HMRC have published further clarification regarding who can, or cannot, claim the new £2,000 a year NIC Employment Allowance. Extracts from the update are set out below: Public authorities Public authorities (such as local authorities, town councils and parish councils) are not eligible for the Employment Allowance unless they have charitable status. Pharmacies Independent pharmacies conducting a business, including over Continue Reading
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Small business VAT scheme
If you are a registered VAT trader and your present turnover is below £150,000 you may be advised to take a look at the VAT Flat Rate Scheme (FRS). FRS users pay VAT as a fixed percentage of their total sales including VAT. You still add 20% VAT to your invoices but you cannot reclaim VAT on purchases or expenses Continue Reading
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International tax competitiveness or political spin
David Gauke, the Exchequer Secretary to the Treasury, recently gave a speech to the Lord Mayor’s Taxation Forum. His presentation focussed on international tax competitiveness, and how the UK’s system fares compared to our overseas competitors. Here’s an extract of his comments: Competitiveness “Since 2010 we’ve cut corporation tax from 28% to 21%. And this time next year it will Continue Reading
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Businesses in automotive supply chain to benefit from new grants
Skills and Enterprise Minister Matthew Hancock unveiled £25 million of additional support for businesses to take the lead in improving training for new and current employees. Businesses can submit their proposals from 6 May 2014 and the offer will be open for 12 weeks. Speaking at a UK Commission for Employment and Skills Investment Showcase, the Minister pledged to support Continue Reading
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