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Accountancy for growth

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Salary Sacrifice Benefiting Employers and Employees

The cost of employing an individual includes both employers and employee’s national insurance contributions (NICs). Employers pay 13.8% on the salary paid and the employee pays 12% after an initial NIC free allowance. As employers now have a duty to make pension contributions for their employees it may be worth employees considering salary sacrifice to […]

Posted on: February 9th, 2018 by Austen | No Comments | Categories: Uncategorised

What can Michael Jordan teach your business about the right mindset?

Creating a growth mindset in your business will enhance motivation and productivity. It has also proved to be successful in the worlds of education, and sport. Take Michael Jordan – he is the most successful Basketball player EVER! He helped his team The Chicago Bulls win the NBA championship 6 times and was the NBA […]

Posted on: February 2nd, 2018 by Austen | No Comments | Categories: Uncategorised

Abolition of Class 2 National Insurance Contributions Delay

May self-employed individuals will have been understandably disappointed with the announcement in the 2017 Autumn Budget of the delay in the abolition of the “stamp” for a year until April 2019. However this is possibly not as negative as you may have first thought. Th Class 2 NIC is currently £2.85 per week rising to […]

Posted on: January 18th, 2018 by Austen | No Comments | Categories: Payroll

Annual Tax on Enveloped Dwellings (ATED)

  As interest rates rise and tax relief for rented properties falls, many owners are considering the benefits of incorporating their property portfolios. If you have a number of properties and the portfolio is run as a business this may well be a sound idea, however, a 3% Annual Tax on Enveloped Dwellings (ATED) will […]

Posted on: January 5th, 2018 by Austen | No Comments | Categories: Property, Tax

Value Based Pricing

A value-based pricing strategy is one which sets prices primarily, (but not exclusively), in line with the perceived or estimated value of a product or service to the customer rather than according to the cost of the product or historical prices. Value-based pricing is not about racing to the bottom along with your competitors. It’s […]

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

Job Vacancies at Balance Accountants

  Would you like to become part of an exceptional team working within a modern, proactive and successful firm of Chartered Accountants? If that is you then now is your chance! Please see below details of our current job vacancies.   Senior Accountant/Client Manager – Full time Reporting to partner level the successful candidate will be […]

Posted on: December 12th, 2017 by Austen | No Comments | Categories: Uncategorised

Optional Remuneration Arrangements

Many employees will have heard the term salary sacrifice and this has become increasingly popular over the years with employees sacrificing amounts of salary in exchange for benefits. These benefits typically save the employee tax and class 1 National Insurance on the amount sacrificed and were used for anything for the purchase of laptops and […]

Posted on: December 8th, 2017 by Austen | No Comments | Categories: Payroll

How can camels help you become better at negotiating?

You know how important successful negotiation is to your business and that successful negotiation is a method by which people settle differences. Ideally this process will mean that all parties reach a compromise or agreement while avoiding argument and dispute. So why do so many of us find it hard to negotiate well? And why […]

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

How to be an Effective Manager

Not all managers are created equal. There are plenty of good managers and then there are great managers. Here are some key points on how to be a better manager: Mistakes are an opportunity to learn When a member of your team makes a mistake, use it as an opportunity to work with that person […]

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

Possible changes to the tax rules for dividends in January 2018

The rules for taxing dividends changed radically from 6 April 2016 with the removal of the 10% notional tax credit and the introduction of new rates of tax on dividends. For many taxpayers there will be more tax to pay on those dividends on 31 January 2018. Up until 5 April 2016, the 10% dividend […]

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

Social Investment Tax relief – Impact Investing

Social Enterprises are businesses which trade partly or wholly for social purposes, famous examples are the Big Issue, the Eden Project and FairTrade products and are found in many sectors of the UK economy. Local communities often set up a social enterprise business to maintain local services, for example the local library, post office or […]

Posted on: October 24th, 2017 by Austen | No Comments | Categories: Uncategorised

Use this 4-part checklist and make more profitable decisions in your business

In their book Decisive – How to make better decisions Chip and Dan Heath put it simply: ‘When it comes to making decisions, it’s clear that our brains are flawed instruments. Whether we rely on complex analysis or gut reactions, the results are about the same’ So, it pays to ‘catch yourself on’ and sense-check […]

Posted on: September 25th, 2017 by Austen | No Comments | Categories: Uncategorised

Rent-a-Room Scheme

Budget 2017 announced that the Government intends to review the rent-a-room scheme, but it currently remains a tax-efficient way of letting out a spare room. The Rent-a-Room Scheme allows owner occupiers and tenants to receive tax-free rental income if you provide furnished accommodation in your only or main home. The current annual Rent-a-Room limit is […]

Posted on: September 13th, 2017 by Austen | No Comments | Categories: Property, Tax

Book Your Free Place Now! Balance Legal Services Legacy Planning Seminar

Is your loved ones inheritance at RISK? Peace of mind comes from knowing that the what if’s in life have been taken care of. Knowing that the inheritance you leave behind is dealt with according to your wishes and protected for future generations. At Balance Legal Services our aim is to provide certainty and protection through […]

Posted on: August 25th, 2017 by Austen | No Comments | Categories: Uncategorised

Warning! Fraudsters claiming to be from HMRC

It has been brought to our attention that some of our clients have recently been contacted by fraudsters claiming to be from HMRC. This particular scam seems to be targeting the elderly and vulnerable by leaving a voicemail which victims call back on the number provided, and are told they owe outstanding debts or unpaid […]

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

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