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New year resolutions for family companies
With the end of the 2019/20 tax year fast approaching, now is a good time to take a look at your finances to ensure you are minimising your tax liability. Here, we consider resolutions companies could make.
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Curing the top-earner pensions tax problem
NHS pensions made news this year, with consultants and GPs blaming large tax bills, linked to pension statements, for making some work ‘uneconomic’. Why should high-earning power, coupled with pension provision, spell trouble – even for top-earners outside the NHS? We consider this issue and more.
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Top planning tips for the year end
With the end of the 2018/19 tax year fast approaching, now is a good time to review your finances to ensure you are making full use of the available allowances and minimising your tax liability.
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Getting to grips with PAYE
HMRC recently reviewed the 'effectivenes' of its risk-based approach to late filing PAYE penalties, and opted to continue to use this approach to the current tax year. Here we provide an overview of the PAYE system.
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Considering enhanced capital allowances
Businesses which invest in energy-saving plant or machinery may be able to take advantage of an additional tax break.
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Handling Late Payments
With government research indicating that one third of payments to small businesses are late, we take a look at the latest initiatives designed to encourage prompt payment.
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Pensions: protecting your lifetime allowance
Did you know that it is still possible to apply to protect your pension(s) against previous reductions in the lifetime allowance? The lifetime allowance is set at £1 million in 2017/18, however Fixed Protection and Individual Protection may mean it is possible to save up to £1.25 million without incurring a tax charge.
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Planning for the Dividend Allowance cut
With the Dividend Allowance set to be cut from £5,000 to £2,000 from April 2018, we consider how investors can help to mitigate the impact of the change.
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Autumn Budget Report 2017
This report, which was written immediately after the Chancellor of the Exchequer delivered his Budget Speech, is intended to provide an overview of the latest announcements and recent measures most likely to affect you or your business.
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Expanding your workforce: key areas to consider
Hiring new employees can usher in new ideas, strategies and processes that could ultimately boot your profitability. Here we outline some key points to consider if you are planning to expand your workforce.
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Pensions re-enrolment : don’t get caught out
As an employer, did you know that you have a legal duty to re-enrol certain employees back into an automatic pension scheme every three years, even if they opted out the first time? Failure to do so could result in a penalty…
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Raising business finance: key sources to consider
The government recently launched a new scheme to match small businesses which are unable to access finance from big banks with alternative finance options. This article outlines the new service, and also highlights some additional funding options to consider.
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Spring Budget report 2017 (BR17)
This report, which was written immediately after the Chancellor of the Exchequer delivered his Budget Speech, is intended to provide an overview of the latest announcements and recent measures most likely to affect your business.
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Small businesses: beware of auto-enrolment penalties
With new data revealing a surge in the number of auto-enrolment penalties being handed out to employers, small businesses should ensure they are fully aware of their responsibilities.
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Cyber threats: protecting you business from internet attacks
The way the internet has permeated every aspect of business has brought significant opportunities and effciencies, but it has also brought risks. Here are some of the key ways that you can protect your business against cyber threats.
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Six simple steps to saving business costs
These days, most of us are comfortable with shopping around to get the best deal, but there are many other ways that profits could be draining out of your business without you necessarily noticing. Here are six areas where making small changes to the way you do things could result in significant cost savings.
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Budget Report 2016
This Report, which was written immediately after the Chancellor of the Exchequer delivered his Budget Speech, is intended to provide an overview of the latest announcements and recent measures most likely to affect you or your business.
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Implementing the new National Living Wage
The National Living Wage (NLW) comes into effect in April 2016, and is set to have a significant impact on both employers and employees. Here we explore the NLW and its potential implications for you in more detail.
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Changes to the Annual Investment Allowance: getting the timing right
The Annual Investment Allowance (AIA) is due to fall from £500,000 to £200,000 with effect from 1 January 2016. Transitional rules will have an impact on the amount businesses can claim, so it is important to plan ahead if you want to receive the maximum tax benefit.
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Holding customer data – is your business compliant?
If your business captures or handles information about people, then you need to make sure you comply with the strict rules governing data protection. Here are some pointers for staying on the right side of the law...
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The Second Budget 2015
A second Budget within a calendar year is highly unusual. Five years ago, in the run-up to the May 2010 General Election, the Conservatives announced that if elected they would hold an ‘Emergency Budget’ in order to reverse the policies of the previous Labour government and introduce measures aimed at tackling the UK’s deficit. Although many Conservative manifesto pledges failed to survive the Coalition agreement with the Liberal Democrats, the Emergency Budget duly took place on 22 June 2010.
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Six tips for a successful product launch
Whether you are launching a new product from an existing business, or your product is your new business, it is all too easy to get it wrong and fall at the first hurdle. According to some studies, as many as 65% of products launched by established companies fail, so it is vital to prepare properly when introducing something brand new into the marketplace.
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Budget Report 2015
This Report, which was written immediately after the Chancellor of the Exchequer delivered his Budget Speech, is intended to provide an overview of the latest announcements and recent measures most likely to affect you or your business.
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New year, new look? Claiming tax relief on refurbishment
If you are considering refurbishing your business, you may be able to claim tax relief on the costs incurred in doing so. However, it is important to bear in mind that different tax rules apply to expenditure on fixtures, alterations and repairs to your business premises. Here we outline some of the effects and potential implications for your business.
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Loans or equity – choosing your business finance
It is important to be aware of the alternative means of finance while your business is in a healthy position. Leave it too late, when there are doubts the funds can be returned to the shareholder, and issues may arise with tax relief for the loss of funds.
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Pension reform: what does it mean for you?
At the 2014 Budget, Chancellor George Osborne announced a package of measures set to radically overhaul the pension rules and provide people with much greater flexibility as to how and when they take their pension savings.
Some of the changes took effect from 27 March 2014, while others are set to be introduced from April 2015 following a period of consultation. Here is an introduction to the key areas of change.
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Spotlight on business rates
Business rates have been under the spotlight in recent months, with April seeing the instruction of a number of measures designed to ease the burden on small firms. As the Government consults on further changes to the existing system, we provide an update on the current situation.
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Get ready for a £2,000 tax cut ... the new Employment Allowance and your business
In an effort to support businesses and charities with the cost of employment, the Government is introducing a much-anticipated new Employment Allowance, worth up to £2,000.
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Business planning: is it time to take a step back?
When did you last take some time out to sit down and really think about your business? Not what you have to do today or tomorrow, but the overall health and direction of the firm?
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The simple life? The new cash basis for small businesses
April 2013 saw the introduction of a new cash basis for the purposes of calculating tax for small unincorporated businesses.
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Keeping adequate business records – and surviving an HMRC check
Keeping adequate business records plays a key role in effectively monitoring the performance of your business, as well as ensuring that you comply with the requirements of HM Revenue & Customs (HMRC).
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Tax-saving strategies for the year end
With the end of the tax year looming closer, you should ensure that you are taking advantage of the tax-saving opportunities available to you before 6 April 2013. Here we outline a selection of strategies that could help to boost your business and personal wealth.
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Tax-efficient pension savings: carrying forward the annual allowance
Contributing to a registered pension scheme can be a tax-efficient way of saving for your retirement, as contributions attract tax relief at an individual's marginal rate of tax, subject to certain limits.
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2012 and beyond: key measures for business
With the economic outlook remaining gloomy, many business owners will be wondering what lies in store for 2012. Here we look at some of the key measures that have recently been unveiled in a bid to stimulate growth, encourage investment and reduce the burden on businesses.
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Could your business benefit from R&D relief?
Corporation tax relief is available on research and development (R&D) revenue expenditure at varying rates. Recent changes to the relief, together with reforms planned for 2012, mean that this may be an attractive benefit for many small and medium-sized enterprises.
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Pension reform - are you ready?
Between 2012 and 2016 employers will be required to automatically enrol eligible workers into a qualifying pension scheme.
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Extracting Income from a family company
When determining the most tax-efficient way to extract funds from a family company, there are a number of factors that need to be considered.
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Budget Report 23 March 2011
This Report, which was written immediately after the Chancellor of the Exchequer delivered his Budget Speech, is intended to provide an overview of the latest announcements and recent measures most likely to affect you or your business.
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Capital allowances: timing the relief
The Coalition Government has announced that it plans to reduce the Annual Investment Allowance to just £25,000 in April 2012, meaning the timing of qualifying purchases is now a crucial consideration. Find out more in our Winter 2010 edition of Business Matters.
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The new capital gains tax regime
The 2010 Emergency Budget saw the introduction of key changes to the capital gains tax regime. Learn more about the impact this may have in our Autumn 2010 Business Matters newsletter.
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The Companies Act 2006
On 1 October 2009 the final sections of the Companies Act 2006 come into force. The main features of the changes are detailed within the September issue of Business Matters.
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Marketing your business in a downturn
During times of economic difficulty, the marketing budget is often one of the first casualties. However, in a recession it is more important than ever to promote awareness of your business, protect your existing customer base and to be well-positioned when the economy picks up.
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How to claim Tax and Donations
Using the Gift Aid Scheme to make charitable donations can both benefit the charity you give to, whilst also saving you tax.
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Pre-Budget Report 2007
Following a politically turbulent week, Chancellor Alistair Darling has presented his first Pre-Budget Report to the House of Commons.
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How will the Budget affect you?
This Report, which was written immediately after the Chancellor of the Exchequer delivered his Budget Speech, is intended to provide an overview of the latest announcements and recent measures most likely to affect you or your business.
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Pre-Budget Report 2007
Following a politically turbulent week, Chancellor Alistair Darling has presented his first Pre-Budget Report to the House of Commons.
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Making a loss? Take action now...
Remaining profitable in the current economic climate can be difficult, particularly for small and medium-sized enterprises. Indeed, if sales have slipped and your commodity costs have risen, you may have a trading loss in the current period.
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When the taxman comes knocking...
A very small percentage of Tax Returns are selected for full enquiry on a random basis. However, while being subject to an enquiry by HM Revenue and Customs (HMRC) can be unsettling, there is no need to panic! Here are some tips for surviving a tax enquiry.
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Entrepreneurs' Relief: do you stand to benefit?
Following some intense lobbying and debate, the controversial reforms to the capital gains tax (CGT) regime finally came into force on 6 April 2008.
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How to claim Tax and Donations
Using the Gift Aid Scheme to make charitable donations can both benefit the charity you give to, whilst also saving you tax.
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Pre-Budget Report 2007
Following a politically turbulent week, Chancellor Alistair Darling has presented his first Pre-Budget Report to the House of Commons.
To download the full article
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Investing in a new business: is a loan or shareholding best?
If you are asked to invest in a new business, you may be faced with the choice of providing a loan to the new shares where the business is to be run through a company.
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Looking behind the income tax cut
Gordon Brown may have intended his last Budget to be remembered for the dramatic cut in the basic rate of income tax from 22% to 20%, but what does the headline-grabbing measure really mean?
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How to cut your tax bill
The end of a tax year is always a good time to look at tax saving ideas. Don't leave your plans to the last moment - it may be too late. Sometimes the law changes on Budget Day itself.
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How to save inheritance tax
Inheritance tax (IHT) is in the news. This tax has achieved something of a celebrity status and politicians of all hues and shades have pronounced on its future - some calling for its abolition and others calling for radical reform.
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Staff suggestions: a rewarding idea?
It is often said that your staff are your most valuable assets, and indeed your long-serving employees may know as much about your business as you do. So why not take advantage of that knowledge, and some tax breaks, to improve your profits?
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