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Autumn Statement - What Will Change For Your Business?

Chancellor Philip Hammond recently issued his first Autumn Statement to Parliament, in which he set out the government's fiscal policy objectives, including a £23 billion investment in infrastructure over the next five years to combat a lack of unaffordable housing, . . .

Digitisation of Tax 'Harder on Small Businesses'

In preparation for its 'Making Tax Digital' project, HMRC is in the final stages of its official consultation period with the business community.  The UK200 Group, the UK's leading membership association of quality assured chartered accountancy and law firms, has . . .

National Minimum Wage: How Does The Increase Affect You?

As the National Minimum Wage for young people in the UK has been increased by the government, we look at what the changes mean for employers, and some of the common mistakes made by business owners. Firstly, what is the difference . . .

Workplace Pension Auto-Enrolment

Did you know that the law states that employees must be able to obtain a Workplace Pension when working for an organisation in the UK?  The first question that needs to be answered is 'Who is entitled to a Workplace . . .

Late Payments: How to Claim Interest

For SMEs in all industries, late payments for goods and services can be a real issue.  Cashflow is harder to manage for smaller suppliers, and SME owners can often feel helpless when dealing with larger customers.  A question on the . . .

Late Payments: The Difference between Small and Large Firms

Recently we published an article entitled Late Payments: How to Claim Interest, and we thought it might be appropriate to go into some more detail about situations in which claiming late payments is not the best tactic. You may be aware . . .

Theatre tax reliefs - Let's get creative

  Finance Act 2014 introduced another tax relief to the creative industries sector.  From 1 September 2014, additional relief is given to organisations for expenditure incurred on certain qualifying theatrical productions. Only dramatic productions or ballets can regarded as theatrical productions.  Certain . . .

Business owners may need to settle their debts

Business owners and shareholders should consider paying back loans they may have received from their company following the government's announcement to increase tax rates on advances. The move to tax loans to participators at a higher rate was announced by the . . .

Budget 2016

On the whole the Chancellor's latest Budget Statement is positive for SMEs, but caution should be applied to certain elements. George Osborne set out from the start of his Budget statement to show that he is on the side of the . . .

Are you ready for the National Living Wage?

With just a month left before the new National Living Wage is introduced, employers should ensure they have the correct payroll processes in place. From 1 April 2016 employees over the age of 25 who are currently earning the minimum  wage . . .

Plan now for the end of the tax year

Now is the time to use all the tax reliefs and allowances available before the current tax year ends on 5 April 2016 in order to minimise liabilities. There are a number of investment and tax planning ideas that should be . . .

Don't ignore the taxman's demands

Businesses are being warned not to ignore accelerated payment notices [APNs] from H M Revenue & Customs [HMRC] after the department revealed that it raised more than £2 billion from the scheme in 2015. APNs were introduced in 2014 to recover . . .

Call for transparency in SME lending

We believe there should be more transparency in the marketing of financial products to the SME sector. It follows a campaign by Growth Street - a provider of finance to small businesses - which states that unlike in consumer lending, there . . .

Get to grips with your company accounts

Businesses are being warned to prepare their company accounts on time as new data shows that businesses in the UK have already been fined more than £65 million since April last year. The figures released by Companies House show that between . . .

Investors should seek HMRC seal of approval

People using the Seed Enterprise Investment Scheme [SEIS] are encouraged to check the credentials of start-ups before investing in them. The SEIS was created to encourage individuals and other businesses to invest in new enterprise and entrepreneurship in return for tax . . .

Avoid a penalty and plan ahead for staff pensions

Small businesses are reminded that they face large fines for not adhering to new staff pension rules. Around half a million UK employers with fewer than 30 employees will be required to enrol eligible staff into a pension - and start . . .

Tax on staff entertaining

Staff entertaining can cover a number of different situations, such as subsistence when travelling, staff social events, or just providing tea and biscuits in the office.  It's an issue that affects the whole range of businesses, but the rules can . . .