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New Tax Year | What Does It Mean for Your Business

Tnew tax yearhis week the Chancellor gave us the Spring Budget, and with the new tax year fast approaching, here’s what it means for your business.

For information on how the new tax year affects you personally, please have a look at our blog post on this very subject.

We have also written a handy blog on the 5.5 Top Tax Tips to consider as we approach the end of this tax year.

 

 

1.  Corporation tax remains at 19%

The rate dropped in April 2017, and there is no higher rate.

2.  Annual investment allowance remains at £200,000

This means that you can spend up to £200,000 in this and the new tax year on eligible business assets, including plant and machinery, commercial vehicles etc.  This means that the full cost of any purchases up to £200,000 will reduce your taxable profits and your business tax.

For example if a limited company purchased a van for business use for £10,000, this will reduce it’s corporation tax by £1,900 (£10,000 x 19% corporation tax)

For many small and micro businesses this means that pretty much all eligible business assets purchased will reduce their taxable profits 🙂

3.  The VAT Registration Threshold remains at £85,000

Many people talked about a reduction to the VAT threshold.  Although this hasn’t happened, you could still see this as a reduction of sorts, as the threshold normally increases each year.

4.  Directors’ Salaries

In line with the rise in income tax and national insurance thresholds, directors can now receive a pay rise up to £11,850 (£987.50pm) or £8,424 (£702pm) if you did not want to pay NIC, but still be entitled to statutory benefits and state pension.

Top Tip: Have a look at our blog on What the New Tax Year Means for you Personally

 5.  National Living Wage for over 25’s increases to £7.83 on 1 April 2018

National Minimum Wage applies to under 25s as follows:

Aged 21 to 24 £7.38

Aged 18 to 20 £5.90

Under 18  £4.20

6.  Apprentice Rate rises to £3.70 on 1 April 2018

This applies to under 19s or those in their first year of apprenticeship, apart from over 25s, who are paid the national living wage.

7. R & D Rates remain unchanged

If you have less than 500 staff, and less than 100m euro turnover, you can claim SME R & D relief:

130% extra deducted from your taxable profits on your R & D costs

Or a tax credit if you’re making a loss.

Top Tip: Keep an eye on our blogs…upcoming R & D blog…

8.  Business rates will increase in line with CPI* instead of inflation

Small business rate relief still applies if your property’s rateable value is less than £15,000

*consumer prices index

9.  Making Tax Digital delayed until April 2019

This will only apply to VAT registered businesses, and means that you must file quarterly returns online.  This means filed online directly from online software, and uploading from manual records won’t count.

Top Tip: We work best with you and Xero Beautiful Accounting Software.  This will help you to manage your whole business onine, from wherever you are.

10.  Landlords and Mortgage Interest

From April 2017 HMRC are limiting mortgage interest claimed against rental income for higher rate tax payers.  This will be phased out completely by 2020/21.

Please see our 5.5 Top Tax Tips for more info on how HMRC are phasing this out, and what you can do about it.

Top Tip: On the plus side, as a landlord you can now claim mileage for journeys to and from your rental property, at 45p per mile.

 

I hope you found the above facts useful, as always do get in touch to discuss any of the points mentioned.  Please keep an eye on our blog page for more useful posts!

Thank you for reading!

 

Sharon

 

Awards_Practice-Winner-Client-Service-Firm

 

Kinder Pocock are an approachable cloud-savvy firm of accountants based in Herefordshire but supporting businesses on the move.

We specialise in Security, Technology, Coaches and Speakers, Design and Indie Retailers.

@KinderPocock

01432 273400

Contact Us to see how we can help


Receipt Bank Updates for their iOS App

receiptbanklogo_white-orange_-2

We love working with online solutions like Receipt Bank, who are constantly updating their offering.

This month sees a great update that iOS users have been waiting for since it became a feature in Receipt Bank’s Android app.

Multiple Modes now in Receipt Bank’s iOS App

It’s now possible to select from 3 difference upload modes in both iOS and Android!

1. Single Mode:

As before – just take a photo and hit submit – we’ll do the rest.

2. Multimode:

Fab if you have a stack of receipts or invoices to upload.  You can now quickly upload up to 50 single page receipts or invoices.  YES 50!! #notatypo

3.  Combine mode:

Very useful if you have invoices on 2 or more pages, or receipts/invoices with more info on the back page (worst offenders are Sainsburys and B&Q).

Camera-Help-rev03Here’s Receipt Bank’s very handy image on how to turn the flash on/off and add/remove the grid from your screen

 

LOVE working with these guys.

If you’d like some help in using these features, have a look on Receipt Bank’s blog for multimode in iOS and multimode in Android.

 

 

 

**Update 20 July 2017**

Receipt Bank have just announced they’ve raised $50m in funding from Venture Partners.  This is fantastic news and we can’t wait to see the new product developments that come from this!  Read more on Receipt Bank’s blog.

 

If you’d like some assistance from us, or want to find out why on earth you’re not using Receipt Bank, please get in touch!

Thank you for reading 🙂

Sharon

sharon@kinderpocock.co.uk

 

 

 


Introducing our new Client Packages: Support Me | Guide Me | Grow Me

We thought it was time our Client Packages received some love and attention.

Our previous packages were Bronze, Silver, Gold and Platinum – just a teeny tiny bit dull and done many times before.

So we felt it was time for an update, and for our packages to really reflect how we assist our amazing clients, so the following packages were born:

Grow Me

Perfect for the growing business owner, who needs to keep their finger on the pulse, but needs us by your side every step of the way, to help you drive your business forward, and make sure it’s going in the right direction to achieve your personal goals.

This is our premium Grow Me Package, and includes your own Virtual CFO, and Monthly or Quarterly Business Strategy Sessions.  Our Grow Me package replaces our Platinum package, and you can find out more here.

Guide Me

This package will keep you legal, but also provide support to guide you, to that you can stay in control of your business and personal taxes.

This is a step down from our Grow Me service, without our Virtual CFO support, or Monthly/Quarterly Strategy Sessions. Our Guide Me package replaces our Gold package, and you can find out more here.

Support Me

This package provides the basics and ensures that we keep you legal in all aspects of business and personal tax.  Our Support Me package replaces our Silver and Bronze packages, and you can find out more here.

As an existing client, we are gradually moving you over to our new packages, so keep an eye on correspondence for us.  All new clients will be introduced to our Support Me | Guide Me | Grow Me Packages, and we will work together to make sure you are on the right package for your needs.  You can also switch Packages at any time to suite your requirements and budget.

Thank you for reading!

If you have any questions on our new packages, or what each one includes, please get in touch.

Sharon

sharon@kinderpocock.co.uk

@KinderPocock


Sums Of Anarchy Take Part in TechnoBreak

TB-charity-2017-1024x1024We love doing our bit to support charities and local businesses.  We also love Tech.

That’s why we decided to take part in TechnoBreak on 30 July with our team Sums of Anarchy.  It’s all for Charity, so it would be really lovely if you’d sponsor us on our JustGiving page 🙂

So what’s it all about?

Do you remember the old JailBreak?  Basically all teams got dropped off somewhere random, with just £1 to get home, any way they could.

Well TechnoBreak is today’s version.  The organisers realised we could get home really easily with today’s technology, so they decided they’d make that part of the challenge!

We will get dropped off in a random location, but will be given a device and challenges to complete.  All whilst being tracked on a huge screen back at the finish line!  What larks!

There is also a Family Festival back at base at The Secret Garden (Coldwells Road, Hereford, previously The Rose Gardens).  The Family Festival is midday til 10pm (let’s hope we’re back by then!).  There’s be plenty going on to keep the whole family entertained, and entrance is free.  Like Radio will be broadcasting and there’ll be loads to do, eat and drink (and free wifi).

What’s It In Aid Of?

TechnoBreak asked locals to vote for their favourite local and national charities, and the chosen charities are:

Strong Young Minds (run by The CLD Trust)

Strong Young Minds is a Big Lottery funded project designed to improve the mental health & wellbeing of young people in Herefordshire aged between 10 and 24 years of age.  Strong Young Minds work with young people to address issues which can have an adverse effect on their mental health and wellbeing, such as anxiety, depression, eating disorders, self harm, bullying, cyber-bullying, relationship breakdown, employability, low self esteem, body image and loss.

Home-Start

There are 260 local, independent Home-Starts, including Hereford.  At the heart of each Home-Start’s work is home visiting volunteer support.  Families struggling with post-natal depression, isolation, physical health problems, bereavement and many other issues eceive the support of a Home-Start volunteer who will spend around 2 hours a week in a family’s home, supporting them in the ways they need.

What Can You Do?

We would love it if you sponsored us – it doesn’t matter what amount, as every little helps.  Everything we raise goes straight to the above two amazing Charities.  Here’s our Just Giving page.

And why don’t you sign up your own 4 person team?

You can come along to the Family Festival and await our return.

And please keep up to date on social media to track our progress:

@KinderPocock #SumsOfAnarchy

@TechnoBreakUK #TechnoBreakUK

Thank you for reading!

Sharon

sharon@kinderpocock.co.uk

 

 

 

 

 

 

 

 

 

 


Client Corner – Kinetic Six

This month’s Client Corner focuses on our awesome clients Kinetic Six, who provide dynamic and innovative secure global communications solutions.

Kinetic6 Black map TrademarkKinder Pocock have supported Kinetic Six since early 2013, and are proud to be involved in their breathtaking journey.  The company was founded in 2012 by Shaun Leavy, whose vision was to be the leader in bespoke-to-market communications, cyber-security and tracking solutions, all delivered with superior customer care and support.

They have recently partnered with Ovzon and PatriotOne to deliver new technologies to clients across the globe and expand on their award-winning service offering.

Supporting Animal Conservation in Africa

Kinetic Six’s passion lies in their ongoing work in the animal conservation field in East Africa.  They have successfully implemented several digital radio infrastructures to many of African Parks’ locations.  These technical capabilities are invaluable in African Parks’ ongoing work to combat poaching, and to protect not only endangered animals but the natural flora and fauna of the area too.

 

What a breathtaking working environment! (We’re still waiting for the call – surely they’ll need us to count the elephants soon?)

Here’s what founder Shaun Leavy got up to on a recent lunch break – being in the right place at the right time, he was able to assist in the relocation of a recently orphaned baby elephant.

New Horizons

The team continues to go from strength to strength, and having just passed their 5th birthday, Kinetic Six are at the beginning of an exciting new chapter.

With Chairman John King (former CEO of House of Fraser) on board, together with Phil Vickery OBE’s recent appointment as Non-Executive Director, the future is looking very bright indeed.

Kinder Pocock have been a key part of Kinetic Six’s growth, working by their side every step of the journey and collaborating with cool tools like Xero, Receipt Bank, and creating awesome strategy reports using Spotlight Reporting, whether this has been to assist in growth plans or award applications!

We wish Shaun and the whole team at Kinetic Six a very happy fifth birthday, and look forward to the next exciting chapter!  We love working with you!

Sharon and the team

sharon@kinderpocock.co.uk

@KinderPocock

@KineticSix

PS: If you’d like to feature in our Client Corner – just give Sharon a shout!