It doesn’t matter how many members of staff you have working for you, getting the payroll right is crucial to your business.
The main reasons companies outsource payroll services are to save time and to make sure they’re fully compliant with legislation. If you’re not a payroll specialist, then you’ll have to spend time trying to get to grips with the process when you could be more productively working on your core business instead. Payroll can be straightforward to implement if your employee/s have no issues. But most of the time there are other things to be taken into account such as statutory sick pay, maternity pay, student loans, deductions earnings orders etc.
Keeping in line with legislation is hugely important, so if you’re not outsourcing, you will need to be pro-active to make sure you don’t risk having to pay fines for not getting it right. Legislation about tax, NI and pensions is changing all the time and you could be spending precious time away from your core business researching changes in the rules.
Budget Day will be 8 March 2017 and every year we expect the Chancellor to do something to restrict tax relief for pension contributions. (more…)
With effect from 1 April 2017: (more…)
Our previous update on this topic was on 30 August 2016 following the publication of consultation documents by HMRC. There was a very significant response to these, most of which was unfavourable. (more…)
In 2014, the Government published the results of a call for views from UK businesses about corporate responsibility, and published it in a report, Good for Business & Society. In it, the authors describe corporate responsibility as a voluntary action that “creates shared value for business and society”.
Whilst many companies have defined their CSR policies, we feel that because all the fundraising we do as a team are activities we’d get involved with anyway, we don’t need to make it official, whether it’s for the benefit of charity fundraising, helping out in the local community, or giving local businesses a boost.
With the self-assessment tax return deadline looming, this is the time many freelancers and ‘solopreneurs’ start panicking!
Many find filling in their tax return an onerous prospect and, as a result, it’s traditionally a task which gets left until January, with some only just getting it in on time: in 2016, 385,000 people filed their returns on 31 January, narrowly avoiding the £100 penalty – even so, an anticipated 870,000 returns were still to be filed, which also suggests that hundreds of thousands of people are struggling to do their own returns.
As the next step in abolishing tax returns and replacing them with individual digital tax records, on 15 August 2016 HMRC published a series of consultation documents. These set out some of their ideas and timings, but were open for responses by professionals and businesses until 7 November 2016. The undermentioned points are subject to any amendments which might be made as a result of the consultations. (more…)
There has been a lot of uncertainty in the world this year, with political events sending the stock marketing yo-yo-ing and the continued drawing out of Brexit making the markets increasingly nervous. What’s going to happen to investments in 2017 is almost anyone’s guess, and in some quarters appears to be more influenced by psychics rather than solid facts. One woman in America, for instance, is predicting a stock market crash because there have been crashes in and 1987, 1997 and 2007.
What to consider when deciding on investments
You don’t have to have a lot of money to make an investment. A simple savings account with a bank or building society counts as an investment. Other types of investment are:
Brexit hasn’t been out of the news since the vote to leave took place in June, and although the majority of the news stories concentrate on the effects of Brexit on larger companies, not many have looked at the SME in a local context.
The overall picture is still confused. At the end of September, the CBI reported business confidence worsened, but a GfK survey showed consumer confidence had risen slightly and are now back at pre-Brexit levels.
Running your own business is a pipe dream for many, but those who are brave enough to stick their toe in the water are often rewarded when they’re their own boss. A recent survey discovered that 90% of the self-employed are happier than they were when they were in a traditional job. If you’re setting up your own business for the first time, it can be quite scary and many first-time entrepreneurs do make business mistakes. We’ve put together a list of the five most common pitfalls so you can do what you can to avoid them.
1) Not asking for help
Don’t be proud; you’ll need all the help you can get. Look for organisations, such as Wenta, that offer advice and training for people setting up their own business. You might know everything there is to know about your product or service, but running a business also involves doing the accounts, finding clients and customers, hiring suppliers, selling, marketing… you name it! And it’s your responsibility now!