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Make New Financial Year
resolution to tackle major changes urges local specialist
LOCAL business owners are being urged
to make a vital New Financial Year resolution to meet major changes that have
come into
effect.
Andrew Geddes who runs TaxAssist Accountants in Southport said:- "Small
businesses are facing an unprecedented amount of new legislation, tax rules and
increased responsibilities and many of the changes come into effect from in
April 2016.
We want to ensure that local business owners reap the benefits of the changes
and avoid the potential pitfalls and penalties. We're urging them to make a New
Financial Year resolution to tackle the new challenges and ensure they don't
miss out on any tax breaks they're entitled to.
The New Financial Year brings a number of challenges and opportunities for small
businesses, in a highly competitive market and fragile economy. We want to
ensure that they don't get caught out by the new rules and risk hefty fines and
penalties."
New regulations which could impact your small business this year:-
► Workplace pension schemes will see all business owners automatically enrolling
all
eligible employees and contribute to their pension pot. Your 'staging date',
the date the duties apply, will vary, but the Pensions Regulator should confirm
your date in writing.
► Many business owners who rely on dividends as their main source of income,
will find they pay more Tax due to significant changes in the way dividends are
Taxed.
► The new National Living Wage of a minimum £7.20 per hour has been introduced for all
employees aged 25 and over. This will be a considerable increase in costs for
employers.
► Introduction of the Personal Savings allowance which means a basic rate
taxpayer will be able to earn up to £1,000 in savings Income Tax free.
► The Employment
Allowance, which is offset against an employer's National
Insurance bill, has been increased to £3,000.
► Single director companies are no longer be eligible for the Employment
Allowance, so contractors and consultants may lose out.
► Rent-a-room relief has been increased to £7,500, which is good news for those
renting our spare rooms to students or lodgers.
TaxAssist Accountants Southport is a local business, based in Southport,
Ainsdale, Birkdale and Formby providing Tax and accountancy advice and services
purely to small businesses. |
