Time to update your business plan?

Becky Ames

Time to update your business plan?

Becky Ames, business advisor and partner at chartered accountants Larking Gowen, on the importance of keeping your business plan current

Why do so many small firms fail to update their business plan?

Becky Ames (BA): “Many owners prepare a business plan when starting up, sometimes when applying for a funding.

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Christmas – a time of giving

Tessa Brown

With Christmas fast approaching, you may be getting caught up in the spirit of giving and considering how to reward your staff for a year’s work done well.

As the trivial benefits legislation introduced on 6 April 2016, means there are some new options available to you this year. I wanted to provide a brief summary of the types of gifts you may want to provide and the tax implications these have.

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Are you ready for the new pound coin?

Peter Glading

Does your business handle cash? If so, are you ready to handle the new £1 coin that will be introduced in March 2017? The Royal Mint is producing 1.5 billion of the new coins.

I attended a Christmas Fair recently and whilst chatting to several of the stall holders I was quite surprised how few of them were aware of the change that will be happening next year.

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Making tax digital for farmers

Stephen Coby

Major changes are being made to the way in which all taxpayers interact with HM Revenue and Customs (HMRC). The Government is referring to these changes as “Making Tax Digital” and they are proposing a staged introduction to the new rules, starting for many in April 2018.

The proposals are wide-ranging, but one of the biggest changes planned is an electronic quarterly report to HMRC of income and expenditure.

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SRA issues warning over ‘solicitor fraud’ threat

Following on from Thomas’ blog on financial fraud, the Solicitors Regulation Authority (SRA) has recently issued a warning against fraud schemes that involve solicitors in order to make the scam appear more credible to the general public.

The specific warning was in relation to high-yield investment schemes, or ‘get-rich-quick’ schemes, where there has recently been a number of law firms linked to potentially fraudulent incidents.

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Maximising tax relief on motor dealer properties

Daniel Turner

Tax relief (also known as ‘capital allowances’) on buying plant and machinery is fairly well understood, but far less appreciated are the capital allowances available on fixtures and fittings included in a building such as a new car showroom. These capital allowances could be available on the construction cost of a new building or on the purchase of a second-hand building.

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