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Business Rates Revaluation 2017 – how will your business be affected?


Many business owners face uncertainty as the business rates revaluation looms with April 2017 just around the corner, bringing with it the first review of business rates in seven years.

Although little has been confirmed, there is widespread speculation that some areas will face drastic increases, such as Dover Street in Mayfair with an earmarked 415% increase, due to the soaring property values.

Other areas such as the town of Redcar in Yorkshire can sit somewhat comfortably with speculation that rates may get a reduction of 38%, correlating again with the falling property value in such areas.

The government defended the forthcoming decision during the 2016 Budget, as they announced the biggest ever cut in business rates – worth £6.7bn over the next five years. From April, 600,000 businesses will pay no business rates at all and the revaluation will mean that nearly three out of every four businesses will see their bills fall or stay the same.

The Milton Keynes Chamber is calling on the Chancellor to use his last Spring Budget to support long-term business investment by taking action to deliver real reform to the business rate system.

Adam Marshall, Director General of the BCC, has said that the current rates system is ‘broken’ with some businesses noticing the steep increases compared to some with a decline around 40%. Furthermore, these business rates are making the UK an ‘unattractive place to do business’ all at a time when the UK’s uncertainty surrounding the future relationship with Europe is more unclear than ever.

Islington Council have launched a petition with the Islington Chamber of Commerce calling on Chancellor Philip Hammond to halt the rates revaluation until the UK has left the European Union, although there is no current update on the success of this.

Some properties are eligible for ‘Business Rates Relief’ from their local council. An example of this is ‘Small Business Rate Relief’ which you can claim if your business uses only one property or has a rateable value of less than £12,000. Another example is ‘Enterprise Zones’, so if you are starting up or relocating to an enterprise zone, you may qualify for business rate relief, which will be worked out by the council.

These changes in Business Rates are a reflection on the way the property market has changed rather than a direct outcome of decisions from central government.

To calculate the rates for your business, click: check my business rates

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Recent Posts

The Autumn Statement 2013 – Preview

| 22nd October 2018 | Blogging

The Autumn Statement 2013 – Preview The Government’s plans to secure the economic recovery are set to be revealed at the Autumn Statement 2013 on Thursday 5th December by Chancellor of the Exchequer, George Osborne. Whilst in Washington attending the International Monetary Fund’s annual meeting, Osborne told reporters: “I still sit round that table at the G-20 with one of the highest budget deficits. Britain continues to have some very serious public finance challenges that need to be addressed, and although we’ve brought the deficit down by a third it’s still too high. Where we’ve got resources available we’ve got to make sure we’re doing what we can to reduce the deficit.” The Office for Budget Responsibility’s forecasts in March this year, used as a basis of the plans, showed a prediction of 0.6% economy growth in 2013, prompting Osborne to say he will announce revised budget forecasts and details of new measures at the Autumn Statement. He also stated: “We have a clear economic plan; we’ve stuck to that plan. I’m very far from feeling the job is done. We’re still in the very early stages of the recovery.” Surveys suggest actual growth figures for 2013 were better than expected, seeing expansion of around 1.4% as opposed to the OBR’s prediction of 0.6%. Common preconceptions of what the Autumn Statement may reveal include further cuts to the annual pension allowance, a rise in personal allowance, a 5% drop in income tax for those earning over £150,000, an increase in National Insurance Contributions for the self-employed, and introducing the recognition of marriage within the tax system. What plans would you like to see revealed? Let us know on Facebook or Twitter!...

Seminar in September

| 22nd October 2018 | Blogging

Seminar in September On the 10th September 2013, we will be holding our biannual seminar, this time focusing on Cost Conscious Growth. The event will be held in Gravesend, Kent – featuring a welcome breakfast on arrival, key speakers and the opportunity to network with other industry professionals over drinks. A morning and evening session are available with the three professional speakers presenting at both. The speakers bring a wealth of experience from their different backgrounds: Finance, Marketing and IT. First to take the mic will be Simon Fenech, Sales Manager of Codestone, covering The Benefits of Moving to the Cloud. Then, Dean Spencer, Director of Grapevine Marketing, will show you how to prevail with Zero Cost Marketing. Last but not least, Joanna Trinder from King and Taylor will demonstrate how to keep your finances in order with Online Book Keeping. Increasing revenue is not the only route to profit margins! We want to help our clients reduce their outgoings on necessary business services.  At King and Taylor, we want you to learn from industry experts who can teach you about certain aspects that could be vital to the success of your business. There are many accountants to choose from, so we recognise the need to help our clients on more than just financial matters by interacting with them. This event is held twice a year and features a specific theme every time, if you would like details on the next seminar then contact us here. It’s not too late to attend the upcoming seminar! To view the event details and register your attendance, please follow this link....

Construction Industry Scheme

| 22nd October 2018 | Blogging

Construction Industry Scheme The Construction Industry Scheme (CIS) sets out special rules for tax and national insurance (NI) for those working in the construction industry. For those contractors and subcontractors it is important to understand and comply with the regulations set out by the HMRC. The deadline for submission is 14 days after the end of the tax month. A key reminder for contractors: even if no subcontractors have been paid during a month, they still have to make a nil return. Employed or self-employed? Contractors must make a monthly declaration showing they have considered whether an employee is employed or self-employed. It is vital as the HMRC can be strict and impose a penalty of up to £3000, if they consider that negligent or incorrect information has been provided. It can be hard to declare which option title is correct, as many factors and stipulations apply, so please contact us for specialist advice: http://www.kingandtaylor.co.uk/contact-us/ Verifying with the HMRC The contractor has to contact HMRC to check whether to pay a subcontractor gross or net, not every subcontractor will need verifying. HMRC will give the contractor a verification number for the subcontractors which will be matched with HMRC’s own records. These numbers are a fundamental part of the system and it is important there is a fool proof system in place for obtaining and retaining them. Payslips Contractors have to provide a monthly payslip to all subcontractors paid, showing the total amount of the payments and how much tax, if any, has been deducted from those payments. It is a necessary requirement that the contractors include certain specific information on the payslip, for more details on this and any other details regarding CIS please follow this link to see the full document:http://www.kingandtaylor.co.uk/wpcontent/uploads/2012/01/Construction_Industry.pdf or alternatively contact us via our website for expert advice....

VAT Annual Accounting Scheme

| 22nd October 2018 | Blogging

VAT Annual Accounting Scheme Over the years HMRC has introduced a number of VAT schemes helping small businesses reduce the burden of administrative duties. The annual accounting scheme means companies are only producing one VAT return a year, in comparison to the usual four. Instalments still need to be paid throughout the year based on the businesses annual liability. Application to join the scheme must be made on form 600(AA) which can be found at the back of VAT Notice 732. Eligibility for the scheme must be considered because certain stipulations apply. Firstly, a company cannot apply if their taxable supplies will exceed £1,350,000 within the next 12 months. Following this, businesses current VAT returns must be kept up to date and it is not possible to register as a group of companies. For further help with the term and conditions, please contact us for specialist advice. The amount required for the instalments needed to be paid will be advised by the HMRC but there are several payment options. Businesses that have been registered for 12 months or more will pay their VAT in nine monthly instalments of 10%, of their previous year’s liability. An alternative choice would be to pay their VAT in three quarterly instalments of 25% of their previous year’s liability, falling due at the end of months 4, 7 and 10. Get in touch so we can help you make the appropriate selection for your business. The scheme can help your business with budgeting and cash flow, and reduce the amount of paperwork, although, a possible disadvantage is interim payments being higher than needed because they are based on your previous year. For further information on the annual accounting scheme please follow this link: http://www.kingandtaylor.co.uk/wp-content/uploads/2012/01/VAT_Annual_Accounting.pdf. Also please contact us via are website, so we can help you plan your VAT administration and help you decide whether the annual accounting scheme would be beneficial for your business...


Filing Tax/Accounts with HMRC Every 3 Months! Are you Prepared?


Many people have reported still feeling in the dark about HMRCs new propositions when it comes to filing business and personal tax returns online from 2018, although one thing is for sure; we are certainly stepping into the Digital era.


This time of year the word ‘deadline’ looms over all of our heads as the paper tax return must be filed by October 31st, albeit it only this way for two more years. Statistics show however, that the majority are already making the switch with only 11 percent of us filing by paper in 2015.


Despite online filing becoming increasingly more common for businesses, research highlights that many still feel in the dark about the foundations of ‘Making Tax Digital’ which was first announced in the 2015 budget.


HMRC have stipulated that one of the four ‘foundations’ of Making Tax Digital will be for businesses, proposing that they should not have to wait until the end of the tax year or even longer before knowing how much tax they should pay. This will be achieved by filing quarterly Tax Returns online.


The Telegraph have commented that this will put an ‘unnecessary burden’ on companies that do still feel that they are in the dark. Experts have told the Treasury Select Committee that this controversial switch is being hastily imposed without any detail of what companies must do.


Mike Cherry, head of Federation of Small Businesses has also told The Telegraph that he predicts ‘these changes would cost small businesses an extra £2,770 a year to file its returns, with many ill-equipped to handle online record-keeping’
HMRC’s intentions, on the other hand, are clear for the move forward. With the abolishment of the paper Tax Return and the October 31st deadline, businesses will be able to concentrate on putting people and profit first, rather than paperwork. Similarly, it seems that there will be greater clarity when it comes to paying tax bills.


Edward Troup, executive chair of HMRC, acknowledged the significant changes of this digital revolution by bringing the tax system into the 21st century and to help make HMRC one of the most digitally-advances tax administrations in the world.

 

Our parent company Klarity Vision will be speaking at The Business Show at Olmpia, London on Thursday 17th November about this major change for businesses, you can obtain a FREE ticket to the event here. They will be releasing a recording of the seminar after the show and you can register to receive a link by Clicking Here.

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Recent Posts

The Autumn Statement 2013 – Preview

| 22nd October 2018 | Blogging

The Autumn Statement 2013 – Preview The Government’s plans to secure the economic recovery are set to be revealed at the Autumn Statement 2013 on Thursday 5th December by Chancellor of the Exchequer, George Osborne. Whilst in Washington attending the International Monetary Fund’s annual meeting, Osborne told reporters: “I still sit round that table at the G-20 with one of the highest budget deficits. Britain continues to have some very serious public finance challenges that need to be addressed, and although we’ve brought the deficit down by a third it’s still too high. Where we’ve got resources available we’ve got to make sure we’re doing what we can to reduce the deficit.” The Office for Budget Responsibility’s forecasts in March this year, used as a basis of the plans, showed a prediction of 0.6% economy growth in 2013, prompting Osborne to say he will announce revised budget forecasts and details of new measures at the Autumn Statement. He also stated: “We have a clear economic plan; we’ve stuck to that plan. I’m very far from feeling the job is done. We’re still in the very early stages of the recovery.” Surveys suggest actual growth figures for 2013 were better than expected, seeing expansion of around 1.4% as opposed to the OBR’s prediction of 0.6%. Common preconceptions of what the Autumn Statement may reveal include further cuts to the annual pension allowance, a rise in personal allowance, a 5% drop in income tax for those earning over £150,000, an increase in National Insurance Contributions for the self-employed, and introducing the recognition of marriage within the tax system. What plans would you like to see revealed? Let us know on Facebook or Twitter!...

Seminar in September

| 22nd October 2018 | Blogging

Seminar in September On the 10th September 2013, we will be holding our biannual seminar, this time focusing on Cost Conscious Growth. The event will be held in Gravesend, Kent – featuring a welcome breakfast on arrival, key speakers and the opportunity to network with other industry professionals over drinks. A morning and evening session are available with the three professional speakers presenting at both. The speakers bring a wealth of experience from their different backgrounds: Finance, Marketing and IT. First to take the mic will be Simon Fenech, Sales Manager of Codestone, covering The Benefits of Moving to the Cloud. Then, Dean Spencer, Director of Grapevine Marketing, will show you how to prevail with Zero Cost Marketing. Last but not least, Joanna Trinder from King and Taylor will demonstrate how to keep your finances in order with Online Book Keeping. Increasing revenue is not the only route to profit margins! We want to help our clients reduce their outgoings on necessary business services.  At King and Taylor, we want you to learn from industry experts who can teach you about certain aspects that could be vital to the success of your business. There are many accountants to choose from, so we recognise the need to help our clients on more than just financial matters by interacting with them. This event is held twice a year and features a specific theme every time, if you would like details on the next seminar then contact us here. It’s not too late to attend the upcoming seminar! To view the event details and register your attendance, please follow this link....

Construction Industry Scheme

| 22nd October 2018 | Blogging

Construction Industry Scheme The Construction Industry Scheme (CIS) sets out special rules for tax and national insurance (NI) for those working in the construction industry. For those contractors and subcontractors it is important to understand and comply with the regulations set out by the HMRC. The deadline for submission is 14 days after the end of the tax month. A key reminder for contractors: even if no subcontractors have been paid during a month, they still have to make a nil return. Employed or self-employed? Contractors must make a monthly declaration showing they have considered whether an employee is employed or self-employed. It is vital as the HMRC can be strict and impose a penalty of up to £3000, if they consider that negligent or incorrect information has been provided. It can be hard to declare which option title is correct, as many factors and stipulations apply, so please contact us for specialist advice: http://www.kingandtaylor.co.uk/contact-us/ Verifying with the HMRC The contractor has to contact HMRC to check whether to pay a subcontractor gross or net, not every subcontractor will need verifying. HMRC will give the contractor a verification number for the subcontractors which will be matched with HMRC’s own records. These numbers are a fundamental part of the system and it is important there is a fool proof system in place for obtaining and retaining them. Payslips Contractors have to provide a monthly payslip to all subcontractors paid, showing the total amount of the payments and how much tax, if any, has been deducted from those payments. It is a necessary requirement that the contractors include certain specific information on the payslip, for more details on this and any other details regarding CIS please follow this link to see the full document:http://www.kingandtaylor.co.uk/wpcontent/uploads/2012/01/Construction_Industry.pdf or alternatively contact us via our website for expert advice....

VAT Annual Accounting Scheme

| 22nd October 2018 | Blogging

VAT Annual Accounting Scheme Over the years HMRC has introduced a number of VAT schemes helping small businesses reduce the burden of administrative duties. The annual accounting scheme means companies are only producing one VAT return a year, in comparison to the usual four. Instalments still need to be paid throughout the year based on the businesses annual liability. Application to join the scheme must be made on form 600(AA) which can be found at the back of VAT Notice 732. Eligibility for the scheme must be considered because certain stipulations apply. Firstly, a company cannot apply if their taxable supplies will exceed £1,350,000 within the next 12 months. Following this, businesses current VAT returns must be kept up to date and it is not possible to register as a group of companies. For further help with the term and conditions, please contact us for specialist advice. The amount required for the instalments needed to be paid will be advised by the HMRC but there are several payment options. Businesses that have been registered for 12 months or more will pay their VAT in nine monthly instalments of 10%, of their previous year’s liability. An alternative choice would be to pay their VAT in three quarterly instalments of 25% of their previous year’s liability, falling due at the end of months 4, 7 and 10. Get in touch so we can help you make the appropriate selection for your business. The scheme can help your business with budgeting and cash flow, and reduce the amount of paperwork, although, a possible disadvantage is interim payments being higher than needed because they are based on your previous year. For further information on the annual accounting scheme please follow this link: http://www.kingandtaylor.co.uk/wp-content/uploads/2012/01/VAT_Annual_Accounting.pdf. Also please contact us via are website, so we can help you plan your VAT administration and help you decide whether the annual accounting scheme would be beneficial for your business...