Blog
Your new ‘flat rate’ State Pension
Posted 6th April 2016 at 2:37 pm
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
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
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
Is paying a Social Media Influencer really worthwhile for your SME?
Posted 24th March 2016 at 10:57 am
In the last couple of years businesses have found an alternative, potentially more successful means of promoting their products to their target audience. You have more than likely heard of or even used a social media influencer to promote your brand, which has in return has created a new breed of millionaires. Vloggers, Instagrammers and social media icons such as ‘Zoella’ are making at least £50,000 a month through her successful YouTube channel that boasts over 10 million subscribers. Zoella’s boyfriend, brother and best friends have also found fame with well over 1 million subscribers. Perhaps a more recent trend ‘pet... Read more
The Budget 2016 from a business owner’s perspective
Posted 17th March 2016 at 12:47 pm
As this was the second budget since the Conservatives have had the majority in parliament, George Osborne’s announcements did not come as such a shock. He announced from the off that the budget was going to revolve around ‘stability’. This is due to external pressures from the global economy which includes turbulent financial markets, slow growth in emerging markets and weak growth in developing economies. For this reason, the chancellor did have to announce that UK growth has been revised down and that we are expecting low productivity growth, which the Office for Budget Responsibility (OBR) believe ‘looks permanently damaged’.... Read more
Gift Aid changes that you need to know about
Posted 9th March 2016 at 1:46 pm
Due to the amount of criticism that the Gift Aid Scheme has received from the charities that use it on a regular basis, the government has made some changes. Some of the complaints included the length of the HMRC wording was putting donors off, the complexity of donor benefit rules and the administrative burden of storing and retrieving the declarations. Looking at the HMRC’s new model gift aid declaration what has changed? The first noticeable change is that the declaration is considerably shorter, as there is no longer and reference to VAT and council tax, making it much clearer to... Read more
Is it the end of the UK buy to let market?
Posted 22nd February 2016 at 1:52 pm
Given the changes made in the budget, it will be interesting to see what long-term effect this has on the buy-to-let market. The Residential Landlords Association predicts that 1 in 5 landlords in the UK might sell their property freeing up property for first time buyers. However, with the additional increase in stamp duty a survey by the Bank of England has predicted demand for buy-to-let mortgages to grow before April 2016 following a surge at the end of 2015. Although the most likely scenario is that landlords could be trapped into pushing up rents, having a nasty... Read more
Is it time to hire an accountant?
Posted 8th January 2016 at 2:39 pm
Like many businesses in the UK, 2015 may have been an extremely successful year for you. Since this time last year you may have grown in size by doubling your sales, increasing your revenue or extending your workforce. However, this could also mean that your finances have become much more complicated than completing a simple spreadsheet to track your work, invoices and payments in preparation for an online tax return. All of a sudden you may have new things to consider, such as would it be beneficial to become a limited company? Should I move premises to cope with expansion?... Read more