Anna’s Accountancy Alerts – February 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
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