By Katie Business Advice 0 Comments

Key Business Trends for 2022

Key Business Trends for 2022:

The world is changing fast and businesses are having to adapt accordingly.

Businesses across the world have been grappling with rapid transformation because of changes to working practices, shifts in buyer behaviour and ongoing economic uncertainty.

The way we work is evolving

In the last 18months, the shift to agile or flexible working has been accelerated by the pandemic. In 2022 the way we work will continue to evolve. Gig workers, remote workers and a move away from the traditional model of employment look set to be themes that will continue to evolve into 2022 and beyond.

Sustainability

All businesses must seek to reduce their environmental impact. Some businesses are trying to reduce the amount of waste that they produce, while others are setting lofty objectives to decarbonize their supply chains. Any business that ignores sustainability and the green agenda is unlikely to do well in the new age of conscious consumption.

Communication using apps

The pandemic has shifted commerce online and away from bricks and mortar / in-person meetings. In addition to telephone calls or emails, customers now expect businesses to be able to communicate using popular apps such as WhatsApp, Teams, Zoom or Skype. This trend is likely to continue post pandemic.

Virtual events

Meetings have moved online for many businesses and so have events. Whether it’s launching a new product or service on a livestream video or hosting a webinar, virtual events are here to stay. Physical, in-person conferences and events may return after the pandemic, but virtual events eliminate the need to travel so are time efficient and less costly to attend or to run.

Social media marketing

When was the last time you looked at an advert on television or a billboard outside? Now that we spend more of our time online and connecting through social media, businesses have responded by focusing their marketing budgets on online campaigns. Social media marketing is not just for large, global businesses – small and medium sized businesses can use social media campaigns to create targeted, local campaigns with data-driven analytics which help to zone in on specific types of clients and prospects. Buyer behaviours have shifted – people now buy more online than ever before, so it makes sense that businesses are shifting their marketing focus to the online platforms that people are now using.

 

Need more information?

Are you wanting to evolve in 2022. Our key business trends will help you think about how you do business in the future. We offer a wide range of services which are unique to your business. Our team of chartered accountants have a wealth of experience in a broad range of sectors, from construction and property to the charity sector. Our team work hard to ensure they create smart and effective tax-efficient solutions for start-ups to optimise growth and help them succeed. If you want to learn more about how the team can help or simply want some start-up advice from a trusted accountant do hesitate to contact us. For more information please do hesitate to contact us on 0161 962 1855. Alternatively you can email us using the form below and we will contact you as soon as possible.

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    By Katie Business Advice • Tax Advice 0 Comments

    Diary of main tax events January / February 2022

    Please find the list below of main tax events January / February 2022. Any questions, do not hesitate to contact our team, who will assist you with any of these deadlines.

    Date What’s Due
     

    1/01

    		 Corporation tax payment for year to 31/3/21 (unless quarterly instalments apply)
     

    19/01

    		 PAYE & NIC deductions, and CIS return and tax, for month to 5/01/22 (due 22/01 if you pay electronically)
     

    31/01

    		 Deadline for Self-Assessment tax return for 2020/21 if filed online. Also, the due date for 2020/21 balancing payment and 50% payment on account of 2021/22 tax
    1/02 Corporation tax payment for year to 30/4/21 (unless quarterly instalments apply)
    19/02 PAYE & NIC deductions, and CIS return and tax, for month to 5/02/22 (due 22/02 if you pay electronically)

    Need more information?

    Do you need further guidance on the main tax events January / February 2022. Any questions, do not hesitate to contact our team, who will assist you with any of these deadlines.

    We offer a wide range of services which are unique to your business and are here to help you meet important tax deadlines. Our team of chartered accountants have a wealth of experience in a broad range of sectors, from construction and property to the charity sector. Our team work hard to ensure they create smart and effective tax-efficient solutions for start-ups to optimise growth and help them succeed. If you want to learn more about how the team can help or simply want some start-up advice from a trusted accountant do hesitate to contact us. For more information please do hesitate to contact us on 0161 962 1855. Alternatively you can email us using the form below and we will contact you as soon as possible.

    Our fantastic team at A&C Chartered Accountants are here to help.

    Contact us below

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      By Katie Business Advice • Tax Advice • Wealth Planning 0 Comments

      Are you looking to reduce your tax bill?

      Are you looking to reduce your tax bill?

      If your tax payment due on 31 January is more than you expected there is still time to reduce the liability if you are prepared to take a risk. An HMRC tax planning opportunity is to invest in a company that qualifies under the Enterprise Investment Scheme (EIS) or under Seed EIS.

      These investments enable you to deduct 30% or 50% respectively of the amount invested from your income tax bill. For example, £10,000 invested in a qualifying EIS company will enable you to deduct £3,000 from your tax bill.

      Normally the shares need to be issued in the tax year in question, but it is also possible to invest in the following tax year and carry back the relief to the previous year.

      You will need to get independent financial advice as these tend to be risky companies, particularly Seed EIS companies which are smaller start-up companies.

       

      Need more information?

      Do you need further support with ways to reduce your tax bill? We offer a wide range of services which are unique to you and your businesses. Our team of chartered accountants have a wealth of experience in a broad range of sectors, from construction and property to the charity sector. Our team work hard to ensure they create smart and effective tax-efficient solutions for start-ups to optimise growth and help them succeed. If you want to learn more about how the team can help or simply want some start-up advice from a trusted accountant do hesitate to contact us. For more information please do hesitate to contact us on 0161 962 1855. Alternatively you can email us using the form below and we will contact you as soon as possible.

      Our fantastic team at A&C Chartered Accountants are here to help.

      Contact us below

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        By Katie Business Advice • Tax Advice 0 Comments

        New Year, New Opportunities – Freeports

        New Year, New Opportunities – Freeports

        In his Spring 2021 Budget the Chancellor announced that there would be 8 “Freeports” in England with generous tax breaks to encourage businesses to set up and invest in those areas. The devolved governments will also be announcing locations in Scotland, Wales and Northern Ireland in due course.

        The proposed locations of the freeports can be found here: https://www.gov.uk/guidance/freeports#where-are-they-located

        SUMMARY OF FREEPORT TAX ADVANTAGES

        The main tax and customs duty advantages of locating in a designated freeport area are as follows:-

        • SDLT exemption on the purchase of land and buildings in the area
        • 10 year write off of the cost of constructing or renovating commercial property
        • Enhanced capital allowances for investment in plant and machinery
        • Exemption from employers NICs for certain staff working in the freeport area
        • Special VAT and Customs Duty rules

        7 of the 8 freeport areas are on the coast and thus ideal locations for businesses importing goods into the UK. There is however no restriction on the nature of business carried out within the designated freeport area.

        The eighth English freeport is around East Midlands Airport which would be an ideal place to locate a distribution centre, being half way up the M1 motorway.

        Please contact us for more details on the tax breaks for locating in one of the designated freeport areas.

        Need more information?

        Do you need further guidance with freeports? We offer a wide range of services which are unique to your business. Our team of chartered accountants have a wealth of experience in a broad range of sectors, from construction and property to the charity sector. Our team work hard to ensure they create smart and effective tax-efficient solutions for start-ups to optimise growth and help them succeed. If you want to learn more about how the team can help or simply want some start-up advice from a trusted accountant do hesitate to contact us. For more information please do hesitate to contact us on 0161 962 1855. Alternatively you can email us using the form below and we will contact you as soon as possible.

        Our fantastic team at A&C Chartered Accountants are here to help.

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          By Katie Business Advice • Tax Advice 0 Comments

          Working From Home due to Covid Restrictions?

          Working From Home due to Covid Restrictions?

          HMRC rules relaxed for the tax years 20/21 and 21/22

          Make your claim and get a Xmas present from HMRC of at least £62.

          If as an employee you are working at home as a result of Coronavirus but have not been reimbursed the additional costs by your employer, you may claim a deduction from earnings.

          HMRC have advised that as long as an employee you have been required to work from home at some point during 2020-21 they will accept a claim for home-working for the whole 2020-21 tax year. This is extended to 2021-22 up until the end of the pandemic

          Relief will not be restricted if you returned to your workplace before 6 April 2021 or if you only worked from home on a part-time basis.

          As an alternative to claiming actual expenses which can be impractical to calculate, you may claim HMRC’s home working allowance of £6 per week.

          Make your claim at https://www.gov.uk/tax-relief-for-employees/working-at-home

           

          Need more information?

          Are you working from home due to Covid restrictions? We have helped many clients weather this storm and we offer a wide range of services which are unique to your business. Our team of chartered accountants have a wealth of experience in a broad range of sectors and . Our team work hard to ensure they create smart and effective tax-efficient solutions to optimise growth and help them succeed. If you want to learn more about how the team can help or simply want some start-up advice from a trusted accountant do hesitate to contact us. For more information please do hesitate to contact us on 0161 962 1855. Alternatively you can email us using the form below and we will contact you as soon as possible.

          Our fantastic team at A&C Chartered Accountants are here to help.

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            By Katie Business Advice • Tax Advice 0 Comments

            Advisory fuel rate for company cars – December 2021

            HMRC have again increased the advisory fuel rates December 2021 that apply for the reimbursement of employees’ private fuel for their company cars.

            The new rates apply from 1 December 2021, but you can continue to use the previous rates for up to 1 month from the date the new rates apply. Where there has been a change the previous rate is shown in brackets:-

             

            Engine Size Petrol Diesel LPG
            1400cc or less 13p

            (12p)

            		  

            9p

            (7p)
            1600cc or less 11p

            (10p)
            1401cc to 2000cc 15p

            (14p)

            		 10p

            (8p)
            1601 to 2000cc 13p

            (12p)
            Over 2000cc 22p

            (20p)

            		 16p

            (15p)

            		 15p

            (12p)

             

            You can continue to use the previous rates for up to 1 month from the date the new rates apply.  For wholly electric cars there is a 5p (was 4p) advisory rate. Note that for hybrid cars use the equivalent petrol or diesel rate.

            Need more information?

            HMRC have again increased the advisory fuel rates December. Do you have company cars?

            We offer a wide range of services which are unique to your business. Our team of chartered accountants have a wealth of experience in a broad range of sectors, from construction and property to the charity sector. Our team work hard to ensure they create smart and effective tax-efficient solutions for start-ups to optimise growth and help them succeed. If you want to learn more about how the team can help or simply want some start-up advice from a trusted accountant do hesitate to contact us. For more information please do hesitate to contact us on 0161 962 1855. Alternatively you can email us using the form below and we will contact you as soon as possible.

            Our fantastic team at A&C Chartered Accountants are here to help.

            Contact us below

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              By Katie Business Advice • Tax Advice • Tax News 0 Comments

              Corporation Tax Returns – Report CJRS furlough grants

              Corporation Tax Returns – Report CJRS furlough grants

              The latest version of the CT600 Corporation Tax Return requires companies to report CJRS furlough payments received and the amounts that the company was entitled to during the period. Where any overpayments have already been disclosed to HMRC that amount should be reported.

              The total amount overclaimed should then be entered in box 526. This amount will be assessed to income tax not corporation tax and HMRC will provide you with a payment reference.

              Need more information?

              Do you need further guidance on Corporation Tax Returns? We offer a wide range of services which are unique to your business! Our team of chartered accountants have a wealth of experience in a broad range of sectors. Our team work hard to ensure they create smart and effective tax-efficient solutions for start-ups to optimise growth and help them succeed. If you want to learn more about how the team can help or simply want some start-up advice from a trusted accountant do hesitate to contact us. For more information please do hesitate to contact us on 0161 962 1855. Alternatively you can email us using the form below and we will contact you as soon as possible.

              Our fantastic team at A&C Chartered Accountants are here to help.

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                By Katie Business Advice • Tax Advice 0 Comments

                Christmas parties and tax!

                LET’S HAVE  REAL CHRISTMAS PARTIES THIS YEAR!

                Last year many businesses put on a “virtual” Christmas parties and HMRC agreed that would be acceptable in order for there to be no taxable benefit for the employees involved.

                There continues to be no taxable benefit for employees provided that all staff are invited, and the cost does not exceed £150 a head, inclusive of VAT.

                If you have also had an annual summer event then provided the combined cost of the two events is no more than £150 a head then there would be no taxable benefit in kind. If, however the summer event cost £80 a head and the Christmas party £100 a head only one event would qualify for the exemption.

                Need more information?

                Does your office have Christmas parties? Make sure you do it right and know what to do about tax! We offer a wide range of services which are unique to your business.  Our team of chartered accountants have a wealth of experience in a broad range of sectors, from construction and property to the charity sector. Our team work hard to ensure they create smart and effective tax-efficient solutions for start-ups to optimise growth and help them succeed. If you want to learn more about how the team can help or simply want some start-up advice from a trusted accountant do hesitate to contact us. For more information please do hesitate to contact us on 0161 962 1855. Alternatively you can email us using the form below and we will contact you as soon as possible.

                Our fantastic team at A&C Chartered Accountants are here to help.

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                  By Katie Business Advice • Business News • Tax Advice • Tax News • Wealth Planning 0 Comments

                  Trust planning opportunity still available

                  Trust planning opportunity still available:

                  Another tax planning strategy that is still available despite rumours that it would be closed in the Budget was the CGT hold over relief when assets are transferred into or out of a trust.

                  This relief currently enables a non-business asset, such as an investment property, to be transferred without paying CGT. The relief applies where the transfer is subject to inheritance tax, but where the value transferred is no more than the £325,000 IHT nil rate band the transfer of the asset can take place without IHT or CGT being payable.

                  For example, Colin, a higher rate taxpayer, wants to gift his adult daughter Liz an investment property worth £300,000.

                  The property cost him £100,000 a number of years ago. If he were to transfer the property to Liz directly there could be up to £56,000 CGT payable on the £200,000 gain.

                  If the property is transferred to a trust for the benefit of Liz then the transaction would be immediately chargeable to IHT but covered by the £325,000 nil rate band. The resulting gain could then be held over so that no CGT is payable.

                  At a later date the property could be transferred from the trustees to Liz providing another opportunity to hold over the capital gain.

                  If this strategy may be of interest to you please get in touch. You will also need to instruct a competent trust lawyer to set up the trust.

                  Need more information?

                  Do you need more guidance on trust planning opportunities? We offer a wide range of services which are unique to your business. Our team of chartered accountants have a wealth of experience in a broad range of sectors, from construction and property to the charity sector. Our team work hard to ensure they create smart and effective tax-efficient solutions for start-ups to optimise growth and help them succeed. If you want to learn more about how the team can help or simply want some start-up advice from a trusted accountant do hesitate to contact us. For more information please do hesitate to contact us on 0161 962 1855. Alternatively you can email us using the form below and we will contact you as soon as possible.

                  Our fantastic team at A&C Chartered Accountants are here to help.

                  Contact us below

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