Ian Wint, FCMA

Happy 1st of July! As we enter the second half of the year, it’s a perfect time to reflect on our journeys, celebrate achievements, and set new goals. Reflecting on My Journey: 🏆 Ultra Tax Ltd was awarded Tax Team of the Year 2024 by Business Awards UK. 🎉 Finalists for Best Newcomer Accountancy Firm. ⭐️ I was a finalist for Rising Star Accountant. ⚽️ Proud sponsors of Hartlepool United’s new Away Kit for the 2024/25 season. 📈 Achieved a 302% growth and a 100% client retention rate! Looking Ahead: Our past achievements inspire me to strive for more. Here’s what I’m focused on for the rest of 2024: Expanding Services: Introducing new financial solutions for our clients. Continuous Improvement: Enhancing our processes and staying ahead of industry trends. Strengthening Relationships: Building stronger partnerships and networks. Sustainable Practices: Implementing eco-friendly initiatives. Client Success: Helping clients achieve their financial goals with personalised advice. Inspiration from the Euros: Watching Jude Bellingham’s dramatic equaliser for England in the Euros reminded me of an important lesson in business: perseverance is key. Just like in football, where players push through tough moments to change the game, we must persist through business challenges. Whether it’s facing setbacks, closing a tough deal, or meeting monthly targets, our determination and resilience can make all the difference. Your Turn: What personal and professional goals are you setting for the rest of the year? How have your achievements so far inspired you to push further? What challenges are you looking to overcome? Let’s use this mid-year milestone to share and support each other. I’d love to hear about your goals, achievements, and any tips you have for staying motivated and successful. Drop a comment below and let’s inspire one another to make the second half of 2024 even more amazing! Here’s to a successful and fulfilling July and beyond! #HappyJuly #FutureGoals #BusinessGrowth #Achievement #CommunitySupport #UltraTaxLtd #HartlepoolUnited #Euro24 #BusinessInspiration #SalesMotivation #NeverGiveUp

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📊💷 UK Business Owners: Keep Your Finances Clean and Taxman at Bay Separate personal and business accounts = tax headache prevention 🙌 ✅ Easier tax reporting ✅ Clear for HMRC ✅ Claim all business expenses ✅ Avoid costly mix-ups Plus your accountant does not have to see all your personal spend! So whether you're a sole trader or Ltd director, this simple step can save you time, stress, and potentially money! #UKBusiness #TaxTips #SmallBusinessAdvice

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The vehicle benefit charges for 2024-25 were announced at Autumn Budget 2024. The government will introduce legislation by statutory instrument in December 2024 to ensure the changes are reflected in tax codes for tax year 2025-26. #FuelBenefit2025 #TaxChangesUK #CompanyVehicles

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If you have lost or forgotten your National Insurance number, there are several ways to retrieve it. #NICNumber #NINApplication #UKTaxEssentials

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The deadline for submitting paper self-assessment tax returns for the 2023-24 tax year is 31 October 2024. If the return is submitted late, a £100 penalty will be imposed, regardless of whether there is a tax liability or if any owed tax is fully paid by 31 January 2025. #Tax #HMRC #SelfAssessment

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As part of the Autumn 2024 Budget measures, the government introduced new anti-avoidance provisions to prevent the abuse of the existing close company anti-avoidance rule. The measure will have effect for any tax avoidance arrangements falling within the scope of the announcements that are made on or after 30 October 2024. #CloseCompanyRules #AntiAvoidanceUK #TaxCompliance

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Selling online? From 2024, digital platforms must report your information to HMRC if sales exceed £1,700 or 30 goods a year. Casual sellers are exempt, but regular traders may need to register for Self-Assessment. #OnlineSellingTax #HMRCReporting #UKTaxRules

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The VAT registration threshold rose from £85,000 to £90,000 from 1 April 2024. The deregistration threshold increased from £83,000 to £88,000 from the same date. The changes in the thresholds change the trigger points for compulsory registration and optional deregistration. 👉 When must you register? You must register for VAT if your taxable turnover in the last 12 months exceeds the VAT registration threshold of £90,000 or if you expect your turnover to go over £90,000 in the next 30 days. 👉 Taxable turnover The key metric here is ‘taxable turnover’, which may differ from your actual turnover. Taxable turnover includes only those supplies within the scope of VAT, i.e. supplies that would be liable to VAT at the standard, reduced or zero rate if the business were registered for VAT. 👉 Registration deadline If your turnover exceeded £90,000 in the last 12 months, you must register within 30 days of the end of the month in which your turnover for the preceding 12 months reached £90,000. Feel free to contact us for further information about this subject: 01905921333 or drop us an email-: at [email protected] #vat #vatregistation #vatdeadline

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🏭 **Thinking about selling your manufacturing business? The 2025 UK budget could shape your next move.** For business owners in the manufacturing sector, especially those aged 55+, the journey to selling your business can feel both exciting and daunting. With new UK budget reforms on the horizon, understanding how changes like corporation tax increases, capital allowances, and energy reliefs will impact your business valuation is crucial to maximising your returns. Our latest blog breaks down the key insights and actionable steps to help you position your business for a strong sale. From optimising profit margins to embracing sustainability and R&D incentives, we’ve covered everything you need to know to prepare for 2025. 💡 It’s not just about selling—it’s about creating the legacy you’ve worked so hard to build. 👉 **Click here to read the full blog:** https://lnkd.in/er2kee3n Let’s plan for your future with confidence. #ManufacturingBusiness #BusinessValuation #UKBudget2025 #SMEAdvice #BusinessOwners

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🚀 Outsourcing for UK Subsidiaries 🚀 For UK subsidiaries of overseas businesses, outsourcing can be a transformative strategy. At Cooper Parry, we’ve seen firsthand how outsourced accounting can revolutionise operations for companies of all sizes and sectors. 🌍 Bridging the Gap: Navigating the complexities of business, communication, and compliance between the UK and your head office can be daunting. Outsourcing ensures timely, meaningful management information, enhancing transparency and accountability. 📈 Freeing Up Leadership: Outsourcing lets your leadership team focus on market impact and growth. ✅ Meeting UK Requirements: A UK partner that can ensure compliance and tax efficiency with local regulations. ⚖️ Flexibility and Scalability: Outsourcing adapts to your business’s evolving needs, ensuring you only pay for what you use, avoiding unnecessary expenses. Curious about how outsourcing can benefit your UK sub? Check out Tanveer Mahtab-Ahmed’s full article. 📖 https://shorturl.at/Zp5ZB #Outsourcing #UKBusiness #uksub #Compliance #BusinessGrowth

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🚀 Outsourcing for UK Subsidiaries 🚀 For UK subsidiaries of overseas businesses, outsourcing can be a transformative strategy. At Cooper Parry, we’ve seen firsthand how outsourced accounting can revolutionise operations for companies of all sizes and sectors. 🌍 Bridging the Gap: Navigating the complexities of business, communication, and compliance between the UK and your head office can be daunting. Outsourcing ensures timely, meaningful management information, enhancing transparency and accountability. 📈 Freeing Up Leadership: Outsourcing lets your leadership team focus on market impact and growth. ✅ Meeting UK Requirements: A UK partner that can ensure compliance and tax efficiency with local regulations. ⚖️ Flexibility and Scalability: Outsourcing adapts to your business’s evolving needs, ensuring you only pay for what you use, avoiding unnecessary expenses. Curious about how outsourcing can benefit your UK sub? Check out Tanveer Mahtab-Ahmed’s full article. 📖 https://shorturl.at/Zp5ZB #Outsourcing #UKBusiness #uksub #Compliance #BusinessGrowth

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🚀 Outsourcing for UK Subsidiaries 🚀 For UK subsidiaries of overseas businesses, outsourcing can be a transformative strategy. At Cooper Parry, we’ve seen firsthand how outsourced accounting can revolutionise operations for companies of all sizes and sectors. 🌍 Bridging the Gap: Navigating the complexities of business, communication, and compliance between the UK and your head office can be daunting. Outsourcing ensures timely, meaningful management information, enhancing transparency and accountability. 📈 Freeing Up Leadership: Outsourcing lets your leadership team focus on market impact and growth. ✅ Meeting UK Requirements: A UK partner that can ensure compliance and tax efficiency with local regulations. ⚖️ Flexibility and Scalability: Outsourcing adapts to your business’s evolving needs, ensuring you only pay for what you use, avoiding unnecessary expenses. Curious about how outsourcing can benefit your UK sub? Check out Tanveer Mahtab-Ahmed’s full article. 📖 https://shorturl.at/Zp5ZB #Outsourcing #UKBusiness #uksub #Compliance #BusinessGrowth

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Yesterday saw the first #team brief at Northern Accountants Ltd. We talked about our achievements from the previous year, including the #financials We talk about our plans and objectives for the year, including the financials, with full disclosure. We do this so the whole team is fully aware of where we are going and what the results of our success will be. The main objective is to make money - yes I said it, that's a major part of our why, but it is the how that is important. We will do this by forging deeper #relationships between our team and our #clients. Our #directors have powerful working and personal relationships with our clients but our team doesn't, it is time to change that for the good of all. So our how and what this year is to make sure our team have the time and skills to forge these invaluable relationships with our clients. Our contact with clients will become more intentional and personal, and not just nice and transactional. We have a talented team with heaps of potential and it is time to realise that potential. We will do that using GLOSS Reviews, a concept developed by the brilliant James Ashford. GLOSS Reviews are at the heart of the relationships our Directors, Ricky Field, Graeme Morrison 🏗👷🧙‍♂️, Mark Alderson Colin Dolby and myself have with clients. #2025 is the year we make it at the heart of all our team's relationships with our clients. I am excited to see this unfold in the coming months. 2025 is going to be a great year. #accountants #leeds #hull #remote

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Exits I joined a call the other day with a group of accountants and Liquidation Practitioners, who where discussing the current situation in the UK's SME world. Much of what we anticipated was going to happen when the flurry of covid loans were being dolled out, to all who fearlessly asked for them, has started coming to fruition. Money has gone from being free, to a very rare and expensive commodity for many of the smaller entities in the UK. This coming at a time when customers are feeling the pinch and stalling payments, creating a perfect storm of business failures. For many small business owners who are living from hand to mouth in this era of constantly rising costs and taxes, there seems to be little hope. The banks who they have trusted to keep their money safe for years and who, a few short years ago were clamouring over themselves to offer loans, are nowhere to be seen or heard. If you need a loan now and want to speak to a bank manager, you are probably going to struggle to get hold of anyone. Most of the high street banks have outsourced their Client manager functions to faceless AI bots, and left many a business owner with very few options for funding their struggling businesses. The Liquidators I have spoken to recently are indicating that things are starting to pick up in their industry, but it is not the tsunami that we are expecting - yet. The thing is, financial woes are not the only issue that cause business failure, or untimely exits, divorce, discontentment, death and disease can play a nasty role in causing problems for your retirement plans. But how about Unrealistic Expectations on the value of your business. Many owners believe that the blood, sweat, tears and sacrifice they had sown into their business for years has a price way higher than a reasonable buyer is willing to pay for it. So as a result, their ideas of a comfortable retirement are dashed, as they are confronted with retirement funds which are significantly less than they need for the remainder of their time on this mortal coil. Managing your expectations as well as those of your loved-ones is critical when planning the exit from your business. So where is the silver-lining in all this? There are a few things you can do as a business owner to give yourself a chance at a beneficial exit. Here are a couple of things to think about: - Know your business value now - Know your number (how much money do you need to fund the lifestyle you desire when you sell up) - Know what you are going to do when you have exited (there is little point in exiting to spend time travelling in a motorhome if you have never tried a holiday in a motorhome.) - Know how dependent your business is on you - Have a plan to extract yourself from your business, while still having the business create value for its stakeholders If this has sparked an cord of concern or interest for you, feel free to DM me and we can explore this further for your business. Until then, Be blessed

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From April 2024, UK businesses can access enhanced R&D tax relief through the merged RDEC and new ERIS schemes. With generous deductions and credits for R&D-intensive projects, the schemes offer tailored support to fuel innovation and drive growth. #RDTaxRelief #InnovationSupport #UKBusinessGrowth

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