2016 Challenges for SMEs
Big changes The summer 2015 budget introduced the biggest changes in SME taxation for over 20 years. In summary, there will be a significant increase in most business owners’ tax bills. This brief note is to outline what those changes are, and what the likely impact will be. And of course, because we are who we are, there are some suggestions on how you could mitigate some of the increases. But first some accounting news…. Accounting changes New accounting rules mean change in the way some assets and liabilities are measured, and how changes in valuations have to be accounted for. This could mean that reported profits are much lower in future, even with the same underlying performance. FRS102 took effect from 1 January 2015, but only applied to SMEs after the FRSSE was withdrawn in July 2015. FRS102 applied to SME accounts from 1 January 2016, but you…
Making lives better
We managed to get HMRC to remove penalties for late tax returns from a client of ours who is seriously ill, even though he had already paid them. The £454 cheque will help.
And better
Steve met with a potential new client and identified over £30,000 a year of tax and VAT savings! Both savings are from implementing Government approved schemes.
And even better
Steve has managed to source nearly £4m of funding for two development projects on behalf of our newish client.
Hello
And hello to Debbie, our newest client.
Reviewing your business structure
Bradley completed reviews into the business structure of two clients this week, and identified annual tax savings of over £2,000 per client. We regularly save our clients far in excess of that. Contact us to check out whether a review of YOUR business structure would give you extra cash in your pocket.
Congratulations!
Brad passed his ethics exam on his first attempt, which is a great news! This is a notoriously difficult exam with only a 27% first time pass rate.
Social
We all had a fantastic time at Plymouth Live Escape Rooms for our team social last week. Enjoy the photos!
Are things being overlooked?
On review of the work prepared for a client by their bookkeeper, we uncovered missing interest claims over the past 3 years which enabled us to save in excess of £3,000 in corporation tax.
Can we review your accounting packages?
A client has estimated that by using Xero they have saved themselves over 20 hours per month by streamlining their accounting processes. If you could use some extra time (and who couldn’t!) come and have a chat.