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Small Business News

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

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...

Commercial Stamp Duty Land Tax changes from the 2016 Budget

Are you aware of the commercial Stamp Duty Land Tax changes that were announced in the 2016 Budget? In "a Budget that backed small businesses" (according to the Chancellor), one of the welcome reforms for businesses and entrepreneurs were the commercial Stamp Duty...

Rail electrification update – where now for CP5?

You may recall that we have published two articles on the electrification and modernisation of the UK’s railways over the last six months – first when the plans were put on pause and, again, when the plans were re-commenced just three months ago. In the latest...

Capital Gains Tax changes from the 2016 Budget

Changes to Capital Gains Tax There were a number of positive announcements on Capital Gains Tax (CGT) which will please investors and entrepreneurs. The headline grabbing announcement was the reduction of the higher rate of CGT from 28% to 20% and the basic rate from...

Small business 2016 Budget review and analysis for SMEs

Welcome to our small business 2016 Budget review On 16 March, the Chancellor delivered his first Budget of 2016. In the lead up to the 2016 Budget there were a number of potential measures which many small business owners may have been hoping for, including an...

Tax Rates and allowances 2016/17 – summary and details

Tax Rates and Allowances 2016/17 Many of the tax rates and allowances are fundamental to our business and personal lives and the main ones for the 2016/17 tax year are summarised here. We are sure that you will find it a useful point of reference throughout the coming...

Important reminder: dividend tax changes from 6 April 2016

The reason for this short article is to remind you of the changes to dividend tax that are due to come into effect from 6 April 2016 – a little over three weeks away. The main change is that rate of income tax applied to dividends will increase by 7.5%, although no...

2015/16 year-end tax planning advice for owners and individuals

2015/16 year-end tax planning advice Would you like the opportunity to reduce the taxman’s take from your own and your family’s income? If so please continue on to read our year-end tax planning advice. Carrying out an annual review of your tax affairs could...

Important PAYE and employment tax changes 2016 that you need to know

Are you ready for the fothcoming PAYE and employment tax changes? There are some very important changes to PAYE and employment tax rules due to come into effect from April 2016. It is important that as an employer you are aware of these changes and, if necessary, have...

SME tax corner – the good, the bad & the National Living Wage!

Welcome to our fifth edition of the SME tax corner. There have been some big recent changes to a number of taxes that will bring both good and bad news to small businesses and their owners. In this month's SME tax corner, ahead of the 2016 Budget in a few weeks, we...

Is now a good time to outsource your payroll?

As the tax year draws to a close we ask: what actions could you take to make your life easier from 5 April, taking some of the stress out of running your business and giving you more free time on evenings and weekend? Outsourcing your payroll will not only likely save...

Important changes to Employment Allowance from 6 April 2016

The changes to Employment Allowance The National Insurance Contributions (NIC) Employment Allowance was introduced from 6 April 2014. It is an annual allowance which is available to many employers and can be offset against their employer's NIC liability. From April...

Becoming more energy efficient in the leisure and hospitality sector

There are numerous opportunities for operators within the leisure and hospitality sector to reduce costs by becoming more energy efficient and more waste efficient. In this article we look at how firms could reduce their energy bills, how much it might cost and why it...

Dividend changes 2016 – clarification of rules now given

In the Summer 2015 Budget the Chancellor announced big dividend changes with effect from 6 April 2016. Following the announcement last year we answered some key questions: How will the new tax work? What does the new dividend tax come into force? Will the new dividend...

Retaining retail staff using bonus schemes

Arguably one of the biggest challenges facing the sector is retaining retail staff and the associated costs involved through high staff turnover. Staff turnover in the retail industry has been, and still is, very high and is down to both the financial and...

SME manufacturers ‘missing out’ on £25bn

Could SME manufacturers be making more money than they are? The Exact 2015 SME Cloud Barometer – an independent research study of almost 3,000 SME leaders across the UK, the US, France, Germany, the Netherlands and Belgium – has indicated that small and medium-sized...

Ongoing transportation projects to improve UK links

The Chancellor, George Osborne, has promised to continue to make significant infrastructure improvements a key focus over the next four years through committing billions of pounds to improving the UK’s transportation links. In this article we look at some of the...

Is your retail website converting sales?

Whether you are a local independent retailer or a multinational retailer with a national/international focus, your website must be optimised to improve profitability. Your website is your online shop window; it needs to convert sales and minimise abandoned baskets....

Making R&D claims easier for smaller and medium companies

The government views investment in research and development (‘R&D’) as a key to economic success. It is therefore committed to encouraging more smaller and medium sized (‘SME’) companies to claim R&D tax relief. Claims by SMEs for enhanced tax deductions have more...

Pubs and restaurants: what does the future hold?

Although many pubs and restaurants are in better financial shape than they were following the economic downturn in 2008, the sector is still facing a number of tough challenges. In this article we look at some of the key issues facing the sector and what the future...

New Advanced Assurance scheme for R&D tax relief claims

HMRC have introduced a scheme whereby small companies will be able to seek Advance Assurance on whether the research and development (R&D) they are carrying out qualifies for R&D tax relief. The scheme came into effect from November 2015 and will provide greater...

Uncertainty for buy-to-let landlords after tax changes

Last month I spoke at the 2015 Yorkshire Bank buy-to-let seminar in Doncaster about the recent buy-to-let tax changes. Now, following the Chancellor's latest Autumn Statement, more changes are on the way... The buy-to-let market is thriving, but the government's...

SME tax corner – the good, the bad & the Autumn Statement

Welcome to our fourth edition of the SME tax corner. In this month’s SME tax corner we look at what’s changed in the world of tax for small businesses. Good: R&D claims made easier for SMEs The recently published government plan to improve access to R&D highlights the...

Small business Autumn Statement 2015 review

On 25 November, the Chancellor delivered his latest Autumn Statement. In a year which has already seen two Budgets, which have both brought big changes to the small business community – including the big dividend income shake-up and the introduction of the new...

Big small company accounting changes ahead

Are you ready for the changing landscape of small company accounting? Over the next year or so the statutory accounts that small companies have to prepare and send to Companies House are changing because of revisions to the Companies Act and some connected changes to...

SME tax corner – the good, the bad & the PAYE!

Welcome to our third edition of the SME tax corner. In this month's SME tax corner we look at what's changed in the world of tax for small businesses. Good: Minimising tax by spreading income around the family Owner-managed companies often seek to minimise the tax...

Minimising tax by spreading income around the family

Have you considered minimising tax by spreading income around the family? Owner-managed companies often seek to minimise the tax position of shareholder-directors by involving members of the same family and using personal reliefs and lower rate tax bands of each...

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