Our December Newsletter includes information about the upcoming temporary rise in Annual Investment Allowance, a reduction in Business Rates for small retail businesses, the IR35 reforms set to cost contractors more in tax and the national insurance rise for higher rate earners.
When and how to begin the process of deregistration.
These days VAT thresholds are the subject of much speculation, with the Government concerned that many business owners deliberately choose to stay below the VAT-registration threshold.
Limiting your ambition in this way might seem counter-intuitive – surely you want your business to get as big as possible?
But it can make sense if you are seeking to make a sustainable living rather than get rich, perhaps by trading on online auction sites, or running a café with limited opening hours.
If your business’s turnover is predicted to fall below £83,000 over the next year, it can voluntarily deregister for VAT.
Britain is a nation of fearless business entrepreneurs, but the likes of Richard Branson and James Dyson didn’t go from rags to riches instantly.
Branson needed a £300 loan to get his magazine up and running after dropping out of school at the age of 16. Dyson produced 5,167 prototypes before inventing his vacuumless dust-buster.
In fact, Government statistics revealed that more than half of businesses founded in 2011 had folded within five years, so the lesson here is to think before you decide.
If you have a bright idea and have spotted a gap in the market, you’ll need to test, prepare and assess the risks and opportunities to give your new business the best chance of survival.
How your pension savings can help finance your business.
As traditional loans fall out of favour with increasing numbers of business owners, you may be looking for an alternative route for financing – and your pension could be the answer.
Funding your business using your pension pot may be an overlooked option compared to these. It can be well worth considering if you want more control over the way you finance your business.
Rather than relying on a traditional lender to buy into your business and provide continued support, using your pension lets you take on the responsibility yourself.
What are the tax implications of drawing profit from your company?
People run businesses for a variety of reasons from passion to pride, but making a living is high up the list for most people.
How do you go about drawing profit from your business, and doing so efficiently?
Our October newsletter brings information on the dividend allowance, a change of mind on Class 2 NICs, the decline in apprenticeships and a call for inheritance tax to be abolished. We also highlight ways to withdraw profit from your business tax efficiently and how your pension savings can help finance your business in our business updates.
How has devolution affected what property tax you pay?
First-time buyers in England, Northern Ireland – and for a short time in Wales – were the biggest winners in the most recent shake-up in Autumn Budget 2017.
Philip Hammond’s headline measure was to abolish stamp duty for first-time buyers on homes worth up to £300,000, and the chancellor didn’t stop there.
Our September newsletter brings information on HMRC confirming MTD will be relaxed during the first year for VAT-registered businesses, stamp duty tax breaks saving first-time buyers £284m, inheritance tax receipts reaching a record high of £5.2bn and SMEs citing VAT as their ‘biggest administrative headache’
Hello August …. whilst the temperature is cooling down a bit, we are keeping super busy and bring you this month’s newsletter with articles about the CEST tool, Tax incentives for longer term lets, a call for delaying the implementation of MTD and MP’s calling for a new tax to help cover the costs of caring …
All you need to know about what’s the latest happening with the apprenticeship levy, the call for the VAT threshold to be increased, how SMEs miss out on business savings interest, working pensioners pay £8.6bn in income tax.
The Chartered Institute of Taxation
The Association of Taxation Technicians
