According to the ICAEW businesses may need to take a greater ‘leap of faith’ and invest for the future despite the current uncertainty. In its latest Economic Forecast, it predicts GDP growth of 1.6% in both 2017 and 2018, 0.8% slower than the average for the past three years. Despite the lack of certainty on Brexit, the economic conditions for capital investment remain positive and would help drive growth. We are here to help you with advice on how to drive the growth in your business. Please contact us for more information.
There is currently a consultation process underway into the HMRC proposal to move the self-assessment system into the digital age. We will be providing our opinion and experiences to the Government as part of this process and will of course keep our clients informed of any changes and the effect this will have on them in due course.
Following the UK’s decision to leave the EU, it is possible that this could affect many areas of tax including income and corporate taxes, business reliefs and VAT. The first indication of the impact of this decision on taxation will come as part of the Autumn Statement later this year and further changes may arise as the exit negotiations unfold. We will continue to monitor this and will inform our clients should any changes which may affect them arise.
Following the Budget on 16th March 2016 we have prepared a Budget Report containing all the key information for our clients. If you have misplaced the original sent to you please let us know and we can provide another or alternatively you can print a copy using the following link:
The budget will be published on Wednesday 16 March 2016. We will of course be updating all of our client’s of any changes and how they will be affected by them as soon as possible afterwards.
Thank you to all our clients for providing us with the information to complete your tax returns as promptly as you could. With your help we were able to successfully submit 100% of tax returns where we were asked to on time ensuring that late filing penalties were avoided.
We will be in contact regarding the current tax year after 5th April, in the meantime please keep an eye on the news feed for other items which may be of interest.
Firstly, Happy New Year to all our clients!
For those who have yet to provide us with the information to submit their 2014/2015 tax returns, please note that the deadline for the submission of these forms is 31 January 2016.
We will need the information in advance of this date to ensure we can complete and submit the return correctly and on time, so please let us have the required information as soon as possible.
If you have any queries please let us know.
Please note that our office will remain open until the afternoon of Wednesday 23 December 2015 when it closes for Christmas and will reopen on Monday 4 January 2016.
In March 2015 the UK Government approved new regulations that implement the requirements of the new EU Accounting Directive into UK company law. While the changes introduced by the regulations are wide ranging, some of the most significant relate to the small companies regime. The changes to company law are effective for financial years beginning on or after 1 January 2016. The small companies regime has now been split into two parts, micro-entities and small companies, with the split based on thresholds set for turnover, balance sheet total and average number of employees The financial reporting requirements of each regime get progressively more complex and comprehensive the further up the suite of standards that an entity goes. We will contact all our clients on an individual basis to discuss the impact of these changes on your company.
The annual return which is currently lodged at Companies house is being replaced with an annual check and confirm “confirmation statement”. These changes are scheduled to come into force in April 2016.
In an attempt to reduce fraudulent activity, the day the director was born is no longer made public at Companies House – only the month and year is now visible on the public register. However, the new rules do not appear to remove historic data previously filed with this information on it.
If you have any queries or would like to know more please let us know.