employment status and earning and businesses have to contribute towards NI too.

The income threshold at which people have to start paying national insurance increased this month.

What is the national insurance

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HOW WILL THE BUDGET AFFECT YOUR FINANCES?

The Chancellor's vision for a lower tax economy

As part of Spring Statement 2022, Chancellor Rishi Sunk set out the government’s vision for a lower tax economy in its Tax Plan.

This three-part plan to strengthen our economy covers the remainder of the Parliament.

Sunk says it will:

help families with the cost of living

it will support growth in the economy

and it will ensure the proceeds of growth are shared fairly.

Spring Statement 2022 enacts the first part of the plan, with tax cuts on incomes and energy to help families with the cost of living.

Fuel duty on petrol and diesel has been cut by 5p per litre for the ...

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Why bookkeeping is here to stay

Although we are in the fourth industrial revolution and entering the age of artificial intelligence (AI), is bookkeeping here to stay?

Although computers will probably be taking over a lot of jobs if they haven’t already, will bookkeeping become automated?

If bookkeepers go about their careers right, the answer is a resounding no.

What's the Current State of AI?

AI is changing the world as we know it. The machinery developed during the industrial revolution was the first step. More recently, humans have created machines or computer programs that can, for all intents and purposes, do the j

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The Hollies Bookkeeping celebrates 12 years in business

Julie Williams, Director of The Hollies Bookkeeping is celebrating 12 years since took the plunge to become a bookkeeper in Shropshire.

Julie has worked in accountancy roles since 1996, working with various industries all around the country. When she moved back to Shrewsbury in 2003, she decided to start home-study with the Institute of Certified Bookkeepers and gained her qualifications in Bookkeeping and Payroll both Manual and Computerised (Sage).

Her new skills helped her gain the confidence to set up her own business as a self-employed bookkeeper in March 2010. To start with she gai...

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The Bank of England (BoE) has raised interest rates

The Bank of England (BoE) has raised interest rates for the second time in three months to 0.5%.

The BoE Monetary Policy Committee (MPC) confirmed it voted by a majority of 5-4 to increase Bank Rate by 0.25 percentage points, to 0.5%.

It also revealed those members in the minority preferred to increase Bank Rate by 0.5 percentage points, to 0.75%.

The news comes as the BoE said inflation is on course to hit a 30-year high, and is expected to peak at 7.25% in April, and average close to 6% throughout 2022.

The news will come as a further dampener to UK households who are seeing one ...

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Self-Assessment deadline moved to end of February

Incase you hadn’t heard the news and are still either putting off your self-assessment or frantically trying to get things together to file, the Self-Assessment deadline has ‘effectively’ moved to the end of February.

The Government has announced that late payment penalties are to be waived for one month. They are still encouraging everyone to aim to file by January 31, 2022.

But people won’t be penalised for late filing for one month.

If you need extra time due, you now have up until February 28, 2022, to complete your 2020 to 2021 tax return and pay any tax due.

People a...

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HMRC say tax phone scams have increased by 21%

A new HMRC update says that tax phone scams have increased 21 percent on last year, with nearly 800,000 tax-related scams reported in total.

A whopping 360,000 of those have been fake tax rebates, approximately.

As we draw closer to the Self-Assessment deadline on January 31, 2022, HMRC is warning that the self-employed should be on their guard.

Here are some things to watch out for – and how to protect yourself.

As the self-employed get ready to send their tax return this time of year, HMRC starts to send out emails and texts to taxpayers to offer them guidance and support.

H...

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Making Tax Digital For Income Tax Self-Assessment Delayed

The government has delayed the introduction of Making Tax Digital (MTD) for Income Tax Self-Assessment (MTD for ITSA) for a year, HMRC has announced.

The government says it has made the move in recognition of the challenges faced by many UK businesses as the country emerges from the pandemic.

It will now introduce MTD for ITSA in the tax year beginning in April 2024, a year later than planned.

Who is affected by MTD for ITSA?

Businesses with income greater than £10,000 per year from:

Self-employment

General partnerships with only individuals as partners

Property busines

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National Insurance and Dividend Tax Rises Announced For Social Care Reform

From April 2022, the government plans to create a new social care levy which will see UK-wide tax and National Insurance Contribution (NIC) increases.

There will be a 1.25% increase in NICs on earned income, with dividend tax rates also increasing by 1.25%. The money raised will be ringfenced for health and social care costs.

The Levy will be effectively introduced from April 2022, when NIC for working age employees, the self-employed and employers will increase by 1.25% and be added to the existing NHS allocation. The Levy will not apply to Class 2 or 3 NICs.

From April 2023, once HM...

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