Small Business News

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Manufacturing outlook – challenges and opportunities

Welcome to our manufacturing outlook 2015/16. Manufacturing remains one of the key sectors within the UK and I think it’s fair to say we should be upbeat about the future. The picture remains largely positive and it is not particularly surprising that so many...

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

In this month's SME tax corner we look at the recent Summer Budget and what's changed in the world of tax for small businesses. Tax and the small business – Summer Budget The recent Summer Budget was a bit hit and miss for small businesses. On the whole, though, it...

Auto enrolment – bigger costs for those that wait

The law on workplace pensions has changed with the recent onset of auto enrolment. There are hundreds of thousands of smaller companies across the UK approaching their staging date, and between now and April 2017 millions of workers will be automatically enrolled into...

Small business outlook 2015/16

Welcome to our small business outlook 2015/16. Although not all small businesses have seen an improvement in their financial performance in the last 12 months, the picture is largely positive. The UK economy thrives on small businesses and, generally speaking, they...

Owning a property via a company – big tax changes!

Last month, at the annual HLB International Audit & Tax Conference in Amsterdam, I spoke to member firms about the current real estate developments in the UK from a tax perspective. There have been some big changes recently, including Stamp Duty Land Tax (SDLT),...

Hair and beauty sector targeted in HMRC campaign

HMRC are targeting employers in the hairdressing and beauty sectors who pay their staff below the national minimum wage (NMW). HMRC and the Department for Business, Innovation and Skills (BIS), supported by the National Hairdressers’ Federation and the Hair and Beauty...

Latest job market statistics – August 2015

The Office for National Statistics (ONS) has released figures showing that the UK employment rate has dropped by 67,000 when compared to the three months to February 2015. As detailed in the press release the figures show: There were 30.98 million people in work. This...

Clarification on automatic enrolment and directors

As automatic enrolment continues to take stride across the UK, with the latest wave of firms with fewer than 30 employees being phased in, there are still many cloudy areas surrounding the regulation. In particular, the circumstances regarding automatic enrolment and...

Dividend income shake-up: your questions answered

The Chancellor, George Osborne, announced in the Summer 2015 Budget a shake-up in the way dividend income is taxed from April 2016. As the announcement has added to the complexity of the current dividend system the reaction has been, unsurprisingly, one of confusion...

National Living Wage – The impact on small businesses

The government has announced the introduction of a new National Living Wage (NLW) for working people aged 25 years and above. The NLW is effectively another higher age band of the National Minimum Wage (NMW). Initially the NLW is set at 70p above the current NMW,...

HMRC have now issued the first in-year PAYE penalties

HMRC have now issued the first in-year penalties notices to employers with fewer than 50 employees who missed the deadline for sending PAYE information to HMRC. Rather than issue late filing penalties automatically when a deadline is missed, HMRC have announced that...

Chancellor gives Annual Investment Allowance certainty

The Chancellor announced in the Summer 2015 Budget that the Annual Investment Allowance will be set permanently at £200,000 from 1 January 2016. He has previously said that this would be included in the Autumn Statement, but this earlier announcement provides welcome...

Growing your business sky high with cloud accounting

Small and medium-sized businesses are the biggest beneficiaries of cloud accounting and there are many benefits in which moving to the cloud can bring. Working in the cloud will give your business the opportunity to concentrate on what you do best: growing and running...

Small company accounts – big changes afoot

For many years, small companies have been able to limit the amount of information held about them on the public record at Companies House. This is all set to change with effect from 1 January 2016 with the introduction of the Companies, Partnerships and Groups...

Breaches double: government urges cyber security action

In a press release earlier this month, the government has warned businesses to take action as research finds that the cost of cyber security breaches doubles. Although many small business owners think that they are not at risk of cyber attack, the research showed that...

Bank of England economist to speak at June 2015 seminar

Business representatives in the Sheffield area are to be given an “off the record” opportunity on Thursday 18 June 2015 to hear the Bank of England’s latest views on the economy. Economist Will Holman, from the Bank’s agency for Yorkshire & the Humber, will be...

Auto enrolment – are you ready? Big fines for those that delay

From June 1, SMEs employing fewer than 30 staff must be ready to comply with auto-enrolment pension regulations or risk fines of at least £400. Designed to encourage 10 million employees to save towards their retirement, the government regulations are being rolled out...

Cloud service providers Hawsons accountants work with

Over the last two or three years there has been an unprecedented rise in the number of small business owners across the UK that are now using cloud-based software. Some of the biggest questions many small business owners who have not moved to the cloud yet may be...

Credit control tips for small businesses

Late payments are still a big concern for many small businesses in the UK. Research shows that a third of firms in the UK say that at least 20-30% of their sales ledger is constantly overdue. The impacts of this are considerable, particularly on cash-flow, which makes...

How secure is cloud accounting?

The question "how secure is cloud accounting?" is one that is raised by almost everybody making their first move to using the cloud. The term "cloud accounting" is the use of online accounting software where your data and software are stored on a server which is...

The UK is the Digital World Leader, Research Reveals

Research from The Boston Consulting Group (BCG) reveals that the UK is the digital world leader as the internet now contributes 10% of GDP to the economy. The internet has has performed well since 2010 and is now expected to contribute £180bn to the overall UK economy...

Cloud accounting benefits for SMEs (video)

What is cloud accounting? How cloud accounting benefits your small business Small businesses are the biggest beneficiaries of online cloud accounting and there are numerous ways in which moving to the cloud can be of value. Working in the cloud will give you the...

Tax Rates and allowances 2015/16 – summary and details

Tax Rates and Allowances 2015/16 Many of the tax rates and allowances are fundamental to our business and personal lives and the main ones for the 2015/16 tax year are summarised here. We are sure that you will find it a useful point of reference throughout the coming...

Big benefits of outsourcing your payroll

Whether you are a small or large business owner, you may have considered outsourcing your payroll matters. There are various reasons why companies often initially process payroll themselves. Indeed, some companies consider in-house processing to be a more...

Year End Tax Planning 2015

Would you like the opportunity to reduce the taxman's take from your own and your family's income? If so read on, as carrying out an annual review of your tax affairs could significantly reduce your own and your family’s tax liabilities. The period leading up to the...

UK Minimum Wage set to rise again

The National Minimum Wage is set to rise by 3 per cent after recommendations from the Low Pay Commission (LPC) were made to the Government. The LPC recommended a further 3 per cent increase in the UK minimum wage adult rate to £6.70 an hour, following the increase...

Things to consider when choosing a payroll provider

Whether you are a small or large business owner, you may have considered outsourcing your payroll matters. There are various reasons why companies often initially process payroll themselves. Indeed, some companies consider in-house processing to be a more...

RTI: filing penalties and appeals

In the latest Employer Bulletin HMRC are reminding employers that they are about to issue penalty notices to those employers who have failed to meet their RTI filing obligations. Late filing penalties began on 6 October for employers with schemes of 50 or more...

What is R&D tax relief? (video) Generous tax relief

Research & Development (R&D) tax reliefs are HMRC incentives created to encourage innovation and technological advances in the UK. R&D tax relief is a widely available, but often overlooked tax relief. Since the introduction of R&D tax relief the rates...

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