Whither the tax return? Perhaps not

Martin Hales

In what many must have regarded as the least interesting Budget in memory, the one baby rabbit that George Osborne pulled out of the dispatch box (or leaked to the media in advance) was the idea of scrapping tax returns and replacing them with online tax accounts for individuals and small businesses.

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Spring Budget 2015 and earlier announcements impacting on 2015/16.

Richard Betts

As has become tradition the majority of announcements in the Budget no longer impact on the forthcoming financial year, these either coming from the previous Budget or the Autumn Statement. Below are a summary of changes and items to consider in light of forthcoming election.
Income Tax
The standard personal allowance, the amount you can earn before paying tax, for 2015/16 will increase by £600 to £10,600 with further increases of £200 announced for the next two years taking the allowance to £11,000 for 2017/18.

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Why 2015 could be the right year to sell your care home, nursing home or domiciliary care business following 10% rise in prices in 2014

Ian Nelson

If you have been waiting for a healthy environment to sell a care home, nursing home or domiciliary care business, then 2015 may be a great opportunity to realise best value. Data shows that after several years of the market being flat, on average, deal prices in the care sector rose by just under 10% in 2014 and the demand for good businesses still seems to be out there.

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Replacing furniture in your buy-to-let property

Michael Morter

As a landlord, can you get tax relief for replacing furniture in your buy-to-let property?

You would think it would be an easy question to answer but recent changes in HM Revenue & Customs’ (HMRC) approach has made the situation a little bit complicated.

There are essentially three main ways in which private landlords rent out their residential properties in the UK:

Fully-furnished long-term lets
Unfurnished long-term lets
Furnished holiday lettings

This blog deals with properties within 1 and 2, as furnished holiday lettings are not caught by the changes I am about to explain.

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2015-16 1.16% pay increase recently agreed for General Medical Practitioners.

Melanie Garrett

The Government has recently accepted the Review Body on Doctors’ and Dentists’ Remuneration (DDRB) recommendations for a one per cent increase to GP contractors’ pay.

Once expenses of running their businesses are taken into account, it said that this equalled a 1.16 per cent increase to the GP contract for 2015-16, which compares to last year’s contract uplift of 0.

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Accounts uncovered

admin

Why do you need to understand a set of accounts?

Financial statements provide a summary of all the relevant information about a business. Therefore understanding your figures or financial information is an essential skill for any successful business owner.  By understanding accounts fully you will be able to analyse a set of accounts better so that you can manage and control your finances and make informed decisions using facts rather than intuition.

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ESOS guidance

Recently, through MHA, we pulled together a piece on the so-called “Energy Saving Opportunity Scheme”, or ESOS. You can find it here.

This requires a mandatory programme of energy audits for “large enterprises” and, though several months behind schedule, the regulator (in this case The Environment Agency) has finally issued some guidance.

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Business ethics

Peter Glading

The topic of business ethics is very much in the news at the moment but what does the term mean?  Henry Ford said, “A business that makes nothing but money is a poor kind of business, and Anita Roddick said, “Being good is good business”.

Ethical principles in business should define acceptable conduct and underpin how management makes decisions.

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Two million to miss out on full state pension! Don’t be one of them.

Martin Hales

Around two million pensioners will not receive the full new state pension in its first five years from 2016, according to recent research.
The introduction of the flat weekly rate of around £150 for those that have contributed 35 years of national insurance contributions (NICs) is supposed to bring simplicity and fairness to the state pension system, which is currently a maze of confusing top-up benefits.

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