FBTC Accountancy Services receives Feefo Platinum Trusted Service Award 2022

Since 2014, Feefo has recognised the businesses who deliver exceptional experiences, using feedback from real customers.

The Trusted Service Awards are unique as they are based purely on feedback from real customers. This means they are a true reflection of commitment to outstanding customer service. You can read FBTC’s client reviews here.

Feefo have given Platinum Trusted Service awards to businesses who have achieved gold standard for three consecutive years. To receive a Gold Trusted Service award, businesses must have collected at least 50 reviews with a Feefo service rating of between 4.5 and 4.9 between 1st January 2020 and 31st December 2021.

This award means even more following another difficult year. Online interactions have soared since the start of coronavirus. People are now 40% more likely to leave feedback after a purchase. This has made it very difficult for many businesses who struggled to respond effectively. 43% of people now believe that companies have become less effective at dealing with negative feedback in the last year. 

Congratulating FBTC Kim Burgess, Head of Customer Success at Feefo, said:

“The Trusted Service Awards recognise companies who go above and beyond to provide the very best customer experience. I’m so impressed by how our customers have overcome the challenges of the past two years. A particular congratulations to our Platinum Trusted Service winners. It’s an extremely tough challenge. I can’t wait to see what our customers achieve in 2022.” 

About Feefo

Feefo is a leading global customer reviews and insights platform on a mission to empower its clients to fully understand how their customers experience their product or service.   

The Feefo suite of software, combined with its technical solutions expertise, enables its clients to gain a deeper understanding of customer sentiment, behaviour and intent, empowering them with insights to make better business decisions and improve their return on investment. With 96% of customers relying on reviews to purchase, Feefo also creates trust between consumers and businesses by adopting a unique approach to only collect verified reviews from real people.  

Please visit: www.feefo.com

HMRC Update

HMRC published a press release on 6th January 2022, confirming self-assessment taxpayers will be given more time to submit their tax return and pay any tax due because of  COVID-19 pressures.

In summary:

• anyone who cannot file their return by the 31^st January deadline will not receive a late filing penalty if they file online by 28^th February; and
• anyone who cannot pay their Self-Assessment tax by the 31^st January deadline will not receive a late payment penalty if they pay their tax in full, or set up a Time to Pay arrangement, by 1^st April 2022.

However, interest will be payable from 1^st February, as usual, so it is still better to pay on time if possible.

We would advise you to read the full press release to ensure you are fully aware of how this relates to you and your circumstances, a link to which is below

https://www.gov.uk/government/news/hmrc-gives-self-assessment-taxpayers-more-time-to-ease-covid-19-pressures 

FBTC are shortlisted to be Professional Support Provider of the Year

National Insurance to rise

Last week Parliament overwhelmingly voted to approve the Governments proposed National Insurance (NI) increase, to help fund health and social care. This will see an additional 1.25% added to Class 1 and Class 4 NI as well as a 1.25% Income Tax increase to dividends.

The change takes effect from 5th April 2022 and will affect working-age employees, employers and self-employed individuals. For self-employed individuals this will see Class 4 NI increase from 9% of profit to 10.25% of profit. This amount will be collected through your Tax Return and the first payment that will include this extra contribution, will be due in January 2024.

For every £10,000 worth of profit over the Lower Annual Profit limit, £9,568 in 2021/22, you will pay an additional £125. We recommend that you bear this rise in mind, in your tax planning, to ensure that you are putting enough to one side to cover your tax liabilities as they fall due.

From April 2023, NI will return to the current rate and the 1.25% increase will be stripped back out of the general NI rate and charged as a separate levy, specifically allocated to health and social care. From that point, those who are still working above the State Pension age will be liable to pay the levy on earned income. However, there is significantly less guidance currently available on this levy and we will update you as more is released.

Looking ahead, the Autumn Budget is due to take place on the 27th October and we suspect there will be further changes to come. More on this at the time of the Budget.

Should I, shouldn't I - The 5th SEISS Grant

The rules for the 5th grants are surprisingly cumbersome. Here is a very brief breakdown of the grant application process, in two parts.

Firstly, you need to look at your profit for the period May 2021 to September 2021.

Compare May 2021 to September 2021 to the period May 2019 to September 2019. If your profit is “Significantly” lower because of Covid then you qualify for the grant. For driving instructors, the quickest and easiest way to confirm this is to look at your diary for those months and see how they compare, if your lessons are about the same then you will not qualify, if there are significantly less lessons being taught then you may qualify. For all other businesses, looking quickly at the cash sheets or software you used in 2019 will let you know how your profit compares.

HMRC knows that most trades have restarted, and which trades are booming. They will be surprised to see any applications from people operating these trades. It is therefore incredibly important to keep records showing that your profit is lower as HMRC may request your evidence to support your claim.

Secondly, there may be a completely justifiable reason why you will qualify.

You may have been made to isolate numerous times or you may even have had Covid for a significant period. If you have been affected and it has had a significant impact on your profit, we strongly suggest you keep the texts and emails you have received to confirm when you were unable to work and then you can show the impact this had on your profit, at that time.

If you believe you qualify then you will need to supply HMRC with your turnover figures for 2020/2021. The figure you need to use has to exclude any grants you may have received. 

HMRC have stated they will pursue people who should not have made claims. They are taking an incredibly long-time processing 2020/2021 Tax Returns as they are checking every return to see if taxpayers should have made the claims. To be clear, I am not saying do not make the claim, I am asking that you consider very carefully whether you honestly qualify. Especially as HMRC can insist you repay the grant with up to a 100% penalty if they believe you shouldn’t have claimed it.

What is the best way to change a Car?

Deciding whether to change your business car can be a difficult decision, as there can be significant tax implications. We are often asked what the best way to change a car is and of all the ways available it really comes down to two options, buying it or leasing it. Both effect your tax in very different ways, details of which are below.

Buying the car (Burst Tax Saving)

Driving Instructor cars are very unique in that, assuming Dual Controls are fitted, they are classed as Plant and Machinery rather than a Car. This distinction is incredibly important as it allows us to claim a one off 100% deduction in the year you buy the car. This means that if you buy a car before the 5th April 2022 you can claim up to 100% of the cost of the car and dual controls against your profit.

It is important to note two additional things:

1. If the full amount is claimed there is no additional tax relief on the car, and
2. When you sell or part exchange the car anything you receive for it is wholly taxable and will be added to your profit in the year you sell it.

If we do not claim the full amount in the year of purchase, then under the normal rules we can claim 18% of the remining balance over the life of the car.

This is the reason we refer to it as a Burst Tax Saving, you can have a massive tax saving in one year then your profit and tax will return to normal levels in following years.

How to pay for it.

From a tax point of view there are again only two real ways of acquiring the car, outright or on a Loan/HP/PCP agreement. By buying it outright there is no additional tax relief available, however when acquiring it on a Loan/HP/PCP agreement there is an additional tax relief. This is because you are being charged interest on the amount you borrow to acquire a business asset. This interest is therefore a business expense and is deducted from your turnover when calculating your profit. It is incredibly important to remember that you do not get tax relief on the repayment just on the interest charged. 

Leasing the Car (Regular Tax Saving)

Leasing the car, for example under a PCH agreement where you never have a right to ultimately own the vehicle, is completely different to the above as there is no Burst Tax Saving. However, in many ways it is much simpler as the amount you pay the lease company each year is an allowable business expense and is therefore deducted from your turnover when calculating profit. 

We refer to this as a Regular Tax Saving as you will always receive tax relief for 100% of each lease payment you make.

Manager’s thoughts

Normally when I am asked about tax relief and changing a car, I usually reply that there is no “one size fits all” approach to this kind of tax planning. Every person’s situation is different, and it really does come down to how you want to receive the tax relief. We have many clients who love the Burst Tax Saving and just as many who like the Regular Tax Saving, and that is absolutely great, you have to find whichever is best for you. 

This year however I might be moving ever so slightly closer to one over the other. Following conversation with Driving Instructors (DI’s) who are restarting their businesses and seeing just how many are working extra hours, I do think many DI’s will have significantly higher profits in 2021/22 than they normally would. Now this obviously cannot go on forever, and at some point, the market will return to its historic norm, but in the meantime many DI’s are going to see higher tax bills than they are used to. 

Buying a new car instead of leasing one could have a significant impact on your tax returns this year as you could see your profits pushed towards the higher rate band. So, buying a car could help bring your profits and tax in 2021/22 back down a level you are used to.

This is obviously incredibly speculative, no one truly knows what your profit will look like during the year, but you know the feel of your business and how full your diaries are.  It might be worth a quick five-minute check to see how your income might stack up this year and compare it to previous years and think about the merits of changing your car.

You must of course also consider the impact a car change can have on other things. Changing your car as discussed above, is highly likely to reduce your profits in the year of change and this could have an impact on things such as loan or mortgage renewals/applications which rely on reported annual taxable earnings. Finally, of course, as always when taking on any new debt you need to think carefully about whether you can afford it. 

New Tax Year - New Personal Allowances

The 2021/2022 tax year brings an increase in personal allowances. The allowances in England and Wales are:

Once your taxable income goes above £100,000 your Personal Allowance is reduced down to zero and is completely gone for income over £125,140.

The Scottish Income Tax rates are:

Like England and Wales you do not get a Personal Allowance if you earn over £125,140. 

Once your taxable income goes above £100,000 your Personal Allowance is reduced down to zero and is completely gone for income over £125,140.

Budget: 3rd March 2021

The Chancellor, Rishi Sunak, has now delivered his second budget which brought a long-term recovery plan, further covid support and an encouragement on investment.

Here are the core tax announcements: 

• SEISS grant 4 will go live from the end of April with a 5th and final grant in July. The 19/20 tax return will now be taken into consideration, as long as it was submitted by midnight on the 2nd March 2021, further details on grant 4 can be found here; 
• Working Tax Credit claimants will also be given more support for the next six months, with a one-off payment of £500.The Universal Credit uplift of £20-a-week will continue for another six months;
• Fuel duty will be frozen;
• No rise to Income tax, National Insurance or VAT;
• Personal tax threshold frozen at £12,500 but will increase next year to £12,570, but it will be kept at this level until 2026;
• The stamp duty holiday on properties worth up to £500,000 will be extended until the end of June. With a new mortgage guarantee scheme so first-time buyers only need a 5% deposit;
• The furlough scheme will be extended until the end of September;
• Planned increases in duties for spirits, wine, cider and beer will be cancelled;
• Hospitality and tourism will continue to enjoy a 5% reduced rate of VAT for a further six months;
• Corporation tax will increase to 25% in 2023;
• Inheritance tax thresholds, the pensions lifetime allowance, the annual exempt amount in capital gains tax and the VAT threshold will remain at the same levels for two years from April 2022;
• For the next two years, when companies invest, they can reduce their tax bill by 130% of their capital expenditure in a super deduction.

The Chancellor also commented on the following;

• An extra £19m for domestic violence programmes, describing domestic violence as "one of the hidden tragedies of lockdown";
• Incentive for businesses to take on new hires is confirmed with an increased payment of £3,000;
• UK Infrastructure Bank, located in Leeds;
• A further £1.6bn in funding will be provided to continue rollout of coronavirus vaccines and improve future preparedness;
• 'Help To Grow' announced means helping small businesses develop digital skills by giving them free expert training and a 50% discount on new productivity-enhancing software, worth up to £5,000 each;
• Announcement of eight freeports that are "special economic zones with different rules to make it easier and cheaper to do business";
• Visa reforms aimed at highly skilled migrants, including an unsponsored points-based visa for talent in science, research and tech, with new improved visa processes for entrepreneurs;
• Funding for the devolved administrations will also increase by £1.2bn for the Scottish government; £740m for the Welsh government and £410m for the Northern Ireland executive,
• There will also be £1bn for 45 new town deals and a £150m fund to help communities take ownership of pubs, theatres, shops and sports clubs that are at risk of loss.

FBTC Accountancy Services receives Feefo Platinum Trusted Service Award 2021

FBTC have won the Feefo Platinum Trusted Service award, again! Feefo gives Platinum Trusted Service awards to businesses that have achieved the Feefo Gold standard for three consecutive years or more. FBTC are thrilled to have won platinum status once again. 

Steph Heasman, Director of Customer Success at Feefo, commented: “The Trusted Service award has always been about recognising companies that are outstanding in customer experience and generate great feedback from happy customers. 

Alan Gott, FBTC Manager stated: “This is brilliant news! The team work exceptionally hard, even more so through the challenges of 2020. We really do appreciate all client feedback as it helps us to continuously improve our service. Thank you to our clients for taking the time to leave Feefo reviews and thank you to the team for providing amazing service and support”.

Created by Feefo, Trusted Service is awarded only to businesses that use Feefo to collect genuine reviews and insights. Businesses who meet the high standard, based on the number of reviews they have collected and their average rating, receive the award. A highly valued badge of approval, this accreditation remains unique, as it is based purely on interactions with real customers. As all reviews are verified as genuine, the accreditation is a true reflection of a business’s commitment to outstanding service.

Feefo is a reviews and customer insights technology company that provides businesses with the tools to collect real, purchase-verified reviews and insights. Working with over 3,500 clients, Feefo ensures that all feedback is authentic, by matching it to a legitimate transaction, to increase consumer confidence and enable businesses to make smarter business decisions.

About Feefo

Feefo is a disruptive global technology company empowering brands to make smarter decisions and improve consumer experiences by leveraging the full potential of real customer reviews.

Feefo’s cutting-edge review platform is trusted by more than 3,500 brands including Next, Vauxhall, Iceland, Mazda, Expedia, Michael Page and JCB, who rely on it to supply smart insights that transform their ability to market, sell and build more rewarding relationships with customers.

A trusted partner of Google, Feefo’s technology and consultancy team possesses unique expertise and business insight, enabling brands to employ cutting-edge innovation that optimises the delivery of digital marketing and advertising.

Please visit: www.feefo.com

GoRoadie name FBTC as Industry Partner of the Year

At the end of 2020 GoRoadie named FBTC as their Industry Partner of the Year.

Go Roadie felt FBTC deserved this award because ‘For years FBTC have stood with instructors helping them with their year end accounts, offering a professional service from start to finish. With stellar reviews from instructors across the country, it's clear why they are trusted in this space’.

FBTC want to say thank you to all clients! Alan Gott, FBTC Manger said ‘After a very tough year, it is very nice to hear there have been such lovely comments made about our service’.

National Lockdown 3.0

A reminder of Government support available:

HMRC Time to Pay
As part of the Coronavirus support put in place by the government, HMRC have set up a Time to Pay service if you are unable to pay your tax bill. Your 2019/2020 tax return needs to have been submitted to HMRC before you are be able to use the online self-service option. You will then be able to set up a direct debit and pay any tax that is owed in monthly instalments over a maximum of 12-monthly payments. 
Full information can be found here.

SEISS Grant 4 
Further details on the 4th SEISS grant will be announced in due course. Applications for the 3rd grant can be made up until the 29th January 2021.
Here is the link to the GOV.UK webpage on SEISS Grants.

Universal Credit
If needed, you may wish to seek support through Universal Credit. Please be aware that whilst Universal Credit is not deemed to be taxable income, once in receipt of it, you will need to report any changes to your income, for example once you commence trading again following the relaxation of lockdown measures.
Click here to read more about Universal Credit.

Bounce Back Loans 
This loan is accessible to those that are based in the UK, have been adversely impacted by coronavirus and started trading before the 1st March 2020. The scheme is currently open until the 31st March 2021.
If you already have a Bounce Back Loan but borrowed less than you were entitled to, you can top the loan up, you must do this by the 31st January 2021. 
Full details are here.

Local Support
As everyone's situation is different, advice and guidance can vary. You can click here to use a helpful service to find out what other support you may be able to access if your business has been affected by coronavirus. This specific tool allows you to focus on your situation and what support is available in your local area.

HMRC Scams
HMRC have just announced that they are aware of fake texts circulating asking people to “click here” for a new grant. Do not reply to the SMS and do not open any links in the message. Anything relating to the government grants must be done through your Government Gateway account. 

How your trading conditions affect your eligibility for the SEISS

Applications are now live for the third SEISS grant and if you are going to apply you must do so by the 29th January 2021. HMRC have stated you must make an honest assessment of your business and you must be able to show you have experienced a significant reduction in profits. You must also meet all other eligibility criteria to make a claim.

We strongly recommend you refer to the examples provided by HMRC, their guidance can be accessed here, it is helpful for understanding what they mean by reduced demand or temporary closure. Here are a few examples;

Unable to trade and reasonable belief

A hairdresser has had to shut his shop due to government restrictions. He will not have any income due to the closure and reasonably believes the reduction in his trading profits will be significant. He is eligible to claim the third grant.

Reduced demand and no reasonable belief 

A café owner has fewer customers due to government restrictions on households mixing, which initially reduces her takings. She increases her prices and believes her trading profits will not reduce significantly, so she is not eligible to claim the third grant.

Unable to trade and no reasonable belief 

A builder has developed coronavirus symptoms and self isolates for 5 days before receiving a negative test result. During those 5 days he was unable to work from home but was able to rearrange his contracts. He does not believe there will be a significant reduction in his trading profits. He is not eligible to claim the third grant.

As expected HMRC are receiving high levels of contact, click here for the different ways to reach out to HMRC, if you need to. 

Lockdown Part 2

Winter Economy Plan

Rishi Sunak announced his Winter Economy Plan on Thursday 24th September. Rishi’s support was based on the outlook that 'People want to see us focused on the here and now'. Two key updates for the self-employed are outlined below.
 
SEISS Grant

The SEISS grant will be extended with two additional grants, the first covering the period November to January and the second covering February to April. The grant will be based on 20% of your profit and to qualify for the grants your must have qualified for the previous grants. Also, you must be trading but be facing reduced demand due to Covid-19. 

Paying HMRC

Previously, the Treasury had given anyone with a July 2020 Payment on Account a 6-month extension, allowing this payment to be made in January 2021. The Chancellor has also announced a further extension for all individuals due to pay HMRC in January 2021 (including the above payment on Account). It appears this extension will be in the way of a 12-month payment plan with HMRC, running from February 2021 to January 2022. To qualify you must owe HMRC less than £30,000. Unlike the previous extension an individual will have to apply for this extension, however, no guidance has been issued on how to make the application yet.

Further updates and advice will be issued as we know more. 

CHANGE IS THE ONLY CONSTANT THING IN LIFE

There is no doubting that the last few months have been extremely tough, and as we move through the restart and recovery there will be more changes to come. Hopefully, you are back in the passenger seat, raring to go and let’s hope we move through the rest of 2020 in a more positive way.

The lockdown saw the driver training industry come to a halt and home-schooling became a reality for many, as did the growth in Tik Tok challenges and baking banana bread! Many took to keeping themselves busy and it was also great to hear about driving instructors putting their skills to great use, I mean there is no one better than a driving instructor to take on a driving role for a supermarket, courier or the NHS.

With the mix of getting back to your day job and making lessons as safe as possible, we know you will have a lot to think about now. We wanted to make sure you have not missed any support that is available to you, especially as things are ever-changing. We do know a lot of self-employed fell through the cracks of the Government support and the mini Budget on the 8^th July was the last chance saloon for some freelance sectors. There has been a lot to take in over recent months so here are a few areas to recap:

SEISS SECOND GRANT

• Based on 70% of your trading profits
• Your business must have been adversely affected from 14th July
• Applications for the second and final grant are due to go live on the 17th August
• If parents and those who adopted, took time out of trading to care for children within the first 12 months of birth or 12 months of an adoption placement they will now be able to use either their 2017/2018 or both 2016/2017 and 2017/2018 self-assessments for the basis of their SEISS eligibility. All other eligibility criteria remain the same.

DEFER TAX PAYMENTS

• HMRC automatically deferred the July payments that were due
• You must pay by the 31st Jan 2021 if you deferred your July tax payment
• Remember your tax bill for the 2019/2020 tax year is also due 31st Jan 2021

BOUNCE BACK LOAN

• Provides access to borrowing that is between £2,000 and up to 25% of your turnover (up to a maximum of £50,000).
• No repayments for 12 months
• Make sure you have your 2019/2020 tax return done so the latest figures are included
• Always seek financial advice prior to borrowing

TAX TIPS

You might not have done your 19/20 tax return just yet (don’t worry, you have until the 31st Jan 21 to file online) but we wanted to highlight a few things ahead of your 20/21 return and to help you give your business that self-care that it needs.

Making Tax Digital (MTD) is still on the horizon, MTD is HMRCs plan to mandate digital record keeping. COVID-19 and the support provided by HMRC has been priority over recent months, but we are monitoring Making Tax Digital updates. Small changes now will mean it is an easier transition when the time comes. If you are not used to keeping digital records or operating through software it is best to get comfortable ahead of the change. A bookkeeping routine is important, yes you will likely prefer to watch the latest Netflix release, but it will help you to understand your businesses cashflow. It is one of the most important financial management tasks so that you know the income and outgoings of your business. This way you know if you have any cash reserves, vitally important when you see a period of reduced income. The best way to put it: 

Both SEISS grants are taxable and need to be recorded as income on the 20/21 tax return, make sure you record the amounts you received on the dates you received them.

Do not forget to include all PPE expenses, that relate to your business, in your tax returns. You are unlikely to have ever purchased such items for your business before, but the costs of such items will quickly add up.

We always advise clients to have separate business and personal bank accounts, it will make your life easier in the long run. Especially when looking for transactions or if an HMRC investigation ever pops up. You might also want another account to set aside your savings for your tax liabilities, out of sight and out of mind hopefully means it is easier to keep that pot of funds available. 

There is no one size fits all approach to this recovery, do what is best for you and your business. Reach out for help when you need it, stay safe, be aware of scams and most importantly try not to panic. 

Self-Employment Income Support Scheme (SEISS)

The online service is now available for the SEISS. You will need to apply through your Government Gateway ID. HMRC have said if you cannot claim online, there will be an alternative way to claim, as yet we don’t know what this will be. If you are eligible, HMRC will give you a date from which you can complete your claim. We would advise you to use the Government Gateway to do this, using this online service is beneficial to access other tools such as pension forecasts and National Insurance contributions

As soon as you complete your claim you will be advised if it has been approved and you should receive your payment within 6 working days.
 
If you haven’t already checked your eligibility you can do so via this link https://www.tax.service.gov.uk/self-employment-support/enter-unique-taxpayer-reference
 
To complete your claim, you will need the following information:

• Self-Assessment UTR 
• National Insurance number 
• Government Gateway user ID and password - if you do not have a user ID, you can create one when you check your eligibility online via the above link
• bank account number and sort code you want the grant to be paid into 

You will also have to confirm to HMRC that your business has been adversely affected by coronavirus.
 
As always be vigilant, if you receive texts, calls or emails claiming to be from HMRC, offering financial help or a tax refund and asking you to click on a link or to give personal information, it is a scam. You should email it to phishing@hmrc.gov.uk and then delete it.
 
This process and the guidelines surrounding it are new and constantly evolving, we will continue to share relevant updates with you as information is released.

COVID-19: SUPPORT FOR THE SELF-EMPLOYED

Budget 2020

The Chancellor of the Exchequer presented his Budget on the 11^th March 2020. Said to be a ‘people’s budget for the people’s government’ there was a key topic throughout, COVID–19. Mr Sunak stated the NHS will get ‘whatever it needs, whatever the cost’.

COVID – 19

The Budget announcements bring numerous temporary measures which are set to assist with the current worldwide pandemic. The measures have been put in place to help support those affected by COVID-19, whether that be as an individual or a business.

The chancellor also commented on those advised to self-isolate, even if they do not show symptoms, they are to receive statutory sick pay (SSP) if eligible.

Those who are not eligible for SSP, such as self-employed individuals, will see Employment Support Allowance (ESA) paid quicker with the qualifying number of sick days reduced from 8 to 1. This means that once you have got your sick note from 111 you can then contact the Department of Work & Pensions and begin the process of claiming ESA. Click here to find out more about ESA.

ESA is paid to those who are too sick to work, provided they meet certain conditions. It is worth £73.10 a week, or £57.90 for the under-25s.

If you do find yourself in a position where you need to access such benefits, we would always advise taking the medical advice from 111 and contacting the Department for Work & Pensions who can advise you fully on the processes you need to follow.

A 100% reduction in Business Rates for Small business’s was also introduced in the Budget, more interesting for a lot of very small business was a £3,000 grant which appears to be aimed at all small businesses. There is very little guidance available on this at the moment, we will follow up on this once information on who can apply and how to apply has been issued.

Finally, HMRC have been asked to assist taxpayers with payments to them, to that end a new team to deal with Time to Pay arrangements for business’s affected by Coronavirus has been set up. If you find your capital reserves are running low and you are worried about paying your next bill, we strongly recommend you call them on 0800 015 9559.

As Mr Sunak stated, ‘the current situation is temporary’, ‘life will return to normal’. However, ‘for a period, it is going to be tough’.

Will we see more money in our pockets?

The honest answer, probably not but the following are factors that provide an element of positivity. 

• From the 1^st April the National Insurance threshold is increasing from £8,632 to £9,500, meaning you can earn more profit before paying Class 4 National Insurance.
• Fuel Duty will be frozen for the 10^th consecutive year and there will also be a freeze in duty rates for beer, ciders and spirts. 
• Another tax to be cut is VAT on digital books, newspapers and magazines.
• The 5% rate of VAT on sanitary products - referred to as the "tampon tax" - will be abolished from January. 
• People can put a lot more into tax-free savings for children. The allowance for Junior ISA’s (Individual Savings Accounts) and Child Trust Funds will be increased from £4,368 to £9,000 in April. However, the typical amount saved is only about £1,000. 

The personal allowance will remain at £12,500 and there will be no changes to the tax rates. Additionally, for the self-employed there will be a slight increase in Class 2 payments, from £3.00 per week to £3.05.

Once thing we won’t need to brace ourselves for is the mammoth number of potholes in our roads. A massive £2.5bn is set to be invested within our local roads. Let’s see how that one pans out!

So, from supporting businesses, highlighting green priorities and supporting those in need it was a budget delivered in challenging times and one that saw some substantial spending commitments.

FBTC Accountancy Services receives Feefo Platinum Trusted Service Award 2020

FBTC Accountancy Services are thrilled to have won the Feefo Platinum Trusted Service award. This is an independent seal of excellence that recognises businesses for delivering exceptional experiences, as rated by real customers. Feefo have given the Platinum Trusted Service award to FBTC as they have achieved Gold standard for three consecutive years.
 
Alan Gott, FBTC Manager, commented: ‘We greatly appreciate clients taking the time to leave us feedback. Here at FBTC we take pride in supporting clients to the best of our ability’.

Congratulating FBTC on winning this year’s award, Steph Heasman, Director of Customer Success at Feefo, commented: “The Trusted Service award has always been about recognising companies that go way beyond the norm in customer experience and generate great feedback from happy customers.  

Well done team!

Another positive year ahead for the Driver Training Industry

FBTC are excited to share another year’s analysis on the Driver Training Industry. The report focuses on the key areas of Driving Instructors’ workload, earnings and levels of job satisfaction. A continued trend from last year is the presence of a smarter working week and high levels of job satisfaction.  

The overall findings of this year’s survey show another positive year;

Read the full 2020 Driving Instructor Review here 2020 Annual UK Driving Instructor Review.pdf (401KB)