See all the latest blog posts from the Morris and Co Chartered accountants team, covering Wirral, Chester and Cheshire.
Tax Saving Tip 3 - Gift Aid Donations
The Gift Aid scheme means that if you’re a UK taxpayer and you give money to a charity, they can claim back the tax and if you're a higher rate tax payer you can too.
Tax Saving Tip 2 - High Income Child Benefit Charge
Child Benefit is withdrawn when someone in the household has an ‘adjusted net income’ of over £50,000, but there are ways in which you can reduce this charge.
Tax Saving Tip 1 - Pension Contributions
A pension plan is a tax-efficient method of saving for your retirement and are now much more flexible and, unlike most other saving products, pension plans can be boosted by tax relief on your income.
Fake HMRC Emails – 5 tips on how to avoid phishing scams
Fake HMRC emails are still a problem, use these 5 tips to protect you and your personal information from fraudsters.
Five New Year's resolutions to grow your business
2020 sees the start of not only a new year, but a new decade. If you are busy preparing resolutions, why not consider these 5 tips to help your business flourish in the new year.
Christmas Opening Hours 2019/2020
Our office closes at 12.30pm on Tuesday 24th December (Christmas Eve) reopens on Thursday 2nd January at 8.30am.
Have a fantastic festive break everyone!
Moco Christmas Video 2019
This year our Cheshire based accountancy team swapped tax and VAT for costumes and the recording studio in our annual festive video.
Advisory Fuel Rates from 1 December 2019
As of 1 December 2019, the following HMRC fuel rates are in place for petrol and LPG-fuelled company cars.
Promises UK political parties are making ahead of the 2019 general election
On 12 December a snap general election could define the economic future of the country for the coming years. See what the four main parties plan to change if they get into power.
The Value of Outsourcing
Outsourcing various tasks such as payroll and marketing could help you spend more time on the day-to-day running of your business.
Employers need help to absorb the planned national living wage hike
Business groups want more support to help employers meet the Chancellor’s pledge to raise the national living wage to £10.50 an hour by 2024.
Messages aim to promote pension saving to the self employed
A government-backed pension provider is trialling emotive messages to nudge sole traders to start retirement saving.
The Festive Season can be tax efficient
Now that the summer is drawing to an end and the dark nights are closing in, is now the time to start thinking about the C word? Yes... the Christmas party!
Capital Gains Tax changes
If you are planning to sell your main home, a holiday home, or an investment property, you need to be aware of the proposed rule changes from 6 April 2020.
Is now the time to change over to a cloud based accounting package?
For a lot of business owners, bookkeeping is one of those boring chores you’ll do anything to put off until tomorrow. Of course, tomorrow never comes and the task becomes even more unappealing as the days go by.
Watch out - scammers about!
Along with HMRC and ICAEW, we try to remind taxpayers and clients about the need to be vigilant when they are contacted by someone purporting to be from HMRC.
How a £10.50 minimum wage could destroy struggling businesses
Plans to radically hike the minimum wage could force businesses to go bust and hit jobs for young workers, industry groups have warned.
What is an EORI number and who needs one?
Although VAT registered businesses will be automatically allocated an EORI number, those who aren’t registered will still need to register for one if it wants to trade with suppliers and customers in the EU post Brexit.
Changes to Cloud Based Software Bank Feeds
New EU requirements for the banking industry come into effect on 14 September 2019. As a result, the connection between your bank and Cloud Based Software may change. This change affects UK and EU bank feeds. This will also impact all UK and EU bank feeds set up using Yodlee (“free” bank feeds).
Moco help to raise thousands with Charity Cycle
Morris & Co joined other businesses involved within the franchising industry to help collectively raise £2,340 for The Franchise Trust by cycling throughout August as part of the Great British Franchise Cycle (GBFC).
Changes to Principal Private Residence Relief (PPRR)
Are you aware of the changes to PPRR that come into effect on 6th April 2020, which introduces a reporting requirement on the sale of all UK residential properties? This includes residential investment property and situations in which the sale of a person’s home is not fully covered by PPRR.
What is a payment on account and do I have to pay it?
Payments on account are part of the self-assessment process and mean that you have to pay your next year’s income tax liabilities in advance, based on the amount you owed on your last tax return. Payments on account are normally equal to 50% of the previous year’s tax liability.
HMRC publishes new IR35 guidance
New guidance has been published on the HMRC website, covering changes to the off-payroll working rules known as IR35 which will come into effect next year.
Two weeks left in charity cycle
There are now less than two weeks remaining in our team's charity challenge of riding the distance of the Tour de France by the end of August.
Two weeks left in charity cycle
There are now less than two weeks remaining in our team's charity challenge of riding the distance of the Tour de France by the end of August.
The Great British Franchise Cycle Update
It's now the 8th August and we're over a week into The Great British Franchise Cycle, and it's fair to say the team have all channelled their inner Sir Bradley Wiggins and stepped up to achieve a pretty impressive total distance so far of over 300 miles.
No penalty for not signing up to MTD
VAT-registered businesses that missed a deadline earlier this week to sign up for Making Tax Digital (MTD) will not be penalised on two conditions.
The Great British Franchise Cycle 2019
This means every day in August our team will be hopping on their own bikes or one the five we've set up in our boardroom to pedal for a great cause.
Team Away Day 2019
This year’s team away day took place in the scenic Craxton Wood hotel, and involved a series of physical and mental team building tasks.
Watch out for HMRC Scam Emails
Fraudsters are pretending to be HMRC in emails and text messages to trick people into closing their account and personal details.
What is a P11D?
P11Ds are used by employers who need to report end of-year expenses and benefits-in-kind for employees and directors.
Making Tax Digital for Individuals
Over the coming years, the government will phase in its landmark Making Tax Digital (MTD) initiative, which will see taxpayers move to a fully digital tax system.
Claiming tax deductible expenses when employed
Generally speaking, expenses which are reimbursed by the employer to the employee are now exempt from tax provided they meet the conditions below.
An introduction to tax planning
Tax planning is the legal process of arranging your affairs to minimise a tax liability. There is a wide range of reliefs and provisions that are available to legitimately reduce a tax liability without straying into the rather more challenging area known as tax avoidance.
What to consider when buying a franchise
Are you considering starting a new business, or extending your existing business interests? If so, have you thought about buying a franchise?
Three Common Franchising Mistakes
Setting up a franchise can have great benefits if you have a clear plan and achievable goals and targets. Liam Wilson from our franchise team shares three errors to avoid with your franchise.
2019-20 tax year changes
On 6 April a number of changes came into affect for the new 2019-2020 tax year.
Are you ready for Making Tax Digital?
In less than one week the UK will undergo the biggest change in tax legislation in a generation - Making Tax Digital (MTD). This is set to change the way around 1.2 million businesses currently operate.
What is the 'Soft Landing Period' for Making Tax Digital?
HMRC has confirmed that digital reporting requirements will be relaxed during the first year of Making Tax Digital (MTD) for VAT-registered businesses, but what exactly does this mean?
IR35 to change contracting in the private sector
The tax avoidance rules known as IR35 have been in force since April 2000. They are designed to prevent employers and workers from reducing their tax and NIC bills by placing a company structure between the worker and the employer.
How to avoid HMRC Phishing emails
As HMRC moves more of its services online, fraudsters are exploiting this transition by targeting taxpayers with bogus or fake emails. Here's what to look out for to ensure you don't fall victim to this scam.
Strangest excuses for missing the tax return deadline
My mother-in-law is a witch and put a curse on me,” topped HMRC’s list of bizarre excuses for failing to submit self assessment tax returns on time.
Why is Credit Control Important for a Business?
Credit Control involves businesses only giving credit to customers who are able to pay, plus the enforcement that they do pay on time. Credit control is critical in managing the cash flow of your business, ensuring it runs smoothly and profitably.
5 New Years Resolutions to help grow your business in 2019
With the new year just around the corner, the festive period makes the ideal time to think about fresh ideas for your business and how you can grow in 2019.
'Moco Is The Way!' Our 2018 Festive Video
We hope you enjoy our festive video for 2018! This year the team channelled their inner pop stars to film, record and edit this tongue-in-cheek take on the classic Backstreet Boys hit 'I Want It That Way'.
Moco supports the Chester Cathedral Christmas Tree Festival
Morris & Co are please to once again support Chester Cathedral’s Christmas Tree Festival, which runs from Saturday 1st December until Sunday 6th January and sees the Cathedral cloisters lined with over 40 majestic Christmas trees from local businesses, schools and charities.
Are Black Friday deals worth it?
That Black Friday discount may look like a good deal, but a year-long investigation by consumer watchdog Which? has found that you could get a better bargain if you’re willing to wait.
Free Seminars for VAT Registered Wirral and Cheshire Businesses
Morris & Co are running a series of free seminars to help VAT registered business get prepared for Making Tax Digital, which arrives in less than 5 months.
Key Points of the Budget 2018
Chancellor Philip Hammond presented this year’s Autumn Budget earlier than usual, due in part to the crucial final stages of the government’s Brexit talks with the EU.
Am I still on track for retirement?
Most of us can remember the day we left school or university to begin our working life. However, today you may be closer to retirement than to the day you began your first job.
What to look out for when buying a business
Buying an established business provides a path that many follow to fulfil their desire to enter into business or expand existing operations. This blog post outlines what you should be looking out for when buying a business.
Do you have overseas assets or income? Anything to declare?
New legislation called ‘Requirement to Correct’ requires UK taxpayers to notify HMRC about any offshore tax liabilities relating to UK income tax, capital gains tax, or inheritance tax and applies to non-compliance that took place prior to 6 April 2017.
Employing family members
As long as it can be justified commercially, you can employ family members in your business. They can be remunerated with a salary, and possibly also with benefits such as a company car or medical insurance. You can also make payments into a registered pension scheme.
The benefits of outsourcing payroll
Outsourcing payroll allows employers to concentrate on their core business, giving the business owner, human resources and accounting teams more time to work on strategic goals which hopefully improve bottom line results.
Pay for sleep-in workers
Employers in the care sector will be relieved by the Court of Appeal’s decision that they do not have to pay staff required to undertake sleep-in shifts the National Minimum Wage (NMW) for the time spent sleeping, instead of a flat rate for each shift which has historically been common practice.
Tax efficient gifts to charity
Tax-effective giving is invaluable to the charity sector and helps many charities boost their income. But on the flip side, they're missing out on over £750 million each year in Gift Aid income alone.
What is Making Tax Digital?
Making Tax Digital (MTD) is the introduction of a system which will see most businesses and taxpayers accessing their tax affairs online through digital tax accounts from 2020 onwards.
Could digital payments mean the end for cash?
As the use of cash declines and digital payments increase, a new independent review has been set up to look at the impact on consumers.
Desirie Makes 'Partner of the Year' Shortlist
Morris & Co Director Desirie Lea has been made a finalist in the Partner of the Year category at the prestigious British Accountancy Awards.
How to avoid costly bank charges when abroad
With summer holiday season upon us, millions of Brits will be heading abroad, but many will probably overlook the hidden fees and charges they could face for using their bank cards overseas.
Three things Businesses can learn from the World Cup
Many of the characteristics shown by successful businesses are shared by the most accomplished teams and stars of sport, in particular the World Cup. So it makes sense to see why these traits synonymous with success are so important both on and off the field.
Team building day
If you're looking for ideas for a team building event, then we might be able to help! Each year we spend an afternoon working on our team building skills with lots of fun but challenging activities. This year's event took place at Inglewood Manor, and included archery, RC car racing and the Moco 'bake off'!
Employed or self-employed?
The question as to whether someone is employed or self-employed is not as straightforward as it might at first appear. Many people assume they are free to choose, but HMRC state this is not the case.
Can statistics predict the World Cup Winner?
Gracenote captures, curates and distributes in-depth data, including live scores, play-by-play stats and results, for more than 4,500 leagues and global competitions and they've compiled a statistical shortlist of potential World Cup winners.
Experiencing banking troubles? Make sure you don't vent on twitter.
Customers who use social media to vent frustration at their banks when services go down are inadvertently making themselves targets for fraudsters, law enforcement officials and industry insiders said.
An introduction to tax planning
Tax planning is the legal process of arranging your affairs to minimise a tax liability. Our blog can help you prepare...
Self Employed or Company?
We are often asked, 'Should I form a limited company or remain self employed?' The reality is that there is no easy answer, but this post highlights the benefits and pitfalls of the different ways to trade.
Interest rates expected to rise twice this year
The Bank of England is likely to raise interest rates twice this year then twice again in 2019.
Alternative investments
When it comes to investing, some consider that there is more to life than ISAs, cash stocks and shares.
Sugar tax starts in UK
The newly enforced sugar tax on soft drinks means manufacturers have to pay a levy on the high-sugar drinks they sell.
Payrolling Benefits In Kind - The Facts
From 6th April 2016, changes to the Pay As You Earn (PAYE) system came into effect...
Valuation reference date change for the annual tax on enveloped dwellings “ATED”
The Annual Tax on Enveloped Dwellings (ATED) applies when a company owns a UK residential property worth over £500,000. The charge applies for the year from 1 April, but the ATED return, and any payment due, must reach HMRC by 30 April within that period (i.e., by 30 April 2018 for 2018/19).
VAT and Making Tax Digital
From April 2019, as part of the Government’s Making Tax Digital (MTD) programme, VAT registered businesses with taxable turnover above the VAT registration threshold (currently £85,000) will have to keep their records digitally (for VAT purposes only) and submit their VAT return information to HMRC digitally through ‘MTD functional compatible software’.
Thinking of taking a debtor to Court? Be aware of the new protocol or risk losing your case!
The Courts are trying to reduce the number of claims that end up in front of a Judge.
What does GDPR mean for your buiness?
The General Data Protection Regulation (GDPR) is deemed to be the biggest shake-up in data protection to date and will have an impact on all UK businesses.
SIX PLANNING STEPS TO BUSINESS SUCCESS
Our six helpful tips will help you write the perfect business plan.
Banks hint at accelerated interest rate rise
The Bank of England has indicated that the pace of interest rate increases could accelerate if the economy remains on its current track.
What the experts are saying about bitcoin
Leaders in finance share their views on bitcoin and cryptocurrency at the World Economic Forum in Davos.
WhatsApp releases dedicated app for Small Businesses
Messaging platform WhatsApp has released a business app, offering a line of new tools to help small businesses and start ups connect with current and new customers.
Typical costs for a new business.
If you are starting in business it is important to avoid the pitfall of underestimating your start up costs.
Could we see a 25p 'latte levy'?
MPs are calling for a 25p "latte levy" on disposable coffee cups - and a total ban unless recycling improves.
Could a rise in living wage lead to more robots in the workplace?
The rapid increase in the living wage could mean that more jobs are replaced by robots, the Institute of Fiscal Studies has warned.
Five highlights from 2017
Last year had no shortage of excitement– see five highlights from 2017.
UK employment falls for second month while pay edges up
Reuters reported that the number of people in work in Britain fell again, suggesting employers are turning more cautious as Brexit nears, and while pay growth quickened slightly, it remained lower than inflation.
How big an impact will stamp duty concession for first time buyers have?
Wales will consider amending its new land transaction tax in the wake of stamp duty being abolished for first-time buyers on all properties worth up to £300,000 in England and Northern Ireland:
Autumn Budget 2017: 4 things to look out for
With Philip Hammond set to announce the 2017 Autumn Budget, Accountancy Age outline 4 things to watch out for.
What are businesses hoping for from the Budget?
Business organisations have told chancellor of the exchequer Philip Hammond that, whatever else he may decide to do in his Autumn Budget, it must be ensured that economic confidence and growth are at its core.
What does the rise in interest rates mean for you?
The official bank rate has been lifted from 0.25% to 0.5%, the first increase since July 2007.
Bitcoin: The future of currency?
Bitcoin is a cyber-currency that was created in 2009 by an unknown founder...
UK unemployment falls to lowest level since 1975
The unemployment rate fell to 4.3% in the three months to July, down from 4.4% in the previous quarter and 4.9% a year earlier.
Students hit by increased interest
Rapidly rising inflation has pushed interest rates on many student loans above 6%, meaning that most new students will incur more than £5,000 of interest payments before they even leave university.
Lack of funds holding back start ups
Almost half of aspiring entrepreneurs cited lack of funds as the main barrier to starting a business, according to research.
Morris & Co Pleased to Support the Chester Regatta
Morris & Co continued their support of the hugely popular Chester Regatta, by sponsoring the 2017 Clemence Trophy.
Salary Sacrifice
When an employee gives up the right to receive part of the cash pay due under his or her employment contract, this is called a ‘salary sacrifice’ (sometimes known as ‘salary exchange’). It is entirely effective for tax and NIC purposes – the employee is simply taxed on the lower gross pay.
Are you still on track for retirement?
Most of us can remember the day we left school or university to begin our working life. However, today you may be closer to retirement than to the day you began your first job.
Well Done Sarah!
We are delighted to congratulate employee Sarah Geoghegan on her recent awards success.
Autumn Statement 2016
A full summary, which offers an overview of the key business, tax and financial measures announced by the Chancellor.
Team Away Day
Directors and staff of Morris & Co switched Chester House for Inglewood Manor to enjoy a fun-filled team building afternoon.
6 things to consider before launching your own business
Your idea’s great and you’re sure everyone’s going to love it.
New £5 note revolutionises ‘paper’ money
The Bank of England’s first plastic banknote, the new Winston Churchill fiver has been unveiled.
Bank of Mum and Dad funds 25% of Mortgages
UK parents are set to lend their children £5bn to facilitate their first step onto the property ladder.
Part time work ‘optimal for over 40s’
Workers aged over 40 perform at their best if they work three days a week, according to a survey by economic researchers.
UK inflation rate rises to 0.5% in March
According to the Office for National Statistics (ONS), UK inflation as measured by the Consumer Prices Index rose to 0.5% in March.
New National Living Wage
The new mandatory National Living Wage in now in place, requiring employers to pay workers aged 25 and over at least £7.20 an hour.
SME Confidence Falls
The Federation of Small Businesses (FSB) first-quarter survey showed the first decline in job creation by small firms nationwide since 2013.
How will the 2016 Budget affect you?
With reports of a slowing UK economy and ongoing debate over the implications of Britain’s potential exit from the EU, George Osborne presented this year’s Budget at a time of increasing economic and political uncertainty.
What to consider before 5 April
This tax year ends on Tuesday 5 April, so now is an ideal time to review your finances and ensure your money is working as hard as possible for you.
Will pension tax relief change again on budget day?
There has been a lot of speculation that the Chancellor may announce further major changes to tax relief on pension contributions in his March Budget, based on consultations with the pensions industry.
Annual Investment Allowance Update
The Annual Investment Allowance (AIA) which allows a 100% tax write off on equipment costs has been subject to many changes and proposed changes in recent years.
Help to buy ISAs proves popular
Two thirds of potential home buyers plan to use the Help to Buy ISA scheme to save a deposit for a home.
New State Pensions: What does it mean for me?
The new state pension comes into effect from 6 April 2016 but research has found that many savers don’t understand the changes.
Christmas Tree Tag Raises Funds for Local Charity
We were so pleased to have raised £281.60 the Chester and District Committee for Deaf People (CADCDP) with our annual Christmas tree tag collection.
North West trio team up to launch new Hospitality Association
North West restaurateurs and hoteliers are being invited to join a new association aimed at supporting businesses in the hospitality industry.
Are you ready for national living wage changes?
The national living wage (NLW) of £7.20 an hour for workers aged 25 and over will come into effect on 1 April 2016.
Choosing a business structure
After the start of a brand new year, changing something about the way you do business can make you feel like you’ve turned a new page.
2015
Christmas Jumper Day
Directors and staff at Morris & Co came to work in their finest festive jumpers on Friday 18th December and helped to raise a total of £101.35 for Save the Children!
2014
Automatic penalties for late RTI returns
From October 14, HMRC are introducing automatic penalties for late submissions of RTI returns.
A great new FREE App
We are delighted to announce the launch of our mobile App. This App can be downloaded onto your iPhone, iPad or Android phone.
Can Salary Exchange Reduce the Anticipated Costs of Auto Enrolment?
Auto Enrolment will bring mandatory pension requirements to even the smallest employers by 2016/17.
The All Seeing Eye?
Do you have any idea what HM Revenue and Customs (HMRC) knows – or could find out - about you, without using a single formal information power?
Help on the High Street -- Relief for Small Business Rates
The Government announced in the Autumn Statement a package to help boost high street businesses by capping increases in business rates.
Main Residence Relief
You will no doubt be aware that when your house has been your main residence throughout your period of ownership, principal private residence relief (PPR) is available to relieve the gain chargeable to capital gains tax.
PAYE penalties – Important Changes Are Upon Us
Since April 2014 HMRC will have the powers to get tough on employers who fail to meet their Real Time Information (RTI) reporting and payment obligations.
