 With none of the politics and huff that goes along with a budget just before a major election. The media maybe filled with information about the colour of the chancellor's tie and the opposition's facial expressions.
So at Tax Affinity Accountants we know and understand that businesswomen and men simply just want to just know what the effect will be on their business. That's why we have compiled a simple at a glance list to help you. 1. The Income tax personal allowance will be raised to £10,800 starting from 6th April 2015 (from £10,600) and to £11,000 the following year. 2. The higher rate of tax threshold is also raised to £43,300. 3. Plans to abolish annual tax return and move to a more automated digital accounts system. 4. Plans to abolish Class 2 national insurance contributions for the self employed in next Parliament. 5. Growth of the economy forecast to be up to 2.5% this year. Then 2.3% next year before reaching 2.4% in 2019. 6. Inflation is forecast to be at 0.2% for this year and the same for the next three years. 7. Fuel duty to remain the same as before as September's planned increase is cancelled. 8. Plans to sell get money back when banks were bailed out. £13bn of mortgage loans still owned by the government from Northern Rock and Bradford & Bingley will be sold. Plus £9bn of Lloyds Banking Group shares to be sold this year. 9. Alcohol duty changes see 1p off a pint of beer and a 2% cut in cider and whiskey duty. While wine duty is to same as before. 10. Changes in ISA's. Total annual savings limit for ISAs has been increased to £15,240. With some types of ISA which will allow savers to draw money and put it back in the same year without losing any part of their tax free allowance. And a new help to buy ISA for first-time buyers will allow government to top up by £50 every £200 saved for a deposit. (speak to your bank for more details). 11. Changes so that pensioners will now be able to trade in their annuities for cash, with the 55% tax abolished and tax being applied at a marginal rate. 12. Plans to review inheritance tax avoidance through "deeds of variation". 13. A new personal saving allowance where the first £1,000 interest on savings income will be tax free for 20% basic rate taxpayers and £500 for higher 40% tax rate payers. 14. New tax on diverted profit to come into effect next month. This is aimed at companies moving profits artificially off shore. 15. There are plans to review of business rates to help businesses. 16. And for charitable donations the gift aid limit for charities to be extended up to £8,000. By Omar Tahir Khan at Tax Affinity Accountants. Tax Affinity Accountants are experts in Tax and Accountancy. Based in Kingston upon Thames they provide a bespoke service to clients right across the UK and are considered in the industry to be experts in business advice. They mentor and support members of the public to make their businesses grow and reach their full potential. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends.
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 Successful business is making the right moves at the right time How to maximise business sales in Spring 2015
With the UK's retailers taking on board the American tradition of "Black Friday" which showed significant discounts on a huge array of products, the sales figures for that month were at an all time high of 6.4%. Leading on from this final Christmas sales figures are yet to be published but it is predicted around £4.45 billion across Europe, with £324.5m being within the UK alone. The late winter and early spring is a good time to introduce new tactics to increase your sales figures. Here are a few tips to increase sales and therefore your profits: Spring up your business Refreshing the look of the business by having new signs and banners to suit the mood of optimism and success in the coming year through your business will give your customers a more comfortable shopping experience and confidence in your business. It can also hint that there may be a good deal to be had with your business. If you have an online website then accommodate by giving your website a New year / Spring twist to inform your customers that your business is willing to adapt to seasonal changes and overall they are likely to feel more comfortable to shop with your company increasing the likeliness of them willing to do business with you. Mailing List Sending your customers a friendly and helpful email shows them you care and that you appreciate them. Try not to mention any promotions/discounts in your email as this may make them feel that it is more like an empty gesture. However if followed up with another email a few days later promoting products etc. then it seems more friendly. If you do not have a mailing list and you deal with customers face to face then telling each customer will give the same affect, if not more. This idea of giving a personal touch to your company is likely again to increase your company's credibility and in turn increase sales. Spring Discounts/Promotions Spring discounts, promotional offers and package deals will never go a miss as it helps to out-price other competitors giving you the edge. Also its worth noting that your customers may be tight pocketed from buying gifts for friends and family and that discounts are what they will be hunting for. Keep well stocked/ Accommodating the increased need for staff This gives two benefits, firstly for a business to see demand and sales slip away due to the fact that you have no stock can be frustrating. Secondly is that if you have a high inventory, studies have shown that you are likely to show more determination to increase sales and boost ideas. It's worth adding that along with the actually products for sale, you also should keep packaging items well stocked as well if your business delivers products. Around the late winter and early spring months it is clear that consumers increase their demand in products and in turn it also increases the amount of pressure your workforce may take. You need to insure you give good customer service and that sales aren't affected by your business being short staffed. To solve this hire more staff to help out or ask friends/family for an extra hand. By Mohammad Khan at Tax Affinity Accountants. Tax Affinity Accountants are experts in Tax and Accountancy. Based in Kingston upon Thames they provide a bespoke service to clients right across the UK and are considered in the industry to be experts in business advice. They mentor and support members of the public to make their businesses grow and reach their full potential. For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends. |
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