For many businesses across Lancashire and Cumbria, the festive spirit was dampened (and in some cases completely submerged) by the terrible flooding that occurred on Boxing Day and the days following. As the water level rose, so did the fear for many that their businesses would be severely disrupted – whilst some would not survive at all.
As we reported in our last issue, RfM has over 100 years’ experience in accounting rural businesses and to ensure that as many farmers as possible across the region can benefit from our specialist knowledge, we’re spreading the word with a straight-talking new advertising campaign.
More changes to tax rules for repairs and replacements
There have already been some recent changes to the amounts that can be claimed as repairs or replacements for landlords of residential properties but the government is proposing further legislation to be introduced from April 2016.
It should come as no surprise that a UK company or partnership can be criminally liable if it pays a bribe to gain business. You might not be aware, however, that a business also commits a criminal offence if a person ‘associated with it’ bribes another person for the benefit of the business.
‘Phishing’ is the term used to describe the fraudulent act of emailing a person in order to trick them into revealing their personal or financial information. HMRC has issued guidance to help its customers recognise when an email from them is genuine or fake.
The short, 18-month period for making Class 3A voluntary contributions to top up the State Pension has commenced and will close on 5 April 2017.
When an employee is off work due to sickness for a long time, businesses, particularly small businesses, can find it difficult to cope.
UK company law already requires certain information on directors and registered legal owners of company shares to be made publicly available but new legislation means that anyone doing business with a private company can see who really controls that business – its ‘beneficial owners’.
The Enterprise Investment Scheme (EIS) is now over 20 years old. Reaching this milestone is quite remarkable for a tax break as a change in government often results in the demise of one tax break to pave the way for a ‘new and better’ one. Here we look at why EIS is worth the consideration of companies and investors.
From 6 April 2016, when a fundamental change to the UK taxation system comes into effect, residents in Scotland will pay two types of income tax on their non-savings income.
We hope you won’t be too disappointed but you won’t be receiving a Christmas card in the post from us this year. Instead we’ll be giving the money we would have spent on printing and posting to helping a good cause. As a matter of fact, this year we found lots of ways to make a difference, from collecting stamps to collecting Christmas presents…
We’re looking for the perfect Practice Manager for our office in Ulverston. Could it be you?
When you think of the term ‘business owner’ what’s the first thing that springs to mind? It probably isn’t an image of a farmer with his herd of sheep or cows, but for two of our more rural practices, this is the type of business owner they support on a daily basis.
A team of golfers representing RfM Preston took to the fairways of Leyland Golf Club in September to raise money for the Baby Beat Appeal at Royal Preston Hospital.
Keeping things in the family to reduce tax liabilities
It has long been common practice for owner-managed companies to seek to minimise the tax position of shareholder-directors by involving other members of the family. By using the personal reliefs and lower rate tax bands of each family member, income is therefore diverted from the higher rate taxpayer. However, anti-avoidance rules need to be considered to determine whether a diversion is effective, particularly in spouse scenarios (typically husband and wife).