Spring Statement 2022

In his Spring Statement, Chancellor Rishi Sunak announced:

  • An income tax cut from 20% to 19% but not until 2024.
  • From July the threshold at which National Insurance starts to be paid will rise to £12,570
  • Increase in the employment allowance (a relief for smaller employers) by £1,000 to £5,000.

Points the Chancellor did not mention in his Spring Statement which should be noted are as follows:

  • The increase in National Insurance and dividend tax rates by 1.25%, from 6 April 2022.
  • The increase in corporation tax from 19% to 25%, from 1 April 2023.
  • The super deduction to end on 31 March 2022 (a valuable tax relief for investing in plant and machinery).

This is the perfect time to re-evaluate your business structure to ensure it is still tax efficient.

Our experienced tax team can help you with a review to ensure you minimise your tax liability and maximise your income.

A copy of our Spring Statement summary can be found here.

For your personal and business tax planning, get in touch with;
Steve Vickers – Steve.Vickers@hartshaw.co.uk
Amit Kotadiya – Amit.Kotadiya@hartshaw.co.uk


Qualification celebrations!

To round off 2021, we’re celebrating Georgina Reddy, Fern Hitchen, Beth McNeal & Lucy MacDonald all becoming ACA qualified!

We are extremely proud of the hard work that they have put into their studies and wish them the best of luck as they begin this new chapter of their careers within our business services department.


Sheffield Children’s Hospital Snowflake Appeal

Hart Shaw are proud to sponsor a snowflake at Sheffield Children’s Hospital this year.

If you’ve ever driven past the hospital at Christmas time, you’ll have seen it lit up with snowflakes, that have been sponsored by local businesses and families. This appeal has been running for 7 years, and has raised over £1m so far!

“Together we can ensure our doctors and nurses have exactly what they want, when they need it to deliver the world-leading care for our patients. The money you raise and donate will help to ensure that the ongoing needs of the hospital continue to be met today, tomorrow and beyond, especially as those needs may change with time.”

The live switch on is next Monday (6th) at 5:30pm, everybody is welcome to watch from Weston Park car park.


Autumn Budget 2021

Our Budget Summary provides an overview of the key announcements arising from the
Chancellor’s speech. You can read it here.

Additionally, throughout the Summary you will find informative comments to help you assess
the effect that the proposed changes may have on you personally.

Don’t forget, we can help to ensure that your accounts are accurate and fully compliant. We
can also suggest strategies to minimise your tax liability and maximise your profitability.

If you would like more detailed, one-to-one advice on any of the issues raised in the
Chancellor’s Budget speech, please do call us on 0114 2518850.

We look forward to hearing from you.


Setting up your own business – from home

Setting up businesses from home has been very popular over the last 18 months. If you’re thinking about trying it, here are a few things to think about.

Do you have permission? You may need to get permission from your mortgage provider or landlord to run a business from your home – check with them before you start trading. You may also need permission from your local council, especially if you’ll be having lots of customers/deliveries, want to advertise outside your house or need a license (depending on business type).

Are you insured? Your home insurance may not cover any stock you keep at home, computers or customers visiting. You’ll need to check your policy, and may need to get additional insurance specifically for your business.

Tax Allowances/Business Rates. By running your business from home, you’ll be able to claim a proportion of council tax, heating, lighting, phone calls & internet. For the part of your property that is used for business, you may have to pay business rates.

Contact us for a FREE initial consultation on 0114 251 8850


Setting up your own Business: which business type is best for you?

There are different things you’ll need to do, depending on your business type. Most new business are registered as sole traders, limited companies or partnerships.

If you’re a sole trader, YOU are personally responsible for any debts connected to the company.

If you form a limited company, the companies finances are separate from your finances, and you’ll have some reporting and management responsibilities.

If you decide to form a partnership, you & your partners share responsibility for the companies debts.

Each type of business comes with different accounting responsibilities. Contact us for a FREE initial consultation on 0114 251 8850


Changes to Tax Department

It’s all change in the Tax department; 2 promotions & a new starter!

Rebecca Neville has been promoted to Assistant Manager, and Amit Kotadiya has been promoted to Team Leader. Rebecca has been at Hart Shaw since 2016, and Amit since 2019. These are both very well deserved promotions and reflect their work within the department.

We look forward to seeing how they thrive in their new roles.

Joining the department this month is Cory Goodwin, who will be continuing to study towards his ATT qualification.


Welcome to BSD!

Over the last few months Hart Shaw have welcomed 10 new starters to the Business Services department.

We have welcomed back Megan Herrington to begin her studies towards an ACA qualification. Megan first came to Hart Shaw in 2019 to do her placement as part of her degree.

Joining Megan in studying towards their ACA qualification are Samuel Cray & Hannah Leflay.

Starting their journey towards an AAT qualification are; Jessie MacDonald, Madison Bonsall & Daniella Hunt.

As a training firm, Hart Shaw have been guiding students to reach their goals and gain their qualifications for several years. Each member of staff at Hart Shaw brings with them different experiences and expertise to share with new staff members just beginning their careers.

We have also welcomed Iestyn Bartley, April Elliott & Olga Lycett for their University placement this year, and Jubayer Sheik has joined the department as semi-senior.

We wish everybody the best of luck as they continue to study towards each qualification.


Post Budget Planning

In his recent 2021 budget, Chancellor Rishi Sunak announced a mix of positive and negative changes for business owners to consider.

The Chancellor announced the super-deduction allowance for companies investing in new plant and machinery, a temporary increase in the carry-back period for business losses and an extension to the temporary 5% reduced rate of VAT. However, he also announced an increase in corporation tax from 2023.

As we emerge from a global pandemic, effective tax planning is crucial.

Unfortunately, many businesses affected by the COVID-19 pandemic have made significant losses, therefor cashflow is likely to be the thought at the front of business owners minds right now.

“Would it be better to carry losses back and recoup some tax previously paid at 19%?”

“I expect my business to recover, and maybe expand. Would I be better carrying forward losses to save future tax at the higher rate of 25%?”

It is always a good idea to seek professional advice before making any big decisions regarding the future of your business. Whatever questions you might have, Hart Shaw’s talented corporation tax team can help you.

Call us on 0114 251 8850 or email Steve.Vickers@hartshaw.co.uk


Read a copy of our 2021 budget booklet here.

Our 2021/22 tax card is available to view online now.


Happy New Year!

As with the rest of the country, we have had a strange return to the office in 2021!

Even though we are now back to working from home where possible, our switchboard will still be manned 09:00 – 17:00 (Mon-Thu), 09:00 – 16:00 (Fri) for any enquiries.

Some brighter news for 2021; Thomas Wright and Rebecca Booker from our Business Services department have passed their final exams and are now fully qualified Chartered Accountants. Congratulations to you both – we wish you a very succesful career.

As always, we are here to help. You can get in touch with your usual Hart Shaw contact via email, or call the office on 0114 251 8850.

Happy New year from all at Hart Shaw

May 2022