Philip Hammond announced the Spring budget as his first and last. This is due to the move to autumn for the main budget with a spring update instead. This update highlights some of the key impacts for small businesses: The Chancellor announced a one year deferral from Making Tax Digital for Business for unincorporated businesses…
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George Osborne, Chancellor of the Exchequer, has announced the latest Autumn Statement along with his Spending Review. Download our full Autumn Statement 2015 report The two biggest politcal issues were tackled and the Chancellor agreed to scrap plans to cut tax credits; however the devil will, as ever, be in the detail. In light of recent times the loudest…
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Keep viewing here for updates on the 2015 budget as declared on 18th March 2015. This will be updates that affect small businesses and individual tax Expected measures Further pension measures Annual tax returns to be replaced by individual online accounts Personal Allowance to go beyond £10,600 Here we go Growing, creating jobs and economy…
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The pre budget statement was read, with George Osborne announcing some key changes. Osborne stated that the Uk is fastest growing economy; higher growth, lower unemployment and falling inflation. Business investment risen by 27%. The chancellor wants to support businesses that create jobs and apprenticeships. There was a big mention of crack down of tax…
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Minimum wage rises to £6.50 an hour The national minimum wage (NMW) for adults will rise by 19p an hour to £6.50 on 1 October 2014, the Business Secretary Vince Cable has announced. The Government has agreed to follow the three per cent rise proposed by the Low Pay Commission last month. This will be…
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The Chancellor George Osborne delivered his Autumn Statement to Parliament. This sets out how the government will continue to secure the public finances, support families with their costs, help businesses to grow and equip young people with the skills they need to succeed. The Autumn Statement reinforced the government commitment to the long-term economic plan…
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Number of home businesses hits 2.5m More than half of the UK’s small businesses now operate from home, according to research from Direct Line for Business (DL4B). The 2.5 million home business owners account for 52 per cent of all small businesses and eight per cent of the total UK workforce. DL4B’s analysis of…
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The shifting of the PAYE system to Real Time Information (RTI) is well underway, with nearly 1.4 million employers now reporting their employee PAYE information to HMRC before, or on, the date that payments are made. This translates to 83 per cent of small and medium sized enterprises (SMEs). However, SMEs have been granted some…
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Common tax efficient strategies such as using dividends and alphabet shares being paid in lieu of actual employee pay have once again come under the spotlight. The case of PA Holdings has been going through the courts for several years. It was due to go to a final hearing in the Supreme Court in July…
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For many small Limited Companies it is quite a common strategy (right or wrong) for Directors/ Shareholders to draw funds out of the company and make a dividend declaration at the end of the year. Where this often goes wrong is that the director will withdraw too much thus creating an overdrawn directors loan accounts.…
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