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GDPR – we have updated our privacy policy
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Tax planning for 2018/19 – the facts
How to reduce what you owe the taxman. Nobody wants the taxman to take more than his fair share, and planning your finances early on can ensure you adopt the most tax-efficient strategy for the months and years ahead. Effective tax planning will help protect your wealth and any assets, ready to pass on when…
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The company car benefit – or not?
What’s new for 2018/19? Despite year-on-year tax rises, company cars remain a popular benefit. While the tax cost of expensive high-emission cars can be eye-watering, by choosing carefully it’s possible to enjoy the convenience that comes with a company car for a relatively low tax cost. So, as the new tax year gathers steam, what’s…
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Funding and cashflow – we can help
Difficulty accessing funding is causing around one in four small and medium-sized firms to miss out on business opportunities, research shows. A survey by Aldermore of 1,004 senior decision-makers in SMEs revealed that 23% had missed out on at least one new business opportunity due to lack of funding in the past 12 months. The…
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Making Tax Digital – are you ready?
A number of selected small businesses have begun submitting tax returns under HMRC’s Making Tax Digital (MTD) pilot scheme. The Revenue asked for businesses to step forward and trial the digital process from April 2018. HMRC is monitoring the progress of businesses and sole traders, who have been submitting tax returns to help shape the…
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Late payments and differing processes
Almost half of small and medium-sized businesses have struggled with late payments in the last year, according to research by the Institute of Directors (IoD). Of the 787 business leaders surveyed, 48% have faced issues with late payments since April 2017. Almost a third (31%) said this was the result of an “excessively bureaucratic payments…
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Are the higher pension costs hitting your business?
Startups and the smallest businesses are having to absorb higher pension costs as the new tax year gets under way. The Federation of Small Businesses (FSB) warned that the doubling of minimum employer contributions into workplace pensions from 6 April 2018 will “hit the very smallest firms and startups the hardest”.
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Sole trader to Limited company the pros and cons
What to expect from incorporating your business. With a new tax year upon us, many sole traders will be reviewing their business structure and considering whether it’s worth switching to a limited company. There’s no denying that incorporating a business proved popular in 2017, with Companies House reporting a 7% rise in the number of…
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Phoenix wings are clipped
A guide to measures which discourage ‘phoenixing’ of companies. Companies can fail for several reasons and, for the most part, these aren’t the result of wrongdoing by the directors. For this reason, it’s perfectly legal to start a new company after an old one has become insolvent. However, there are a number of rules that…
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GDPR – ready or not here it comes
Small businesses are worryingly underprepared with little over a month to go before new data protection regulations are introduced. The Federation of Small Businesses (FSB) claims 33% of SMEs have not started preparing for the EU-wide General Data Protection Regulation, which takes effect on 25 May 2018. A similar number (35%) have only recently started…
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Apprentices welcomed
Small firms in England are positive about the value that apprenticeships bring to their workforce, a year after the apprenticeship levy was introduced in April 2017. According to a study by the Association of Accounting Technicians (AAT), the overwhelming majority of small business owners (96%) say they are likely to take on more apprentices in…
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Tax simplification or pipe dreams?
The tax system in Britain should be replaced with a single rate on all forms of income, claims a thinktank. A report by the Institute for Public Policy Research (IPPR) has outlined its recommendations to improve the British tax system. In order to make the system more “progressive and efficient”, the proposed reforms would involve…
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The self-employed march on
The number of people who are planning to become their own boss has almost doubled in the past year, according to research. Aldermore polled 2,003 adults and found that 29% aim to start their own business in the future – up from 15% in 2017. Some 18% of those intend to make the switch in…
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Tax and employee benefits – what you need to know
What to expect when providing staff with perks. Most employers choose to recognise the ongoing commitment made by their members of staff by providing various benefits and rewards. Whether that’s in the form of the Christmas party or it extends to benefits such as a cash bonus or flexitime, it all helps to ensure employees…
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Landlords take note
The default basis for landlords’ accounts. Traders have been able to prepare their accounts using the cash basis since April 2013, as long as they meet certain eligibility conditions. This option was extended to landlords running unincorporated property businesses from 6 April 2017. However, while traders must elect for the cash basis, it applies by…
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One in 15 face fines after missing tax return deadline
A total of 745,588 people run the risk of being fined by HMRC after missing the deadline to submit their self-assessment tax return. About one in 15 taxpayers failed to beat the midnight deadline on 31 January 2018 to file their annual returns relating to the 2016/17 financial year. Late payers can expect an initial…
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Taxpayers reclaim £493m from HMRC – do they owe you?
HMRC has had to return nearly half-a-billion pounds to taxpayers since April 2015, claims analysis of government statistics. Royal London reports the Revenue is overcharging on two areas of the tax system, and has had to refund £493 million as a result. Savers using the new pension freedoms are among the hardest hit, as income…
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Thinking of exporting? – a few current stats
Food and drink businesses raised £22 billion from exports in 2017, a record high according to government figures. UK food and drink firms are now exporting products to 217 countries around the world, with whisky proving the most popular – bringing in £4.5 billion last year. This was followed by sales of salmon (£720 million),…
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One million firms comply with auto-enrolment
The number of employers that have complied with auto-enrolment passed one million for the first time in January 2018. Data released by The Pensions Regulator showed the total number of employers to have completed their declaration of compliance stood at 1,032,567 in the first month of 2018. More than 600,000 employers complied with their duties…
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New rules for termination payments
New rules are coming into force on 6 April 2018. The tax treatment of termination payments can be complex, not least because a termination package typically comprises several different elements, which may be treated differently for tax and national insurance purposes. In a bid to simplify matters, the rules for taxing payments made on the…
