I missed most of yesterday's Budget because I was driving back across Exmoor from seeing a prospective client, and preferred to listen to something else instead on the journey!
There weren't many surprises, although the cut in beer duty was welcome. Obviously it would be more welcome if I thought that most pubs would pass it on to their customers!
For small businesses, we thought the key points were the Employer's National Insurance grace amount of £2,000 coming in from 2014 and uplift of the VAT registration threshold to £79,000.
For the man on the street, it was scrapping the fuel and beet duty increases that probably brought the most joy!
For those of you who are interested in the detail and how it might affect you, our Budget Report is now available for download.
If there are any points you want to discuss, then please get in touch with us here at Accountancy Edge..
ICAEW Chartered Accountants based in Bideford, North Devon. Working together with business owners to improve their business and their world.
Thursday, 21 March 2013
Pay Less Tax
The latest edition of our Pay Less Tax newsletter is available to download on our website.
It looks at a rang of topical issue that may be of interest.
These include the curtailing of unlimited tax reliefs. Some of these, such caps on loss relief are very relevant to people who have a loss making trade, and use these losses to reduce or reclaim tax incurred on other income sources.
There's something on the increase in the Capital Gains Tax annual exempt amount.
The current hot topic of Real Time Information also gets a mention.
Check it out. One of this topics might apply to you. If it does, contact Accountancy Edge today.
It looks at a rang of topical issue that may be of interest.
These include the curtailing of unlimited tax reliefs. Some of these, such caps on loss relief are very relevant to people who have a loss making trade, and use these losses to reduce or reclaim tax incurred on other income sources.
There's something on the increase in the Capital Gains Tax annual exempt amount.
The current hot topic of Real Time Information also gets a mention.
Check it out. One of this topics might apply to you. If it does, contact Accountancy Edge today.
Monday, 18 March 2013
Use of Cloud Accounting Software by Small Businesses
Cloud accounting users were overwhelmingly happy with their choice, while people who had considered the cloud, but rejected it as an option, were predominantly concerned by security issues.
At Accountancy Edge we work with clients using several cloud accounting packages, but predominately Xero and Freeagent. In our opinion, the software is as secure as your password.
We'll be providing some exclusive content to the Izzbox blog answering common questions about the cloud. So keep them peeled!
Tuesday, 5 March 2013
But that's silly!
Do you ever read an article or advertorial by someone in the same business as you and think, "but that's just silly!"?
I know we do at Accountancy Edge.
Just this morning I chanced upon an article by an accountant in the March 2013 issue of The Link Magazine. In it they were talking about year-end tax planning opportunities in a not entirely accurate way. But I can let that slide, as it got some of the ideas across.
Bringing required capital expenditure forward into the current tax year to accelerate your tax relief is sensible tax planning. As is paying a pension contribution to take advantage of higher rate relief.
That wasn't all though. There was also a case study.
In it, their client was in danger of paying the 50% tax rate, so they were advised to go on holiday in March rather than do any billable work.
Apparently this meant they could have their holiday in the sun... and save tax too!
But that's silly.
Yes, not working so you don't earn any money in March may keep you under the higher rate tax threshold. But it would also mean you don't earn anything. The tax man my not get his 50%, but you don't get your 50% either.
So just how does that make anyone better off?
Even if you could do the work later, that takes up time that stops you taking on other jobs. That way madness lies!
I know we do at Accountancy Edge.
Just this morning I chanced upon an article by an accountant in the March 2013 issue of The Link Magazine. In it they were talking about year-end tax planning opportunities in a not entirely accurate way. But I can let that slide, as it got some of the ideas across.
Bringing required capital expenditure forward into the current tax year to accelerate your tax relief is sensible tax planning. As is paying a pension contribution to take advantage of higher rate relief.
That wasn't all though. There was also a case study.
In it, their client was in danger of paying the 50% tax rate, so they were advised to go on holiday in March rather than do any billable work.
Apparently this meant they could have their holiday in the sun... and save tax too!
But that's silly.
Yes, not working so you don't earn any money in March may keep you under the higher rate tax threshold. But it would also mean you don't earn anything. The tax man my not get his 50%, but you don't get your 50% either.
So just how does that make anyone better off?
Even if you could do the work later, that takes up time that stops you taking on other jobs. That way madness lies!
Monday, 4 March 2013
If you run a business, then you need to be ready for Real Time Information
If you have a payroll, this will affect your business and you need to get ready NOW.
Pay Less Tax
The latest edition of our newsletter, Pay Less Tax, is available to download on our website.
This issue looks at planning opportunities created by the yo-yoing limit for Annual Investment Allowance, changes to the CGH and IHT thresholds, and a lot of other stuff too!
Why not check it out?
This issue looks at planning opportunities created by the yo-yoing limit for Annual Investment Allowance, changes to the CGH and IHT thresholds, and a lot of other stuff too!
Why not check it out?
Friday, 1 March 2013
Cloud Accounting Survey
Do you use a cloud accounting solution? Maybe you use Xero, or Freeagent, or something else. If you do, could you spare a minute to answer this survey on accounting in the cloud?
We want to find out how you find the cloud experience and whether you have any issues or concerns with the solution you're using. Then maybe we can make your experience better.
At Accountancy Edge we support a range of cloud accounting solutions, including Xero and Freeagent.
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