ProActivity is our triannual newsletter, bringing you the latest updates and developments in accounting and commerce and what they mean to your business.
In this edition, our experts give their opinions on what’s impacting business right now, including;
Changes coming to income tax basis period reform affecting medical practices: The key HMRC reform, which only affects unincorporated businesses, such as partnerships and sole traders, involves moving the calculation of business profits from the ‘current year’ basis to a ‘tax year’ basis. HMRC’s measure was originally put forward as a means of simplifying the tax administration framework and the main drivers for the reform continue to be the alignment of systems and Making Tax Digital (MTD). Since this affects medical practices particularly, Foxley Kingham Medical is here with the main points, background, and implications of the changes coming.
Know the changes, don’t run the risk – claim R&D tax credits correctly – part 2 – A buyer’s guide: Recently, we published guidance for businesses on the importance of Getting your R&D tax credits right, in part 1 – A Buyer’s Guide. In part 2, we’re letting you know in more detail how the landscape for claiming R&D (Research & Development) tax credits is significantly changing, and how businesses are much more likely to be audited on their R&D tax credit claims, including historical claims.
Year-end tax planning – practical advice on what we can do now following a season of budget updates: Following the mini-budget, the U-turn, the other various ‘tweaks’ to the government of late and most recently the new Chancellor, Jeremy Hunt’s update (and after a few attempts to write this article!) we offer practical advice on tax planning for the rest of this financial year.
How to grow your business – Part 2: In the second part of our series, How to grow your business, we have a further five actionable considerations for businesses and individuals aiming to achieve growth. We know that offering you advice on business growth during a recession may seem a little counter intuitive but if anything, it’s as important as ever to be aware and considering how to outsmart the competition and to be making best use of whatever resources you can to maximise profits from sales in a low demand scenario.
We’ve also provided a few more exciting business updates and details on changes we’re making to our business for the better, such as;
Hardy, daredevil Foxley Kingham charity team do it again in 2022: Continuing the tradition of raising funds for local charities through the Foxley Kingham Anniversary Foundation, various members of the team this year set themselves particular challenges that they personally wanted to achieve, as well as raise much-needed funds. What may be foolhardy to some may not be to others… Which is why some of them chose to endure a gruelling ‘up hill and down dale’ cycle route and one chose to be strapped to an aeroplane in flight doing acrobatics! Here’s how the team have raised over £6,100 for the Foundation so far.
Recruiting and retaining future ‘stars’ at Foxley Kingham: Foxley Kingham has run its successful apprenticeship programme for many years. Recruiting from local schools and the wider community, each year, the firm takes on a number of accountancy hopefuls, providing an in-depth training programme and support to become fully qualified chartered accountants and embark on a successful career. But how many who join the programme actually stay at Foxley Kingham, once they’ve become qualified? And how does the firm ensure the talent they attract, stays? We spoke to Crystal Boston, Foxley Kingham Director, who, since joining the firm in 2008 has taken a lead role in the annual recruitment programme and the process of seeking out and developing local talent
Getting collaborative in our progress towards net-zero: This summer, ProActivity featured an article on our journey towards becoming net-zero and how we hope to inspire other organisations thinking of taking the low-carbon plunge by reporting our own. We’re excited to report we’ve been continuing our ‘cleaner, greener journey’, progressing with an internal focus group workshop which helped us get up close and analytical on all our carbon usage measurements and allowed the team dedicated time to discuss and formulate ideas for the future of our net-zero journey.
GKP acquires Keens Shay Keens’ Bedford branch: We are delighted to announce that Foxley Kingham’s sister company, GKP, has acquired the Bedford-based branch of the respected accountancy firm, Keens Shay Keens (KSK). This is not the first time one of the firms within the group has acquired a KSK branch, last year the Luton and Letchworth offices were acquired by Foxley Kingham.
