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Small Business News

Dedicated to helping your small business get off the ground and grow

SMEs could face £3.6bn EU funding shortfall by 2021

According to a report by the Federation of Small Businesses (FSB), the UK's SME's could face a £3.6bn EU funding shortfall by 2021. The report suggests that deprived areas could be the hardest hit. Over the past 12 months, eight in 10 SME's have sought business...

Autumn Budget 2017: Summary

The Chancellor Philip Hammond presented his first Autumn Budget on Wednesday 22 November 2017. His report set out a number of actions the government will take including support for more housebuilding. His view is that the economy continues to grow and continues to...

Research & Development Claims on the up from Small Businesses

Businesses claimed almost £3 billion in tax relief on Research and Development (R&D) in the last year, official statistics reported.  But many companies are still missing out.  Is your company? The latest figures show that almost 22,000 small and...

New tax free childcare scheme – computer says no!

HMRC has agreed to offer compensation to parents unable to apply for new government-funded tax free childcare schemes due to IT glitches. Parents were required to log onto the Childcare Service website to sign up for two new childcare schemes – the...

FTT slams HMRC conduct over VAT Assessment and Penalties

A First Tier Tribunal (FTT) has issued a 37-page ruling relating to an appeal against a £69 VAT assessment and three penalties of £780, £8.85 and £10.35, saying the decision by HMRC had a number of disturbing features’ about HMRC’s 'muddled'...

It’s no sacrifice: Changes to optional remuneration arrangements

If you have made use of salary sacrifice arrangements in connection with the provision of benefits, you will be aware that they enable employees to pay less tax and NIC’s than if they had been remunerated entirely in cash. In addition, employers may...

Fall in the pound boosts UK tourism numbers

Since the EU referendum, the value of the pound has fallen, however one positive to come out of its decline is a boost in tourism numbers for the UK, with the UK enjoying record numbers of overseas visitors in the last year. In 2016 official figures show that there...

Futureproofing: preparing your legal firm for succession

In larger law firms, the changing of the guard is a well-practised art. In smaller firms, however, succession planning is often not seen as a priority. The call to action tends to be the retirement of a partner, an inevitable event, which is often...

What businesses need to know about the new GDPR

The General Data Protection Regulation (GDPR) is set to come into force from May 2018. It will replace the current Data Protection Act and is the biggest overhaul of data protection legislation for over 25 years. GDPR will change the way organisations...

What is an Enterprise Investment Scheme and what are the benefits?

EIS: A brief background In 1994, the Government launched a scheme called ‘The Enterprise Investment Scheme’ or EIS for short, and this scheme was created in order to encourage individuals to invest in companies that were in the early stage of their lifespan. It was...

HMRC – Shopping for undeclared VAT

Retailers – Currently there appears to be a HMRC control exercise, being undertaken across the UK, on all types of retailers.This exercise may involve an Inspector visiting the client’s premises. Please note: HMRC legislation states that the retailer MUST...

Input Tax – Beware of the pitfalls!

VAT expert Tony Nickson outlines the pitfalls to avoid when reclaiming input VAT. 1. Reclaims for purchases made before VAT registration It is important to ensure that the maximum amount of input VAT is reclaimed on your business expenditure. This includes...

R&D tax incentives – don’t miss out!

Research and Development (R&D) tax incentives can provide additional tax deductions and enhanced cash flow for companies that develop new products, processes or services. Although widely available, many companies wrongly believe they are not eligible for R&D tax...

Making Tax Digital: Government delays introduction

Tax expert Craig Walker comments on the latest twist to the government’s plans for Making Tax Digital (MTD). New timetable Ministers have announced a delay to the roll out of MTD to ensure businesses have more time to adapt to the changes. Implementation...

The Election result: What are the tax implications?

The general election has ended in a hung parliament – the Conservative party have the most seats but do not have an overall majority. Theresa May has announced that she will form a government with the support of the Democratic Unionist Party (DUP). What does this...

Leisure & Hospitality 2017 Budget review and analysis

The Chancellor Philip Hammond presented the last Spring Budget on Wednesday 8 March 2017. In his speech the Chancellor was keen to point out that he wanted the tax system to be fair, particularly in relation to the distinction between employed and self-employed...

Five ways technology could improve a small business

For small businesses, keeping up with all the latest technology can be a difficult task with the speed it moves at. From embracing augmented reality; to making use of 3D printing, we take a look at five ways different technologies could benefit your business. 3D...

Business rates increase 2017/18

As of 1st April 2017 business rates have increased. In this article we will discuss what business rates are, what has changed, what the government announced in the Budget in order to ease the strain of the increase and whether you can appeal the business rates...

UK workers at risk as AI and robotic technology advances

Millions of UK workers - mainly those who work in retail and wholesale - are at risk from breakthroughs in AI and robotics, a recent report finds. In the next 15 years, 10 million or more UK workers could be at risk of being replaced by robots as the automation of...

Making Tax Digital: An update

What is Making Tax Digital? MTD is the biggest shake-up of the personal tax system in 20 years and will fundamentally change the way taxpayers report to HM Revenue & Customs (HMRC) and keep their business records. Taxpayers will be required to keep records digitally...

National living wage – rising wage costs for employers

The National Living Wage From 1 April 2016, following the introduction of the new National Living Wage, all workers aged 25 and over are legally entitled to at least £7.20 per hour. This was, however, until the Chancellor delivered his Autumn Statement, where he...

Manufacturing 2017 Budget review and analysis

The Chancellor Philip Hammond presented the last Spring Budget on Wednesday 8 March 2017. In his speech the Chancellor was keen to point out that he wanted the tax system to be fair, particularly in relation to the distinction between employed and self-employed...

Renewable Energy

Anaerobic Digestion (AD): Biogas Renewables have grown rapidly in the last 10 years, mainly because of public financial support. However, the cost to the Exchequer has seen support levels cut over the past few years. Actual renewable energy was 8.3% in 2015 compared...

Agriculture 2017 Budget review and analysis

The Chancellor Philip Hammond presented the last Spring Budget on Wednesday 8 March 2017. In his speech the Chancellor was keen to point out that he wanted the tax system to be fair, particularly in relation to the distinction between employed and self-employed...

Small business 2017 Budget review and analysis for SMEs

The Chancellor Philip Hammond presented the last Spring Budget on Wednesday 8 March 2017. In his speech the Chancellor was keen to point out that he wanted the tax system to be fair, particularly in relation to the distinction between employed and self-employed...

Hawsons Hot Pension Planning

As we approach the end of the 2016/17 tax year, there are real opportunities to add value to your overall tax planning process. In the lead up to the 5 April 2017, the payment of contributions to a registered pension scheme can bring many tax advantages, as the...

Tax Rates and Allowances 2017/18

Tax Rates and Allowances 2017/18 Many of the tax rates and allowances are fundamental to our business and personal lives and the most important ones for the 2017/18 tax year are summarised here. We are sure that you will find it a useful point of reference throughout...

Spring Budget 2017: Predictions

Philip Hammond will deliver his Spring Budget on 8 March. This will be the first and last ever Spring Budget, as the main tax announcements will be switched to the autumn in future. But what can we expect when the Chancellor delivers his speech next week? Craig...

Making Tax Digital: Full steam ahead

The public consultation on the Making Tax Digital (MTD) project has failed to change HMRC’s plans in any significant way.  The timetable for implementation of MTD remains April 2018 and the income threshold for inclusion in the programme remains at £10,000. What is...

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