Posts Categorised: Tax

National Minimum Wage 2016

Are you ready for the big rise?  The national minimum wage rises by 50p in April this year from £6.70 to £7.20 for people aged 25 and over. The government has softened the blow for small businesses by a 50% increase in the National Insurance contributions (NICs) employment allowance, which rises to £3,000 per year…. Read more »

Happy New Year

How to start 2016 The last cork has popped on the bubbly and the Christmas decorations have come down. There’s a New Year to look forward to starting with… Tax returns.  Or to use the proper terminology “self-assessment tax return”. Remember that the online forms for the 2014-2015 tax year must be completed and filed… Read more »

Autumn Statement 2015

What West Midlands small businesses need to know George Osbourne’s latest Budget made the headlines primarily for the change in tack on tax credits.  Improved forecasts on the state of the public finances have allowed the planned cut in credits and some of the proposal to reduce police spending to be dropped. There were still… Read more »

R&D Tax Credits – It could be you.

SMEs are missing out on an important tax break Believe it or not HMRC is keen for you to claim tax relief on research and development costs if you are a small or medium-sized business HMRC has recognised that many SMEs have either not seen the tax saving opportunity or haven’t believed that they would… Read more »

VAT Registration

Are you over the compulsory VAT registration threshold? You must register for VAT with HMRC if your VAT taxable turnover exceeds the registration threshold (currently £82,000) in any 12-month period. Registration is also compulsory if you expect to go over the threshold in a single 30 day period. If you believe your VAT taxable turnover is… Read more »

2015 Minimum Wage Rates

Rises From October 1st 2015  New minimum wage rates apply from Thursday October 1st 2015. The rates for different ages of workers are, ascending order, as follows; £6.70 – the main rate for workers aged 21 and over £5.30 – the rate for 18-20 year olds £3.87 – the rate for 16-17 year olds above… Read more »

Self-assessment Tax Return Deadlines

Submit Paper Tax Return by Oct 31st! It’s tax return time again and HMRC has been issuing reminders for those of you who wish to submit your 2014-2015 self assessment return in paper format. The return must be filed (not just put in the post) with HMRC by midnight October 31st 2015 or you will… Read more »

Are you a buy to let landlord?

Tax relief clamp-down Back in July we highlighted that the Chancellor’s summer budget had targeted buy-to-let landlords with changes to tax relief. Let’s look at the implications in more detail. What actually happened is that George Osbourne slashed the mortgage interest payment tax relief that landlords in the higher tax brackets receive. By 2020 relief will be… Read more »