Peal Partnership Limited

 
Please feel free to contact us if you would like further information on any of the topics below.
 
10 May 12: IR35 guidance.  HMRC has published new guidance for personal service companies, which takes into account the risk factors that will affect a contractor's chances of being investigated.  This takes the form of 12 business entity tests, each of which are given a score.  The result will generate a low, medium or high risk of an IR35 investigation.
 
10 Apr 12: R&D TAX RELIEF.  It is estimated that 90% of eligible companies are not claiming R&D tax relief available.  Companies that have developed new products or significantly improved manufacturing processes, as well as those conducting R&D [both in house and sub-contracted] activities could qualify.
 
6 Mar 12: RETROSPECTIVE TAX?  Following the crackdown last week of a Barclays tax avoidance scheme, the Treasury Select Committee will investigate moves to retrospectively tax institutions accused of tax avoidance.
 
23 Feb 12: REGIONAL GROWTH FUND.  The 3rd tranche of this which is worth £1 billion has been launched.  It applies to capital investments in English Assisted Areas, and to R&D projects virtually throughout England.  The minimum grant application is £1 million and the deadline for applications is 13th June; successful applicants will be notified in the Autumn.
 
22 Feb 12:  MICRO COMPANIES ACCOUNTING REFORM:  A new EU Directive that exempts micro companies from accounting and financial reporting requirements has been welcomed by the UK government.  Further details of implications for the UK SMEs are likely to be announced in the forthcoming budget on 21st March.
 
31 Jan 12: HMRC's new CONTRACTUAL DISCLOSURE FACILITY is launched today.  Under this facility, HMRC will write to a taxpayer informing them that they are suspected of serious tax fraud.  HMRC will offer the option of disclosure of the tax fraud within 60 days, and in return HMRC will not proceed with a criminal investigation.  
 
5 Jan 12: FINANCIAL REPORTING FOR SMALLER SMEs.  Micro businesses could soon be exempt from financial reporting, following a vote in the European Parliament.  Micro businesses are defined at meeting any two of the following: turnover less than €750k, assets less than €300k and 10 or fewer employees.  We now await a decision from the UK government. 

 
10 Nov 11: GRANTS FROM REGIONAL GROWTH FUND FOR SMEs.  SMEs can qualify for a grant if they are going to invest in new capital assets, such as plant and machinery, and create new jobs – and cannot get normal bank finance.  Grants of up to £500,000 will be awarded alongside the award of a new bank loan on commercial terms.  The scheme will be operated by RBS / NatWest and HSBC.
 
1 Oct 11:  REGULATORY CHANGES that take effect from today include the removal of the default retirement age, the rights of agency workers being extended, annual returns to Companies House needing to have the updated SIC [Standard Industry Classification] codes and an increase in the National Minimum Wage.
 
26 Sept 11: AUDIT REFORM.  The EU is looking at reforming the auditing sector.  Proposals include audit-only large firms and the mandatory rotation of auditors.
 
1 Sept 11: DUE A VAT / DUTY REFUND?  If you are a UK or EU company incurring VAT within the EU and you incurred VAT for business purposes, you may be due a VAT refund.  Non UK or EU companies incurring VAT in the UK or EU can reclaim VAT on certain categories of expenses.  Recent estimates put the total level of unclaimed VAT at £4 billion!  Similarly if your business imports and exports goods, you may be paying too much duty.  For further details including how to reclaim VAT and duty please contact us.
 
16 Aug 11: REGIONAL GROWTH FUND.  Bids of at least £1m for the second round of this fund have now been received totalling £3.3 billion.  As there is just under £1 billion available, it is now up to the independent advisory board to decide which bids will be funded.
 
12 Aug 11: EQUITY FINANCE:  With effect from this month, small firms can raise upto £4.4m without issuing a prospectus after the Government fast-tracked new rules designed to improve access to equity markets.  The number of investors that companies can target will be increased from 100 to 150.
 
26 Jul 11: iXBRL FILING:  Companies House today announced that it would delay mandatory filing using the iXBRL format.  The deadline will be reconsidered once the moratorium on new regulation for small businesses has ended in 2014.
 
21 Jul 11: PENSION COMPULSION.  All employers will have a legal obligation to enrol eligible employees in a qualifying workplace pension scheme, and [if the employee does not opt out] to pay pension contributions for them.  The deadline for employers will take place in stages starting in October 2012.
 
9 Jun 11: Launch of new BUSINESS ADVICE SERVICE by the Institute of Chartered Accountants of England and Wales.  This service which will be rolled out later in the year, entitles small and medium sized enterprises to a free initial consultation with a Chartered Accountant.
 
6 Jun 11: OPPORTUNITIES for EXPORTING to Brazil, India or Mexico.  UKTI are running half day seminars in London covering the business opportunities for UK exporters.  The Brazil seminar will take place on 23rd June, the India seminar on 21st July and the Mexico seminar will be on 10th November.  The cost of £60 includes a networking lunch.  Please contact philip@peall.com if you would like further details on these events.
 
19 May 11: Launch of BUSINESS GROWTH FUND.  This fund will make equity investments of between £2-£10 million in growth companies with a turnover of £10-£100 million.  The fund will eventually have £2.5 billion to invest, and is likely to be more patient about the return it seeks; so it will not necessarily be looking for an exit in the usual 3 to 7 years demanded by many private equity firms.  For further information see www.businessgrowthfund.co.uk.
 
3 May 11: There has been a substantial drop in the number of companies seeking TIME TO PAY arrangements with HMRC.  The number of requests in the first quarter of 2011 of 36k was substantially down from the 84k figure for the first quarter of 2010.  Over this timescale, the proportion of requests refused has more than tripled from 2.9% to 9.3%.
 
28 April 11:  HMRC has announced that a new system [RTI - Real Time Information] will be introduced for the operation of PAYE.  For further details see http://nds.coi.gov.uk/content/detail.aspx?ReleaseID=418986&NewsAreaId=2 
 
19 April 11: Despite HMRC announcing that they would commence BUSINESS RECORD CHECKS this autumn, a number of businesses have already been approached!  It should be noted that penalties will be charged where appropriate business records are not maintained.
 
8 April 11: If your business has been turned down by a bank for a loan, there is a new independently monitored appeals process which takes effect from 5th April 2011.  See www.betterbusinessfinance.co.uk/help-support/appeal-process for further information.
 
31 March 11: Three new Research & Development GRANTS are launched in the UK on 4th April 2011.  They cover proof of market, proof of concept and development of prototype.  The grants are competitive and decisions are made every 2 months.  For further details see www.innovateuk.org/deliveringinnovation/grant-for-research-and-development.ashx