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Autumn Statement 2016

As the new chancellor delivered his first Autumn Statement there were a few items that caught our eye as potentially affecting our clients. INCOME TAX The income tax bands will increase as follows: 2016/17 2017/18 Difference Personal Allowance £11,000 £11,500 + £500 Basic Rate Band £32,000 £33,500 + £1,500 Higher Rate Band £107,000 £105,000 – …read more

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The Christmas Party Season

It’s that time of year again, the festive season is upon us, and the Christmas parties are about to get into full swing! For further clarification, we have put together a brief guide. The “Annual Party” Although most businesses utilise their £150 per employee exemption on the Christmas party, the exemption can be utilised for …read more

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Topical VAT update

This is a reminder for businesses who are VAT registered in relation to general VAT pointers which you may find helpful. Please be aware, per HMRC’s guidelines, appointing accountants to look after your affairs does not relinquish your responsibility. You still have to take reasonable care to make sure that the information you are providing …read more

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Auto-enrolment information

Is your company required to have an auto enrolment pension scheme? We are writing to you to make you aware of the potential need for your company to have an auto enrolment pension scheme. Auto enrolment requires an employer to consider whether its ‘workers’ are eligible to join a work based pension scheme and, if …read more

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New taxation changes to dividends

As you may be aware, dividend taxation rates are changing from 6th April 2016. In order to help with your tax planning, we have set out below how these changes may affect you. What are the current rules? Currently, if you are a basic rate tax payer you do not pay any personal tax on …read more

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A Guide to EIS: Funding & tax relief for investors & small business

More and more people these days are taking the plunge and having a go at starting their own business. Whether it’s a small, local outfit, or the next big tech innovation, obtaining the necessary cash is obviously one of the key challenges would-be Richard Bransons or Mark Zuckerbergs face. You’ve got the idea, you’ve got …read more

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Auto-enrolment pensions: Is my business affected?

By now, most businesses have probably heard of the government’s pension auto-enrolment pensions initiative, through one of the myriad communications, information alerts and TV adverts on the subject. In a nutshell, this basically says that all business will have to set up an employee pension scheme and compulsorily enrol all of their employees in the …read more

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Pensions – more exciting than you thought?

Tax year-end not far off You may be a long way off retirement but the end of the tax year is only a couple of months away, on 5 April. Investing in a pension remains one of the single most effective and legitimate ways of saving yourself tax and investing for the future and should …read more

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Self-assessment Tax Return deadline – 31 January 2015

2013/14 Self-Assessment Returns need to be filed with HMRC by 31 January 2015 to avoid being penalised With Christmas and New Year a distant memory now, attention turns to the 31 January 2015 deadline for self-assessment tax returns in relation to income and gains in the year 6th April 2013 to 5th April 2014. Any …read more

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VAT changes for supplies of digital services to EU Countries

From 1 January 2015 onwards, the way VAT has to be applied when specific ‘digital services’ are supplied to EU customers is changing. This only impacts services provided by a business to consumers (B2C), not services provided to other businesses (B2B). The changes mean ‘the place of supply’ will be where the consumer is based, …read more

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The Christmas Party Expenses Guide

‘Tis the season and the good news is even contractors and small owner managed businesses can celebrate, tax-free! Christmas Parties Even if you’re the only employee within your business, as a director of your company, you are exempt from paying tax on an annual party or function up to the value of £150 per person (including VAT) and you can …read more

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IR35 Business Entity Tests to be scrapped

HMRC’s IR35 Business Entity Tests (BET), used to supposedly identify whether given contract engagements were at risk of being caught by IR35 or not, is to be withdrawn. The test was introduced in 2012 and comprises a set of 12 questions, each of which require a ‘yes’ or ‘no’ answer. Each question confers a certain …read more

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Homeworking and Digital Traders

We thought it worth a very brief signpost to some new initiatives that could help two specific groups of typical small business or freelancer… Digital Traders Historically, businesses within the EU, that are supplying goods and services to customers in other EU countries, have not had to register for VAT in the countries to which …read more

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Contractor News and IR35 Tips

Not an awful lot has been heard since the much-vaunted House of Lords review, earlier this year, of the tax regime surrounding the self-employed and freelance community in the UK.  Meanwhile, the number of self-employed workers in the UK was recently reported to have grown to 4.58 million by the Office of National Statistics. Labour …read more

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Watch out for Capital Gains Tax

As a business owner, you may well choose to plan for the future by investing some of your profits in other assets. Many people assume that Capital Gains Tax (CGT) only affects professional investors and large businesses but it is easy to be caught out. Basically, any asset or investment, such as stocks and shares …read more

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