We like to think we are progressive accountants and business advisers  by keeping all our customers up to date with regular easy to understand news, tips and reminders.

 News and Tips for 2014 onwards




 NI allowance 

The new employment allowance becomes available from the 6h April 2014 and could cut clients bills by £2,000.

When will SEIS come into operation?

Seed Enterprise Investment Scheme will probably be introduced by the 6th April 2012 due to the difficult lending conditions. SEIS is focused on encouraging investment solely in small young companies.

Investors can receive an income tax deduction worth up to 50% of investment of up to £100,00 per annum. The investment must be in the form of shares and they must be issued on or after 6 April 2012 and before 6th April 2013. The shares must be fully paid up at the time of issue and held for at least three years in order to qualify for the full SEIS tax relief.

Capital Gains Tax exemption is also available on gains on shares within the SEIS programme, giving investors a further tax relief of 28% of their gain.

The companies that are eligible are :-

  • Unquoted companies.
  • 25 or fewer employees.
  • Gross assets of £200,000 or less. 

Corporation Tax Rates

The Corporation main tax rates are reduced as follows:

  • 23% - 1 April 2013
  • 21% - 1 April 2014

From 1 April 2015 the small profits rate will be unified with the main rate at 20%.


Tax free loans

A client can borrow £10,000 interst free from their company without it counting as a benefit in kind.


Annual Investment Allowance

The maximum annual investment allowance went up from £250,000 to £500,00 per year from the 1 April 2014 for corporation tax and 6 April 2014 for income tax.  

 Vat Changes

You must register for VAT with HM Revenue and Customs (HMRC) if your business' VAT taxable turnover is more than £81,000. You can register voluntarily if it's below this, unless everything you sell is exempt.

 You can apply for a registration 'exception' if your taxable turnover goes over the threshold temporarily.

 Write to HMRC with evidence showing why you believe your VAT taxable turnover won't go over the de-registration threshold of £79,000 in the next 12 months.

 Environmental Impact of Vehicles for capital allowances


 CO2 Emission
 WDA Pool
 <110g/km  100%  Main
 111 to 160g/km
 >160 g/km



Minimum Wage Rates

Please find details of the minimum wage rate increases from October 2014

The NMW rates are reviewed each year by the Low Pay Commission and from 1 October 2014:
  • the main rate for workers aged 21 and over will increase to £6.50
  • the 18-20 rate will increase to £5.13
  • the 16-17 rate for workers above school leaving age but under 18 will increase to £3.79
  • the apprentice rate, for apprentices under 19 or 19 or over and in the first year of their apprenticeship will increase to £2.73

More Top Tips for small business.