Small Business News

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UK set for weakest growth since 2009

The lack of progress on the UK’s trade and investment negotiations with the EU has led ICAEW to slash its 2018 GDP growth forecast for the UK from 1.7% to 1.3% It says that the economy is likely to experience its weakest growth since 2009 on the back of...

200,000 receive back pay as HMRC enforce National Minimum Wage

BEIS and HMRC are urging underpaid workers to complain about National Minimum Wage (NMW) and National Living Wage (NLW) underpayments. Recent figures show that the number of workers receiving the money they are owed has doubled. During 2017/18, HMRC...

More detail on the MTD proposals for VAT

Date introduced Software Exemptions Preservation of records Content of records The VAT account VAT schemes VAT returns Error corrections   Date introduced The new rules have effect from 1 April 2019 where a taxpayer has a ‘prescribed accounting period’ which begins on...

Pensions: Accumulation

Pensions have been around since the seventeenth century with the first organised pension scheme being established for Royal Navy Workers in the 1670’s. Nowadays, they are a minefield to many, not least because of the numerous acts of parliament which have...

Making Tax Digital and VAT: are you ready?

Making Tax Digital (MTD) will commence in April 2019 under the current Government timetable.  Initially this will only be for VAT purposes, with the wider roll out of MTD having been delayed until the system has been shown to work well for VAT and not...

Cryptocurrency & Tax

What is cryptocurrency? Historically, money has taken many forms; from being recorded in physical ledgers to now being entered electronically into a banks books, money has had to evolve and change with society for ease of transaction and consumer purchase....

Tax Rates 2018/2019

Introduction We have summarised the key rates and allowances which are fundamental to our business and personal lives. We are sure that you will find them a useful point of reference and have set out below a few examples of how they can be used.   The cost of...

Spring Statement 2018: All The Info

The Chancellor Philip Hammond presented his first Spring Statement on Tuesday 13 March 2018. In his speech he provided an update on the economy and responded to the Office for Budget Responsibility forecasts. In addition he launched consultations on...

Employing the Millennial generation

They appear to be gaining a notorious reputation for being flighty, demanding and difficult in the workplace. How accurate is this reputation of the millennial, and how do employers retain this “problem” generation? Millennials (the generation born between...

Canny romantics: The tax benefits of marriage

Considering popping the question on Valentine’s Day?  Here we look at some of the tax breaks married couples can benefit from and how it can pay to get hitched. 1. The Marriage Allowance The Marriage Allowance can enable eligible married couples and civil partners to...

Tax Free Childcare faces even more delays after technical issues

The government have announced a delay to the roll out of tax free childcare which was expected to be fully implemented by the end of the year. From 24 November 2017 the service is available to parents whose youngest child is under 6 or who has their 6th...

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...

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