Author Archives: Anna Cummings

Comments Off on Firms banned from Charging Credit Card Fees

Firms banned from Charging Credit Card Fees

Firms banned from Charging Credit Card Fees

Retailers and businesses are no longer able to charge consumers extra for using a credit card to pay for goods or services. Interchange fees charged by firms on people who paid by credit card were banned on 13 January 2018 on the back of a widespread piece of EU legislation. Some were previously surcharging consumers … Continued

Comments Off on Fraudsters Target over-65s in gift card Tax Scam

Fraudsters Target over-65s in gift card Tax Scam

Fraudsters Target over-65s in gift card Tax Scam

Vulnerable and elderly people are being told they owe large amounts of tax which they can only pay off through digital vouchers and gift cards. HMRC has issued a warning over fraudsters who are preying on victims by cold-calling them and impersonating members of staff from the Revenue. Figures from Action Fraud, the national fraud … Continued

Comments Off on Most small Businesses are not ready for Digital Accounts

Most small Businesses are not ready for Digital Accounts

Most small Businesses are not ready for Digital Accounts

The overwhelming majority of business owners and landlords remain in the dark over making tax digital (MTD), government research shows. Ipsos Mori polled 2,900 small businesses and landlords on behalf of HMRC and found that 71% were unaware of the requirement to submit quarterly updates to the taxman. A further 13% had heard of the … Continued

Comments Off on Government moves to scrap Controversial ‘Staircase Tax’

Government moves to scrap Controversial ‘Staircase Tax’

Government moves to scrap Controversial ‘Staircase Tax’

The government has started the process to reverse the so-called ‘staircase tax’ to ease the pressure on Small businesses. Communities secretary Sajid Javid published draft legislation, which stands to benefit thousands of small business owners, to abolish the measure. The loophole was first introduced after the Supreme Court ruled that an office spread over more … Continued

Comments Off on Disincorporation Relief to End in March 2018

Disincorporation Relief to End in March 2018

Disincorporation Relief to End in March 2018

Disincorporation relief will not be extended beyond its 31 March 2018 expiry date. The relief was introduced in April 2013 in a bid to remove the tax burdens when small business owners want to change from a limited company to a sole trader or partnership. It allows companies to transfer certain assets, such as land, … Continued

Comments Off on Merseyside Based BNI Chapters Offer Free Seat For Local Charities

Merseyside Based BNI Chapters Offer Free Seat For Local Charities

Merseyside Based BNI Chapters Offer Free Seat For Local Charities

BNI (Business Network International) is a highly successful business networking referral organisation. They have over 12,500 members in the UK and Ireland alone, passing over 676,000 referrals worth over £497 million every year.  Importantly BNI allows only one representative from each trade or profession to join any BNI group (or chapter as the groups known). … Continued

Comments Off on Full Autumn Budget 2017 reaction

Full Autumn Budget 2017 reaction

Full Autumn Budget 2017 reaction

Chancellor Philip Hammond unveiled plans for the fund in his Autumn Budget and added half the fund will be ringfenced for the six city regions that elected Metro Mayors this year, including Liverpool. The other half well be open to applications from cities across the UK, Mr Hammond said. He also announced a £28m ‘Housing … Continued

Comments Off on Chancellor Freezes VAT Threshold Until 2020

Chancellor Freezes VAT Threshold Until 2020

Chancellor Freezes VAT Threshold Until 2020

.Small businesses breathed a collective sigh of relief when chancellor Philip Hammond resisted calls to lower the VAT registration threshold in Autumn Budget 2017. The Office of Tax Simplification (OTS) made eight core recommendations for the government to clarify the VAT system ahead of the chancellor’s speech on 22 November 2017. It called the current … Continued

Comments Off on Claims For R&D Tax Credits Hit Record High

Claims For R&D Tax Credits Hit Record High

Claims For R&D Tax Credits Hit Record High

Research and development (R&D) tax credit claims by small businesses climbed to £1.345 billion in 2015/16, according to HMRC. The revenue recently released R&D data for the previous financial year that shows claims increased from £1 billion in 2014/15 to hit another record high last year. The total number of claims for R&D credits in … Continued

Comments Off on Personal Allowance and Higher Rate Limit Increased

Personal Allowance and Higher Rate Limit Increased

Personal Allowance and Higher Rate Limit Increased

The Chancellor reminded us that the government are committed to increasing the personal allowance to £12,500 in 2020 and the higher rate tax threshold to £50,000.However,the personal allowance for 2018/19 was only increased in line with inflation to £11,850 and the higher rate threshold to £46,350. Note that up to 10% of the personal allowance … Continued