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Active Practice Improving Cashflow

1 June 2015

Active Practice Improving Cashflow

More than any other factor, a business is defined by the balance between the money coming in and the money going out over any period of time. Ideally, the scales should be tipped in favour of the former, but the reality of the business environment is often more complicated. When you start a business, it’s easy to concentrate your efforts into getting sales. Whether you are selling a product or a service, gaining your first order or making your first sale is incredibly exciting. It provides tangible proof that you made the right decision to set up your enterprise. However, as many people discover, making a sale can seem like the easy part. Getting paid for that sale is where problems often start and where cash flow – or rather lack of it – comes in.

Insider June 2015

1 June 2015

Insider June 2015

Deregulation tops small firms' priority list More than half of small business owners want the new Conservative government to prioritise reducing regulation, a survey by the Federation of Small Businesses (FSB) has revealed. The poll of more than 2,300 FSB members found that 53% believe that regulation is the biggest issue to tackle in the next 5 years The top 5 issues identified by small businesses are: • reduction of red tape (53%) • simplification of the tax system (51%) • business rates reform (44%) • develop employability skills of young people (41%) • investment in broadband infrastructure (39%).

Active Practice Setting targets and forecasting

1 May 2015

Active Practice Setting targets and forecasting

A guide to choosing, measuring and using targets in your business As exhilarating as it may be to set off on an adventure without a plan, any explorer, sailor or business owner will tell you that not knowing where you want to go can be a recipe for disaster. Setting targets for your business is not just a question of simply stating where you would like to be in a year’s time. Giving yourself accurate targets to work towards involves knowing how you are performing now and having a good idea of how you will be performing in the future. There is real value in taking some time to make your predictions as accurate as possible.

Insider May 2015

1 May 2015

Insider May 2015

Businesses delay capital investment Almost two thirds of UK businesses generated a cash surplus in the last tax year, according to research by the Institute of Chartered Accountants in England and Wales (ICAEW). The survey of 500 businesses found that 62% made a cash surplus last year while 69% expect to make a cash surplus during the current tax year. Despite this, many businesses are delaying capital investment until they feel assured about the direction of the economy. The ICAEW found: • 24% of businesses are holding 20% or more of their annual turnover • 70% are not confident enough in their business prospects to invest • 52% are unsure about the economy's long-term prospects.

Active Practice Capital gains tax planning

1 April 2015

Active Practice Capital gains tax planning

Selling something you own for more than you bought it for is not only the basis of making a profit and doing 'good business'; it is also the start of your liability for capital gains tax (CGT). In its broadest terms, CGT is a tax that applies when you dispose of an asset (meaning selling something that is legally yours), and you make a profit from that disposal. It is the amount you make over the original price you paid, or your 'gain', rather than the total amount you receive from the sale that is taxed under CGT.

Active Practice Introduction to VAT

1 April 2015

Active Practice Introduction to VAT

If you’re expecting your turnover to exceed £82,000 this year, then you’re probably having mixed feelings. On the one hand reaching this figure, the VAT registration threshold, is a sign of success. Many consider this a moment when their fledgling venture can truly be called a real business for the first time. On the other hand, achieving this level of turnover means getting to grips with VAT rules and regulations. How much additional work this entails will depend on the type of goods and services you buy and sell as well as the location of your customers.

Insider April 2015

1 April 2015

Insider April 2015

SMEs in profit at 2007 levels The number of small businesses that reported profits over the last 12 months has returned to 2007 levels, according to the government's Small Business Survey. The annual survey conducted by the Department for Business, Innovation and Skills showed that 78% of businesses reported making a profit or surplus this year, with 40% saying their turnover is greater now than 12 months ago.

Budget Report 2015

1 March 2015

Budget Report 2015

The Chancellor George Osborne's pre election Budget March 2015

Active Practice Travel and Subsistence

1 March 2015

Active Practice Travel and Subsistence

This guide looks at employee benefits relating to travel and how they relate to the taxes that a business is liable for For many businesses, regular employee travel is an essential part of their operations. Whether it is generating new customers, servicing existing ones or attending conferences and other events, travelling often generates a number of ad hoc expenditures. If a company pays for these expenditures on behalf of their employees, they will have tax, national insurance and reporting obligations.

Active Practice Personal Tax Planning

1 March 2015

Active Practice Personal Tax Planning

This guide looks at tax planning for individuals including available reliefs, allowances and exemptions No one likes to pay more tax than they have to. However, for many, there is a very fine line between tax avoidance and tax evasion. This is why careful and expert tax planning is at the heart of ensuring that the line is never crossed. This guide covers the steps we take in order to help clients maximise reliefs, allowances and exemptions. This will help them not only to avoid falling foul of HMRC, but be safe in knowledge that their money is working as efficiently as possible. This article concentrates on the personal taxation of individuals in the UK. It is divided up into the 4 areas that affect the majority of the UK taxpayers: income tax, capital gains tax, inheritance tax and pensions.

Insider March 2015

1 March 2015

Insider March 2015

Compliance costs SMEs SMEs pay almost £10 billion in tax compliance costs each year, according to research by the Association of Accounting Technicians (AAT). The survey of 500 businesses reveals that the average SME spends £4,376 complying with business taxes each year. Collectively, the SME sector spends £9.9 billion annually on tax compliance.

Year End Tax Guide 2014/15

1 February 2015

Year End Tax Guide 2014/15

A short guide to rates, reliefs and allowances available for use by 5th April 2015

Insider February 2015

1 February 2015

Insider February 2015

Inflation falls to 14-year low The Consumer Prices Index (CPI) rate of inflation fell sharply to 0.5% in the year to December 2014, from 1% in November 2014, official figures show. This is the joint lowest CPI rate on record and the lowest since May 2000. The Office for National Statistics said the low inflation was driven by falling food and fuel prices.

Active Practice Choosing a company secretary

1 February 2015

Active Practice Choosing a company secretary

This guide looks at the role of the company secretary and how to select a suitable candidate Compliance for private limited companies in the UK means ensuring that the business is trading lawfully with all the many rules and regulations being adhered to. In the past, the person responsible for this role was clear cut: every private limited company was obliged to have a company secretary.

Active Practice Minimising corporation tax

1 February 2015

Active Practice Minimising corporation tax

A guide to the allowances and reliefs available to help minimise your corporation tax Limited companies and most unincorporated associations such as sports clubs and cooperatives have to pay corporation tax. This is a tax levied against the profits a company makes. Companies based in the UK pay corporation tax on profits from both the UK and abroad. Foreign companies with a UK branch or office have to pay tax on the profits from their UK activities.

Active Practice Financial planning for individuals

1 January 2015

Active Practice Financial planning for individuals

Consistent financial planning is essential to growing your wealth and building your financial security. A plan that is on course to meet your expectations in later life is also one that can help protect you against market setbacks or changes of circumstances. But it is also important to regularly review and enhance your level of investment. Financial planning encompasses different elements including managing investments, retirement strategies, making a Will and tax planning.

Active Practice Capital Allowances

1 January 2015

Active Practice Capital Allowances

A capital allowance is the tax equivalent of depreciation. For example, a business buys a lathe for £10,000 and believes the lathe has an estimated useful working life of 10 years. The business may choose to depreciate the asset at the rate of £1,000 a year until it has a net book value of zero after 10 years. Depreciation is generally not allowed for tax purposes and therefore any depreciation in the accounts must be added back to increase taxable profits. Instead, you may be able to claim a capital allowance.

Insider January 2015

1 January 2015

Insider January 2015

Small businesses are planning growth in 2015 but many are still unaware of the finance options available to them, research by the British Business Bank has revealed. The research into more than 1,000 firms found that 46% are planning to expand their business over the next 12 months.

Active Practice Tax and your Business

1 December 2014

Active Practice Tax and your Business

This guide is intended to help unincorporated business owners with their tax planning Individuals pay tax on the profits of their unincorporated business at income tax rates ranging from 20% to 45%. In addition, there is a liability to class 4 national insurance contributions (NICs), which is taxed at a rate of 9% on taxable profits from £7,956 to £41,865 and thereafter at a rate of 2% without limit.

Insider December 2014

1 December 2014

Insider December 2014

Small firms fuel economic growth More than a third of economic growth in 2013 was created by high growth small businesses (HGSBs), a report by Octopus Investments and the Centre for Economics and Business Research (Cebr) has found. HGSBs are firms that have recorded annual turnover of £1-20 million and an average annual growth of more than 20% over 3 years.

Active Practice Retirement Planning

1 December 2014

Active Practice Retirement Planning

Have you considered what your retirement might look like financially? It's important to think about what you want to do and achieve in your retired years. We can then help you understand how much you need to save to secure the income you'll need and how your saving can be optimised for tax purposes. Retirement plans should be reviewed periodically to check that they're still appropriate for the ever-changing tax and legislative regime.

Active Practice Reducing your personal tax liability

1 November 2014

Active Practice Reducing your personal tax liability

Good tax planning is an essential component in personal financial planning. Everyone's situation is different and tax rates, allowances and legislation change every year. Without personal tax planning, you may pay more tax than you should.

Active Practice Company car Taxation

1 November 2014

Active Practice Company car Taxation

The company car tax rules and how legislation encourages businesses to acquire more environmentally-friendly vehicles For many, the company car remains an essential business requirement and an important benefit in attracting, rewarding and retaining staff.

Insider November 2014

1 November 2014

Insider November 2014

Businesses boosted by 'Brand Britain' Products labelled 'Made in Britain' are more attractive to overseas consumers than those with no declared country of origin, a study commissioned by Barclays Corporate Banking has found. The research found that 64% of consumers in new and emerging markets are more likely to buy a product displaying the Union Flag.

Active Practice Safeguarding your estate

1 October 2014

Active Practice Safeguarding your estate

Considering what you want to happen to your estate when you die and how to minimise the tax liability. Most of us are probably wealthier than we realise, particularly if we own our home. It is quite easy for a person living in a semi-detached suburban house to leave an estate worth more than £500,000. The first step is to make a Will. If you die without a Will, your estate will pass according to the laws of intestacy. Remember to keep your Will up to date and ensure that your executors can find all your property.

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