While we may not be able to physically join hands at the moment given the current social distancing measures, as business owners we can all virtually join together to help and support each other as much as we can. Hopefully, you will have seen the statement issued by the Prime Minister and Chancellor on 17th March 2020, outlining the additional support they are making available for businesses. These measures include: Cash Grants and Loans
Not only have we had the news that interest rates have been cut from 0.75% to 0.25% today, Rishi Sunak has also delivered his first Budget, which we’ve been awaiting with interest. It’s the detail that is important, not just those few points that make the headlines. So, here is our summary of the key points for business owners. Budget Summary for Business Owners The main income tax and corporation tax rates and thresholds remain unchanged. Entrepreneurs’ Relief We’re pleased to see that Entrepreneurs’ Relief has been retained.
Well if you’re reading this post then you are doing better than thousands of other business owners out there. Statistics from professional institutes indicate that 45% of businesses still don’t know what Making Tax Digital is or how it applies to them. That’s worrying! So, what is Making Tax Digital for VAT? Simply put, it is legislation which HMRC is introducing to require businesses to keep digital accounting records, rather than paper based or other manual methods. In addition, HMRC are changing the way in which we are allowed to submit our VAT returns. Certain businesses will no longer be able to login to
If you are currently feeling panicked about the fast approaching 31st January tax return filing deadline, drowning in paperwork, struggling to prepare your personal tax return or feel unsure what tax relief you’re entitled to, please get in touch with us and free yourself to do what you’re great at instead! There is still time to get in touch with us and let us take care of this headache for you. We’ll ensure that your tax is minimised where possible and your return is correct and filed on time. We’re happy to talk to you on a free, no obligation basis. Whether you’re a sole trader,
Have you taken advantage of the trivial benefits legislation to treat yourself this Christmas? If not and you are the director of a company, you really should! You can buy yourself a physical gift or gift card through your company up to the value of £50 and it will be tax deductible for your company and tax free for you. There will be no Class 1A National Insurance due either. In fact, you can do this several times a year as a director but you are capped at £300 in total and £50 per occasion. That’s right, so when it’s your birthday you can treat yourself as well!
Here are our donations for Help for the Homeless CIC in association with Fill a Sock Appeal – Leek, who have promoted the scheme in the area and are collecting donations. The idea is to fill a sock or pair of socks with hats, gloves, personal hygiene items, chocolate, etc. The filled socks will then be handed out to the homeless in the area over the festive season. We hope they help to make a difference for those in need. If you’d like to make a donation please follow the links below. www.facebook.com/fillasockappealleek www.facebook.com/helpforthehomeless
One of our newer clients has been celebrating more than usual this Bonfire weekend. This is because we claimed a missed £2,000 Employment Allowance for him! The Employment Allowance is now £3,000 but if you were eligible in previous tax years and didn’t make the claim, you can make a late claim back to 2014/15. That’s what we did for our client. If you are an employer and employ people other than yourself and pay Employers’ National Insurance, it is possible that you’re entitled to claim Employment Allowance. If you’re unsure whether you are benefitting from this
What it means to YOU For individuals, the amount you can earn tax free will increase to £12,500 from 6th April 2019. This is your Personal Allowance and should be fully utilised wherever possible. In addition, the level at which you pay 40% tax is increasing. So from 6th April 2019, you can earn £50k before paying higher rate tax. You may therefore want to defer some of your income to the next tax year. The amount that you can gain from the sale of capital assets without paying tax will also increase to £12,000. This is your Capital Gains Tax Exemption. This is relevant
Did you know that employers can provide team members who use VDUs (that’s computer screens to me and you) with eye tests and corrective treatment TAX AND NIC FREE? Well they can and that includes you as an employee of your own company. You can also offer annual health screening and medicals and up to £500 of recommended medical treatment as tax free benefits. This is a great way to support your team’s wellbeing. A Death In Service plan could be offered, which would financially benefit your team’s loved ones should they pass away while employed by you. If you would also like some life cover,
We’re excited to say that a client has started building works this week, which are being funded 40% by a grant that we signposted for them! New jobs must be created as a result of the project. There are a few other conditions as well which are explained here along with a map of eligible areas. If you’d like assistance in applying for a grant or other funding, then please get in touch and we’ll be happy to help you. Here’s a review from our client: “As a small business owner we have found the support provided by Reach to be invaluable. Due to Reach’s approach we have always known what is around the corner enabling us to better plan for the future.
If you can answer yes to any of the following questions, then you may well be able to reduce your upcoming payment on account. If you are self employed (without a limited company), during your last financial year: Have you noticed that sales have dropped? Did you invest in new equipment? Did your stock levels increase noticeably? Did you incur significant additional costs e.g. rebranding/new website/repairs? If you are a company director, in year ended 5th April 2018: Did your dividends drop for any reason? Did you increase your pension contributions? Did you make any significant gift aid donations?
Would you like help with childcare costs? Well, the Childcare Voucher scheme which was planned to close to new entrants from 6th April, has now been extended to be available to new applicants for a further 6 months. Therefore, there is still plenty of time for YOU AND YOUR EMPLOYEES TO BENEFIT. Directors, remember that you can use the Childcare Voucher scheme yourself as employees. Childcare Vouchers can be used to cover the cost of qualifying after school clubs, etc not just nursery fees as you might expect. Your business could save up to £403 in National Insurance per employee and the employee could save up to £933 in tax and National Insurance.