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Welcome to Focus On... Business Bulletin

June 2016

Our monthly business bulletin looking at issues relevant to particular sectors and topics of interest.

If you would like to discuss any aspect of our services, please contact Richard Grayson, Managing Partner at Nicholsons, at richard.grayson@nicholsonsca.co.uk or phone 01522 815100.

We operate a responsible email policy at Nicholsons, so if you do not wish to receive further copies of this newswire, click here to unsubscribe.

Independent watchdog questions quarterly business tax updates

The Administrative Burdens Advisory Board (ABAB) has said it has serious concerns about the government’s proposals to introduce quarterly reporting, similar to tax returns, for businesses.

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UK still struggling with productivity

The latest figures from the Office for National Statistics (ONS) has shown that labour productivity – measured as output per hour – fell by 1.2 per cent in the final quarter of 2015.

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Stamp Duty change stamps out house price increases

A recent significant fall in house prices has followed the implementation of the effective second home and buy-to-let penalty introduced by Chancellor George Osborne’s March Budget.

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UK’s small businesses ignoring minor expense claims

A new report has found that UK freelancers, sole traders and micro-businesses could potentially be failing to claim millions of pounds worth of tax relief from unclaimed expenses they deem too small or time-consuming.

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New rules on Entrepreneursí Relief

The Chancellor announced new rules on Entrepreneurs’ Relief in this year’s Budget, lessening some of the challenging restrictions he introduced last year. However, this year’s changes look set to lead to problems of their own.

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Changes to Employment Allowance

Significant changes to Employment Allowance that were first announced by the Chancellor in his 2015 Budget came into effect at the start of the new financial year on 6 April.

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Personal Service Companies in the Public Sector

The rules on using Personal Service Companies (PSCs) in the public sector are set to undergo a radical overhaul in 2017.

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Credit ratings under threat from unaudited accounts

Under changes introduced by the Government in January, companies can now legally opt out of auditing their accounts if they fall below the £10.2 million statutory threshold, but they may risk their credit ratings by doing so.

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Nicholsons Chartered Accountants © 2016
Newland House, The Point, Weaver Road, Lincoln, Lincolnshire LN6 3QN | T: 01522 815100

Nicholsons provides a comprehensive range of accountancy, audit and tax services and is a member firm registered with the Institute of Chartered Accountants In England and Wales (Firm Number C005399336). Nicholsons also provides a number of business support and advisory services including; corporate finance, employee services, marketing support, business coaching, management training and consultancy. As a SAGE accountancy Partner Nicholsons also provides SAGE software, training and support.

Partners: Richard Grayson FCA, Richard Hallsworth FCA, Emma Murray FCA.

Nicholsons also provides a range of financial services. Nicholsons is authorised and regulated by the Financial Conduct Authority. We are entered on the FCA register number 101739 at www.fca.org.uk/register VAT will be applied to fees where applicable. Our VAT registration no is 128 2835 63. The Financial Conduct Authority does not regulate Accounting, taxation and trust advice. The guidance and/or advice contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK. Levels, and bases of, and reliefs from taxation are subject to change and their value depends on the individual circumstances of the investor.

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