Welcome to the all new HGC Blog. This is something a little different for HGC, but I have decided to start a blog. Not just a ‘we’re accountants, this is what we do’ blog, but something a little more informal. More a diary of an accountant. Giving you insights to our work, office news, tax news general chit chat.
So where to start? Well, let me introduce HGC Accountants. HGC is an accountancy practice based in a town called Sawbridgeworth. Currently HGC has 6 members of staff, myself Chris, the sole director, Joanne, Hannah, Reshma, Bryan and Michelle. We’re a friendly bunch, other than Bryan we all have young families and live busy hectic family lives, battling the daily work / family lifestyle balance!
We specialise in online technology and using the latest tools to help create an efficient and effective accounting system. As testament to this, we are classed as Silver Xero Partners, based on the clients we have using the package! Our most common accounting set up is Xero and Receipt Bank, however we can work with all online software tools.
What have we been up to – Well our week has been filled with taking in the changes from the budget that affect us all. The main points to note where the planned increases in the personal allowances which now means we all receive £10,600 tax free each year, raising to £10,800 for 2016/17 and then £11,000 in 2017/18 with raise up to £12,500 planned for the future. Everyone will also receive a £1000 allowance (reducing to £500 for higher rate tax payers) for interest received on savings.
The most complicated issue to arise is the new ‘digital tax account’ which promises to revolutionise the annual tax preparation exercise. What effect this will have on both clients and us is yet to be fully understood, and we will be keeping a closer look at this in more detail as we start to understand the full impact!
That’s it for this week. Check back for regular news, updates and information. I will leave you with this, don’t forget that HMRC publish guidelines for subsistence (meals / snacks etc when out on the road) so if you need to work away from home / office for any reason and you are self employed or a director or employee of a limited company, you can claim subsistence whilst you are out and about!