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MJH through the eyes of a student

I started my work experience at MJH Accountants on Thursday 26th July 2018. My first task was to attend a local networking group, namely Shout. Whilst there, I listened to representatives from various local businesses explain what they do and how they work. It was very interesting to find out about the many different ideas that they had.

On Day 2, I was shown how to log the mail, both incoming and outgoing. I also learnt how to use the scanning machine to record all of the incoming mail as well as the franking machine which I used to stamp all of the mail that was going to be sent out.

I also helped update the company’s social media accounts. As a teenager in 2018, I benefit from growing up with social media, however, it was very interesting to learn how businesses, especially professional service firms are harnessing the power of social media to interact with their clients and contacts.

On Day 3, I analysed a client’s receipts and payments from their bank statement from which the accountant would take over and prepare the accounts. Accuracy was critical to this task and I was delighted to see that the figures balanced once I had finished.

On my last day at MJH Accountants, I recorded Mark’s schedule on the computer so that his time and billing record could be updated.

Overall, I thoroughly enjoyed my time at MJH and thought it was eye-opening to see how much work and effort is put in by everyone. I also really enjoyed being given the opportunity to work alongside other members of Mark’s team and meet clients and other businesses.

Olivia Violet

Year 10 pupil – Archbishop Temple School, Preston

October 2018 Tax Tips & News

Welcome…

To October’s Tax Tips & News, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman.

If you need further assistance just let us know or you can send us a question for our Question and Answer Section.

We are committed to ensuring none of our clients pay a penny more in tax than is necessary and they receive useful tax and business advice and support throughout the year.

Please contact us for advice in your own specific circumstances. We’re here to help!

Class 2 NICs to remain

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Self-employed earners (i.e. sole traders or partners) over the age of 16 and below state retirement age are currently liable to both Class 2 and Class 4 National Insurance contributions (NICs) unless specifically excepted by provisions contained in the Social Security Contributions and Benefits Act 1992.

Former Chancellor, George Osborne, made proposals to abolish Class 2 NICs and reform the system for paying Class 4 NICs. The proposals were designed to simplify the tax system for the self-employed and offer them more equal access to contributory benefits. However, the Treasury recently announced that it will not now proceed as planned with the abolition of Class 2 NICs, which was originally scheduled for April 2018, then delayed to April 2019. It is estimated that by not going ahead with the planned changes, the government will save some £360m for each of the three years to 2021 based on the original impact assessment.

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August 2018 Tax Tips & News

Welcome…
To August’s Tax Tips & News, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman.

We are committed to ensuring none of our clients pay a penny more in tax than is necessary and they receive useful tax and business advice and support throughout the year.

Please contact us for advice in your own specific circumstances. We’re here to help!

Further MTD guidance published

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In response to calls for additional clarity from businesses and their representatives, HMRC have published further information on Making Tax Digital (MTD) to support them with preparation in the run up to the start of the mandatory MTD VAT service from April 2019.

The guidance includes:

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June 2018 Tax Tips and News

Welcome…
To June’s Tax Tips & News, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman.

If you need further assistance just let us know or you can send us a question for our Question and Answer Section.

We are committed to ensuring none of our clients pay a penny more in tax than is necessary and they receive useful tax and business advice and support throughout the year.

Please contact us for advice in your own specific circumstances. We’re here to help!

Using tax to keep employees healthy

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The adverse effects of being inactive can of course have a major impact on health and wellbeing. According to a recent government report, workers can spend up to three-quarters of their day sitting down, which contributes to a range of preventable health conditions, including the two leading causes of workplace absence: back injuries and stress, depression or anxiety. In 2016/17, 1.3 million workers suffered from work-related ill-health, which equated to 25.7 million working days lost. This has been estimated to cost £522 per employee, and up to £32 billion per year for UK business. With this in mind, HMRC have recently been reminding employers that there are certain tax breaks on offer for those who promote health and fitness for their workers.

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Tax Tips & News May 2018

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GDPR is the word on everyone’s lips at the moment. The General Data Protection Regulation comes into effect on 25th May 2018 and will impact every company.

GDPR requires you to look at your business in detail and understand how you collect, process and store data personal date. You need to establish data protection policies and setup processes for handling inquiries, complaints and data breaches.

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