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Small Business News

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

Small companies are a vital part of the UK economy

Small companies are a vital part of the UK economy. In 2015 it was estimated that there were nearly 5.4m small businesses in the UK. These in turn provided almost half of all private sector jobs – more than 12m – and produce an annual turnover of £1.2 trillion, 33% of...

The Autumn Statement 2016 predictions

The Autumn Statement 2016 on Wednesday is set to be an important event.  It will be the Chancellor’s first opportunity to outline his plans for taxes & spending in the wake of the Brexit vote. But what tax changes can we expect in the upcoming Autumn Statement?  Craig...

The benefits of Cloud Accounting

Cloud accounting is the use of accounting software where your data and software is stored on the cloud rather than your hard drive. It can be accessed remotely from any device that has internet access, much like your internet banking. As your business grows, one of the key questions you will ask yourself is: “how can I prioritise my time?” and rightly so, with not having enough hours in the day is one of the key challenges many small business owners face. This is where Cloud accounting can help your business. Here are just a few ways where our online client accounting software can help your business:

Tax-Free Childcare scheme

HMRC have announced details of the new Tax-Free childcare scheme which is to be introduced in 2017. The scheme is expected to be available to around 2 million households. To qualify To be eligible, families will have to have all parents in work and each expecting to...

Grants for food and drink manufacturers in the East Midlands

Grants for food and drink manufacturers have been made available by 'The Food and Drink Forum' along with the FEAST project. 'The Food and Drink Forum' has secured funding for the next three years which offers a range of useful services. What are these services? There...

Avoiding Grant Gremlins

Grant audits and examinations can be highly technical, specialised, and subject to very detailed reporting requirements and specified work programmes. Below we highlight 6 practical points to help you avoid those 'Grant Gremlins' that can cause hold ups in reporting...

New polymer banknotes start circulation with £5 note

The 13th September marked the first day of the brand new polymer banknotes being issued. The £5 note is the first of the banknotes to be launched in England and Wales. The polymer made banknotes are much more durable than the old banknotes and can withstand getting...

Apprenticeship levy update: further guidance issued August 2016

A new apprenticeship levy update has been issued (August 2016), stating that all businesses have until September to feedback on plans before the new rules are formally introduced next year. The government has ignored some businesses groups' advice for a delay to the...

Reminder: National Minimum Wage to rise again October 2016

This article is a short reminder that National Minimum Wage will increase from 1 October 2016, following the Government's decision to accept recommendations from the Low Pay Commission (LPC) earlier this year. The main National Minimum Wage rate (for 21- 24 year olds)...

Why did BHS fail? Lessons for UK retailers

It has been a busy couple of months for the retail sector – the EU referendum, the introduction of the new National Living Wage and the collapse of two of the UK’s high street brands, BHS and Austin Reed. Each brings its own challenges, but the decline of BHS has been...

The apprenticeship levy: small business implications

With a lack of detail about how the apprenticeship levy will be implemented when the new rules were announced, there remains some uncertainty around the levy and what it may mean for smaller businesses. Although the government has now provided additional details, many...

Challenges for UK small businesses in 2016

Starting up and running a small business is a challenging process and there are many aspects an owner must consider. There are a number of challenges facing UK small business owners and it is essential owners understand the potential implications each may have on...

R&D Tax Relief – the perfect time to claim

Research and Development (R&D) Tax Relief can provide additional tax deductions and enhanced cash flow for companies that develop new products, processes or services. Although widely available, R&D claims are often overlooked, and many companies that would be eligible...

Brexit: tax implications as the UK votes to leave the EU

From the argument over selling bendy bananas to the threat of an emergency Budget, the EU referendum campaign has undoubtedly had its share of the headlines over the past couple of months. The biggest headline now though is of course that the UK has voted to leave the...

P11D deadline reminder – are you ready for 6 July 2016?

Important reminder for employers: the P11D deadline is 6th July 2016. The forms P11D, and where appropriate P9D, which report details of expenses and benefits provided to employees and directors for the year ended 5 April 2016, are due for submission to HMRC by 6 July...

4 reasons to file your 2016 self assessment tax return early

Although we are only just into the new tax year and it may be tempting to put off preparing your self assessment tax return until later in the year, the summer might actually be the perfect time to complete your tax return and get your tax affairs up to date. In my...

PAYE 3 days grace and risk based penalties to continue

HMRC have confirmed, in their updated guidance, that the three day easement and risk assessed approach to issuing penalties will continue to apply for 2016/17. As a result employers will not incur penalties for delays of up to three days in filing PAYE information...

Business benefits of donating to charity – including tax breaks

This article provides detailed guidance to some of the business benefits of donating to charity, with a particular focus on tax breaks, recruitment and retention and customer/client engagement. Purpose of this article For business owners: the benefits of donating to...

£17m funding available for training in the Sheffield City Region

Do you know about the new Skills Bank for the Sheffield City Region? The Skills Bank is a government/LEP initiative aimed at workforce training and development in the Sheffield City Region. It is a £17m fund - new for 2016 - comprising of funding from the European...

New EU GDPR rules – 12 things you should be doing to prepare

After over four long years of political processes, detailed discussions and business lobbying, the final text of the new EU General Data Protection Regulation (GDPR) rules was released in April 2016. As nearly all businesses and other entities use some form of...

Buy-to-let tax changes for landlords and property investors

Are you aware of the recent buy-to-let tax changes? The UK property market, whilst cyclical, has proved over the long-term to be a very successful investment. This has resulted in a massive expansion in the sector and investments in buy-to-let properties have been and...

Company car tax: is a company car still a tax efficient option?

Company car tax efficiency is at the forefront of many business owners and employees’ minds and, whether you’re thinking of purchasing your first company car or upgrading an old one, it is important to understand the pros and cons of company car tax. It may come as a...

Expenses exemption to replace dispensations from 6 April 2016

Are you aware of the changes to dispensations? In the past, many businesses have applied to HMRC for dispensations. Dispensations have allowed expenses and benefits to be provided to employees without being included on a P11D or subject to PAYE and NIC. A dispensation...

Personal allowances and tax bands for 2016/17

Under the current rules for those born after 5 April 1938 the personal allowance is currently £10,600, whilst those born before 6 April 1938 have a slightly higher allowance (read more about personal allowances by age below). In 2016/17, the personal allowance will...

Changes to business rates announced in the 2016 Budget

The Chancellor recently announced a number of positive measures to reform business rates in the UK: Firstly, business rates have been devolved to Scotland, Northern Ireland and Wales. Secondly, there will be cuts on business rates for approximately half of all...

The new Lifetime ISA – details beyond the tax free headlines

One of the more welcome announcements for individuals and "the next generation" from the recent 2016 Budget was the introduction of the new Lifetime ISA in April 2017. This is a new measure aimed at helping those under 40 save for their retirement and/or the purchase...

Omnichannel hospitality opportunities – are you ready?

We have spoken in detail about the omnichannel retail trend in our Spring 2016 newsletter and the impact that it is having on the buying process and consumer journey. The trend towards omnichannel communications is perhaps greatest in the retail sector….but the same...

National Minimum Wage to rise again in October 2016

The government announced increases to the National Minimum Wage, effective 1 October 2016, after accepting recommendations for the new rates from the Low Pay Commission (LPC). The main National Minimum Wage rate (for 21- 24 year olds) will rise by 3.7% from £6.70 to...

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