Press Room

A selection of Press Releases can be found detailed below:

July 2008
Advisory Fuel Rates

To reflect the increases in fuel prices, HMRC have issued new advisory fuel rates for employees driving employer provided cars. These take effect for all journeys undertaken from 1 July 2008 so employers wishing to use the new rates should advise affected employees and update any expense forms as soon as possible.

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July 2008
Employees’ Mileage Payments

As you may be aware there is a statutory system of tax and NIC free mileage rates for business journeys in an employee’s own vehicle. These mileage payments are known as ‘Authorised Mileage Allowance Payments’ (AMAP).

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June 2008
Payroll Changes and Personal Allowances

Chancellor Alistair Darling has announced an increase in the personal allowance of £600 and an adjustment to the higher rate threshold (the total of the personal allowance and basic rate limit) as reported in the earlier article, ‘10% tax rate climb down’.

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June 2008
Flexible Working Extension

The government has announced plans to extend the right to request flexible working to parents with children up to the age of 16.

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Question – did those year end accounts improve your business in any way other than ensuring you met the statutory filing deadlines to avoid a penalty?

Answer – probably not! - But wouldn’t it be even better to let us help you in the following areas where we have developed structured advice sessions:

Click on the A4G logo for more information

 

June 2008
Turning on the Lights

It’s a familiar situation. Small or medium sized business with an experienced and knowledgeable owner and director who had the good sense to employ a reasonable bookkeeper. The accountant isn’t bad either. Only sees him once a year but at least he knows the end of year accounts are fine. Don’t want any trouble with the Inland Revenue.

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May 2008
P11D Deadline Looming

The forms P11D, which report employees and directors benefits in kind and expenses, are due for submission by 6 July 2008 for the year ended 5 April 2008. The process of tracking down the information can take some time so it is important that you don’t leave things until the last minute.

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May 2008
Entrepreneurs’ Relief

After business leaders voiced their objections to the abolition of taper relief, the Chancellor introduced a new Entrepreneurs’ Relief (ER). ER may be available for disposals, reorganisations and relevant transactions taking place on or after 6 April 2008.

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Question – did those year end accounts improve your business in any way other than ensuring you met the statutory filing deadlines to avoid a penalty?

Answer – probably not! - But wouldn’t it be even better to let us help you in the following areas where we have developed structured advice sessions:

Click on the A4G logo for more information

 

May 2008
If You Can Measure it, You Can Manage it

Not everyone in management understands accounting information. It seems that there is always an element of accounting knowledge required to understand. For this reason, many good business people ignore information available to them and rely on gut instinct. Often this works but sometimes it can have disastrous consequences.

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April 2008
Entrepreneurs' Relief Draft Legislation

In the Pre-Budget Report last October Chancellor Alistair Darling announced a series of changes to the capital gains tax (CGT) regime for individuals and trustees. These changes included the abolition of taper relief and indexation relief and the introduction of a single rate of CGT of 18%. The changes take effect from 6 April 2008.

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April 2008
‘Income Shifting’ Legislation Delayed

The introduction of the proposed legislation on ‘income shifting’ has been delayed until April 2009.

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Question – did those year end accounts improve your business in any way other than ensuring you met the statutory filing deadlines to avoid a penalty?

Answer – probably not! - But wouldn’t it be even better to let us help you in the following areas where we have developed structured advice sessions:

Click on the A4G logo for more information

 

April 2008
The Tail on the Dog

Tax is the tail on the business dog. If you don’t make any money, you are unlikely to be paying much tax.

But that doesn’t mean that tax should be ignored when making business decisions. Timing I particular is crucial to getting the best tax breaks. There are some pretty generous allowances out there for purchasing capital equipment, particularly computers and the tax relief available can be brought forward a year simply by purchasing an item one day before the year-end rather than one day after.

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March 2008
The Budget 2008

Alistair Darling has delivered his first Budget as Chancellor of the Exchequer. His focus was very much on stability against a backdrop of economic slowdown and turbulence in the global financial budgets.

His 50-minute speech delivered few shocks as Mr Darling said the government would do everything in its power to keep Britain’s economy strong and inflation low, although there was “green” thread running through the Budget.

 View full Budget

 

March 2008
Expenses for Employees

Normally, the payment or reimbursement of expenses or the provision of a benefit in kind is taxable on the employee. However, particularly with expenses, it may well be that the employee is entitled to tax relief personally on the same amount. In order to obtain the relief, the employee would have to write to HMRC or fill out a tax return.

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March 2008
Employment Rights - Statutory Limits

The limits on payments and awards made to workers in certain employment rights cases rose from 1 February 2008.

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Question – did those year end accounts improve your business in any way other than ensuring you met the statutory filing deadlines to avoid a penalty?

Answer – probably not! - But wouldn’t it be even better to let us help you in the following areas where we have developed structured advice sessions:

Click on the A4G logo for more information

 

March 2008
SMES Happy Being Small

Research shows that three quarters of small business owners believe their quality of life has improved since they started their own business.

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February 2008
Entrepreneurs' Relief

In the Pre-Budget Report in October 2007 the Chancellor, Alistair Darling, announced a series of changes to the capital gains tax (CGT) regime for individuals and trustees. These changes included the abolition of taper relief and indexation relief and the introduction of a single rate of CGT of 18%. The changes take effect from 6 April 2008.

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February 2008
Holidays

On returning to work in the New Year, many will be reaching for the travel brochures to plan their next holiday getaway. Now would be a good time to ensure that your employees (or your own) holiday entitlement has been correctly calculated.  The minimum statutory holiday entitlement was raised from 20 days to 24 days per annum from 1 October 2007. This entitlement is inclusive of Bank Holidays. 

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Question – did those year end accounts improve your business in any way other than ensuring you met the statutory filing deadlines to avoid a penalty?

Answer – probably not! - But wouldn’t it be even better to let us help you in the following areas where we have developed structured advice sessions:

Click on the A4G logo for more information

 

February 2008
How Small Companies Can Get Paid

With slow payment and insolvent debtors being two of the biggest problems facing small businesses, we are advising local companies to take advantage of a beneficial service.

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January 2008
Inheritance Tax Nil Rate Band

Chancellor Alistair Darling announced in his Pre-Budget speech a change to the way in which the inheritance tax (IHT) nil rate band of £300,000 can be used for married couples and civil partners.

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January 2008
Income Shifting Consultation

You may well remember that the Arctic Systems case involved a husband and wife who owned a company 50/50 and, broadly, took the profits out by way of dividends, again 50/50. HMRC attempted to tax the dividends solely on the husband, as he was performing most of the work which generated the profits of the company.

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Question – did those year end accounts improve your business in any way other than ensuring you met the statutory filing deadlines to avoid a penalty?

Answer – probably not! - But wouldn’t it be even better to let us help you in the following areas where we have developed structured advice sessions:

Click on the A4G logo for more information

 

January 2008
Are You a Prisoner in Your Business?

True Story: “Life’s not much fun these days” said the businessman to his accountant surveying his latest annual figures. The accountant tried to sympathise as he focussed on the profit figure, which exceeded £200,000. “I haven’t got time to do anything here and our social life is non-existent”. His wife scowled across their half-decorated living room.

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