The government has announced that from April 2015 married couples and civil partners may be eligible for a new Transferrable Tax Allowance. This Allowance will enable spouses and civil partners to transfer a fixed amount of their personal allowance to their partner.
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The Accountants for Growth
It's that time of year again! Are you planning your company's annual Christmas party? Wondering where to host it and what should be featured at the bar and on the menu? You may have a limit/budget of what to spend but have you ever thought you could end up paying more in tax?
Each month I take a day out of the office to consider the strategic development of the firm. By doing so, we’ve become an AVN member, incorporated the business, formed a limited liability partnership and increased our marketing activities.
From the end of September H.M. Revenue & Customs will no longer accept Form R68i for making gift aid claims, instead a new system has been introduced which will allow tax claims to be made in one of three ways: -
In our seminars, we introduce LinkedIn by talking about its various features our clients can use to promote their businesses by making relevant connections and networking. These features are provided by LinkedIn for free when you create a basic account. From a marketer’s point of view, this is a bargain. The ability to network freely with people from different industries, countries and backgrounds is a huge advantage for businesses. The free exchange of information is almost equivalent to a seminar but the conversation with prospects could also be as easy as a ‘chat by the coffee machine’ with your colleague.
Inheritance tax is something people often put to the back of their minds as they find it unpalatable to consider or plan for. As it is a tax which often crystallises on death we tend to ignore it for as long as possible. It is however a tax which, with the right planning, can be to varying degrees avoided.
Your business is probably the single most important financial asset to you and is likely to produce a high percentage of your income and financial requirements. It is therefore extremely important that it is running in the best way possible, both from a practical and legal perspective.
Too early to prepare for your 2012/13 tax return?
Not at all!
Forwarding all relevant information to your accountants now will make the filing process easier for both you and your accountant!
In the last couple of years we have seen several of our clients say goodbye to traditional accounting software and move across to software which is held in the cloud. Whilst cloud accounting allows users to access their data here and now from anywhere in the world, our clients find that the major benefit lies in the interaction with us as their accountants.
A few of our clients have contacted us in the last couple of weeks stating that they have received an email from HMRC stating that they are due a tax refund. The email asks them to fill in certain information in order that the refund may be sent to them.
These are hoaxes and you should not respond to them. HMRC never email tax payers about their tax affairs.
Most businesses ask their current or past clients to fill out surveys to discover the strengths and weaknesses of their business. However, surveys are also a great way to understand your customers. Asking various information about your clients will help you discover why they use your product/service.
Most SME's find it difficult to maintain a Facebook page. Sometimes neglecting the issue of updating your company page or the lack of updates on your company page may do more harm to your company’s image than not having one.
With the window now shut on The Birmingham Post Growth Funding we are regularly asked by our clients about other funding opportunities. The team at James, Stanley & Co. Limited have done some research and have come up with the following grants:-
There are many ways to make your accountancy bills smaller and they can be as simple as keeping the following things in mind when you submit your records for filing.
Be sure to avoid these common errors when submitting your information;
We all have different expectations, so it’s important in all business agreements and relationships to establish between both parties what those expectations are.
Business is a two way street and it’s important to outline what you need from clients so they can receive the best service possible. To ensure this at James, Stanley & Co Ltd, we use a ‘Basis of our Relationship’ form which identifies what we need from our clients to ensure they receive the services they need to succeed.
As accountants, we often get asked the question whether one should form a limited company.
As with all business decisions, this can be a difficult one as what's right for one might not be right for another. It is therefore worth spending the time to make sure you get the business structure set up right, from day one.
Every year VAT is becoming increasingly more complicated as HMRC continuously amends and introduces new rules and regulations. In conjunction with this, the government is working harder than ever to clamp down on any tax irregularities.
What will auto-enrolment cost your company?
The pension contributions will be phased in over time as shown in the table below and full contributions will have to be paid from 1 October 2018.
Auto-enrolment will apply to all business who employ staff and will have significant implications in terms of responsibilities and commitments facing those businesses.
It commenced in October 2012 and all organisations must have enroled their staff by April 2017 and all new employees by February 2018.
Businesses often get confused over the tax free amount they can spend on employees at an annual party.
Currently, £150 (including VAT) can be spent in respect of each employee at the annual party. If, however, the expenditure exceeds the £150 allowance then the whole amount becomes taxable, not just the excess over £150 and has to be reported on the business’ Forms P11D. The allowance covers all costs associated with the event, such as taxis home or accommodation costs. To be applicable the event has to be available to all staff members.
Registered to carry on audit work in the UK by the Institute of Chartered Accountants in England & Wales.
The information contained in this site is of a general nature and is not a substitute for professional advice. You are recommended to obtain specific professional advice before taking
any action.