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Blog

Financial motivation for the creative industry

Posted 26th May 2016 at 12:23 pm

With recent worldwide hits such as the Game of Thrones, video game developers like Rockstar North and artists such as Adele, it is no wonder the UK’s creative industry has become one of The UK’s biggest exports at 8.7%. Our creative Industry is now worth a massive £84.1bn a year to the UK economy and accounts for 1 in every 11 jobs. It is a common misconception that creative businesses have a short life span, as survival rates for new businesses in the creative industry, at 49.7%, are actually higher than the economy average. Could this have been aided by... Read more

Student digs could be the answer to your buy to let woes

Posted 18th May 2016 at 10:48 am

Student

Student digs could answer to your buy to let woes Buy-to-let investors have been feeling the pinch lately as the government are on a rampage to free up homes for first time buyers and solve a ‘housing shortage’. Those with mortgaged buy-to-let property may be considering selling up to prevent being stung by the restriction of the mortgage interest rate relief. Although for many, buy-to-let property is their sole income and it may not be an option. Do you have a child that is going to university this year? Or do you live near a university? If you are considering... Read more

Is the cash ISA becoming a thing of the past?

Posted 10th May 2016 at 4:14 pm

ISA

Since 1999, the ISA has been the best way to save your money free of tax. However, this tax year you can take advantage of the Personal Savings Allowance, which for many may compete with your usual cash ISA. Starting on the 6th April 2016, the Personal Savings allowance allows you to use your savings account to earn up to £1,000 of interest before you pay tax. This interest includes any savings from bank accounts, savings accounts, credit union accounts, building societies, corporate bonds, government bonds, gilts, Peer-to-peer lending and Interest distributions from authorised unit trusts, open-ended investment companies and... Read more

E R Grove’s Diamond D of E Challengers

Posted 6th May 2016 at 3:52 pm

D of E

This year the Duke of Edinburgh (D of E) award is in its 60th year and to celebrate they are challenging us all to do the ‘Diamond challenge’. Two of our members of staff, Lucy and Tom, were invited to take part in a one off D of E Diamond challenge by abseiling down the Birmingham Metropolitan College building to raise funds for the D of E Charity. The Duke of Edinburgh scheme is now the world’s leading youth achievement award, with millions of people across the UK and more recently across the globe holding either a Bronze, Silver or... Read more

Important changes to expenses and benefits legislation

Posted 27th April 2016 at 12:42 pm

expenses

There have been many important changes being in the budget that haven’t been as well publicised as others. One of these changes that will have a large impact on employers are the changes to the P11D dispensation and associated expenses and benefits legislation. Since 6th April 2016, business expenses that are deductible by employees are exempt if reimbursed by employers (subject to conditions). In the case of tax-deductible allowances, these and any other bespoke matters now included in dispensations, will need to be covered by new and separate agreements with HMRC (called approval notices). This means that employers will have... Read more

CSR: Ticking All the Right Boxes

Posted 25th April 2016 at 9:11 am

CSR

Corporate Social Responsibility (CSR) Last week was a busy week for E R Grove, with 2 very successful events taking place. Firstly, we held an event with Lloyd’s Commercial Banking team to discuss the local economy and its regeneration. We were lucky enough to have Mark Davies of Chances Glass exclusively discuss a really interesting redevelopment project, which we could be bringing you more information about in the near future. We sponsored our second event, which was very well organised by the Black Country Chamber. The corporate Social Responsibility (CSR) event set out to bring businesses and charities together in order... Read more

Thinking of becoming a CASC? Think harder

Posted 13th April 2016 at 3:22 pm

CASC

Many sports clubs in the UK struggle with cash flow, which often leads them to look at becoming a Community Amateur Sports Club (CASC). There are some very generous benefits of becoming a CASC, but it doesn’t suit every club. Possibly the most beneficial allowance that CASCs are given is the Corporate Tax reliefs. CASCs are able to qualify for Corporate Tax Reliefs on the following: UK trading profits if the turnover from that trade is less than £50,000 a year UK property income if the total income from property is less than £30,000 a year interest received chargeable gains... Read more

Your new ‘flat rate’ State Pension

Posted 6th April 2016 at 2:37 pm

state pension

Starting from today, if you are a female born on or after 6th April 1953 or a male born on or 6th April 1951 then you will qualify for the new state pension. The old state pension is being replaced by a new ‘flat rate’ state pension of £155.65 a week. The new state pension sounds much better than the previous state pension that paid out £119.30 a week. It was also criticised for being too complicated and created gender inequalities. However, many workers will now see a rise in their national insurance contributions by £37 a month to cover... Read more

What do you need to know about The PSC register – that starts tomorrow

Posted 5th April 2016 at 3:21 pm

PSC

The ‘person with significant control’ (PSC) register is one of the government’s changes that have not been as widely publicised, but it will affect most UK companies and LLPs. As part of the Small Business, Enterprise and Employment act the annual return is being replaced by the confirmation statement that will need to be filed at least once a year. For most companies, this will be the first time you’re notifying Companies House of your People with significant Control. What is the PSC register? From tomorrow (6th April 2016) UK companies, LLPs and SEs need to keep a register of... Read more

Building on your online sales presence

Posted 31st March 2016 at 11:04 am

online sales

It’s safe to say most people know by now that if you have a product or service that can be sold online it is absolutely necessary that you do so to remain competitive. However, most people may not know that you can continue to build this online sales presence with an online accounting package, which can also make your life a whole lot easier. When you are initially choosing your online retail package consider, how well it integrates with other platforms you use. Ideally your retail package should sync with your social media accounts, CRM, Email platforms, accounting packages, reporting... Read more