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Autumn Statement/Budget – will we see fireworks?!

NOVEMBER 2022, BY IAN KELLY (TAX PARTNER) Remember, remember the seventeenth of November………. It seems somewhat pertinent to use the Bonfire Night analogy with the Autumn Statement on 17 November rapidly approaching and which, we have been warned, will carry “full” Budget status. We will remember it, therefore. We have also been primed to expect…Read More

20 years of Davies Tracey

October 2022 Davies Tracey was established in 2002 and so the summer has seen the firm celebrate 20 years in business. Having always been based in Stockton-on-Tees, but having been in offices on Teesdale Business Park for 10 years now, Davies Tracey has grown to employ 30 members of staff, have a second office in…Read More

New acquisition for Davies Tracey

OCTOBER 2022 We are pleased to announce an exciting development for the firm. After a period of consultation, we will be acquiring an established practice based in Stokesley, North Yorkshire. The practice in question is owned by an accountant with over 40 years’ experience and who has had her own practice since 2007, which grew…Read More

The Growth Plan

23rd SEPT ’22. Our Tax Partner Ian Kelly summarises today’s ‘mini budget’, including the main tax and NIC announcements of relevance to our clients: 1.25% NIC abolished effective date 6/11/2022 and  1.25% Health and Social Care levy due 6/4/2023 scrapped Basic rate of tax reduced from 20% to 19% from 6/4/2023 Additional 45% higher rate…Read More

The Davies Tracey MTD Hub

As we progress towards the April 2024 start date for Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA), we will use this page to bring together all updates and useful information for our clients. AUGUST ’22 UPDATES What action to take now – Whilst there is no rush to sign up (HMRC are allowing…Read More

Politics impacting accounting

JUNE ’22 BY IAN KELLY, TAX PARTNER As I write this column, just over 14 hours have elapsed since the result was announced of the no-confidence vote in Boris Johnson. Quite what will happen over the next few months to the Prime Minister no-one knows, but any change at the top and in policy direction…Read More

Things to consider, May ’22

by Ian Kelly, Tax Partner INFLATIONARY PRESSURES This is my first article of the new tax year and unfortunately needs to address the higher living and business costs and inflationary pressures that are affecting every one of us – it is little comfort that these are worldwide issues and aren’t restricted to the UK. We…Read More

The new tax year

APRIL 2022 An overview of the new tax year, and for some, a new accounting year. Including: – inflation– the health & social care levy– increased costs from a business perspective As I (Ian Kelly) write this column we are supposed to be in Springtime and yet our mini-heatwave lasted less than a week and…Read More


Please take our quick MTD for VAT survey by clicking here. The expansion of compulsory compliance with MTD for VAT to voluntarily registered businesses is going ahead from 1 April 2022. Businesses will need to be compliant from their first VAT period starting on or after 1 April 2022 (although the new penalty regime to…Read More

Basis Period Reform

MARCH 2022 The ‘current year basis’ of taxation will change to a ‘tax year basis’ with effect from the tax year 2024 to 2025. In the coming months, we will be talking to all clients who have a year-end (‘accounting date’) that IS NOT 31st March or 5th April. If this is you, and you’d…Read More

Spring Statement – a commentary

MARCH ’22 So, was Rishi Sunak’s Spring Statement a “mini-budget” or what it said on the tin? The truth of the matter is it’s probably somewhere in between Readers of a certain age will remember the term “mini-budget” from the Labour Chancellor of the Exchequer of the 1970’s, Denis Healy, who seemed to deliver them…Read More

Spring Statement – what can we expect?

MARCH ’22 Our Tax Partner, Ian Kelly, shares his thoughts… The Chancellor of the Exchequer, Rishi Sunak, will deliver his Spring Statement to Parliament tomorrow (Wednesday 23 March 2022) – arguably the most difficult Budget or Spending Review he has so far had to present in his time as Chancellor. We have had Budgets and…Read More

Christmas Competitions

You’ll know by now that here at Davies Tracey we love a competition – so again this year we’re celebrating the festive season with a competition exclusively for our mailing list (Not on it? Join below!).  And yes you’ve guessed it… Just tell us who is disguised as Santa in each of the 14 pictures shown…Read More

Tax Time – 2022

DECEMBER 2021 It’s that time of year when we write to our personal tax clients yet to send the information that we will need to prepare and complete their Self Assessment Return for the year ended 5 April 2021. We have questionnaires available to help you set out the information for your return, which needs…Read More

Our Autumn Budget Summary

28TH OCTOBER 2021 Our Tax Partner, Ian Kelly, summarises yesterday’s budget speech and looks at how our area is affected. Rishi Sunak has now delivered his third and, arguably, quietest Budget and which was his second of 2021. It’s worth looking back at the background to his first two Budgets and which comprised a very…Read More


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