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News & views

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Four ways small and medium sized businesses can get financial support

Our latest OMB survey found that nine out of ten business owners are worried about business costs. Here are four ways small and medium sized businesses can get financial support:

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Plastic Packaging Tax: what do you need to know?

From 1 April 2022, the UK government introduced a new Plastic Packaging Tax (PPT) at a rate of £200 per metric tonne to incentivise businesses to increase their use of recycled plastic and combat the level of single use plastic heading towards landfill or incineration.

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Utilising the environmental tax savings on offer to your business

With sustainability at the forefront of the political agenda, businesses are facing increasing pressure to reduce their carbon footprint and become more environmentally conscious. Aside from the obvious benefits to the planet, going green can also provide considerable tax savings for businesses.  

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What type of VAT relief will apply to your office to residential conversion?

Empty office spaces are being turned into other buildings, which will often in turn change the property’s class and the VAT that should be applied.

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Government bans Russian businesses from using UK professional services

Foreign Secretary Liz Truss has announced that all Russian businesses will be banned from using the services of UK accountants and other professional services including PR and management consulting. 

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Academies Accounts Direction and related documents – 2022 Update

The “Academies accounts direction 2021-2022” was released in March alongside the “Academies model accounts” and “Framework and guide for external auditors and reporting accountants of academy trusts”.

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Will your director and shareholder dividends be hit by the NIC increase?

Shareholder directors of owner-managed businesses normally take a minimum salary and any balance of remuneration as dividends (distribution of company profits). Historically, dividend have been taxed as unearned income and this tends to reduce National Insurance Contributions (NIC), and in some cases income tax. 

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What are the rules when using a private vehicle for business journeys?

Employers can pay employees a fixed rate per mile to cover the costs of using their own vehicles on company business.

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What is the Employment Allowance increase for small businesses?

The Employment Allowance has risen from £4,000 to £5,000. This means that businesses and charities whose NIC liabilities were under £100,000 will be able to claim up to £5,000 off their employer National Insurance Contributions (NICs) bill.

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Gift Aid – What to do if your income has dropped

Gift Aid is a government scheme available to charities and community amateur sports clubs that allows them to claim extra money from HMRC off the back of a donation by a UK taxpayer.

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Are you aware of the tax implications of extracting your property portfolio from company to private ownership?E OWNERSHIP?

Many investment properties are acquired through a limited company for a variety of reasons.   Complications arise when this structure is no longer appropriate, for example, there may be a desire to gift to a child, and extracting a property from a company back into private beneficial ownership can be a costly affair. Tax costs arise both for the company disposing of the property and for the purchasing connected party.

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Onwards and upwards - could digital transformation be the key to business recovery?

Our latest Owner Managed Business (OMB) survey shows that although the proportion of businesses saying they are highly confident in the overall outlook has more than doubled over the past 12 months, business owners are not out of the woods yet. Could technology be the key to business recovery post-pandemic?