How was your 2024? As we approach the end of quite a tumultuous year (but haven’t they all felt like that recently?), we thought it was good time for a recap, and key points to carry “forewarned is forearmed” into 2025. The wheel of the tax year doesn’t stop, and tax deadlines will be on us again before you know it, especially for self-assessment tax returners, so don’t risk being caught out!
So, before everyone winds down for a well-earned festive break, take a moment, make a cuppa and join us looking back over some of our key messages.
Self-assessment needn’t be taxing!
We started the year laughing at the shaggy dog stories some people offered HMRC to excuse missing the self-assessment online submission date of January 31st. Needless to say, they didn’t work!
When every penny counts, it’s really not worth running this administrative red light- as well as the £100s of fines, stress and effects of punitive action hanging over you. Perhaps that’s why 4,757 tax returns were filed last Christmas Day, and 12,136 on Boxing Day? Even we, possibly the most spreadsheet-loving people, reckon tax isn’t worth ditching Christmas for!
Santa’s festive self-assessment tax tips are:
- Don’t bury your head in the sand, talk to HMRC. While a big, intimidating organisation, it is staffed by humans, who appreciate that from time to time life can throw a spanner in the works. As they say: “Help will always be provided for those who have a genuine reason for not submitting their return on time, and the earlier we’re contacted, the more we can help.”
- To avoid future stress, get the professionals on your side. An accredited accountancy service will create a bespoke package to meet all your company and personal tax returns (plus other headaches including VAT returns, payroll services and annual accounts if required), for significantly less than HMRC penalties.
Top 2024 tips and take-outs
From this direction, it’s hard to see back past the budget, with businesses, employees and contractors measuring impacts. The biggest look likely to come from changes to minimum wage, national insurance, business rate relief and tax bands, however capital gains tax, stamp duty, pension changes, fuel duty freeze, farm subsidy and inheritance tax changes all impact from a personal point of view. With many changes due 1st April 2025, we urge neither kneejerk reactions nor ignoring, but remembering you’re not on your own; when a little cost-effective professional help can cut through the guesswork and remove worries, leaving you free to concentrate on what you do best.
Umbrella solutions can bring huge efficiencies, simplicity and benefits for those working on short-term or multiple assignments, however lack of direct government regulation has allowed a certain number of unscrupulous companies into the market. We greeted the news of a forthcoming parliamentary review of umbrella companies with enthusiasm, and hope a change of government doesn’t derail this. Watch this space, we’ll keep you updated. Fully FCSA accredited, we’re very proud of our umbrella solutions, and this year we really expanded our ICS Umbrella Benefits Portal, giving ICS Umbrella employees access to huge discounts on shopping, health and wellbeing amenities and more!
Could technology help you save time, money and headspace? With advancements arriving daily, there’s no need to be chasing your tail; maximising efficiency and productivity can make the difference between profit and not viable for many small businesses; or simply save you wasting unpaid hours on desk-bangingly tedious tasks. From scheduling tools and project management software to social media and customer relationship management toolkits, we cut through the bewildering array of services out there, highlighting some essential and innovative time-saving tech tools that can help small businesses thrive.
The view from ICS Accounting
It’s been a full and fulfilling year at ICS, busy with our great clients, and getting to know many more. We’re very proud when anyone discovers us through word of mouth or recommendation, so a huge thanks for everyone introducing a friend in 2024; your trust in us drives us to strive even harder for all our clients.
As we’ll as keeping on top of financial developments, many in our dedicated team have added to their training and qualifications. As we celebrated passing our annual FCSA audit, we found out we were also finalists in two categories at The Contracting Awards 2024. We enjoyed a fantastic night out at the black-tie awards ceremony at the Hilton Hotel on Park Lane, London, coming home as winners of The Best Contractor Accountancy (under 1000 clients). It goes without saying that all the team are absolutely thrilled to receive such an accolade.
Getting a foothold in the world of work can be a daunting prospect, so we’re proud this year to have joined the FCA Apprenticeship Levy share scheme: a government-backed programme that allows large employers to transfer a certain level of apprenticeship funds to other businesses, levelling the playing field and helping smaller businesses to take on apprentices and invest in their workforce. Something we’re passionate about, we look forward to opening more doors in 2025.
Everyone at ICS Accounting joins me in wishing you a peaceful festive season and peaceful New Year! 2025 is certain to bring its own surprises and challenges (although hopefully a break from elections!), so remember, for no-obligation advice, or to discuss your individual requirements with one of our friendly team simply call 01524 580720, or email info@icsuk.com.
Best wishes, Colin.
Colin Thompson, Commercial Director, ICS Accounting
