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Using Online Communities to Promote Your Business

The beauty of online marketing is that it doesn’t have to be expensive. You can even use online groups/communities to help promote your business for free. 

Online communities are groups of people who share advice, knowledge or stories related to a shared interest. They connect and share content on forums, on social media, or even on their own website or blog. 

If you want to engage with an online community in order to promote your business, you need to do a little bit of research.

GDPR - Are You Now Compliant?

Under the recently introduced GDPR regulations, all businesses in the UK must have consent from their customers in order to keep their details on a database, contact them in future and so forth. So what does this mean and what do you need to do?

Mindful Management

Being an effective manager requires a strong work ethic and the ability to guide those on your team to work toward success. Taking a more mindful approach to managing your team can help you to bring out the best in people.

Mindfulness can be defined as a “psychological process of bringing one's attention to experiences occurring in the present moment”.

Joint and Several Liability for Unpaid VAT

Certain traders can be made liable for the unpaid VAT of another VAT-registered business when you buy or sell specified goods. HMRC have recently updated VAT notice 726 which advises traders to carry out due diligence into their supply chain.

The specified goods are any equipment made or adapted for use as a telephone and any other equipment made or adapted for use in connection with telephones or telecommunication, such as SIM cards.

2015/16 Pension Annual Allowance Lapses on 5 April 2019

To utilize the 2015/16 unused relief any additional pension savings would need to be paid to the pension fund by 5 April 2019, otherwise the relief from 2015/16 will lapse.

Paying Tax if Your Pension Savings are Too High

If your pension savings are more than your annual allowance for the tax year, and you do not have unused annual allowances from the 3 previous tax years to cover the difference, you’ll have to pay tax on the excess.

You’ll get a statement from your pension provider telling you if you go above the annual allowance. If you’re in more than one pension scheme, ask each pension provider for statements. This will help you work out how much you’ve gone above the allowance.

Check Your Pension Savings Annual Allowance

HMRC have updated their guidance on the rules for carrying forward the unused pension savings annual allowance, together with a calculator on their website. 

For most taxpayers, the maximum amount of pension savings that qualify for tax relief each tax year is £40,000. It is possible to increase this amount by utilising unused relief brought forward from the previous 3 tax years, provided the individual was a member of a pension scheme that year. 

Tapered Pension Tax Relief for Those With High Income

For most taxpayers, the maximum pension input annual allowance is currently £40,000. 

However, from 2016/17 those taxpayers with ‘adjusted income’ over £150,000 and ‘threshold income’ over £110,000 receive a tapered annual allowance. For those persons affected the allowance tapers by £1 for every £2 that their adjusted income exceeds £150,000 down to a minimum annual allowance of £10,000.

Time to Declare Offshore Income Gains and Assets Warns HMRC

HMRC is urging UK taxpayers to come forward and declare any foreign income or profits on offshore assets before 30 September to avoid higher tax penalties.

New legislation called ‘Requirement to Correct’ requires UK taxpayers to notify HMRC about any offshore tax liabilities relating to UK income tax, capital gains tax, or inheritance tax.

4 Steps to Developing Talented Staff

Regardless of the type of business that you run, you will have talented people in your team who you will want to develop and grow into future managers. So how do you go about creating the next generation of managers in your business?

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