McLean Reid @mclean_reid

We are an experienced Chartered Accountancy firrm providing our clients with an outstanding service. mcleanreid.co.uk Aylesford, Kent Joined October 2011

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McLean Reid @mclean_reid

2 weeks ago

I just love it when major competitors shoot themselves in the foot (or the ‘phone): one big firm has outsourced nearly all of its secretarial roles to India amid cost-cutting measures following the decision to sell a majority stake to a private equity group…

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McLean Reid @mclean_reid

4 weeks ago

Food for thought: HMRC must disclose if it used AI to make decisions after a court ruled in favour of tax advisers who claim the technology has been used when processing tax credit applications. Artificial thought, of course!

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McLean Reid @mclean_reid

a month ago

A record 6,365 agricultural businesses ceased trading in the year to June, according to the Office for National Statistics. This marks the highest number since tracking began in 2017. The closures coincide with proposed inheritance tax changes by Chancellor Rachel Reeves.

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McLean Reid @mclean_reid

2 months ago

What light from yonder tunnel blinks? Around one in ten company directors are working past the state retirement age.

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McLean Reid @mclean_reid

2 months ago

Companies House filing requirements set to take effect in April 2027 will mandate companies to use commercial software for annual accounts, eliminating traditional web & paper filing methods. Micro companies will be required to submit profit and loss statements for the first time

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McLean Reid @mclean_reid

2 months ago

In what is likely to be something of a bonanza for accountants, or HMRC (or both) around 39.1m individuals are expected to be liable for income tax in the 2025/26 tax year, a significant increase from the 34.5m recorded in 2022/23.

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McLean Reid @mclean_reid

3 months ago

According to the Financial Times, British manufacturers are increasingly distancing themselves from the United States as an export destination, primarily due to the disruptions caused by President Donald Trump's trade wars.

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McLean Reid @mclean_reid

3 months ago

You can pay more and get less; in retailing it is known as “shrinkflation”, in tax terms HMRC aims to save £50m by the end of this Parliament by eliminating all outbound post except letters that generate revenue such as tax demands.

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McLean Reid @mclean_reid

3 months ago

Taxpayers should prepare for significant tax increases this autumn following Chancellor Rachel Reeves' announcement of a £190bn spending review. The tax burden on workers in Britain is at its highest in 40 years and is projected to reach unprecedented levels within 3 years.

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McLean Reid @mclean_reid

3 months ago

Going for growth? Recent research by the Institute of Directors (IoD) reveals that 72% of business leaders believe the Government's workers' rights overhaul will hinder economic growth and lead to fewer hires.

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McLean Reid @mclean_reid

3 months ago

Chancellor Rachel Reeves is expected to implement significant tax increases in her upcoming Budget, by at least £10bn.

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McLean Reid @mclean_reid

3 months ago

In the Financial Times Dan Neidle, founder of Tax Policy Associates, says the UK's corporate tax system suffers from excessive complexity, hindering investment and increasing compliance costs, and argues that reform is required. Are there really 985 boxes that could be ticked?

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McLean Reid @mclean_reid

3 months ago

The Chancellor, Rachel Reeves, has announced plans to raise over £1bn in additional gross tax revenue annually by 2029/30. Any thoughts?

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McLean Reid @mclean_reid

4 months ago

HMRC has been criticised for spending £100m on senior staff while cutting back helpline workers.

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McLean Reid @mclean_reid

5 months ago

Over the next five years, more than 8.3m people in the UK are expected to be pulled into higher tax brackets due to frozen income tax thresholds, according to the Office for Budget Responsibility

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McLean Reid @mclean_reid

5 months ago

The new tax year has begun, bringing a £25bn National Insurance increase into force. Employers now pay a 15% tax rate on salaries, up from 13.8%, with the threshold reduced to £5,000 from £9,100 and frozen for 3 years. This change is expected to affect nearly a million employers.

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McLean Reid @mclean_reid

5 months ago

HMRC collected £251m in late penalties from self-assessment taxpayers between 2021 and 2023, over a million taxpayers missed the latest self-assessment deadline on January 31, nearly double the previous year's figure.

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McLean Reid @mclean_reid

5 months ago

WhatsApp fraud accounted for 21% of all reported scams in the UK. Worldwide, 58% of all scams originate from Facebook, Instagram, and WhatsApp – all owned by Meta.

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McLean Reid @mclean_reid

5 months ago

Talks between the US and the UK on the mutual recognition of accounting qualifications have stalled, reportedly due to a dispute over how to judge the quality of American audit training. No doubt they think it is better, probably it is not…

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McLean Reid @mclean_reid

5 months ago

Young people may be pushed out of the job market due to Labour's national insurance increases and minimum wage hikes, warns the Institute for Fiscal Studies (IFS).