As traditional loans fall out of favour with increasing numbers of business owners, you may be looking for an alternative route for financing – and your pension could be the answer.
Data from the British Business Bank shows that in 2017 the number of small businesses seeking traditional bank loans reached a record low of only 1.7%.
Read the full article here.
This months edition includes:
– ‘Raise the VAT threshold to stimulate SME growth’
– SMEs miss out on business savings interest
– Calls increase for reform of ‘flawed’ apprenticeship levy
– Working pensioners pay £8.6bn in income tax
Read the full article here.
I understand that Class 2 NIC is finally being abolished from 6 April 2019. This means that those of my self-employed client with losses or low profits who want to protect their state pension contribution record will have to pay Class 3 contributions which are considerably more expensive. Will there be any alternatives?
Yet again small business owners are targeted by the government !
Read about the Winners and Losers in our guide to the 2017 budget!
Bedtime reading for things to know about before and after the tax year end.
This month edition covers:
SME Borrowing rise
Retired income is up 13%
Small firms pay above 1% minimum Pension
Click HERE to download your copy
Making sure you gain all the correct years of NI
contributions can make a huge difference!
Click HERE to down load your copy
No one should be without a financial plan.
Read our guide to get started.
Auto Enrolment – everything you need to know about it and the lack of time you have to implement it!
Xero Online Account – How to keep your books sitting on a beach in Hawai whilst drinking cocktails!
Morrell Middleton have teamed up with Ardent Financial advisers to discuss the in’s and out’s of implementing the Governments solution to the pensions crisis – Auto Enrolment.
The rules will apply even to individuals who employ just one person, such as a nanny or gardener. Employers will have to enrol workers who are classified into 3 areas, Entitled Worker, Non-Eligible Jobholder and a Jobholder. Who is which and what you have to do for them is all in our notes!
An announcement of “common sense” changes to auto-enrolment has been made by the Pension Regulator, which will benefit a significant number of owner managed and family businesses.
While a declaration of compliance and other tasks remain a necessity, the 2 new Q&A released, remove a significant burden/red tape from business owners across the country.
The TV programmes of many of our youths conjured images of the year 2020 seeing us living a life of plentiful leisure time, a fashion of shiny silver suits and an army of robots taking care of all our needs.
It is clear (to most of us at least!) that this isn’t how 2020 will look, however we do know how some key aspects of our businesses will look.
Thousands of families who set up “discretionary trusts” so they could leave property to children in a tax-efficient manner will miss out on the Government’s valuable new inheritance tax allowance unless they make significant changes to their will, it has been warned.
Homes left to children through a discretionary trust will not benefit from the “family home allowance”, worth up to £350,000 per couple from 2020, because assets do not pass directly to children. Discretionary trusts – the most common form of trust – were widely used in the past to minimise inheritance tax (IHT).
Thousands of older savers who use the new pension freedoms to pay off debts could be forced to pay 70% tax on withdrawals they expected to be tax-free if they continue to save for retirement, pension experts have warned.
A little-known quirk in the rules designed to prevent pensioners abusing the tax system means that even over‑55s with modest pensions are at risk of unwittingly breaking official savings limits. Tweaks which mean the rules now affect far more people were quietly made in April this year.
The tax increase, on which there was no consultation, will be phased in from 2017 and fully implemented by 2020.
The change was unexpected, and the new regime is highly complex, and many investors remain unaware of the change, or underestimate its severity.
Whether or not you are in favour of it, auto enrolment is becoming reality, with all businesses due to be enrolled by early 2018.
Whether your company employs one person or one hundred persons you are legally required to put a workplace pension scheme in place. However, if your business comprises only of Directors you are not necessarily required to operate the scheme.
The Chancellor’s 2015 Budget contained some Radical changes to Dividend and Rental Income – none of it good news!
With the implementation of Auto-Enrolment Pension schemes now well underway across the UK, one common query we receive is “Is our business caught by this?” (may be not the way we should be viewing pensions?!), especially from companies where the only people involved are the 2 owner/directors – often spouses/partners.
Now the dust has settled we have produced a 4 page guide to the relatively quiet 2014 Chancellors Autumn Statement for you to download here!
Auto-enrollment looms for small companies yet many are thinking they have nothing to worry about until 2016 or even 2017! Think again!
Book your place at our seminar here for 11am on 11 March 2015
The amount of inheritance tax expected to be paid by families in the next few years will reach a level higher than at any time since the early 1970s, according to calculations by the Institute for Fiscal Studies.