Accountancy Blog

Property and help to buy

More than 150,000 people have bought a home using the Help to Buy Scheme since its launch in 2013.

The mortgage guarantee scheme, which allows lenders to buy a guarantee on mortgage loans, has proved popular with first-time buyers. The Treasury reports that 79% of mortgage completions through the mortgage guarantee scheme were people buying their first home. More…

Succession planning for a family business

A guide to transferring a business to a family member.

There are more than 3 million family businesses in the UK, which between them employ more than 9 million people and contribute 15% to GDP.

Despite these successes, family businesses often experience difficulties when it comes to passing their businesses to younger generations. More…

National living wage: employer responsibilities

Employers must now pay workers over the age of 25 at least £7.20 an hour.

The national living wage (NLW) replaces the current national minimum wage (NMW) of £6.70 an hour for people who are 25 or over.

This is not a simple increase of the adult rate of NMW as individuals between 21 and 24 won’t be affected by the change. All other NMW wage rates and bands remain the same until October 2016. More…

Business announcements from Budget 2016

Chancellor George Osborne delivered his Budget 2016 on 16 March 2016 and outlined several changes national insurance, corporation tax and stamp duty.

Some of the headline measures relating to businesses announced in the Budget include:

  • Corporation tax – the rate of corporation tax will reduce to 17% by 2020
  • Business rate relief – the doubling of small business rate relief will be permanent from 1 April 2017. The relief threshold will rise from £6,000 to £15,000 and is tapered between £12,000 and £15,000
  • Stamp duty – the way stamp duty is applied to commercial properties will change to a marginal rate system with a zero rate band on purchases up to £150,000
  • Self-employed – from 2018, class 2 NICs for the self-employed will be abolished
  • Tax-free allowances – there will be 2 allowances of £1,000 on goods and services and property income from April 2017
  • Loans to participators – the tax rate for loans to participators will increase from 25% to 32.5% from April 2016.

Carolyn Fairbairn, director general of the Confederation of British Industry, said:

“After a year of surprises, this was a stable Budget for business facing global stormy waters. The chancellor has listened to our concerns about the mounting burden on firms and chosen to back business to grow the economy out of the deficit.”

Talk to us today about Budget 2016.