HMRC Update On Making Tax Digital

Following a consultation period, HM Revenue and Customs have now released more information regarding the changes to self assessment under their new “Making Tax Digital” project. Some of the more significant details are: Receipts and expenditure recorded on spreadsheets can be linked to HMRC software. Free software will be available to smaller businesses. The cash … Continue reading HMRC Update On Making Tax Digital

Digital Tax Reporting – The Story So Far

In 2015 the Government announced its commitment to bringing our tax system into the 21st century by introducing digital technology and dispensing with the annual tax return.  The new system would involve digital quarterly reporting with a view to making tax simpler and easier to manage for the taxpayer.  The Financial Secretary to the Treasury, … Continue reading Digital Tax Reporting – The Story So Far

SME’s in the Dark over Employment Laws

According to a recent survey, two-thirds of business owners admit to little understanding of employee rights. A survey of 500 business from website Jobandtalent revealed that almost 66% of owners of small and medium-sized enterprises (SMEs) concede to having a poor knowledge of employee rights and regulations. 12% of owners admitted to knowing nothing at … Continue reading SME’s in the Dark over Employment Laws

Divorce Complications For Owners Of Small-Medium Sized Enterprises (SME’s)

The Office for National Statistics has identified a rise in divorce rates for those aged 40 to 44 and statistics suggest that most SME owners are aged 35 to 54. You may not be aware that, in law, an interest in a business is a matrimonial asset so a divorcing spouse has a legal right … Continue reading Divorce Complications For Owners Of Small-Medium Sized Enterprises (SME’s)

You Can Help Influence Change With HMRC

The Administrative Burdens Advisory Board (ABAB) wants to hear from owners of small businesses around the UK. Set up in 2006, ABAB has already helped HMRC to deliver over half a billion pounds in administrative burden savings for businesses, and helped deliver new initiatives like the Simpler Income Tax measures for small business introduced in … Continue reading You Can Help Influence Change With HMRC

Deadline Dates – April 2015

1 April 2015 Payment of corporation tax liabilities for SMEs account period ended 30 June 2014 where payment is not made by instalments. Reduction in main rate of corporation tax to 20%. Small profits rate is abolished except for ring-fence profits. Change to emission thresholds for business cars (zero rate ends). Application to defer Class … Continue reading Deadline Dates – April 2015

Thinking of investing in large Plant and Machinery?

Take advantage of the Temporary Annual Investment Allowance Increase Back in Autumn 2012, the chancellor made a surprise announcement to increase the maximum amount of annual investment allowance (AIA) from £25,000 to £250,000 from 1st January 2013 for a temporary period of 2 years. (Following which, the allowance limit will drop back down to £25,000 … Continue reading Thinking of investing in large Plant and Machinery?

Insurance Risks for Small Businesses

Small businesses must take every step possible to reduce risk. A mistake, a forgotten step, or even a defective product can have serious financial consequences to a business and its future. The cost of litigation is incredible, even in small instances. What can a business owner do to protect his or her passion and employment? … Continue reading Insurance Risks for Small Businesses

How Benchmarking Can Benefit A Small Business

Small business owners must understand that in order to be successful they need to compare the activites and thought process of their business to others. This is the idea of benchmarking and is a necessity in today's business world. The most basic kind of benchmarking is comparing your company's costs with the costs other companies … Continue reading How Benchmarking Can Benefit A Small Business

Small Business Loans: Small Banks vs. Large Banks

Small and medium enterprises will begin to drive economic growth in the UK during the next ten years, according to the Department for Business, Innovation and Skills. This contrasts sharply with the 20th century, in which large corporations were the main drivers of economic growth. SMEs that use new technologies such as communications and computers are … Continue reading Small Business Loans: Small Banks vs. Large Banks