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Making Tax Digital Delayed Until 2020

Quarterly VAT reporting using the new system will be mandatory from 2019. In a further U-turn, three million small businesses and buy to let landlords below the VAT threshold will now not be required to keep digital accounting records but will be able to move to the new system for keeping tax records at a […]

Posted on: August 9th, 2017 by Austen | No Comments | Categories: Bookkeeping, VAT

Why risk the future of your business, it’s time to STOP going with the flow…

Running your business can be a demanding, exhausting and gruelling affair. But it can also be, and in fact should be, rewarding, satisfying, meaningful and yes even enjoyable, after all it is a large part of your life… Your business needs you to do many things every day (go with the flow) for your business […]

Posted on: July 21st, 2017 by Austen | No Comments | Categories: Uncategorised

Balance Legal Services – Introducing Legal Support and Assistance

For many years, clients have been asking us about legal services and it has been a constant cause of frustration that we haven’t been able to fully help them. We strive to be considered your ‘Trusted Advisor’ and as such we wanted to be able to assist whenever you need us most, whether it be […]

Posted on: July 13th, 2017 by Austen | No Comments | Categories: Uncategorised

Keep your personal allowances and don’t pay tax at 60%

Depending on your level of income , most individuals receive an amount which is tax free, this is called their Personal Tax Allowance. This allowance is gradually reduced for those with incomes in excess of £100,000 until it is fully withdrawn for those with incomes in excess of £123,000. The tax paid on the income […]

Posted on: June 23rd, 2017 by Austen | No Comments | Categories: Uncategorised

Property Rental – An inventory is now a necessity

April 2016 seems a long time ago, but for those of you with rental property it was the start of many changes to the way rental property is taxed. The wear and tear allowance was repealed in April 2016 leveling the playing field for landlords renting furnished, partially furnished or unfurnished property but if you […]

Posted on: June 16th, 2017 by Austen | No Comments | Categories: Uncategorised

Residence Nil Rate Band (RNRB)

Since 6th April 2017, there was a new allowance in addition to the existing £325,000 Inheritance Tax (IHT) allowance which every individual can pass on following their death. The allowance is available when the home or the share in the home is passed, on death, to direct descendants (children or grandchildren) and is also available […]

Posted on: June 9th, 2017 by Austen | No Comments | Categories: Uncategorised

How can you use email to convert prospects into customers and grow your business?

  Some people in the content marketing industry are saying that email lists are a thing of the past and that email marketing is dead. This is not the case – not even close… Building an email list is just as important today as it’s ever been. When it comes to reaching your audience for […]

Posted on: May 26th, 2017 by Austen | No Comments | Categories: Uncategorised

Reduction in the Dividend Income Zero Rate Band

The dividend zero rate band has been called an allowance, but it is not an allowance; simply a zero percent rate band. For 2016/17 the first £5,000 of dividend income is taxed at zero percent and the first tax payments to be made which will include this zero rate band will be the payments due […]

Posted on: May 19th, 2017 by Austen | No Comments | Categories: Uncategorised

Employed or Self-employed?

The 2017 Spring Budget brought into view areas of disparity in the UK’s tax system for taxing earnings from work. One of these areas which has been under review for many years and by many governments are the rule of contractors. For some years it’s been argued that certain contractors are not self-employed, whether as individuals […]

Posted on: May 11th, 2017 by Austen | No Comments | Categories: Uncategorised

Are you a parent with a child under 1 year old?

Parents of children aged under 1 year old are currently being invited to take part in the roll out of the new Tax Free Childcare Account. All parents will be invited to join by the end of 2017. For every £8 a parent pays into their childcare account, the government will pay in an extra […]

Posted on: May 2nd, 2017 by Austen | No Comments | Categories: Uncategorised

How to use our online secure document portal

Here at Balance we are always striving to keep ahead of the competition and be at the modern forefront of the accountancy profession. Standing still is not an option, and that is one of the reasons why we have decided to start sending documents to our clients using a Secure Document Portal. If you want […]

Posted on: April 10th, 2017 by Austen | No Comments | Categories: Uncategorised

VAT changes to affect small businesses

Significant changes have been announced for the amount of VAT that many small businesses will have to pay This will affect businesses that use the VAT Flat Rate Scheme but which spend very little on goods, including raw materials – such as firms providing services. The VAT Flat Rate Scheme simplifies businesses’ record keeping, and […]

Posted on: April 7th, 2017 by Austen | No Comments | Categories: Uncategorised

Introducing our new online secure document portal!

Here at Balance we are always striving to keep ahead of the competition and be at the modern forefront of the accountancy profession. Standing still is not an option, and that is one of the reasons why we have decided to start sending documents to our clients using a Secure Document Portal. This Portal has […]

Posted on: April 3rd, 2017 by Austen | No Comments | Categories: Uncategorised

Things to look out for in the new tax year

Apprenticeship Levy The Apprenticeship Levy is being introduced on 6 April. The new Levy will change the way apprenticeships are funded, requiring larger employers (those with annual ‘pay bills’ over £3 million) to invest a percentage of their yearly pay bill in apprenticeships. The Levy is 0.5% of a business’s pay bill, although an annual […]

Posted on: March 30th, 2017 by Austen | No Comments | Categories: Uncategorised

Can the 6 sources of influence affect the vital changes in behaviour needed in your business?

The most important capacity we possess is our ability to influence ourselves and others. Learn to see every important challenge you face as an influence challenge”. The Influencer: The Power to Change Anything The authors of the Influencer: The Power to Change Anything make the point that complex problems are not solved by silver bullets. Their research found that change […]

Posted on: March 23rd, 2017 by Austen | No Comments | Categories: Business Growth

Minimum wage rates updated for 1 April 2017

Businesses should check they’re paying their staff at least the National Minimum Wage (NMW) or National Living Wage (NLW). Rates are set to increase on 1 April this year. The current minimum wage rates are: National Living Wage (25 years and over) – £7.20 per hour adult rate of National Minimum Wage (21 to 24-year-olds) […]

Posted on: March 17th, 2017 by Austen | No Comments | Categories: Payroll

The 2017 spring budget

In his first Budget on 8th March the new Chancellor Phillip Hammond announced that he would  level the playing field between employees and the self-employed by increasing Class 4 National Insurance Contributions (NICs) from 9% to 10% from 6 April 2018 and then to 11% from 6 April 2019. His justification is that the self-employed […]

Posted on: March 10th, 2017 by Austen | No Comments | Categories: Uncategorised

Update: Making tax digital delayed until 2019

The Government is committed to the “Making Tax Digital” (MTD) project which is scheduled to start in April 2018 with the first quarterly updates being submitted by the self-employed and property landlords in July 2018. Many business owners, professional advisors and the Treasury select committee had expressed concerns about the timescale for the introduction of […]

Posted on: March 9th, 2017 by Austen | No Comments | Categories: Uncategorised

Making tax digital to start next year

Legislation to introduce Making Tax Digital (MTD) will be included in the Finance Bill 2017 and despite many objections that it was too soon, the new system of quarterly reporting will commence in April 2018 for the self-employed and property landlords. There were 1200 responses to the consultation documents issued in summer 2016 and a […]

Posted on: March 3rd, 2017 by Austen | No Comments | Categories: Bookkeeping, Tax

Significant tax savings on R&D for businesses

Think of Research and Development and you tend to conjure up images of white coated scientists, laboratories and test tubes. Therefore R & D tax relief can’t apply to my business. Can it? Well you might be surprised by the answer; many business owners are unaware of the type of activity that qualifies for R […]

Posted on: February 20th, 2017 by Austen | No Comments | Categories: Uncategorised

Proposed changes to UK domicile rules

Where an individual is resident but not domiciled in the UK there are special rules that apply to that person’s overseas income and capital gains.  Plus only their UK assets are charged to inheritance tax. The government have been consulting since last summer on possible changes to the rules from 6 April 2017. Currently the UK […]

Posted on: February 10th, 2017 by Austen | No Comments | Categories: Uncategorised

2016/17 ISA Allowance and Pensions Update

The current ISA allowance is £15,240, rising to £20,000 for 2017/18. Remember that there is no longer a 50% restriction on the amount that you can invest in a cash ISA; the £15,240 annual limit covers all ISA investments which could be in shares, bonds, cash or certain other investments. Make pension payments before 6 […]

Posted on: February 3rd, 2017 by Austen | No Comments | Categories: Paying Tax

Are Usain Bolt’s genes overrated?

The science of success suggests that genes have little to do with success… But is this true? Jamaica is the home of Usain Bolt, the home of sprinting. 7 of the world top 10 sprinters come from Jamaica… But it’s not where he comes from that matters, it’s what he does… The Jamaican team are […]

Posted on: January 27th, 2017 by Austen | No Comments | Categories: Uncategorised

Wills, Trusts and Legacy Planning

“In this world, nothing can be said to be certain except death and taxes” – Benjamin Franklin Wise words that few would disagree with and as your accountant, we can certainly help to keep the second of those certainties under control. But what about the first one? Whilst we can’t make death less certain, we […]

Posted on: January 20th, 2017 by Austen | No Comments | Categories: Legal Support

Who would look after your business if you were unable to?

Continuity is one of the key elements for any business to survive. Lasting Powers of Attorney (LPA) for business owners Most business owners do not think about what would happen to their business if they became incapable of running it or making those important day-to-day decisions through physical or mental incapacity. If you were to […]

Posted on: January 6th, 2017 by Austen | No Comments | Categories: Uncategorised