General News

Obvious Innovation

Innovation can be driven by taking an ‘obvious’ idea from one context and applying it in another.

The successful development and implementation of new, innovative ideas is crucial in business. Your innovation could focus on improving business processes, bringing new and improved products and services to market, increasing efficiency or, most importantly, improving profitability.

How to Overcome your Fear of Failure

One of the most common things holding people back from achieving their full potential in business is the fear of failure.

It is human nature to fear the unknown. When we push ourselves outside of our comfort zones, whether in business or in our personal lives, it is pretty normal to feel some degree of stress and anxiety. 

5 Business Trends to Watch in 2019

Here are some of the top Business Trends to we expect to see in 2019. Make sure your business is ready to keep up to date as these change.

1. Marketing will continue to become more personalised 

HMRC Tax Scam

Telephone and email scams are always a threat, but as we approach the Tax Return deadline of 31 January each year we always see an increase in the number of calls and emails pretending to be HMRC. The most recent scams seem to involve phone calls threatening the listener with arrest and/or deportation if they don't pay their overdue tax immediately.

These scams have become more sophisticated as they are able to make it look as if they are calling from HMRC's official phone number, making it harder to tell if it is real or not.

Capital Allowance on High CO2 Cars and Assets in Special Rate Pool Reduces

One of the other capital allowance changes announced in the Autumn Budget was the reduction of the writing down allowance on assets in the special rate pool from 8% to just 6% per annum reducing balance from April 2019.

The assets included in this pool include long-life assets, such as aircraft, integral features within buildings and cars emitting more than 110g CO2 per kilometre. 

Passing on the Family Home

New inheritance tax rules for passing on the family home started on 6 April 2017. This additional relief should be taken into consideration when drafting your Will and we can work with your solicitor to make sure your Will is tax efficient.

From 6 April 2017 an additional nil rate band of up to £175,000 is available on death where your residence is left to direct descendants. This is in addition to the normal £325,000 nil rate band. 

Increased Capital Allowances Started

The Chancellor announced a temporary increase in the Annual Investment Allowance (AIA) for expenditure on plant and machinery to £1 million from 1 January 2019. However transitional rules mean that the full amount will not necessarily apply to your business straight away. 

Transferring Your Current Properties into a Company

What do you need to consider? Sadly the answer to this question is “It Depends!!”

However, there are some general principles that we can consider when looking at this situation.

There are a couple of questions which depend on your tax position and a few that relate to your preferences.

Gifts of up to £50 to Employees

From April 2016 new rules were introduced to allow employers to provide their directors and employees with certain “trivial” benefits in kind tax-free.

The new rules were brought in as a simplification measure so that certain benefits in kind do not now need to be reported to HMRC as well as being tax-free for the employee. There are of course a number of conditions that need to be satisfied to qualify for the exemption. 

Conditions for the exemption to apply:

Getting Your Whole Business to Make the Most of Social Media

Getting your whole business to make the most of social media 

Most, if not all, of your staff will have social media accounts. What if you could get all of your staff to like and share your business’s social media posts?