Budget 2016: Impact on Individuals
Yesterday, Wednesday 16 March 2016, Chancellor of the Exchequer George Osborne delivered his eighth full Budget to the House of Commons since the Conservatives came into power in 2010; his second since the party’s majority win in May of last year.
Below we’ve summarised the key talking points from Budget 2016 for individuals. You’ll note what the Guardian call a number of “voter-wooing measures”…
3 Ways to Make Tax Efficient Charitable Donations
We all want to receive greater tax efficiency out of our charitable giving; both for the charity, and for us. There are three main ways in which you can make tax efficient charitable donations with either you or them being able to claim tax relief on your donation, these being when you:
declare (using an appropriate…
Ban on Anti-Invoice Finance Terms in Work Contracts
From next year (2016) small and micro-businesses across the country will have a new option for growing their business and improving their cash flow thanks to a decision by The Department for Business, Innovations, and Skills (BIS) to allow small business owners the right to secure finance against money owed to them through invoices for all working contracts.
This decision was made possible due…
SME Taxes You Should Know About
If you’re a small or medium-sized business (SME) owner there are a few taxes that you should know about in order to stay on top of what you owe.
Though not all of the below taxes will apply to your current tax situation, it’s helpful to be aware of all that may show up during the lifespan of your business to make sure you’re not taken by surprise. If you’re not yet working with an accountant you…
How to Minimise Late Payments
As a small or medium-sized business (SME) owner it’s essential that you’re paid on time by your customers, as having strong cash flow; payments coming into your business on a regular and timely basis; is absolutely essential to the success of your company, especially in the beginning.
Late payments are a natural part of doing business, but this doesn’t mean they can’t be minimised when you take…
Claiming R&D Relief is Now Faster and Easier
The new Research and Development (R&D) plan, which came into effect last month, has been designed to simplify the process of R&D relief claims for small and medium-sized businesses, while making an effort to increase awareness of the relief among small business owners who are already investing in this area.
With the new Research and Development (R&D) plan the government have handed a…
Expanding Your Small Business Overseas?
If you’re a small business owner wondering about the potential of doing business overseas, you’ll be pleased to hear that this is something the government are currently trying to get behind as a part of their ‘Business is Great Britain’ campaign:
“Businesses who choose to sell overseas become 34% more productive in their first year while those already selling overseas achieve 59% faster…
Tax Tips and News for 2016
This issue … Making Tax Digital: Launch of PTAs; VAT Partial Exemption Changes Following Le Credit Lyonnais; 2016 Fuel and Van Benefit Rates Set; Introducing Innovative Finance ISAs; January Questions and Answers; January Key Tax Dates
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As part of a £1.3bn investment to transform HMRC into one of…
Britain’s SMEs Lack Effective Leadership & Management Skills
Do you lack effective leadership & management skills?
According to the recent Growing Your Small Business report by the Chartered Management Institute (CMI), shortfalls in effective leadership and business management skills are holding back the growth and productivity of Britain’s SMEs.
The report, which was launched last month at the House of Commons, focused on the importance of SME…
New Dividend Allowance to Replace Dividend Tax Credit
From April 2016, a new Dividend Allowance is due to replace the current Dividend Tax Credit, with the headline rates of dividend tax due to change as a result.
Available to anyone with a dividend income, Chancellor of the Exchequer George Osborne announced in July’s emergency (summer) Budget that the new Dividend Allowance will allow you to earn £5,000 of dividend income, tax free, with you…