The creation of new business taxes risks undermining the economic recovery, the Confederation of British Industry (CBI) has warned. The CBI said the Apprenticeship Levy (AL), National Living Wage (NLW) and the growing burden of business rates amounted to a £29 billion raid on companies over the next five years. Speaking during their Budget submission,… Read more…
A study by Hitachi Capital Finance has revealed that the UK’s small businesses can expect three tough periods in 2016 when cashflow will be restricted. According to their report, which has been put together using data from its small business customers, April, July and October are likely to be lean months where cash reserves are… Read more…
Dividends have been a very tax-efficient way of making savings in National Insurance Contributions (NIC) and Income Tax contributions for a number of years, with many business owners and shareholders choosing a smaller salary, plus an additional remuneration package paid as dividends. However, this is all set to change from next month as the income… Read more…
Some of the UK’s biggest companies are said to be preparing to impose a £10,000 a year cap on workplace pension contributions; a sharp reduction from the current £40,000 annual allowance. Employers that hire tens of thousands of staff are apparently looking to apply a blanket £10,000 limit on what can be paid into a… Read more…
The buy-to-let market is set to change following Chancellor George Osborne’s announcement last November that landlords would pay a three per cent Stamp Duty Land Tax (SDLT) surcharge, with effect from 1 April 2016. In addition, mortgage interest tax relief changes, due to be phased in from April 2017, will mean thousands of buy-to-let landlords… Read more…
According to a report called The New Internationals from commercial insurer RSA, the UK’s SMEs are EU-dependent, with 82 per cent seeing European markets as important to their future growth. Some 52 per cent say it is very important whilst 24 per cent describe themselves as a European business. More than half (56 per cent)… Read more…
From 6 April 2016, the Small Business, Enterprise & Employment Act 2015 is introducing new rules on identifying and recording who owns and controls UK companies and LLPs. These entities will have to collect and keep information about people with significant control over them (PSCs). This includes those who own or control – either directly… Read more…
Do you know your Staging Date? You may already be aware of the term ‘auto-enrolment’ – the automatic enrolment of employees into workplace pension schemes. If not, you need to know that auto-enrolment has already begun and, by 2018, every UK employer will need to provide this facility for employees. Finding out… Read more…
From April 2016 the way in which tax is applied to dividends will see substantial changes. Dividends, formerly the tax-friendly alternative to salary, will bring new tax liabilities – potentially leaving you with higher tax bills. Under these new reforms, the Dividend Tax Credit will be abolished in April 2016 and a new Dividend Tax… Read more…
The Government has considered responses to questions posed on the audit exemption threshold in its discussion paper on the implementation of the Audit Directive (2014/56/EU) and the Audit Regulation (Regulation 537/2014) and raised the audit exemption threshold. This means that companies with a turnover up to £10.2 million, a balance sheet total of up to… Read more…
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