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Power In Numbers 15

Power In Numbers 15

Power In Numbers issue 15 is now out and avalible to download HERE Jonathan Poulter Winchester

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Business Rates Help for Small Business

Business Rates - Some help for smaller businesses

The Autumn Statement contained several measures to reduce or restrict rates for small businesses. Some of the main changes are as follows: The increase of business rates due in England and Wales for 2014/15 will now be capped at 2% as opposed to being linked to RPI inflation. The doubling of the Small Business Rate Relief was also extended until April 2015. This means approximately 360,000 of the smallest businesses will receive 100% relief. Additional support will be offered to the retail sector through a business rate discount of up to...

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Corporation Tax Deadline and Planning

Corporation Tax - Deadlines and Planning

Cash flow management is a crucial part of any business and having an awareness of when and how much tax you need to pay is an important part of that cash flow management. If you don’t pay your corporation tax on time, HM Revenue & Customs will charge interest from the day that it’s due until you pay it. For small and medium companies (SMEs) your corporation tax payment is normally due by nine months and one day after the end of your accounting period. So if your company tax return covers your accounting period 1 April 2013 to...

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National Insurance Employment Allowance

National Insurance - £2,000 Employment Allowance

In the March 2013 Budget, the Government announced that, as an incentive to encourage business growth, it was introducing an employment allowance of £2,000 a year for all businesses, charities and community amateur sports clubs with employees whose earnings result in a secondary Class 1 National Insurance (commonly known as employer’s NIC) liability arising. The draft Bill has now been presented to parliament and the key points of the new allowance are summarized below (but please note that the legislation may be subject to change...

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Tax Free Employee Benefits

Tax Free Employee Benefits

We are often asked how employees can be rewarded without tax implications. Most benefits in kind are taxable on the employee, however, there are some that are not. Although, obviously limited in number, there are some that are worth consideration and what follows is a checklist of the main tax free benefits: • Pension contributions • Parking facilities • Job-related accommodation • Childcare vouchers • Crèche facilities (if available to all) • Free or subsidised canteen meals (if available to a...

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2013 Autumn Statement

Autumn Statement

On 5 December 2013, George Osborne’s Autumn Statement contained several new measures and confirmed a number of others regarding the taxation of businesses and individuals. A summary of some of the main measures follows:- Business tax Employer National Insurance Contributions From April 2015, employer national insurance contributions (NICs) will be abolished for those under 21 years of age on earnings up to £813 per week. Thereafter the normal rate of NICs will apply. It had already been announced that an annual £2,000...

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