Starting your own business is exciting, risky, hard work and scary (especially if you’re giving up a full-time job in order to launch your own company), but at the same time it can be tremendously fulfilling as well as profitable.
According to the latest figures, the number of UK start-ups is booming – in 2016 there were a record-breaking 657,790 new businesses. In East Hertfordshire alone there were nearly 4,500 new businesses, which is terrific news for the local economy.
If you have a really good business idea and are determined to help break start-up records in 2018, there are a number of organisations you can turn to for support, mentoring and training to enhance your chances of becoming a success. We’ve taken a look at some of their advice:
In this tax blog, we will discuss the newly introduced (from 6th April 2017 onwards) residence nil rate band and what this will mean for our clients.
What is the Nil Rate Band?
The nil rate band, also known as the inheritance tax threshold, is the amount up to which an estate has no IHT to pay. Each person’s estate can benefit from the nil rate band.
Everyone has their own nil rate band. This means that their estate and taxable gifts are exempt from IHT up to a certain threshold – currently £325,000. Any part of the estate up to the threshold is chargeable to IHT at a rate of 0%. Any part of the estate that exceeds the nil rate band threshold is chargeable to IHT on death at 40%. (more…)
For an SME, a merger can make very good business sense. The combined strength of two companies can provide rewards in terms of economies of scale, market share, a wider reach and improved productivity. A merger could help you get into different markets, allowing both companies to expand into different areas without the need to start from scratch and build up a client base.
However, although mergers and acquisitions can ultimately be good for business, they pose a lot of challenges that you will need to consider if you want to get it right. It could be quite beneficial to seek objective and practical advice from an expert. (more…)
It’s always interesting to get a little snapshot of other people’s lives which is why, from time to time, we like to feature some of our team in our Day in the Life Of… feature. If you’ve ever wondered what someone who works in the Payroll department gets up to on a daily basis, now’s your chance! We asked our Payroll Manager Jane Dunn to take us through her typical day at work.
6:45 Woken by alarm. Up for breakfast, calling to my daughter Bridie on the way to ensure she is awake and getting ready for 6th Form. I always ensure I have breakfast – I function better that way – then back upstairs to shower and get dressed, shouting a time check to Bridie as I pass her room! (more…)
If you are self-employed or run your own business, you are liable for submitting tax returns. Making sure you’re tax complaint is essential as the fines for not doing so could be hefty.
A recent global analysis undertaken by PwC concluded that the UK has the second most effective tax system of the G20 countries. Whilst this sounds like good news, when compared with all countries, we’re a lot further down the list at number 23. Researchers concluded that Qatar has the simplest system which required a medium-sized company to spend only four hours on completing their tax return. In the UK, the average is 110 hours! (more…)
Auditing is legislation-driven, which means there are very few businesses that voluntarily initiate one without being required to! Companies are required to undertake an audit when they meet certain criteria as regards turnover, gross assets and an average number of employees. If they are a UK subsidiary of a global firm, then these same criteria apply to the worldwide group.
If your company has been asked to set up its first audit, there are two main advantages to coming to a medium-sized company like ours rather than one of the better-known national or multinational firms.
Service and price
It will probably be no surprise that the cost of using a local auditing firm will be less than the fees charged by companies headquartered in London. But because we can do the work cheaper does not mean our service levels will be lower – quite the opposite in fact, and we pride ourselves on our high customer service levels.
The other main advantage for our clients is that we are local. This means that geographically we are easily accessible, enabling us to have quick, ad hoc meetings that answer questions and resolve issues before they have a chance to become a problem. The ease of being able to meet whenever needed ensures a much better level of client support.
The new procedures under GDPR for businesses will come into effect on 25 May 2018, and there are unlimited fines for failure to comply. Although this is EU legislation, it will not be affected by Brexit.
The procedures cover how you store and protect customer data, how long you retain such data, and what customers can require you to do in connection with that data.
In general, you will be treated as a data processor or a data controller, or both. (more…)
In this blog we will outline some of the tax implications that individuals who own a buy to let property, or are considering purchasing a buy to let property, should be aware of.
Changes to the level of interest relief available
- From the 6 April 2017 onwards, the level of interest that can be deducted from rental income received from the let of a residential property will be restricted, this measure will be introduced gradually over three years
It’s always interesting to have a peek behind the scenes, so we’ve asked members of the team to let us know what a typical day in the office is like for them. It’ll help you to get to know us better and give you a better understanding of the work we do. This time, we’d like to introduce you to one of our Directors, Karen Chase.
As a Director, my job involves: managing, training and helping the audit/accounts team, overseeing and reviewing audits and accounts, dealing with clients, preparation of accounts, personal and corporate tax returns. I also help to run the office and oversee Charlotte, our business administrator, as well as attending networking meetings and seminars.
Getting the payroll right every month is crucial for any company, however large or small. A recent survey has identified Europe as the most complex payroll region in the world, with 65% of professionals saying that managing legislative, HR and payroll updates is their number one challenge, with issues such as GDPR, Working Time Regulations, IR35 and the gender pay gap adding to the complexity.
If you run your own business and have been struggling with managing your own payroll, or your payroll manager has just handed in their notice, then it’s time to think about the benefits of outsourcing your payroll to a specialist company.
Mistakes will be costly in terms of time and money to put right. Vitally, they will inconvenience the member/s of staff concerned, possibly even leading to them having problems paying their rent or mortgage. This will not only be very stressful for them, but it could result in reduced motivation and loyalty. And if payroll mistakes happen on a frequent basis, you could end up losing staff.
By outsourcing the work to payroll specialists, the likelihood of errors becomes minimal.