With the headline on the front page of the Sun this morning ‘Spite Van Man’ followed by a statement that Phillip Hammond has broken the Tory pledge to freeze NI, you could easily believe this to be a shock U-turn in government policy, but in reality there has been a stated intent to simplify National Insurance for quite some time. Continue reading
“The number of private sector businesses that are now incorporated is on the rise. So why do people choose to incorporate? There are certain benefits relating to legalities and limitation of liability, but what are the tax and financial benefits to this?
There is often a misconception that when you are the shareholder and director of a company that all the profits belong to you. You should beware not to fall into this trap. Once incorporated, all the profits belong to the company and tax planning becomes an essential tool to extract this profit for yourself in the most tax efficient manner. Continue reading
More than two-thirds of British adults have provided financial support to their families in some form, according to a September survey from OneFamily. Although one in five said it’s only the older generation who support the younger one, 13% stated that their family supports one another financially across generations and 33% revealed that everyone helps everyone out when needed. Mums are more generous than dads at offering financial support (55% compared to 46%). Sons have been the biggest recipients of help (28%), Continue reading
One of the benefits of being a member of The Corporate Finance Network, the UK’s only network of accountants dedicated to providing advisory services to SME’s, is attending the two conferences each year.
Last week I attended the conference held in Bury, Lancashire. One aim of the conference is to learn what’s new in the world of corporate finance specifically targeted at SME’s. Continue reading
Imagine this scenario; an employee has been invited to attend a disciplinary hearing and has as a result been dismissed, but on subsequent appeal the dismissal has been overturned in favour of a final written warning. However, rather than accept this decision and return to work, the employee has notified you that they will not be returning to work, and instead they intend to claim unfair dismissal.
One element of the 2015 budget, that may or may not have escaped your notice, is the announcement of the HM Revenue and Customs plans for Making Tax Digital (MTD). Unfortunately as the launch date of April 2018 gets closer it is something that all farmers need to know about and prepare for.
Making tax digital is the intention that all businesses will file details of their income and expenditure on a quarterly basis with a final year end declaration made nine months after the year end.
For most farmers this seems to be an almost impossible task, given that the business operates Continue reading
Recent budgets have been relative damp squibs, however buried in the March 2015 edition was a point about introducing a new system that HM Revenue & Customs later labeled “Making Tax Digital” or “MTD”
The government says…
“Making Tax Digital is a key part of the government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs – meaning the end of the annual tax return for millions.” Continue reading