Author Archives: Anna Cummings

Comments Off on Full Autumn Budget 2017 reaction

Full Autumn Budget 2017 reaction

Full Autumn Budget 2017 reaction

Chancellor Philip Hammond unveiled plans for the fund in his Autumn Budget and added half the fund will be ringfenced for the six city regions that elected Metro Mayors this year, including Liverpool. The other half well be open to applications from cities across the UK, Mr Hammond said. He also announced a £28m ‘Housing … Continued

Comments Off on Chancellor Freezes VAT Threshold Until 2020

Chancellor Freezes VAT Threshold Until 2020

Chancellor Freezes VAT Threshold Until 2020

.Small businesses breathed a collective sigh of relief when chancellor Philip Hammond resisted calls to lower the VAT registration threshold in Autumn Budget 2017. The Office of Tax Simplification (OTS) made eight core recommendations for the government to clarify the VAT system ahead of the chancellor’s speech on 22 November 2017. It called the current … Continued

Comments Off on Claims For R&D Tax Credits Hit Record High

Claims For R&D Tax Credits Hit Record High

Claims For R&D Tax Credits Hit Record High

Research and development (R&D) tax credit claims by small businesses climbed to £1.345 billion in 2015/16, according to HMRC. The revenue recently released R&D data for the previous financial year that shows claims increased from £1 billion in 2014/15 to hit another record high last year. The total number of claims for R&D credits in … Continued

Comments Off on Personal Allowance and Higher Rate Limit Increased

Personal Allowance and Higher Rate Limit Increased

Personal Allowance and Higher Rate Limit Increased

The Chancellor reminded us that the government are committed to increasing the personal allowance to £12,500 in 2020 and the higher rate tax threshold to £50,000.However,the personal allowance for 2018/19 was only increased in line with inflation to £11,850 and the higher rate threshold to £46,350. Note that up to 10% of the personal allowance … Continued

Comments Off on Autumn Budget 2017 Round-Up

Autumn Budget 2017 Round-Up

Autumn Budget 2017 Round-Up

A range of measures designed to boost business and productivity were announced in Autumn Budget 2017. Amid a background of discontent surrounding business rates, chancellor Philip Hammond revealed future increases will be determined by the Consumer Prices Index measure of inflation from April 2018. The measure comes into effect two years earlier than originally planned … Continued

Comments Off on Treasury Delays Abolishment of Class 2 National Insurance

Treasury Delays Abolishment of Class 2 National Insurance

Treasury Delays Abolishment of Class 2 National Insurance

Chancellor Philip Hammond has delayed the decision to abolish class 2 national insurance contributions (NICs) by 12 months. The policy, which was first announced by Hammond’s predecessor George Osborne in 2016, would have seen class 2 NICs incorporated in reformed class 4 NICs from April 2018. Self-employed workers earning less than £6,025 in 2017/18 can … Continued

Comments Off on New GDPR Advice Service Aimed At Small Organisations

New GDPR Advice Service Aimed At Small Organisations

New GDPR Advice Service Aimed At Small Organisations

The Information Commissioner’s Office (ICO) launched on Wednesday 1 November at 10am to help small organisations prepare for a new data protection law.The phone service is aimed at people running small businesses or charities and recognises the particular problems they face getting ready for the new law, called the General Data Protection Regulation (GDPR). The GDPR replaces … Continued

Comments Off on UK Interest Rates Rise for the First Time in 10 years – Despite Warnings

UK Interest Rates Rise for the First Time in 10 years – Despite Warnings

UK Interest Rates Rise for the First Time in 10 years – Despite Warnings

Liverpool accountancy firm boss Peter Taaffe says the Bank of England’s quarter point rise to 0.5% will impact on both small businesses and homeowners. Tony McDonough reports Bank of England policymakers have raised the UK interest rate for the first time in a decade – pushing up the rate from 0.25% to 0.5%. The bank’s … Continued

Comments Off on Personal Credit Card Payments to HMRC Will Stop in January

Personal Credit Card Payments to HMRC Will Stop in January

Personal Credit Card Payments to HMRC Will Stop in January

HMRC have advised that from 13 January 2018, they will no longer be accepting payments from personal credit cards. HMRC have accepted credit card payments from individuals, but from 13 January 2018, this method of payment will no longer be available. HMRC’s hand has been forced due to a change in EU law, which prohibits … Continued

Comments Off on Apprenticeship Levy Leaves Firms Baffled

Apprenticeship Levy Leaves Firms Baffled

Apprenticeship Levy Leaves Firms Baffled

Almost a quarter (23%) of businesses paying the apprenticeship levy has no understanding of how it works – six months after its introduction. 56% of more than 1,400 firms surveyed by the British Chambers of Commerce (BCC) did not expect to recover their payment, despite receiving an annual allowance to offset against the bill. As … Continued