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Property wealth exceeds savings and pensions
69% of over-45 homeowners say that their home is worth more than their pensions, savings and investments combined, research by Aviva has found.
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Apprenticeship training costs
Employers with 50 employees or fewer will have up to 100% of their apprenticeship training costs funded by the government. The government has announced more details about its apprenticeship programme and the funding that will be available to businesses that take on apprentices. The proposals relate to the reform of apprentice funding in May 2017.
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Gifts and IHT
How gifts can reduce your liability for inheritance tax. Inheritance tax (IHT) at 40% is due on the portion of a person’s estate that exceeds £325,000. This can be reduced to 36% if 10% (or more) of the estate is given to charity. Married couples and civil partners can transfer any unused allowance to their…
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Audits and accounts
A guide to keeping accounts and how an audit can benefit your business. An audit is an official inspection of a company or organisation’s accounts by an independent body. A company can choose to be audited in order to prove to its investors or shareholders that its accounts are sound.
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Cash flow issues
Small business owners spend 10% of their working day chasing payments, according to research by Xero. London businesses spend the most time chasing payments, up to 1.5 days each month followed by 1.3 days in Wales. Customers who themselves are waiting for payments and a lack of consistency on payment terms are the main reasons…
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Help to buy ISA’s
More than half a million people have opened a Help to Buy ISA since the scheme was launched in December 2015. The Help to Buy ISA allows people to save up to £200 a month while receiving a 25% government bonus. The figures show that the average price of a home purchased using a Help…
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Self-employment
The number of self-employed workers increased from 3.8 million in 2008 to 4.6 million in 2015. Data from the Office for National Statistics (ONS) shows that the number of part-time, self-employed workers grew 88% between 2001 and 2015, compared to 25% for full-time, self-employed workers. Part-time workers accounted for 1.2 percentage points of the overall…
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Business rates
A system to allow businesses to check and appeal business rates bills has been announced. The aim is to ensure that disputes are settled more promptly. Currently, over 955,000 appeals have been submitted against rating valuations but less than 2% of business rates appeals proceed to a tribunal hearing. The new process is part of…
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Lifetime ISA’s – what you need to know
A guide to the Lifetime ISA. Announced by Chancellor George Osborne in Budget 2016 and launching on 6 April 2017, the Lifetime ISA is designed to provide a tax-efficient option for people saving for a first home or retirement.
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Workers not planning for retirement
Workers not planning for retirement A third of workers globally do not have a retirement plan, according to research by Aegon. The survey of 14,400 employees and 1,600 retired people across 15 countries found that providing workers with access to workplace pension plans is a significant factor in ensuring that they are saving for their…
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Steady income highly valued
Steady income as highly valued as salary The majority of employees value a steady income as much as the amount of money they receive.
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Software needed for your digital accounts
Businesses will need to submit their tax and financial information quarterly using software that’s compatible with HMRC’s systems. In a letter to financial secretary to the Treasury David Gauke, Andrew Tyrie, chairman of the Treasury Select Committee, said that submitting records in a “prescribed digital format” would bring a financial burden to small firms that…
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Extracting profits from your business
A guide to tax-efficient profit extraction for business owners. Owning and running your business is a tough proposition but it is vitally important that people continue to do it. As well as the rewards that come from hard work and determination, there are also monetary benefits to running your own business. There are a variety…
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EU referendum – if you have any questions to please get in touch
You may have concerns about your business or personal finances following the result of the EU referendum. We can explain what the result means for your finances and advise on potential actions. Contact us to discuss your circumstances.
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31st July self-assessment payment deadline
Second payment on account reminder The deadline for the second payment on account for tax paid through self-assessment is 31 July 2016. Payment is required if the tax bill is more than £1,000, unless you’ve already paid more than 80% of all tax you owe.
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Joining our Tax Investigation Scheme could pay dividends
Talk to Neil Dando or your usual consultant about joining our valuable Tax Investigation Scheme which could if needed be a huge saving to your business.
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The digital divide
A growing divide is opening up between businesses that use digital technology and those that do not, according to research by the Confederation of British Industry (CBI). 94% of businesses agreed that digital technologies were key to increasing productivity but only 30% see themselves as ‘digital pioneers’. The biggest problem for businesses were: 45% of…
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Tracing a lost pension pot
In a bid to help people locate their lost pension pots, the Pension Tracing Service has launched a new website. There is currently around £400 million in unclaimed pension savings, according to the Department for Work and Pensions. People can enter their former employers’ details into an online database and receive contact details for pension…
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Buy-to-let activity
House price growth was 9.2% in April 2016 compared to 10.1% the previous month, according to Halifax. The slowdown in growth follows a surge in buy-to-let activity before the introduction of new stamp duty land tax (SDLT) rates on 1 April 2016. 50% of properties sold in the last 2 weeks of March went to…
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Significant control register
It is now a legal requirement for companies and limited liability partnerships (LLPs) to keep a people with significant control (PSC) register from 6 April 2016. A PSC register lists individuals with ‘significant control’ over a company. All information on the PSC register must be delivered to Companies House at least once a year from…
