News and Events

PM urges small firms to make most of support

Prime Minister David Cameron has urged the UK’s 4.9 million small businesses to take advantage of measures that could save them up to £10,000 each a year. Speaking at a Federation of Small Businesses event on 27 January, Mr Cameron highlighted government support including: a £1.1 billion package of business rates measures, with extra relief for small businesses through the extended doubling of Small Business Read more…

Avoid a Potential 55% Tax Charge on Your Pension Savings

Time is running out for individuals who have substantial pension pots to make a decision to protect their pension savings because the lifetime allowance is being cut from 6 April 2014. The lifetime allowance is an overall limit on the amount of tax relieved pension savings that an individual can build up over their life.  A tax charge applies to pension savings above the lifetime Read more…

Accountants ‘vital’ to help SMEs grow

A leading accountancy body has highlighted the “vital” role accountants can play in the different stages of development of small and medium-sized enterprises. A report by the Association of Chartered Certified Accountants (ACCA) says that small businesses with well-developed finance teams achieve faster, more sustainable growth for longer and are better able to attract finance for development. Rosana Mirkovic, the ACCA’s head of SME policy, Read more…

Self Assessment set for paperless future

HM Revenue & Customs (HMRC) is considering responses to a consultation on plans for upgrading its Self Assessment (SA) Online service to provide what it calls “a complete end-to-end digital experience for customers”. The consultation, which ran from 27 November to 27 December, formed part of plans to reduce the level of paper communication received by taxpayers registered to HMRC’s SA Online service by using Read more…

New electronic ‘nudge’ on PAYE

A new electronic reminder designed to help employers stay up-to-date with their Pay As You Earn (PAYE) payments has been introduced by HM Revenue & Customs (HMRC). HMRC said the message would tell the employer that they appeared not to have made full payment of their PAYE on time and remind them that they must do so in future. The message follows the introduction of Read more…

‘Sensitive’ business names list reduced

A list of sensitive names that required approval before a new business could be registered has been cut by a third. The Department for Business, Innovation & Skills said businesses that want to use words such as ‘Authority’, ‘Board’, ‘European’, ‘Group’, ‘International’ and ‘National’ will no longer have to gain prior approval from Companies House.  The Welsh and Gaelic equivalents of the words have also Read more…

SMEs get Autumn Statement support

Small and medium-sized enterprises (SMEs) featured heavily in Chancellor George Osborne’s Autumn Statement on December 5, with the announcement of support measures including help with business rates. Subsequent to the statement, the £1 billion government-funded Start Up Loans scheme has received a further £250 million in funding in a bid to help SMEs benefit from the economic recovery. The Start Up Loans scheme is one Read more…

Research & Development Expenditure

Qualifying revenue expenditure, known as research and development expenditure (R&D) attracts a corporate tax deduction of 225% from 1st April 2012 for enterprises which are classified as small and medium sized enterprises (SME). If the company is not yet trading then the amount being claimed can be treated as a trading loss. Alternatively, where the company has a loss for the relevant period, it may Read more…

VAT rule changes to broadcasting, telecommunications and e-services from 1 January 2015

Effective from 1 January 2015, alterations to the European Union (EU) VAT place of supply will affect businesses who provide broadcasting, telecommunications and e-services to consumers, as they will be required to keep records about the variety of electronic services they supply, to whom they supply them to and to where they are supplied. Businesses that may be affected by these changes are encouraged to Read more…

Cable launches investment campaign to help small firms grow

Business Secretary Vince Cable has launched a funding campaign in a bid to help the UK’s some 4.9 million small firms to develop. Earlier this month, Mr Cable unveiled the first ‘funding allocation’ from the British Business Bank’s investment programme, which is designed to supply debt finance to small businesses. The first £45 million of subsidy is to be divided between two private investment firms: Read more…