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Investing in small companies – what you need to know
A beginner’s guide to investing in small entities and the available tax reliefs for doing so. Starting a business is rarely glamourous. Many of the globe-straddling behemoths of the business world had low key beginnings. Both Apple and Hewlett-Packard were famously started in their founder’s garages while the mighty Samsung began life as a grocery…
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Personal Tax planning
How individuals and families can save taxes in 2017/18. The UK tax system provides reliefs and allowances to encourage you to spend or invest in certain ways. Using those reliefs as they are intended is the fiscal equivalent of obeying the Highway Code. If you divert from that code, by parking incorrectly, you would expect…
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IR35 changes for the public sector
Important changes to public sector contractors working under IR35 legislation have taken effect for 2017/18. Individuals who work through intermediaries, such as personal service companies, are no longer subject to IR35 rules if they work in the public sector. Public sector organisations or agencies paying off-payroll workers are now responsible for deciding whether the work…
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ISA rules misunderstood
More than half of adults don’t understand ISA rules, research by Opinium has found. Key findings: 1 in 5 knew that the ISA annual allowance is £20,000 for 2017/18 24% knew that you can transfer money from previous tax years into a current ISA 9% wrongly believed that you can only move money if your…
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Digital skills shortage hampers growth
A lack of digital skills is affecting business productivity and growth, according to the British Chambers of Commerce (BCC). More than 4 in 5 (84%) firms say digital and IT skills are more important than 2 years ago, however 76% say they are facing a digital skill shortage. Adverse effects of skills shortages include: increased…
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The Gender pay gap and reporting
Employers with more than 250 staff are now required by law to report gender pay gaps, following the introduction of new legislation. Employers must publish the following figures by April 2018: their median gender pay gap – difference between midpoints in the ranges of men’s and women’s pay their mean gender pay gap – difference…
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Employee benefits – what you need to know
A guide for employees on the tax implications of accepting common employee benefits. Most employers provide a range of benefits in kind to their employees. You may be able to choose which benefits to take up, so you should be aware of the different tax and national insurance (NI) implications of each benefit you pick.…
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Cash flow – how to maximise opportunities
A guide to maintaining a healthy balance between money coming in and out of your business. If your business does not have a steady stream of money flowing into it, you will be unlikely to be a going concern in 12 months. On the other hand, every business will have regular costs that they have…
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Dates and changes post April 2017
As another new tax year begins, here are some important tax dates and changes to be aware of this month.
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Business rate revalution April 2017
The business rates revaluation took effect on 1 April 2017. This means that businesses in England and Wales will pay rates that reflect the changes in their local property market. The government has said that nearly 75% of businesses will see no change or a fall in their bills. Small business rate relief has permanently…
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National living wage
The national living wage (NLW) is now £7.50 an hour. Most workers who are aged 25 and over and not in their first year of an apprenticeship are entitled to the new rate. The national minimum wage (NMW) rates for various ages have also increased.
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Lack of funds prevent business growth
A fifth of SMEs have missed out on at least 1 business opportunity in the past 12 months due to a lack of finance. Research by Aldemore found that firms are missing out on an average of £77,651 a year due to missed opportunities.
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Business announcements from Budget 2017
INTRODUCTION Chancellor Philip Hammond described his irst and last Spring Budget as one that “takes forward our plan to prepare Britain for a brighter future”.
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Exporting for small businesses
Selling goods and services overseas for beginners. Internationalising your client base can be an intimidating prospect for small business owners with no experience in trading overseas. Depending on your sector and your export destinations, deciding to sell products and services abroad can increase your expenditure, consume your time, and introduce new regulatory and administrative complexities.…
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R&D tax relief – what you need to know
A guide to the tax relief available to innovative SMEs. Research and development (R&D) tax relief for small companies provides an enhanced deduction for the costs of qualifying R&D projects. R&D tax relief for large companies is given as an expenditure credit in the company’s profit and loss account before the tax charge is…
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Pensions and auto-enrolment
37% of small businesses are paying above the 1% legal minimum contribution to an employee’s workplace pension. The People’s Pension survey of 898 business owners that have already passed their staging date found that the majority (70%) said auto-enrolment was beneficial to their staff.
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Income and work
A quarter of employees have financial problems that are affecting their performance at work. A CIPD survey of over 1,800 UK employees found that 31% of those aged 18-24 are facing financial concerns that they feel are negatively impacting their ability to do their job effectively. 20% of those earning £45,000 – £59,999 say that…
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Retirement income
Median income for retired households rose by 3.1% between 2014/15 and 2015/16, according to the Office for National Statistics (ONS). The latest disposable income and inequality statistics show that median income for retired households at the end of 2015/16 was £21,800. This is an increase of 13% (around £2,500) from 2007/08. The median income for…
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SME borrowing update
SME borrowing is projected to rise 22% in 2017, according to Zurich. The survey of 1,000 SME owners showed that firms are planning to borrow an average of £41,770. This would see lending to SMEs rise to over £50 billion in 2017. Anne Griffiths, head of SME proposition at Zurich, said: “Borrowing can often be…
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Raising business finance – your options
Raising finance for small businesses. Raising finance is a crucial but challenging aspect of running a successful business, whether you’re launching a start-up or looking to expand your operations. You can have the best product in the world, a solid business plan and a comprehensive marketing strategy, but if you can’t access the necessary finance…
