If your business only uses one property and that property has a rateable value of less than £12,000, you may be due a Business Rates refund if you have not already claimed small business rate relief. You may also be eligible for a refund if you have taken on new premises in the past year,… Read more…

Academics from the Bucharest University of Economic Studies and the International Federation of Accountants have found a strong link between a firm having a good relationship with its accountants and its overall performance after examining more than 90 studies. Amongst the studies they examined was Australian research into the relationships between SMEs and their accountants… Read more…

With the confusion and uncertainty of the last few months it is easy to forget the upcoming changes to the buy-to-let sector. Landlords who own residential properties as a private individual can currently claim income tax relief on the total cost of finance on those properties, such as interest on mortgages and loans. However, under… Read more…

A new survey by the British Chambers of Commerce (BCC) has revealed a staggering lack of knowledge about alternative finance options amongst businesses. The BCC survey of 1,000 businesses has shown that, while 93 per cent of firms were familiar with traditional bank overdrafts, only 19 per cent were aware of newer mezzanine finance options.… Read more…

HM Revenue & Customs (HMRC) has announced that it is making changes to the deduction of student loan repayments from employees’ pay with the introduction of two types of student loan. These have been referred to as plan one and plan two and relate to each individual employee’s student loan arrangements. These new changes will… Read more…

In May we reported concerns that changes to the rules on Entrepreneurs’ Relief would lead to retrospective taxation. The Government now appears to have taken note of these concerns and amended the Finance Bill 2016 to remove the possibility of retrospective taxation – at least in some circumstances. Entrepreneurs’ Relief was introduced by the Treasury… Read more…

The Financial Secretary to the Treasury, David Gauke MP, has confirmed in a letter to the Treasury Select Committee that HM Revenue & Customs plans to require businesses to make quarterly tax returns using “designated software packages” as part of its Making Tax Digital (MTD) initiative. Previously, it was understood that businesses would be able… Read more…

The Small Business, Enterprise and Employment Act 2015 provided for a range of measures which will affect the information you give to Companies House. A number of the more significant measures in the Act came into effect on 30 June. These include the introduction of confirmation statements, the requirement for information on people with significant… Read more…

On 23 June 2016 the UK public spoke and decided to take the country out of the EU. As the UK begins the process of leaving the EU, many businesses will be wondering what is around the corner.  The first thing is that the UK is unlikely to leave the EU within the next two… Read more…

From 6 April 2016, the annual Rent a Room limit increased from £4,250 to £7,500 for the 2016/17 tax year. The Rent a Room scheme allows owner occupiers and tenants to receive tax-free rental income if they provide furnished accommodation in their main home. Automatic exemption from rental income occurs if the gross receipts are… Read more…