According to insurers PFP, HMRC business record checks are on the increase. In the tax year 2013/14 HMRC checked 5,515 sets of business records compared to just 3,431 checks in 2011/12, an increase of 60%. Interestingly, of the records checked 73% were found to have no significant errors. Since November 2012, HMRC have adopted a […]
Employment Allowance uptake
Data released by HM Treasury at the end of July reveals that 725,000 employers across the UK are benefitting from the Employment Allowance. The allowance reduces the amount of employer National Insurance by up to £2,000 in a full tax year. The deduction is automatically made by most payroll software products including HMRC’s online service. […]
Agency workers and PAYE
Changes in the Finance Act 2014 have tightened up the rules for “self-employed” workers supplying their services through UK agencies, employment businesses and other intermediaries. From 6 April 2014 the agency must decide whether the way in which the worker does their work is subject to (or to a right of) supervision, direction or control […]
Remember your customers, or they forget about you!
Just because you’re good at what you do, it doesn’t mean you’ll get referrals for new business. Many business owners know that the best source of referrals is from satisfied customers. They go about doing great work and making their customers happy, then wait for the referrals to come in. To a degree this works, […]
Not all Customers are Equal
Most business people are familiar with the idea that 80% of your revenue comes from 20% of your client base. As in any business, your best customers are the ones who buy the most from you. Yes, all customers are important, but not all customers are equal. In order to truly focus your business on […]
Employee Engagement and Staff Turnover
We all know that the best employees are engaged and highly motivated. However, most businesses don’t consider the relationship between employee engagement and employee turnover. Do those with the highest levels of engagement have the lowest turnover, and vice versa? Research shows that companies with highly engaged employees experience significantly higher employee retention rates. Additionally, […]
50% off qualifying capital purchases
The Finance Act 2014 introduced a temporary increase in the Annual Investment Allowance (AIA). From 1 April 2014 (for companies) and 6 April 2014 for the self-employed, the ability to write off qualifying capital purchases against your profits for tax purposes increased to £500,000. This generous tax allowance will reduce to £25,000 on 1 January […]
Entrepreneurs get greater freedom to start a business from their home
Budding entrepreneurs will be given greater freedom to start and grow a business from their home under new measures announced by the government on 15 August 2014. Around 70% of new businesses start off in the home, and they contribute £300 billion to the economy. As part of its long-term economic plan to back businesses, […]
Transfer tax allowances to your spouse
The Finance Act 2014 has introduced limited flexibility for married couples, or couples in a civil partnership, to transfer a part of their personal allowance to their partner. The amounts involved are not substantial and there are a number of conditions that must be met. These include: The spouse receiving the transferred allowance must not […]