Given Brexit and the general economic uncertainty, Mr Hammond has come in giving gloomy underlying economic conditions, Continue reading “Autumn Statement 2016 Summary” »
Here is a key point summary
Main Headlines Continue reading “Summary Autumn Statement 2015” »
Here is a key point summary
Growth & Inflation
- Economy grew by 3% in 2014
- GDP growth forecast for 2015 revised down from 2.5% to 2.4% then to 2.3% in 2016
- 2015 borrowing forecast is revised down to £43.1bn
- Government debt as a proportion of GDP 79.1% for 2015/2016
- Savings of 12bn to come from welfare cuts and 5bn from tax evasion
- No changes for alcohol and tobacco
- From 2017, three new Vehicle Excise Duty bands will come into force for new cars in England only, starting at £140 annually. “Every single penny” from VED will go to a Roads Fund to fund improvements from 2020.
Personal Tax and Pension
- Inheritance tax threshold to rise from £325,000 to £500,000 per person This ostensively means that married couples and civil partners will be able to pass on assets worth up to £1m, including a family home, without paying any IHT at all.
- The personal income tax allowance will rise to £11,000 from April 2016
- Higher rate of tax threshold rises from £42,385 to £43,000 from April 2016
- Mortgage interest relief for buy-to-let homebuyers to be restricted to basic rate of income tax.
- Permanent non-dom tax that allows some UK residents to limit the tax paid on their earnings outside the country that are not brought into the UK was abolished. Anyone resident in the UK for more than 15 of the past 20 years will now pay full British taxes on all worldwide income and gains.
- The amount people can contribute to their pension tax-free to be reduced for individuals with incomes over £150,000
- Pensions tax annual allowance to be gradually reduced to a minimum of £10,000 from next year.
- New national living wage for all employees aged over 25, starting at £7.20 an hour from April 2016 and set to reach £9 by 2020
- Corporation tax will be cut to 19% in 2017
Of course we’ve all heard about Market Research to get some answers to the big question of who’s going to buy your new-fangled product, but few will tell you how to go about it (or at least that was my experience), so can I suggest you plan it, just like planning most other processes. Continue reading “Planning Your Market Research-Business Guide Part 7” »
In my last blog I wrote about brainstorming to come up with a business idea and importantly afterwards to eliminate all of those ideas that failed for some reason or other. Continue reading “Budgeting-Setting Up Your Business- Part 6” »
Mike Smith provides brief insight into the Budget and some of the implications for UK SMEs Continue reading “Budget 2014 implications for UK SME’s” »
George Osborne has presented a budget for “the makers, the doers and the savers” in effect wooing the pensioner vote in this next to last election budget. Here is a key point summary Continue reading “Summary-Key points Budget 2014” »
Government message is that the plan is working, the economic outlook is better and the austerity measures will continue.
Opposition argument is that it is not actually helping people with a continued squeeze on standard of living and increases in the cost of living. The recovery is still based on an increase in personal debt and it is an unsustainable economic recovery. Continue reading “Summary Key Points Autumn Statement 2013” »
This video made us smile. I guess you might feel a bit sorry for the poor monkey who loses out also, but it just goes to show a natural distaste for unfairness.
Could there be a business lesson there for us? Could it relate to the business world? Certainly there are many, many people who feel distaste at the obscene payments to bank executives and the appointment of their cronies who continue the same circle of abuse, but what about younger or less experienced employee’s who learn very quickly and perform their role better than their peers – food (if you’ll excuse the pun) for thought.
Mr Osborne has said, “It could be worse”. However could it have been better? And that’s surely the question. It would be interesting to hear your opinions. My feeling is that no government has the balls to make the difficult decisions required for the economy as it may lose votes. It’s all short term-ism. Continue reading “Summary of the main changes of the Budget 2013 for Small Businesses” »
An interesting question don’t you think? In other companies I’ve worked for, it was “kind of” assumed that as a manager got promoted and accepted more responsibility, so that responsibility included the departmental budget. Now I for one, don’t believe that anyone can grasp any company or departmental budget without understanding their own domestic budget – in simple terms, if you can’t manage your own money, how are you going to manage ours Continue reading “If you can’t manage your own money, how are you going to manage ours?” »
Importantly this is our view of the budget and a summary of the main areas affecting small businesses. We welcome your comments, opinions and discussion. Please ensure that you confer with your tax advisor and accountant and we recommend that you speak with your accountant to ensure that you plan effectively Continue reading “Summary of the main changes of the March 2012 Budget for small businesses” »