Beauchamp Charles Chartered Accountants - April Questions and Answers

Newsletter issue – April 2023

Q. In his Spring Budget, the Chancellor said 'full expensing' would apply to plant and machinery. Does this mean I can write off the balance brought forward in my plant and machinery pool, which was previously written down at 18% on the reducing balance method?

A: The new 'full expensing' rules announced in the Spring Budget on 15 March 2023, only apply to new (not second-hand) assets purchased on and after 1 April 2023.

If the brought-forward balance in your plant and machinery pool is now no more than £1,000, you can write off that amount under the current rules, otherwise, you must carry it forward reducing it by 18% each year until it reaches £1000.

Q. I've been receiving text messages from tax.service.gov.uk advising of new PAYE codes for 2023/24. However, when I log into the HMRC website, it says that no new PAYE codes have been issued. This has been going on for weeks, is it a scam or genuine contact from HMRC?

A: These messages are genuine, but there is a fault with the HMRC system that it is sending out these text messages when no PAYE code changes have been issued.

Q. I want to top up my NIC record by paying to complete seven tax years. To pay online I need an 18-digit reference number which is only available by calling HMRC, but the HMRC telephone line is never answered. How can I make the payment?

A: It is difficult to get through to HMRC by phone, and that is why the deadline for making voluntary NIC payments has been extended to 31 July 2023, as we explained above.

You can pay the NIC due by cheque made out to "HM Revenue and Customs only". But be sure to write your name and National Insurance number on the back of the cheque, and don't fold the cheque. Also include a cover letter which details:

your name, address, and phone number
your National Insurance number
how much you are paying
the period you are paying for

Send this letter and cheque to:

HM Revenue and Customs

National Insurance Contributions and Employer Office

BX9 1AN

What our clients say

Dakins Property Services

Great Results, Personable, High Integrity

Choice Events Limited

All at Beauchamp Charles are very helpful, approachable and easy to talk to. They keep me informed with key dates; I can feel totally confident that I won't ever miss any deadlines! Whoever I deal with, always deal with matters professionally and efficiently and if they are unavailable they get back to me promptly.

FT leisure Ltd

I have worked with Beauchamp Charles as our management accountants for over 20 years and have never received anything less than exceptional service. Their approach is both professional and personal. Finances and particularly tax strategies are a minefield for small businesses; Beauchamp Charles have in-depth knowledge of these area, which is comforting. They pay very close attention to our business activities and have provided financial strategies that have helped our company develop.

Fredrick Thomas Electrical and Maintenance

We have used Beauchamp Charles since company formation back in 1998. Beauchamp Charles offers us a one to one service as they are small enough to offer this dedicated service and large enough to do the work and offer best advice. They get to know us as individuals and a business, always giving sound advice. Frederick Thomas Electrical are in a stronger place thanks to the service we get from them.

Barnes Walker Landscapes Limited

We are a small business and had employed the same accountancy firm for many years. Two years ago we took the decision to switch to Beauchamp Charles after several othe local businesses recommended them very highly to us. We have not been disappointed with the service they have provided to us over these last two years.

April Questions and Answers

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