Quarter of Government’s Procurement Budget Spent on SMEs

There’s never been a better time to start a small business, with new Government data showing that a quarter of the country’s procurement budget for tax year 2013-14 was spent on small and medium-sized enterprises (SMEs). Announced in Parliament by Minister for the Cabinet Office Francis Maude, the £11.4 billion spending total, 26.1% of the Government’s procurement budget for that year,…

Understanding The Small Business, Enterprise and Employment Act

First announced on 4 June 2014, and billed as a way to help make the United Kingdom be seen as a trusted, attractive, and fair country in which to do business, the Small Business, Enterprise and Employment Act (SBEE) finally came into law last month. If you have questions about how this will affect your small business, read on for a brief summary of the key changes. Defined by Business…

Budget 2015: Key Takeaways for SMEs

Today, Wednesday 18 March 2014, Chancellor George Osborne delivered his fifth full Budget to the House of Commons since the Conservatives came into power; Mr Osborne’s last before May’s upcoming General Election. Below we’ve summarised the key talking points from Budget 2015 for small and medium-sized businesses (SMEs):Read more

Types of Business Financing

Business financing comes in many forms.  The types of business financing you need at any one moment depend on a variety of factors, including the amount of money you’re looking to borrow, whether you’re prepared to provide personal assets (such as your home) as security, and whether you’re comfortable with the prospect of selling shares in your company. Below we’ve detailed seven of the most…

How to Save Money on Your Self-Assessment Tax Return

The new year is now well underway, which can mean only one thing for self-employed small (and medium-sized) business owners; it’s time to finally get around to submitting your self-assessment tax return. Your 2013-14 self-assessment tax return is due at midnight on 31 January 2015, as is your final payment of any tax due. There are dozens of ways to save money on your tax return year after…

Autumn Statement 2014: Key Points for Individuals and Small Business Owners

Today Chancellor of the Exchequer George Osborne delivered his annual Autumn Statement before members of parliament in the House of Commons; the last before next year’s General Election. In keeping with previous years the Chancellor’s Statement covered a wide range of topics. Below we’ve concentrated on key points from this year’s Autumn Statement that directly affect the financial situation…

Tax Tips and News for December 2014

This issue … Autumn Statement 2014 Summary, Property Taxes, Employers, Business Taxes, Individuals, Tax Favoured Investments, Capital Taxes Welcome to the 3rd December 2014 Autumn Statement edition of Tax Tips & News. In this analysis we have mainly concentrated on the tax measures that will directly affect individuals, employers and small businesses. Autumn Statement 2014 Summary…

New Tax Treatment of Workers Supplied via UK Agencies

Earlier this year HMRC published detailed guidance on the (then) upcoming changes in the tax treatment of workers supplied through UK agencies, employment businesses, or other intermediaries. These new rules, which came into effect on 6 April 2014, were brought about due to changes made in Finance Bill 2014, and they only affect workers who have in the past been provided to their end clients…

Tax Tips and News for November 2014

This issue … Pensions Death Tax, Taskforce at Large, National Insurance Contributions, Mini One Stop Shop (MOSS), November Questions and Answers, November Key Tax Dates Pensions Death Tax Currently, if you die before you have started to draw your pension, the value of your pension fund will not usually be subject to inheritance tax (IHT) at 40%, as it is excluded from your estate. However,…

Tax Tips and News for October 2014

This issue … Creating Extra Cash-flow, Understanding the CIS, VAT on International Services, Scottish Taxes, October Questions and Answers, October Key Tax Dates Creating Extra Cash-flow Could your creative company benefit from a boost to its cash flow? If it produces computer games, films, high-end TV or animation programmes, it may qualify for a new payable tax credit. All of these…