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Insider March

1 March 2012

Insider March

Welcome to your March newsletter. This month we are getting ready for the Chancellor to announce the Budget on the 21st, and while we are not expecting many groundbreaking announcements, there may be changes that will affect you and your business. As always we are here to offer guidance and support so please contact us to find out how we can help. Meanwhile, as Real Time Information edges closer, now is the time to clean up your payroll data, and we weigh up the advantages and disadvantages of taking a salary or dividend.

Economic Update

31 January 2012

Economic Update

If there is one topic that continues to dominate the airwaves and the thoughts of many it is the economy – what will happen this year? What impact will result from the woes of other countries? Here we take a look at some of the factors that continue to impact our marketplace.

Capital Allowances

31 January 2012

Capital Allowances

What is a capital allowance? If you buy an asset to use in your business that has a life of more than two years, you may not be able to deduct the whole cost from that year’s profits. Instead you may get tax relief over several years as capital allowances.

Insider February

31 January 2012

Insider February

Welcome to your February newsletter. The new year is well underway, and so too are HMRC's tax avoidance initiatives. This month we give you some tips on keeping your records in order, as HMRC's Business Record Checks loom. Meanwhile, the countdown to the end of the tax year has begun, and you may want to make sure you have made the most of your tax efficient allowances; we give you a round-up in Your Money.

Insider January

1 January 2012

Insider January

A new year often signals new beginnings, new plans and commitments. As the economy continues to splutter amid whispers of a double dip recession, it is vital to review your current situation and plans for the future. How satisfied are you with your financial plans? Is your business on track? Are you happy with your inheritance tax plans? This month we give you some pointers on areas you may wish to re-visit when planning for the year ahead.

HR Winter Quaterly Update

24 December 2011

HR Winter Quaterly Update

MANAGING STAFF THROUGH TOUGH TIMES It’s been a tough few years for most businesses and it seems that 2012 will see even greater challenges if economic forecasts are to be believed. The natural instinct is to drive the business onward and upward - expecting those that work for us to do the same. The tendency is to put plans and processes in place to ensure efficiency; to become more stringent about absences and what staff do within work time; and to become more target focussed. All of this is perfectly understandable and appropriate – after all the people in the business all need to be paid for the work they do.

Finance Bill Draft Clauses

23 December 2011

Finance Bill Draft Clauses

As promised, the Government has published the draft clauses of the Finance Bill 2012 three months prior to the Budget on 21 March 2012. The clauses are intended for consultation until 10 February 2012. Many of these provisions had been pre-announced in the 2011 Budget, but there were still a few surprises.

Autumn Statement 2011

30 November 2011

Autumn Statement 2011

This report gives a concise summary of the announcements made in the Autumn Statement on 29 November 2011 by George Osborne, Chancellor of the Exchequer.

Passing on a Family Business

28 November 2011

Passing on a Family Business

With ‘baby boomers’ now attaining state retirement age there is an increasing number of family businesses that will be handing over the reins in the ensuring years. Research carried out on behalf of the Institute for Family Business (IFB) found that only 30 per cent of leading UK businesses that were family controlled in 1996 were in the same hands a decade later. Of the others, 42 per cent were taken over, and family control had been conceded in 28 per cent through a dilution of hereditary shareholding. This means that British firms have been passing out of family control at twice the rate than elsewhere in Europe.

Flexible Working

27 November 2011

Flexible Working

Flexible working: a smarter way to run a business? What is flexible working? A number of surveys have revealed that more than 95 per cent of workers relate flexible working to having the ability to adapt their way of working, to suit both the employee and the employer.

Insider December

26 November 2011

Insider December

The end of the year is fast approaching, and as it does, we know that the tax year end is just around the corner. We provide you with some end of year tax planning pointers to help you to minimise your tax liability. Meanwhile, as Christmas creeps up, we take a look at the limits for Christmas shopping in non-EU countries, and the benefits of charitable giving at Christmas.

UK Residence

30 October 2011

UK Residence

UK Residence – new statutory test proposed from April 2012. It surprises many people arriving in the UK, or leaving to go abroad, that UK tax residence status is not currently defined by legislation, but hinges on the interpretations of various legal cases, most of which happened decades ago when life was very different. There is also H M Revenue and Customs (HMRC) published advice which has no legal status. Indeed, HMRC has even argued against a taxpayer, who relied on their published advice, and won! According to a recent Treasury report, residence is 'vague, complicated and perceived to be subjective'. It is not the same as the definition of residence for immigration or national insurance or other parts of UK law.

Effective Sales Planning

29 October 2011

Effective Sales Planning

The ability to predict realistic sales levels is essential for a business. Not only does it enable you to identify and deal with any possible cashflow issues, it also makes it easier to plan for growth, to exploit openings in the market, and to manage operations and production. A sales forecast provides a business with just such a capability. It sets out the level of sales that a business can reasonably – a key word, here – expect to achieve.

Insider November

28 October 2011

Insider November

This month will see the Chancellor deliver his Autumn Statement in response to the latest economic and fiscal outlook report from the Office for Budget Responsibility (OBR).

Insider October

27 September 2011

Insider October

Autumn is beginning to set in, and so too are growing fears over the UK economy. Interest rates remain at record lows, inflation remains much higher than forecast, and growth forecasts are being rewritten. At times like these it is more important than ever to make sure you stay on top of your finances. This month's Insider brings you  updates, as well as ideas that you may want to consider during times of economic instability.

Does the Bribery Act Affect You?

27 September 2011

Does the Bribery Act Affect You?

The Bribery Act 2010 came into force on the 1st July 2011 making it a criminal offence for an individual or commercial organisation to offer or receive a bribe to bring about or reward the improper performance of a function or activity.

Successful Retirement Planning

26 September 2011

Successful Retirement Planning

Many people spend time thinking about what retirement might look like financially, and this is particularly important now, especially given the current state of the markets, the economy and interest rates.

Tax and your company

29 August 2011

Tax and your company

Tax and your company: the year ahead Managing a company always presents challenges, and the forthcoming year while offering opportunity to some business owners will be challenging for many as we face continued public sector cuts and tax increases. Financing and cash flow are already proving difficult for many businesses, even some of those benefitting from a growing market share. Don’t let tax become another problem this year. Stay ahead of developments, and make sure you seek our professional advice. Over the page are some of the issues directors and company owners should know about.

Safeguarding your estate

28 August 2011

Safeguarding your estate

That you should leave something behind for loved ones is a gratifying thought, whatever the size of your estate. If your assets exceed £325,000 (including any gifts you have made in your last seven years), your legacy could be diminished by a 40% tax liability. Estate planning means your family will receive a larger share of your estate. The incidence of estate taxes necessitates careful planning, so due care, attention and execution of your plans is essential. Did you know that it is expected that only 2% of estates this year will have liability to IHT. Plan with us to ensure that your liability is minimised.

Insider September 2011

27 August 2011

Insider September 2011

Turbulence everywhere The ongoing concern with regard to the national debt crisis in Europe and America continues to reverberate. The escalation of debt during the past twenty or more years finally appears to be coming home to roost. With markets at the beginning of last month in freefall the possibility of a double dip recession has again been highlighted. We know many clients that feel we never actually exited the last recession as some businesses have stagnated and sadly, others have not been able to survive.

Insider August 2011

27 July 2011

Insider August 2011

Tax reconciliation process on its way HM Revenue and Customs (HMRC) has embarked on its latest checks that employers have been deducting the right amounts of tax from their workers. Preliminary estimates suggest that up to 4.7 million people may have paid incorrect amounts of tax for the year 2010/11.

The Bribery Act

26 July 2011

The Bribery Act

New laws aimed at cracking down on business bribery have come on stream. The Bribery Act, which took effect as from 1 July 2011, has been designed to update legislation in some cases dating back as far as 1889 and to bring the UK into line with international laws on tackling corruption.

Tax and Your Business

25 July 2011

Tax and Your Business

This 2011/12 guide is intended to help you and your [unincorporated] business tax planning Don’t miss out on tax planning opportunities. Planning for the year ahead will benefit your business. Tax is payable by an unincorporated business at income tax rates from 20 to 50 per cent. In addition there is a liability to class 4 national insurance which is taxed at a rate of 9 per cent on taxable profits from £7,225 to £42,475 and thereafter at a rate of 2 per cent without limit.

Insider July 2011

29 June 2011

Insider July 2011

Government launches business fund Encouraging the growth and development of enterprising businesses is a key part of the Government’s plans for re-balancing the economy and spurring recovery. To help improve business access to the sort of finance needed to get new products and services off the ground, the Government has launched its new Business Growth Fund (BGF). The fund has been set up to help SMEs with an annual turnover of between £10 million and £100 million. It has available funds of up to £2.5 billion, and is backed by a number of leading banks.

Minimising Personal Tax

28 June 2011

Minimising Personal Tax

“We contend that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle.” Winston Churchill No one wishes to pay more tax than is necessary and good tax planning is an essential component in personal financial planning. Every individual’s situation is different, and tax rates, allowances and tax legislation change every year. With income tax rates from 20 to 50 per cent the Government is expecting its revenues from income tax to increase by more than 4 per cent. Without personal tax planning, you may pay more than is necessary. Here are some of the key personal tax issues to consider.

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