Enterprise finance guarantee
The Government has recently announced a revised package of measures to aid businesses having difficulty in raising finance. We provide help and guidance for any business who are interested in pursuing this help. Please contact us for an informal chat about the measures.
For more details see http://www.businesslink.gov.uk/bdotg/action/detail?type=RESOURCES&itemId=1081839421
Guide to accessing bank finance.
Business Link have also published their guide to obtaining bank finance.
For further details go to:
Help in paying your tax bills
If you're worried about being able to meet tax, National Insurance, VAT or other payments owed to HM Revenue & Customs (HMRC), or you anticipate that payments coming due will cause you problems, you can call the Business Payment Support Line seven days a week.
For further information go to: http://www.hmrc.gov.uk/pbr2008/business-payment.htm
Changes to Health and Safety Rules
HMRC has announced that it will increase the tax and NIC free guideline rate employers can pay home working employees without keeping records from £2 to £3 per week with effect from 6 April 2008.
Benefits in kind for Directors
Directors of companies may be subject to extra tax because of certain expenses and payments made by the company on their behalf. Most commonly these involve company car/van benefits but HMRC also includes a whole range of other payments in the 'benefits' category. Please have a look our guides below and contact us if you are affected by any of the issues.
Research and development
There are changes to the Research & Development (R&D) relief for SMEs, though the date this will come into force is yet to be announced.The rate of relief available for SMEs will increase to 175% (previously 150%) capped at €7.5 million per R&D project.Other amendments, to be able to claim R&D relief, the most recent accounts have to be prepared on a ‘going concern’ basis; this applies to all companies wishing to claim the relief.The large companies R&D relief also increases to 130% from 125%, this comes into effect 1 April 2008.Further details can be found in HMRC's budget notes:
Scam emails from Revenue and Customs
Once again there are scam emails which appear to be sent from HMRC. These attempt to fool the recipient into believing that they are due a tax refund and - as usual - the email asks for bank details !. If you receive any type of email from HMRC always check with us first before replying.
For more details see: http://www.hmrc.gov.uk/security/fraud-scams.htm
Buying a business vehicle
Business Link have produced a handy guide to buying the right vehicle for your business. This includes CO2 and fuel consumption guides.
For further details go to :
More time to pay your 2009-10 business rates increase
On 31 July, local authorities will be writing to local businesses offering them the option to spread payment of this year's inflation up-rating to business rates over three years, under new legislation announced by the government in March.
Business rates are adjusted every April in line with the Retail Prices Index for the previous September. The new measure is designed to smooth the effects of the spike in inflation of 5 per cent in September, which would have seen businesses facing an impact on their cash flow this year.
From 31 July:
All business ratepayers can apply to their local council to put off 3 per cent of their whole year's 2009-2010 business rates bill. So, if a yearly bill is £5,000, ratepayers will be able to postpone paying £150.
Those who accrued a rise in their bill because transitional relief has come to an end can defer 60 per cent of the increase.
For more details go to:
There are also a number of reliefs available to reduce rates liability. These include Small Business Rate Relief and reliefs for Charities, Community Amateur Sports Clubs, and certain businesses in rural areas. Find out more information by going to: