On 1st April 2016 the National Living Wage (NLW) will be introduced across the UK. The new rate will be initially set at £7.20 per hour for people aged 25 and over, which is 50p higher than the current National Minimum Wage (NMW). The plans for the introduction were announced last year in the Summer Budget and have since been evaluated and finalised. Continue reading “Preparing for wage increases” »

Small and micro sized businesses are of vital significance to the British economy. As a consequence, they are encouraged and supported to a high level. The success of this support can be seen in the number of new businesses of this nature being formed each year. Over the course of the last few years there have been huge annual increases in the number of new businesses registered, with a record level of just over 600,000 being set in 2015. This figure is even more remarkable when you consider just how many potential barriers there are to prevent new business ideas from getting off the ground. Continue reading “Advice and support for your new business venture” »

It is widely known that the deadline for HMRC self assessment tax submissions is 31 January. A somewhat less well known deadline related to this is the one set for Friday 29 January 2016. This is for submissions to the Finance Bill Sub-Committee in relation to the provisions of the Finance Bill 2016 to establish a permanent Office of Tax Simplification. Although most people who submit tax returns would not be expected to know about this deadline, it is important for tax payers, as it could lead to significant changes going forward. Continue reading “Keeping up to date with the Finance Bill 2016” »

There are various tax reliefs available for certain kinds of businesses, but in many cases directors are not taking full advantage of these reliefs as they are not aware that they exist or think the process will be too complex. If the work done at your company involves some form of technological or scientific research and development, you may qualify for R&D tax relief on your expenditures. Continue reading “Tax relief for research and development” »

If you operate a small business, it is a good idea to review and refresh your business goals with the arrival of every New Year. There are several possible ways to do this. Continue reading “Shift focus from financial goals to new business incentives” »

The end of 2015 saw a record number of people submit their self assessment tax returns online. HMRC reports that almost 25,000 people returned their forms on New Year’s Eve, a 2.8% increase on the same day in 2014. Perhaps more surprising is the statistic that 2,044 people returned their forms on Christmas Day. This too was a rise on 2014 figures with 13% growth. Boxing Day also saw 5,402 submissions. These numbers show that many people chose to use the festive period to get their finances in order before the start of 2016. It is also a good indication of the increased accessibility the online submission service offers. Continue reading “Record numbers of self assessments submitted at the end of 2015” »

On April 6th 2016, new rates will be introduced for income tax to be charged on the dividends earned by UK residents. The new rates will stand at: Continue reading “Changes to dividend income taxes and allowances” »

Many small to medium sized enterprises have been concerned since George Osborne indicated in his 2015 Autumn Statement that self-employed taxpayers and SMEs may be required to submit quarterly returns in the future. Soon after the Chancellor’s announcement, an online petition was created by UK small business owner Paul Johnson to tackle the possibility of enforced quarterly tax returns by the HMRC. Continue reading “SMEs will not have to file quarterly tax returns” »

The start of a new year is traditionally time for us to commit to a new beginning. For quite a number of people, January is the month they either launch a new business or rejuvenate the focus of their existing one. In all cases, the best piece of advice we could give is for company directors to start as they mean to go on. A key factor to arrange as soon as possible is correct, accurate and professional book keeping. Continue reading “Get the best for your business with professional book keeping” »

The National Minimum Wage Act was unveiled in 1998 and came into effect in April 1999. The idea behind it was to protect employees on low wages and ensure they got paid a suitable amount for the work they do. The rate is set each year by the Low Pay Commission (LPC). Continue reading “Enforcing national minimum wage rates” »