Chartered Certified Accountants nntants News wss › sites › › files › ... · Business...

4
Business Advisors And Tax Specialists WHAT THE BUDGET REALLY MEANS FOR YOUR BUSINESS Full story....... p2 WORKING FROM HOME Full story....... p3 LENTELLS ENTER RACE FOR LIFE Full story....... p3 VOUCHER SCHEME FOR SMALL BUSINESSES Full story....... p4 The new employer duties were introduced in 2012 starting with the UK’s largest businesses. It is essential XLEX IQTPS]IVW EVI E[EVI RSX SRP] SJ XLI ½RERGMEP impact that this will have on their business, but also the EHQMRMWXVEXMZI VIUYMVIQIRXW XLEX QYWX FI QIX MR JYP½PPMRK Auto Enrolment duties. For smaller companies these changes may seem some way off, but it is essential that you start to prepare sooner rather than later. Lentells have prepared a step by step check list of what you need to be doing now to ensure you are ready for these changes. It can be found on the Payroll page of our website www.lentells.co.uk If you would prefer a hard copy of the document, please email [email protected] or call our Payroll Team on 01460 68700. Let Lentells’ payroll team ease the burden Our payroll department processes over 300 payrolls a month and we have invested in software to help clients with the administrative burdens of auto enrolment. If ]SY [SYPH PMOI XS ½RH SYX QSVI EFSYX LS[ [I GER help you prepare for and implement auto enrolment, please contact our Payroll Manager Rose Richards email [email protected] or call 01460 68700. Pension Changes - Are you ready for Auto Enrolment? Workplace pensions law has changed, making it a legal obligation for employers in the UK to help more of their workers save for retirement. 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Transcript of Chartered Certified Accountants nntants News wss › sites › › files › ... · Business...

Page 1: Chartered Certified Accountants nntants News wss › sites › › files › ... · Business Advisors And Tax Specialists C Workplace pensions law has changed, making it a legal h

Business Advisors And Tax Specialists

C

B S

WHAT THE BUDGET REALLY MEANS FOR YOUR BUSINESS

Full story....... p2

WORKING FROM HOME Full story....... p3

LENTELLS ENTER RACE FOR LIFE

Full story....... p3

VOUCHER SCHEME FOR SMALL BUSINESSES

Full story....... p4

The new employer duties were introduced in 2012

starting with the UK’s largest businesses. It is essential

impact that this will have on their business, but also the

Auto Enrolment duties.

For smaller companies these changes may seem some

way off, but it is essential that you start to prepare sooner

rather than later.

Lentells have prepared a step by step check list of what

you need to be doing now to ensure you are ready for

these changes. It can be found on the Payroll page of our

website www.lentells.co.uk

If you would prefer a hard copy of the document, please

email [email protected] or call our Payroll Team on

01460 68700.

Let Lentells’ payroll team ease the burden

Our payroll department processes over 300 payrolls a

month and we have invested in software to help clients

with the administrative burdens of auto enrolment. If

help you prepare for and implement auto enrolment,

please contact our Payroll Manager Rose Richards email

[email protected] or call 01460 68700.

Pension Changes - Are you ready for Auto Enrolment?Workplace pensions law has changed, making it a legal obligation for employers in the UK to help more of their workers save for retirement.

News Issue 15 Spring 2014

Chartered Certified Accountants

Somerset

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Page 2: Chartered Certified Accountants nntants News wss › sites › › files › ... · Business Advisors And Tax Specialists C Workplace pensions law has changed, making it a legal h

2 Lentells News

For a free initial discussion

With most of the focus on the change to pensions,

not to mention bingo and beer, some of the

received less coverage.

Help for exporters and tax-breaks for buying

new equipment were at the centre of the budget.

Below is a summary of some of the measures that

will directly affect UK businesses.

Exports: the reach and support that UK Trade and

Investment offers to businesses will be expanded

small employers is extended

enterprise zones extended for three years

per cent to 14.5 per cent

Capital investment: the Annual Investment Allowance (AIA) is doubled to £500,000 from

Implications of the Budget for businesses

We are amongst a number of local companies who have pledged support over the next three years to help this exciting and ambitious project. In the past the club has repeatedly had to move premises and so a permanent home will be a welcome development for this busy organisation. The club caters for athletes of all

Lentells support Taunton Athletics Club Lentells are delighted to be supporting Taunton Athletics Club with its plans to build a new club house.

This is an opportunity to come in for an

informal, no obligation and free discussion with

one of our experienced Directors or Managers.

Whether you would like to discuss any business

accountancy requirements or would be

interested in looking at optimising your personal

would welcome the opportunity to meet.

Our team will be available throughout the day

make an appointment.

50 Fore Street, Seaton, EX12 2AD or

St George’s House, Uplyme Road Business Park,

Lyme Regis, DT7 3LS.

For a map please go to our website:

Open days at Lyme and Seaton offices Following on from the success of the Open Days last year at our

are planning on holding a similar event on Tuesday 20th May.

April 2014 and extended to 2015. This allowance

is designed to encourage the acquisition of new

equipment, from tools to machinery.

per ton of carbon dioxide from 2016 until 2020;

compensation for energy-intensive industries

extended to 2019/20.

For our full budget report please go to

www.lentells.co./Advisory articles

ages and abilities, from beginners to county standard and beyond. We wish them every luck with their plans and look forward to watching the progress of the new building.

Working from home?

Individuals often worry this will lead to capital gains tax when they sell their home, but in fact this only applies if a room is used exclusively for business purposes.

A proportion of expenses can be claimed based on any reasonable method. Most commonly, a calculation is made based on the number of rooms in the house used for business purposes. Costs can

not capital repayments), insurance and rates as well as variable costs such as gas and electricity.

The position for limited companies is, however, more complex. Directors should ensure they have a rental agreement to charge the company rent at a reasonable rate. The company will receive tax relief on the rental payments, but the director will need to declare the rent as income on his/her personal

income can, however, be reduced by deducting the related household expenses, meaning there may be no additional tax due by the director personally.

The above may require a little effort to implement in

to continue on an annual basis. We recommend seeking advice on the form of rental agreement when a company is involved to optimise the tax position.

Where employees work from home, employers can pay them up to £4 per week without any

Lentells is able to advise taxpayers to ensure they are claiming the appropriate amounts. For further

Where self-employed individuals work from home, there is scope to save tax by claiming a proportion of household costs.

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Page 3: Chartered Certified Accountants nntants News wss › sites › › files › ... · Business Advisors And Tax Specialists C Workplace pensions law has changed, making it a legal h

CHARITY FOCUS

Race For Life 2014 – TEAM LENTELLSLentells are delighted to be entering two teams for this year’s Race for Life which is being held at Vivary Park Taunton on Sunday July 13th.

For those of you who would be kind enough to consider sponsoring us we have our own

justgiving page at www.justgiving.com and search for TEAM LENTELLS.

Lentells News 3

Most start-ups based at homeRecent research has found that 70% of all new businesses are started at home.

The Home Business Insight Report, a survey

of nearly 800 home-based businesses, also

revealed that two thirds of home businesses

are run by women.

The most popular sector for home-based

expecting to take on full or part-time staff as

a result.

More than a third of businesses starting out

from home had not needed to secure external

funding but were funding their businesses

through personal savings.

Emma Jones, founder of Enterprise Nation, said:

“Home businesses are playing an increasingly

important role in the British economy. The

4.5 million micro and small UK businesses

contribute £1.6bn to the British economy - 75

per cent of these are registered as having no

employees. It’s interesting to see these people

are not reliant on banks at all. Low start-up

costs at home negate the need to take on

entrepreneurs.”

If you are thinking about starting your

own business, proper planning and seeking

professional advice at an early stage will

increase the chances of your new venture

being successful. For a free initial discussion

Minimum wage to increase to £6.31The national minimum wage is to rise by 19p an hour to £6.50 for adults and by 10p to £5.13 for 18-to-20-year-olds from October.

Business secretary Vince Cable said the government accepted the recommendation of the Low Pay Commission.

However, although the Commission said the rate for apprentices should be frozen, Mr Cable said it

for apprentices under the age of 19 or those in the

apprentices are entitled to the National Minimum Wage appropriate to their age).

a

This change may provide the opportunity to

increase salaries of directors or other employees

in privately owned companies. As always, it’s worth

taking professional advice before proceeding down

this route to ascertain the savings available and

avoid any pitfalls.

In a move to encourage the employment of

younger workers, from April 2015 onwards,

where businesses employ workers under the age

of 21 who earn less than the upper earnings limit

(currently £41,865 per year), there will be no

employer’s NIC charge at all.

Whilst the above is good news for employers, the rise

in the top national minimum wage rate to £6.50 from

October will adversely affect many employers. This

Penalties for failing to comply with the NMW rates

have also increased from a maximum of £5,000 to up

to £20,000 for each underpaid worker, together with

wages underpaid. On top of the additional employer

pension contributions which will become mandatory

for small employers over the next couple of years,

any NIC savings will soon be used up.

Lentells are able to advise on all aspects of

employment tax. For further information please

Good News Or Bad News For Employers?

13.8% to the cost of employing staff. From April 2014, most businesses will qualify for a £2,000 allowance against such costs, which will bring welcome relief to employers.

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4 Lentells News

HOW TO CONTACT US

Chard

17-18 Leach Road,

Chard Business Park, Chard,

Somerset TA20 1FA

Telephone: 01460 64441

E-mail: [email protected]

Lyme Regis

St. Georges House,

Uplyme Road Business Park,

Lyme Regis, Dorset DT7 3LS

Telephone: 01297 443182

E-mail: [email protected]

Taunton

Ash House, Cook Way, Bindon Road, Taunton, Somerset TA2 6BJ

Telephone: 01823 286274

E-mail: [email protected]

Seaton

50 Fore Street, Seaton, Devon EX12 2AD

Telephone: 01297 20584

Email: [email protected]

Payroll DepartmentTelephone: 01460 68700

Email: [email protected]

Registered as auditors and regulated for a range of investment business activities in the United Kingdom by the Association of Chartered

the Financial Services and Markets Act 2000 but we are able, in certain circumstances, to offer a limited range of investment services to clients because we are members of the Association of Chartered

provide these investment services if they are an incidental part of the professional services we have been engaged to provide.

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Spring 2014

Since its launch in 1988, the Swimathon has raised

over half a million pounds, the vast majority of which

has been given directly to a variety of local charities

including St Margaret’s Somerset Hospice, Somerset

Sight, Taunton Association for the Homeless, STAR,

Citizens Advice Bureau, SURE, Taunton Opportunity

Group, Somerset Young Carers and SANDS.

The Lentells team raised an impressive £250 this

year, swimming a total of 103 lengths between them.

Many thanks to all those who participated (or who

volunteered their children to do so!) and to all those

who supported us with their generous sponsorship.

Lentells Swimathon success Lentells entered two teams in this year’s Soroptimist Swimathon at Taunton School in February.

The new initiative will distribute vouchers to around

20,000 businesses in England. The programme is

available to small businesses that have been trading for

at least one year, have 49 employees or less and have

not sought business advice in the past three years.

Growth Vouchers are available up to a value of £2,000

and will cover 50 per cent of the total spend, that is to

say the government will match spend up to £2,000.

The Programme will put small businesses in contact

with specialists that give in-depth strategic business

advice in 5 key areas:

your workforce

leadership and management

marketing and customer service

Lentells are registered as an approved business advisor

looking for advice can apply to the programme online, for

more details go https://marketplace.enterprisenation.com/

Government Launches Growth Vouchers for Small Businesses Lentells have been approved as a Business Advisor under the Government’s newly launched £30m Growth Voucher Programme to help small businesses expand through the use of subsidised business advice.

Lentells support new Chard Business Fair Networking Group

The newly formed group gets together regularly offering local businesses the opportunity to meet other business people in the area, make new contacts and generally network. The group was formed following on from the very successful inaugural Business Fair which was held in Chard town centre last summer.

Tuesday of each month, for more details please go to www.chardbusinessfair.co.uk

In February the Business Fair, sponsored by Lentells, organised a very successful evening at Barleymow’s

Restaurant near Chard. The evening offered a rare opportunity to see Paul Stockman, one of the world’s leading psychological entertainers, who amused guests with a mix of card tricks, mind reading and other weird and wonderful things. It was a very enjoyable well-attended evening which also raised funds for the local charity Horseshoes and Handprints.

Lentells are delighted to be part of the Chard Business Fair Networking Group.

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