Small Business News

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Hawsons makes history after 165 years in business

Hawsons Chartered Accountants is 165 years old  Hawsons Chartered Accountants was founded in the city of Sheffield in 1854 – more than 25 years before the creation of the Institute of Chartered Accountants in England and Wales – by Alfred Allott and John Hewett....

The Election Result: What are the tax implications?

The Election Result: What are the tax implications?

Tax implications of the Election Result The general election has ended and the Conservatives have secured a large majority winning 365 seats. What does this mean for tax?  How will the election result affect you or your business? Tax expert Craig Walker provides a...

PM pledges increase in support for Research & Development

PM pledges increase in support for Research & Development

PM pledges increase in support for Research & Development Boris Johnson has told the CBI Conference that he will increase the amount of annual Research and Development (R&D) tax relief. He told business leaders “In order to help businesses innovate, this...

Christmas Markets face extra challenges due to Brexit costs

Christmas Markets face extra challenges due to Brexit costs

Christmas Markets face extra challenges due to Brexit costs City centres will soon be transformed with the arrival of Christmas markets. However, the unpredictability surrounding Brexit means these festive features have faced extra challenges this year. The organisers...

No deal Brexit will hit Small Businesses and Amazon Retailers

No deal Brexit will hit Small Businesses and Amazon Retailers

No deal Brexit will hit Small Businesses and Amazon Retailers In the event of a no deal Brexit small and medium sized firms (SME) and Amazon retailers will be especially vulnerable. CBI (Confederation of British Industry) say 40% of SMEs that trade internationally do...

New measures to ensure small businesses get paid on time

New measures to ensure small businesses get paid on time

The government has announced a package of measures to ensure small businesses get paid on time. Under the proposals large businesses could be fined for failing to pay smaller suppliers on time as part of a robust package of measures. The measures include: proposed new...

Tax Rates 2019/2020

Tax Rates 2019/2020

  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. Personal tax rates As the UK...

Two thirds of SME’s predict growth over the next three months

Two thirds of SME’s predict growth over the next three months

Hitachi Capital has revealed that two thirds (67%) of small and medium-sized enterprises (SMEs) are working on their growth plans in the next three months, compared with 61% this time last year. For these small businesses that are predicting significant...

Bank of England raises interest rates to highest level since 2009

Bank of England raises interest rates to highest level since 2009

The Bank of England has raised the interest rates for only the second time in a decade. The increase was from 0.5% to 0.75%. The quarter of a percentage point rise sets the rate at its highest level since March 2009. The rise in the interest rate will no...

SMEs ‘confident in regard to growth prospects’, survey finds

SMEs ‘confident in regard to growth prospects’, survey finds

Wesleyan Bank carried out a survey that showed that UK SMEs are confident about their future growth prospects with almost two-thirds anticipating a growth of up to 40% over the next few years. The ‘SME Heroes or Zeros’ report explained that the survey was...

Pound Drops Below $1.30 as June Retail Sales Fall

Pound Drops Below $1.30 as June Retail Sales Fall

There has been a surprising fall in the pound after a decrease in retail sales in June. Although the Office for National Statistics expected there to be a 0.2% rise in sales after May, it was reported that sales fell by 0.5%. This resulted in sterling...

UK set for weakest growth since 2009

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

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

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...

More detail on the MTD proposals for VAT

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: 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 and VAT: are you ready?

Making Tax Digital 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...

Cryptocurrency & Tax

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. Enter...

Tax Rates 2018/2019

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

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 various aspects of...

Employing the Millennial generation

Employing the Millennial generation

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...

Canny romantics: The tax benefits of getting married

Canny romantics: The tax benefits of getting married

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

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

SMEs could face £3.6bn EU funding shortfall by 2021

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...

Autumn Budget 2017: Summary

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

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!

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...

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