Annual allowance ‘taper’ causes pension pain

There are growing warnings that thousands of people may face an unexpected tax bill as a result of complex rules restricting relief on pension contributions for those earning over £150,000. Pension provider Prudential is among those sounding alarm bells. It has warned that rules aroun

Tough times ahead for the taxman?

Is HMRC in danger of trying to do too much with too little? The body representing the chartered accountancy profession certainly thinks so. It has described a report by the Commons Public Account’s Committee (PAC) into the taxman’s performance as “sobering reading”. Comments from the

Tackling future family business fears

A new report has revealed that more than a quarter of family business owners are worried that their company will die when they retire. The UK-wide survey also revealed that a third of owners believe younger family members are not as interested in pursuing the business as was the case

HMRC points towards a new penalty system

HMRCs vision to digitalise the UK tax system is well underway. Businesses and landlords will be required to use commercial software to maintain their records and to update the taxman quarterly, starting with VAT. A recent survey has revealed that 40 per cent of small businesses are lo

‘New powers’ for HMRC

HM Revenue and Customs is being given “unprecedented powers” to take extra tax from someone’s pay packet the moment it believes they aren’t paying enough, post-Budget reports have revealed. Current rules mean the taxman must recoup unpaid cash the following year. But a report in the D

Unsure about R&D tax relief? You’re not the only one!

Research & Development (R&D) tax relief experts Catax have carried out a survey to find out what SME owners, directors and senior managers know about this valuable form of tax relief. The Catax survey uncovered some surprising results: The survey revealed that over half of UK

Why auto-enrolment is not ‘job done’

Former pension’s minister Sir Steve Webb has fired a strong warning to companies that they could be sued for hundreds of millions of pounds if they continue to provide “the bare minimum” in pensions for their workers. His message, in an article in the Daily Telegraph is stark. He says

Are you aware of small business rate relief changes?

The overhaul of business rates which came into play earlier this year created a host of worrying headlines. Stories of companies facing closure as the result of large hikes to their bill – a whopping 1,361 per cent according to one report in Lancashire – were commonplace. But th

Auto Enrolment – dismissing the myths

Auto Enrolment has been slowly introduced over the last five years for employers.  As from this month we are, at last, getting towards the end of the “staging” period, which has caused headaches for employers up and down the country. All new employers must now set up a pension scheme

Raising a glass to a great event!

It is one of the highlights of the year and a firm favourite on the Lancashire social calendar. The first Oyster Festival at Guy’s Thatched Hamlet in Billsborrow took place back in 1991. Since then Guy’s and the Wilkinson family that run the venue, have welcomed many national and inte

Calls for more certainty get louder

Lack of certainty around payment practices, regulation and post-Brexit planning will have a knock-on effect on the UK’s small businesses, according to the Association of Chartered Certified Accountants (ACCA). Its verdict on the challenges facing our SMEs could not be clearer: “Small

First deal for powerhouse fund

The new £400 million Northern Powerhouse Investment Fund (NPIF) highlighted in last month’s WNJ newsletter is up and running in Lancashire with its first deal in the county. The fund has completed a £250,000 investment in an SME set up six years ago.The loan will allow the company to