WSM Blog

Small Businesses

In his Autumn 2019 Budget the chancellor announced that business rates will be reduced by a third for two years for shops, pubs, restaurants and cafes in England with a rateable value of £51,000 and under in a bid to save Britain’s high street which has been hit with increasing numbers of shops closing.

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Entrepreneurs’ Relief – Two Important changes

Prior to the October Budget, the two key current conditions for being able to claim entrepreneurs' relief on a share sale are that throughout a minimum period of at least 12 months before the sale: 1. the taxpayer held at least 5% of the voting rights and 5% of the ordinary share capital of the company; and 2. the taxpayer was a director, officer or employee of the company.

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Stamping Out Fraud In Fundraising

Fundraising is a fundamental source of income for charities and without it many would not exist at all.

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A few points from the ‘Budget 2018’

The Chancellor brought forward an election pledge to increase both the Personal Allowance and Higher Rate tax band, affecting 32 million people. From April 2019, the Personal allowance will increase to £12,500, while the higher rate tax threshold will be £50,000, rising from £11,850 and £46,351 respectively.

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Encouraging House- Builders to Build – An Update

Alongside the Budget held earlier this week, Sir Oliver published his final findings. There had been much speculation that the report was to conclude that large house-builders were land-banking, the practice of buying up undeveloped land purely as an investment, with no plans to develop the land in the short-term.

Blog, Property

Debt & Stress: We’re here to help

Being a business is tough. So many liabilities, such as rent, rates, VAT, PAYE and utilities, can arise just through existing. Sales and especially income, conversely, can never be fully guaranteed. Many employees and their families may be counting on you. If times get hard, where liabilities keep arising without the income to support them, stress can come in very quickly. Debts can quickly cause stress, anxiety, and depression – and this can more widely affect relationships with staff, customers, and family. And, of course, it’s not good for the prospects of the business.

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Cryptocurrency Gains are not tax free

The Association of Taxation Technicians (ATT) has issued a warning to individuals who have been investing or trading in cryptoassets to make sure that any tax consequences are reported to HMRC.

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You may not be able to plan for Brexit but you must have a plan for MTD

Making Tax Digital (“MTD”) is more than just another set of initials for all small businesses and tax payers to get to know. MTD represents a highly significant change in how we will all be recording and returning VAT, income tax and corporation tax information to HMRC. And it starts three days after Brexit.

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Communication with Management is the key

Auditors have a duty and responsibility to report their audit findings to those charged with governance in accordance with the International standards on auditing (ISA) 260. This is typically presented in a management letter or discussed at the finalisation meeting.

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Cleansing Mixed Fund Accounts

On 6 April 2017 a major regime change came into force affecting the way that UK resident non-domiciles are taxed. The impact of the changes meant that some non-domiciled individuals became deemed domiciled on 6 April 2017.

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