The substantial increase in the higher rate threshold to £50,000 is good news for many taxpayers. However, that same figure is the point at which child benefit starts being clawed back and there has been no increase in that threshold since the High Income Child Benefit Charge was introduced in 2013/14. The charge applies if […]
Technology is a major driver of business profits. Here is a list of innovations you may want to implement in your business: Document management systems (going paperless) Electronic workflow Multiple monitors Portals “Cloud” computing Customer relationship management (CRM) software There are significant benefits to going paperless: Increase in productivity Elimination of storage space Reduction in […]
The government is currently consulting on important changes to private residence relief that are likely to be introduced from 6 April 2020. The two possible changes, announced in the Autumn 2018 Budget are: Firstly to limit to just 9 months the period prior to disposal that counts as a period of deemed occupation The second […]
Last year HMRC carried out a review of rent a room relief and it was proposed that the availability of this generous relief would be restricted to situations where the taxpayer was resident for at least part of the time when the “lodger” was paying rent. The scheme currently exempts from tax gross rents up […]
Did you know there is a government scheme available that can help contribute towards childcare costs which may mean fewer of your employees will need time off at the same time this summer. Tax-Free Childcare is a scheme available to working parents with children from 0-11 years and many parents are not taking advantage of […]
Just about everything that happens in a business is repetitive. That means that it probably doesn’t have to be done by you! Here is a two-step approach: Take a hard look at what you and your colleagues do each day and write down how it’s done Start delegating tasks to other people, by having them […]
Government agency impersonation: This form of phishing is often used to target businesses and involves a fraudster impersonating a government agency to gain valuable information such as company bank details.
Key performance indicators (KPIs) are the statistics you track to determine how well your business is doing. If you’ve been running your business for a long time, you will probably have developed your own KPIs, even if only on an informal basis. We think there’s merit in formalising your KPIs and setting up a system […]
Ransomware: There have been some high-profile ransomware scams. Any holes in a company’s IT firewall will put the business at risk of being targeted by a criminal, who demands money in exchange for decrypting the hijacked data files.
Once you have a business plan, move on to setting targets for the short and medium term. Do this together with your team, making sure everyone understands them and how they will be achieved. Then make sure everyone agrees that they are achievable. If your team isn’t willing to agree on this, go back to […]