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Tips for Starting Your Own Business
Individuals starting up their own business can be tempted to cut out the middle man by doing everything themselves to minimise costs. This however is not always recommended, as this can be a false economy. It is usually more beneficial for your business to hire a skilled professional to carry out the services they are [...]
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Tax Changes
Tax From April 2013, the 50p tax rate will be reduced to 45p. This is because the current tax rate has damaged the economy and has raised very little. Income Tax The new personal allowance of £8105 begins in April 2012, with a further increase to £9205, which will take effect from April 2013. Image [...]
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Corporation Tax Update
Small company Corporation tax fell from 21% to 20% in April 2011. The main rate of Corporation tax has reduced by 2% from 28% to 26% in April 2011.It will reduce by 1% per annum until it becomes 23% in April 2013. Image Copyright Dale Rockell Photography
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Non-payment of PAYE
From 6th April 2012, HMRC will have the authority to demand security in the form of a bond from an approved financial institution, or a cash deposit from employers who avoid paying PAYE or class 1 NICs. This will not affect employers who pay their tax on time and will not be used against employers who are having [...]
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Information on Bank Charges
From March 2012 personal current account customers will be given the option to receive an alert when their bank balance gets low. This will benefit around 85% of bank account customers, by making it clearer, fairer and more manageable. As from March 2013, there will no longer be a charge for incurring an unarranged overdraft [...]
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Important Dates in March 2012
2nd March 2012 Last day to pay any balance of 2010/11 tax and Class 4 NICs to avoid an automatic 5% late payment penalty. 31st March 2012 End of Corporation Tax financial year. Filing date for Corporation Tax Return Form CT600 for period ended 31st March 2011. Image Copyright Dale Rockell Photography
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Working Flexible Hours
Employees requesting flexible working hours are currently only eligible if they are a parent of a child under the age of 17, or 18 if the child is disabled, or have caring responsibilities for adults. This also only applies if the individual has at least 26 weeks continuous service with their company. This is set [...]
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References
Employers don’t have to give references, but if they choose to do so, they must ensure that they are fair. Many employers choose to give only basic references, stating the job title, dates and reason for leaving. In this case, this will probably prompt a phone call being received from the individual’s new employer requiring [...]
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Bookkeeping
With the strict emphasis by HM Revenue & Customs to keep all your financial records accurate, it is advisable to appoint a qualified bookkeeper thus avoid any penalties. Many people think that by doing their own bookkeeping, they will be saving themselves money. In fact, if you are under-qualified and unsure of the bookkeeping, you [...]
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Emission Taxes
The benefits of a company car now come with emission taxes that apply to both directors and employees. These rates can be very expensive, so it is worth finding out whether the car can be owned by you personally, instead of the company. If this is the case, then you are able to claim back [...]
Business Development
Tips for Starting Your Own Business
Individuals starting up their own business can be tempted...
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Information on Bank Charges
From March 2012 personal current account customers will be given the option to receive an alert when their bank balance gets low. This will benefit around 85% of bank account customers, by making it clearer, fairer and more manageable. As from March 2013, there will no longer be a charge for incurring an unarranged overdraft [...]
Important Dates in March 2012
2nd March 2012 Last day to pay any balance of 2010/11 tax and Class 4 NICs to avoid an automatic 5% late payment penalty. 31st March 2012 End of Corporation Tax financial year. Filing date for Corporation Tax Return Form CT600 for period ended 31st March 2011. Image Copyright Dale Rockell Photography
