Currently, making pension contributions is an effective way to reduce tax liabilities – particularly for high earners. Pension contributions currently attract tax relief at up to the highest rate of tax you pay. The government automatically adds 20% of your contribution to your pension. So, for every £800 you pay in, £200 is added to […]
HMRC believes that many smaller businesses are missing out on R&D tax credits that they could be claiming. From our experience with technology and internet businesses we have certainly seen many opportunities for claims where research and development expenditure has been incurred. Some businesses assume, wrongly, that work they are doing to bring innovative solutions […]
If your business is using the flat rate VAT scheme (FRS) you need to be aware of significant changes being introduced from April 2017. HMRC will increase the VAT flat rate to 16.5% across the board where users of the FRS fall into the category of being a ‘limited cost trader’. A limited cost trader […]
Details were recently announced of the £400m Northern Powerhouse Investment Fund. The fund aims to provide capital to support the growth of SMEs across the North of England, at all stages of their development. The funding will be a mix of debt and equity capital available as: Microfinance (£25,000 – £100,000), Business Loans (£100,000 – […]
The DWP recently confirmed the thresholds that will apply to auto enrolment pensions from April 2017. The main qualifying threshold at which employees should be automatically enrolled will be maintained at £10,000 per annum. The lower limit of the qualifying earning band (the amount at which you must start contributing to an employee’s pension) will […]
How often do you look at your company balance sheet? Once a year when it’s time to file accounts? There are plenty of reasons why the balance sheet should be updated each month and reviewed alongside the Profit and Loss account (P&L)Sound and accurate financial data underpins everything you want to do with your business. […]
Before even thinking about the best option for refinancing your business you should take a calm and dispassionate look at why you think it’s necessary. Positive reasons will include an injection of capital to invest in new equipment or premises needed for expansion. Here, you need to be confident that the extra business will generate […]
Recent and planned changes to tax arrangements for second homes and buy to let landlords look set to make the practice much less attractive – at least for higher rate taxpayers. We have already seen increases to Stamp Duty Land Tax (SDLT) for second homes, where an additional 3% is added to each of the […]
New research from The London Institute of Banking and Finance (LIBF) showed that 58 per cent of students aged between 15 and 18 did not receive any form of financial education, according to a report in The Telegraph. Despite personal finance education becoming mandatory in the curriculum it seems it is getting pushed out in […]
Several announcements in the Autumn Statement 2016 will have a predictable and short term impact. These include the following: The National Living Wage will rise to £7.50 from April 2017 The personal tax allowance will be £11,500 from April 2017 As widely predicted, tax savings on salary sacrifice and benefits in kind will be stopped, […]
The Q4 ICAEW UK Business Confidence Monitor (BCM) shows that, despite some good news for exporters, the confidence levels of many UK businesses remains low.Uncertainty is never good for confidence and there are still many unanswered questions about the form and implications of Brexit. Confidence is also affected by the prospect of consumers losing spending […]
As Chancellor Hammond attempts to plug a widening gap in public finances it seems certain that salary sacrifice schemes will be hit in the Autumn Statement. Under these schemes employees forgo some of their salary in return for a benefit, which can be anything from gym membership to a mobile phone. Currently, employees pay no […]
Proposals being considered by HMRC could have a significant impact for companies (and their employees) that offer a choice of a company car or a car allowance. The effects would be particularly severe where users have opted for low emission vehicles. The review is part of the HMRC appraisal of salary sacrifice schemes in general. […]
Disposing of your business is a significant life event. You might be relying on the proceeds to fund a comfortable retirement, or as capital for the next phase of your business career. You may know the approximate timing. Quite likely, you have a figure in mind to fund the future you have planned. But things […]
From early 2017 working parents will be able to apply for the new Tax Free Childcare scheme. For the first time this provides government support for self-employed as well as employed people. Employers will have no direct involvement in Tax Free Childcare but you may well get questions from employees. There will also be implications […]
As I’m sure you know, National Minimum Wage pay rates increased from October 1, 2016. Just for the record here are the increases: Old Rate New Rate 21-24 year olds £6.70 £6.95 18-20 year olds £5.30 £5.55 16-17 year olds £3.87 £4.00 Apprentices £3.30 £3.40 In percentage terms the increases for employees other than apprentices […]
Businesses usually don’t realise there’s a problem with their financial control systems – until there’s a problem. By then it’s too late. Sometimes that can be a major event that puts the future of the business at risk.Take a look at the following real life examples and ask yourself whether you can be 100% confident […]
Any business that has company cars needs to be aware of the new HMRC advisory rates that came into effect on September 1, 2016. The rates are only to be used for employees being reimbursed for business travel using their company car or for employees paying for private mileage in their company car. The old […]
What better way to spend a Saturday in September than running over 10 miles through a muddy obstacle course? September 10 was the date for the 2016 North West Tough Mudder. The Langricks ‘Strength in Numbers’ team were there wading through the mud and tackling 20 obstacles to help raise money for Help for Heroes. […]
The UK hotel industry faces extreme challenges ahead. This seminar aims to equip hoteliers with the knowledge needed to meet these challenges head on. On Wednesday 30th January we will be hosting a seminar at Thorpe Park Hotel & Spa, Leeds. Speakers will include Chris Langrick who will provide key tips on the importance of […]