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Autumn Statement 2016

Making the most of your money and achieving your financial goals in a world of complex and ever-changing tax legislation requires careful planning and expert advice.

This guide introduces some of the kay areas to consider when planning to maximise your business and personal wealth, although your exact requirements will depend on your individual circumstances.

If you have any questions or would like one-to-one advice tailored to your needs, please call us on 01792 466 428 or email Read More

Five New Year’s Resolutions Every SME Should Consider Making

Wales is the home of small businesses and business start-ups, with 99 percent of Welsh firms being SMEs. And across the UK, this year alone, almost 600,000 entrepreneurs put their dreams into action by setting up shop.

The Centre for Entrepreneurs’ Start Up Britain campaign heads for Wales this month, with a host of events going ahead throughout our towns and cities, aimed to help people grow their small business.

Here at Morgan Hemp, we specialise in providing expert business planning advice and tools to SME’s – in…

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Self-assessment and disclosure

Finance Act 2016, which became law on 15 September 2016, contains provisions designed to help clarify the time allowed for making a self-assessment.

The time limit is four years from the end of the tax year to which the self-assessment relates. This is the same time limit as for assessments by HMRC. The provisions will have effect on and after 5 April 2017, although there are transitional arrangements for years previous to this, as follows:

– for tax years prior to 2012/13, taxpayers have until 5 April 2017 to submit…

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November key tax dates

2 – Last day for car change notifications in the quarter to 5 October – Use P46 Car

19/22 – PAYE/NIC, student loan and CIS deductions due for month to 5/11/2016

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Restriction of tax relief on finance costs for individual landlords

New provisions will take affect from April 2017, which will see tax relief for finance costs on residential properties being gradually restricted over a period of three years, until, by 2020/21, all financing costs incurred by a landlord will be restricted to the basic rate of income tax.

Such finance costs include mortgage interest, interest on loans to buy furnishings and fees incurred when taking out or repaying mortgages or loans. No relief is available for capital repayments of a mortgage or loan.

Landlords will no longer be able to…

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NMW increases take effect

New rates for the National Minimum Wage (NMW) took effect from 1 October 2016, and employers must ensure that they implement them accordingly. The rates are as follows:

– 25 and over – £7.20 per hour;
– 21- to 24-year-olds – £6.95 an hour;
– 18- to 20-year-olds – £5.55 an hour;
– 16- to 17-year-olds £4.00 an hour; and
– Apprentice rate – £3.40 an hour.

The increased NMW penalty took effect from 1 April 2016 and applies to any notice of underpayment relating to a pay reference period beginning on or after…

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The Savings (Government Contributions) Bill is currently making its way through Parliament, having had its second reading in the House of Commons on 17 October 2016. Broadly, if enacted, the Bill will introduce two new schemes – the lifetime ISA and Help-to-Save – both of which are designed to support more people as they try to save for the future.

Help-to-Save will target working families on the lowest incomes to help them build up their savings. The scheme will be open to some 3.5 million adults in receipt of…

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November questions and answers

Q. I have recently set up my own business after having been employed for many years. Although I am hopeful that I will eventually make a profit, I anticipate that I am likely to make a small loss in each of my first three years of trading. What is the best way for me to utilise these losses for tax purposes?

A. If a business is being carried on on a commercial basis with a view to making a profit, it is generally possible to claim relief for a trading…

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How to Ensure a Smooth Business Exit

Even in the earliest honeymoon stages of their businesses the savviest business people have a sound exit strategy in place.

So we are pleased to have organised our first Business Breakfast on the subject of: Planning for a Successful Business Exit.

The event goes ahead at Swansea Marriott on November 3, in conjunction with HR Specialists Effective HRM and sponsored by HSBC Bank PLC.

This inaugural event is invitation-only, but please email: [email protected] if you would like to come along to the next one.

To give you a flavour of some of the topics…

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Boosting your finances ahead of the Year End

Are your business and personal financial arrangements as tax-efficient as possible? As the end of the tax year approaches, we can help to ensure that you are making the most of all of the available opportunities to save tax and improve your profitability.

Please take some time to read through our 2016/17 Year End Strategies Guide, which contains practical guidance and ideas to implement before 5 April 2017.

With our useful tips and expert assistance, we can help you and your business…

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