The next big challenge for payroll departments within Small and Medium sized enterprises will be the phasing in of Auto-Enrolment which will require all employers to provide a pension scheme for their employees. Between 1 October 2012 and 1 February 2014 this has been a requirement for larger firms. These larger firms are those with … Continued
RTI – Payroll Processing for Smaller Employers
Real Time Information or RTI was introduced from 6 April 2013 which requires employers to submit payroll data to HMRC on or before wages and salaries are paid to employees. However during the 2013/14 tax year this general rule is relaxed for employers with fewer than 9 employees who may submit their payroll data by … Continued
Businesses upbeat for 2014
After a positive end to 2013, research has revealed that UK businesses are optimistic at the start of 2014. However, despite this increased confidence, business leaders remain realistic about the challenges ahead. Almost nine out of 10 members of the Institute of Directors (IoD) expect UK GDP growth to be higher in 2014, according to … Continued
Zero hours contracts consultation
The Business Secretary, Vince Cable, has launched a consultation into the understanding and use of zero hours contracts. Official figures suggest that there are 250,000 people employed under zero hours contracts, which offer no guaranteed hours or pay and are typically used for low-paid, on-call workers. The Chartered Institute of Personnel and Development has said … Continued
SME population hits six-year high
The number of small and medium-sized enterprises (SMEs) in the UK reached a six-year high of 2.16 million in 2013, according to the National Association for Commercial Finance Brokers (NACFB). The data reveals that 86,435 SMEs have been created in the past two years, increasing the SME population by 4.2 per cent. This follows the … Continued
Real Time Information (RTI) late filing and late payment penalties
A new penalty regime for RTI comes in from 6 April 2014, to encourage compliance with the information and payment obligations. Late filing penalties will apply to each PAYE scheme, with the size of the penalty based on the number of employees in the scheme. Monthly penalties of between £100 and £400 will apply to … Continued
The Business Growth Grant
Liverpool City Region Local Enterprise Partnership (LEP) in conjunction with the City Regions’ Local Authorities are working together to support growing businesses through a £10million investment fund. The Business Growth Grant is open to existing businesses that have growth potential and a plan to realise it. The fund is designed to help companies to secure … Continued
Funding Circle
The Government is lending £20m to UK businesses through Funding Circle*. Typically 10% of each loan has been funded by Government* and the other 90% is funded by real people around the UK. The upper loan limit is £1 million on secured loans and asset finance. Funding Circle also offer unsecured loans up to £100k. … Continued
The North West Fund for Loans Plus
FW Capital manages the £45 million North West Fund for Loans Plus, which provides commercial loans to established, viable and growing SME’s in the North West. The North West Fund for Loans Plus is part of the £155 million North West Fund, which is financed jointly by the European Regional Development Fund and the European … Continued
Amortisation of Goodwill
If you buy the goodwill of a business you will often be able to claim corporation tax relief on the amount of the purchase price which is amortised in the accounts. The question then is at what rate can goodwill be amortised? There are new developments on this. In the USA there is a statutory … Continued