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Now it's the turn of the SME

So we have reached the one year anniversary of auto-enrolment (AE), with figures from The Pensions Regulator showing 1.6m people have been auto-enrolled into a qualifying workplace pension scheme. With opt out rates of just 9%, AE's first year appears to have been considerably more successful than many skeptics predicted.

The great fish and chips debate

On the way home from work the other day I passed my local fish & chip shop, nothing unusual about that you might think, however the difference was it was closed. 6pm on a Friday night and it was shut. Closed for re-decorating, the sign in the window said. 

My mind started to wander, thinking about all the people whose regular Friday night routine had been turned upside down, forced to go elsewhere or even go hungry. This simple observation makes you realise how you take things for granted and the value you put on peace of mind.

Employee shareholder status

As of 1 September 2013, employers are now able to offer their employees a new type of employee status known as an employee shareholder. This new status could be a tax efficient way of giving your employees an interest in the company to incentivise and motivate your staff.

Top 10 tax tips for the self employed

1. Get registered with HMRC – while the deadline to register for self-assessment is quite generous, you only have three months from starting to trade to register for Class 2 National Insurance. You may as well do both at once and avoid a late registration file of £100. 

Are you in control?

Have you ever thought or asked yourself the following?

1. Can I take a step back from the business without it falling apart around me?
2. There must be a better way of doing this…
3. If I want it done properly I’ll have to do it myself…next month!
4. I need to look at that part of the business in more detail but I don’t have time.
5. If there was a fraud occurring within my business then I’d know about it. Wouldn’t I?

Well we can help you find the answers…

Reform of close company loans to participators rules – consultation response

1.  Do you agree these are the right primary objectives for rules governing the taxation of loans from close companies to their participators? Please explain your answer.

We do not consider that the majority of loans provided to participators to be a form of deliberate tax avoidance. Acting for predominantly Owner Managed Businesses (OMBs) you quite rightly state that many of these situations arise because such businesses used to be run as sole traders or partnerships, where the proprietor took drawings.

Hotels enjoying a bright summer

Hotels in the Lake District have enjoyed a busy summer, in stark comparison to the previous year. The average room rate achieved by hotels in the Lake District for June 2013 was £101 which compares with £61 for June 2012. This is a huge increase, but we must remember that last summer the Olympics and terrible weather led to many hotels reducing their room rates in a bid to increase occupancy levels. This information comes from a survey that was run by Armstrong Watson during July 2013, specifically for hotels in the Lake District.

Proposed changes to childcare support

In the 2013 Budget the government announced its intention to change the way child care support is provided.

The proposal will see the current salary sacrifice scheme of employer supported childcare being phased out when the new scheme is introduced.

Under the proposals parents will be able to claim back up to £1,200 per year in childcare costs provided they meet the following criteria:

10 things business owners can learn from The Dragons

It’s been our screens for nearly 10 years now and Dragons Den continues to give viewers an engaging insight into businesses operating in many different sectors and at different stages of their lifecycle. Whilst much of the show is simply good entertainment there are valuable lessons to be learnt for existing business owners and those thinking of starting a business. Here I take a look at 10 things you can learn from Peter Jones and co.

Advisory fuel rates for company cars

Many employers and employees make use of the advisory fuel rates published by HM Revenue & Customs. The rates apply where the employer:

• reimburses employees for business travel in company cars where the employer does not provide fuel, or,
• requires employees to reimburse the cost of employer provided fuel used for private travel, so potentially avoiding a private fuel benefit charge.

The advisory fuel rates are also acceptable for VAT purposes providing VAT receipts for fuel purchases are retained.