-
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.…
-
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…
-
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.
-
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…
-
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.
-
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.
-
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”.
-
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.…
-
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…
-
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.
-
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…
-
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…
-
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…
-
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…
-
Defined contribution pensions and tax
A guide to the tax implications of accessing your pension. After decades of contributing to a defined contribution pension and watching it grow, there comes a point when an individual’s working life ends and their retirement begins. Your pension savings are likely to be the primary financial tool that you have to ensure you live…
-
VAT flat rate changes
Changes to the VAT flat rate scheme could have significant effects on the tax liability of small businesses that currently make use of the scheme. The flat rate scheme simplifies the process of calculating how much VAT a business needs to pay or claim back from HMRC. It introduces a fixed rate of VAT and…
-
Tax and finance changes for 2017
A number of tax and finance changes are set to take place in 2017. It is important to start planning ahead of time so that you take advantage of any opportunities available. Some of the changes are in the process of being legislated through parliament and may be subject to change.
-
Self-assessment reminder
The deadline to submit your online tax return for 2015/16 is no later than midnight on 31 January 2017.
-
Self-assessment – how and when?
How and when to complete your self-assessment tax return. HMRC uses self-assessment to collect tax from individuals who run their own businesses or if they receive income that is not taxed through PAYE.
-
Property income and tax – what you need to know
There are many ways to earn an income from property such as residential properties, furnished holiday lettings, commercial properties and renting out a room in your house. The exact tax treatment and allowable expenses will differ depending on the type of property you own and your level of income.
