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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

Comments Off on Autumn Budget 2017 Round-Up

Autumn Budget 2017 Round-Up

Autumn Budget 2017 Round-Up

A range of measures designed to boost business and productivity were announced in Autumn Budget 2017. Amid a background of discontent surrounding business rates, chancellor Philip Hammond revealed future increases will be determined by the Consumer Prices Index measure of inflation from April 2018. The measure comes into effect two years earlier than originally planned … Continued

Comments Off on Treasury Delays Abolishment of Class 2 National Insurance

Treasury Delays Abolishment of Class 2 National Insurance

Treasury Delays Abolishment of Class 2 National Insurance

Chancellor Philip Hammond has delayed the decision to abolish class 2 national insurance contributions (NICs) by 12 months. The policy, which was first announced by Hammond’s predecessor George Osborne in 2016, would have seen class 2 NICs incorporated in reformed class 4 NICs from April 2018. Self-employed workers earning less than £6,025 in 2017/18 can … Continued

Comments Off on Company car advisory fuel rates from 1 December 2017

Company car advisory fuel rates from 1 December 2017

Company car advisory fuel rates from 1 December 2017

HMRC has published revised advisory fuel rates for company cars, applying from 1 September 2017. The rates are to be used only where employers either reimburse employees for business travel in their company cars, or require employees to repay the cost of fuel used for private travel. These rates apply from 1 December 2017. You … Continued

Comments Off on Number of Businesses Soars to 5.7m

Number of Businesses Soars to 5.7m

Number of Businesses Soars to 5.7m

The number of private sector businesses in the UK hit a record high of 5.7 million at the start of 2017, according to government figures. Annual statistics from the Department for Business, Industry, Energy and Strategy showed a year-on-year rise of 197,000, compared to the same time in 2016. The number of firms in 2017 … Continued