Understanding the Significance of Audit Thresholds in Business
What is an Audit? An audit is a thorough check of a company’s financial records by independent experts to ensure accuracy and compliance. By using specific methods to review transaction details and make sure the company is transparent about its finances. The goal is to give confidence to shareholders and regulators that the company’s financial […]
Reporting PAYE information at Christmas
Since 2019, there has been a permanent easement for reporting PAYE information in real time where employees receive their pay earlier than usual at Christmas. Where an employer closes on the usual (contractual) payday, such as at Christmas or on bank holidays, HMRC advises to report the contractual pay day on the full payment submission […]
Expansion of Cash Basis for Unincorporated Businesses
Commencing from the tax year 2024/25, a change is set occur for eligible unincorporated businesses. The default method for calculating profits will transition to the cash basis, providing unincorporated businesses the option to choose the accruals basis if preferred. This shift is poised to simplify accounting procedures, offering increased flexibility for unincorporated businesses in managing […]
Extension of MTD Requirements
From 6th April 2026, businesses, self-employed individuals, and landlords with an income of more than £50,000 will be required to keep digital records and provide digital quarterly updates on their income and expenditure to HMRC through MTD compatible software. For those with income between £30,000 and £50,000 will be required to do this by April […]
Has having an electric company car just got even better?
HM Revenue & Customs (HMRC) have now confirmed the position for employees being reimbursed by their employer in relation to home electricity costs. There was always some confusion as to whether this would trigger a Benefit in Kind (BIK). However, HMRC have now made the treatment clearer, and its good news for the employee (if […]
NRB Digital – Best of Breed
With a lot of businesses already cloud based they will be getting the benefit of the time savings, allowing staff to move away from mundane tasks and undertake more valuable work for which the company will ultimately see the benefits. Couple this with the improved accuracy that cloud based software can bring, using the latest […]
NRB Accounts – providing quality services
Here at NRB we offer a comprehensive accountancy service which is tailored to the specific needs of your business. We cater for all types of businesses such as: We ensure that your business’ accounts meets all its compliance requirements with both Companies House and HMRC and in doing so remove the admin burden and allow […]
Self Assessment Threshold Change
From the tax year 2023 to 2024 onwards, the self assessment threshold for individuals taxed through PAYE only, will change from £100,000 to £150,000. The affected individuals do not need to do anything for the tax year 2022 to 2023 as the tax return threshold remains at £100,000. However, they will receive an exit letter […]
Retirement of former Partner John Schofield
Today marks the retirement of our former Partner John Schofield after 22 years of service to NRB. John has always been held in the highest regard by both his clients and colleagues at NRB, and we’ll miss him! Thank you John for all of your hard work, dedication and support of the NRB team, especially […]
NRB Audit – adding value through efficient and effective audit services
Here at NRB, our audit team aims to provide stakeholders with confidence in the financial statements, through an efficient service during the audit engagement. We conduct our audits to ensure that the financial statements have been prepared in accordance with the appropriate accounting standard by using International Auditing Standards. In addition, we also provide internal […]
