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Subscribe to this list via RSS Blog posts tagged in Entrepreneurs

Some of the key changes that will impact small businesses in particular are set out below:

Taxation of dividend income from April 2016. The present 10% dividend tax credit is being abolished from April 2016. In its place an annual dividend tax allowance of £5,000 is being introduced. Dividends received will be free of further charge to Income Tax up to this limit. Above the £5,000 limit dividend income will be taxed as follows:

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©UkTaxworld
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Posted by on in Taxation

The Chancellor will have upset many buy-to-let landlords with his announcement that from April 2017 tax relief on mortgage costs is to be restricted to the basic rate of tax. Landlords of residential properties have benefited from tax relief on finance charges, such as mortgage interest for many years. The mortgage tax relief for homeowners was withdrawn 15 years ago.

In a recent report, the Bank of England was clear that the huge growth of buy to let mortgages could adversely affect the UK economy. The drive for these mortgages is being partly driven by the new pension freedoms and the current low interest rate environment.

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©Informanagement
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Posted by on in Taxation

The Chancellor will have upset many buy-to-let landlords with his announcement that from April 2017 tax relief on mortgage costs is to be restricted to the basic rate of tax. Landlords of residential properties have benefited from tax relief on finance charges, such as mortgage interest for many years. The mortgage tax relief for homeowners was withdrawn 15 years ago.

In a recent report, the Bank of England was clear that the huge growth of buy to let mortgages could adversely affect the UK economy. The drive for these mortgages is being partly driven by the new pension freedoms and the current low interest rate environment.

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©Informanagement
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When it comes to financial information, many small businesses keep to the basic quarterly or annual statements from their accountants. Aside from dealing with the daily financial and cash flow issues, owners can make the mistake of neglecting valuable information—information that can be used to manage their businesses successfully now and optimise its health in the future.  FRS102 -  "The Financial Reporting Standard applicable to the UK and Republic of Ireland" fundamentally reforms financial reporting in the UK could further affect how you remeasure the assets and liabilities of your business.. 

To truly understand the current state of your business and to plan for the future, you need to understand your financial statements. Financial statements assist you to:

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As announced in the 2013 Autumn Statement, capital gains tax (CGT) is to apply to non-residents disposing of UK residential property, on gains arising on disposals after 5 April 2015.

Before then CGT was not applied to non residents (other than those carrying on a trade in the UK and, since April 2013, on companies subject to the 'annual tax on enveloped dwellings' (ATED)
charge.

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©Gerhard Visagie
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Posted by on in Taxation

A new measure was announced as part of the Autumn Statement. Entrepreneurs' Relief (ER) will no longer be available to reduce Capital Gains Tax (CGT) on disposals of the reputation and customer relationships associated with a business (the 'goodwill') to a close company to which the seller is related. This will prevent an unfair advantage to owners of businesses who sell their business to a close company and benefit from a lower CGT rate. This scheme has been used by some individuals to extract funds from a business at the reduced 10% CGT rate rather than the normal rates of Income Tax and National Insurance Contributions.

The measure will apply to disposals of goodwill to a related close company on or after 3 December 2014. The change has been made alongside another measure to restrict Corporation Tax deductions when goodwill is acquired from a related party on incorporation. As stated in the explanatory note to the new draft legislation, 'together these measures remove two incentives which encourage incorporations of businesses for tax reasons rather than for the genuine commercial benefits which may follow from a business being carried on by a company rather than by an individual. HMRC has observed an increasing trend amongst professionals and specialist traders to incorporate their businesses in order to gain these tax advantages.'

©Informanagement
Tagged in: Entrepreneurs Relief Tax
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Ever heard the expression “time is money”? Well, it’s never more true than when it comes to making changes to your business.

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A business charter defines your promises and outlines what customers can expect from you. For companies like the Ritz Carlton it has been a map to success. Here are some tips.

Make a guarantee: You want to outline the minimum level of service that customers can expect. And you want to make it sound good and honest. For example: we promise to replace all broken or damaged items without hassle.

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An interesting consultation document has been issued by HM Treasury which looks at the possible restriction of the UK personal allowance entitlement for non-residents. Currently, many non-residents with taxable income arising from the UK can benefit from the personal allowance.

The personal allowance has increased significantly over recent years and is currently £10,000. The increase in the personal allowance was one of the main policies of the new coalition government when it came into office in May 2010.The allowance is set to increase further to £10,500 from April 2015.

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©Infomanagement
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Exceed CA (www.exceedca.com) and Caban Investments UK (www.caban.co.za) are proud to announce the formation of a new accounting firm, Exceed TBL Accountants Limited, which offers SA companies infrastructural support in selling their products and services in the UK.

Caban will be emulating the SA model in the UK . Exceed TBL Accountants Ltd is equally held by TBL Capital Limited and Exceed (UK) Limited.

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