Anna’s Accountancy Alerts – February 2018

by | Feb 12, 2018

Fake Government grants

There is a new fraud to be aware of.  Small businesses are being offered the opportunity to apply for a Government grant in return for a fee.  If you are approached then contact Action Fraud on 0300 123 2040.

Help-to-save scheme postponed

The was due to be ready on 6/4/18, but now it won’t be operational until October 2018.  The scheme will be available to individuals who receive tax credits or Universal Credits and whose household has earnings equal to at least 16 hours at the National Living Wage rate.  People who are eligible can invest up to £50 per month.  After 2 and 4 years tax free bonuses equal to 50% of the balance will be added.

Claiming capital allowances on a gift

If, as a director, you’re given equipment that you’re going to use for work, then you can claim capital allowances.  The tax deduction will be based on the market value of the equipment when first used in the business.

Abolition of Class 2 insurance

This will take effect from April 2019.  After this has taken place small business owners with annual profits below the small profits threshold will have to pay Class 3 insurance in order to build up an entitlement to state pension.  See more at:  Abolition of Class 2 NICs

Vouchers for broadband

A scheme by the Department for Digital Culture, Media & Sport is being piloted in 4 areas across the UK to give applicants a voucher from £500 to £3,000 from their broadband supplier to install gigabit broadband.  See:  DCMS Broadband Vouchers

Possible simplification of the VAT system

The Office of Tax Simplification (OTS) has published a report suggesting 8 ways to simplify VAT.  See OTS Report

Funding for smaller builders

The Autumn budget announced an additional £1.5billion of funding for the Home Building Fund.  It will be for small and medium sized building firms.  See:  FMB Budget for Builders

Midlands Investment Fund launched

A small business loan fund of £17m, has been launched for small and medium sized businesses.  This is by the Midlands Engine Investment Fund (MEIF), operated by the British Business Bank.  The aim is to support start-ups and existing businesses in the Midlands.  Loans will be available from £25k to £150k.  See more at BCRS Business Loans

Want More Information?

Contact us today to discuss the particular needs of your business. We’ll be happy to help!

Blog Archives

About Anna Goodwin

With over 30 years’ experience in delivering an exceptional accountancy service, and more than 12 years of being in business herself, Anna Goodwin knows small businesses, how they work and also the highs and lows that come with self-employment. It’s hard work but also immensely satisfying and this has inspired her to enable more of you amazing people out there to succeed at what you do!

© Copyright 2018 - Anna Goodwin | Company Number 8093414 | VAT Number 244621912
Registered Office : 47 William Street, Walsall, WS42AX | Tel: 07711 805183