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Comments Off on Most Small Businesses are not ready for Digital Accounts

Most Small Businesses are not ready for Digital Accounts

Most Small Businesses are not ready for Digital Accounts

The overwhelming majority of business owners and landlords remain in the dark over making tax digital (MTD), government research shows. Ipsos Mori polled 2,900 small businesses and landlords on behalf of HMRC and found that 71% were unaware of the requirement to submit quarterly updates to the taxman. A further 13% had heard of the … Continued

Comments Off on Government moves to scrap Controversial ‘Staircase Tax’

Government moves to scrap Controversial ‘Staircase Tax’

Government moves to scrap Controversial ‘Staircase Tax’

The government has started the process to reverse the so-called ‘staircase tax’ to ease the pressure on Small businesses. Communities secretary Sajid Javid published draft legislation, which stands to benefit thousands of small business owners, to abolish the measure. The loophole was first introduced after the Supreme Court ruled that an office spread over more … Continued

Comments Off on Disincorporation Relief to End in March 2018

Disincorporation Relief to End in March 2018

Disincorporation Relief to End in March 2018

Disincorporation relief will not be extended beyond its 31 March 2018 expiry date. The relief was introduced in April 2013 in a bid to remove the tax burdens when small business owners want to change from a limited company to a sole trader or partnership. It allows companies to transfer certain assets, such as land, … Continued

Comments Off on Safeguarding in Charities

Safeguarding in Charities

Safeguarding in Charities

Following recent events, the Charity Commission issued an alert to remind ALL trustees to take safeguarding extremely seriously. Safeguarding should be a key governance priority for all charities, not just those working with groups traditionally considered at risk. The Charity Commission has four clear expectations of trustees: Provide a safe and trusted environment. Safeguarding involves … Continued

Comments Off on Merseyside Based BNI Chapters Offer Free Seat For Local Charities

Merseyside Based BNI Chapters Offer Free Seat For Local Charities

Merseyside Based BNI Chapters Offer Free Seat For Local Charities

BNI (Business Network International) is a highly successful business networking referral organisation. They have over 12,500 members in the UK and Ireland alone, passing over 676,000 referrals worth over £497 million every year.  Importantly BNI allows only one representative from each trade or profession to join any BNI group (or chapter as the groups known). … Continued

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