TODAY’S HEADLINE

EU2

Brexit – we’re in it together

Like many of you today, we are digesting the news that the electorate has decided to exit the European Union. Whilst the UK as a nation has opted to leave, the UK still remains a highly skilled and attractive place for business and a nation of great … [Read More...]

CORPORATE FINANCE

North East funding landscape for SMEs

The SME funding landscape in the North East has been dominated by the Finance for Business North East funds over the last five or six years. These funds have played an important role in both supporting new businesses and providing access to growth capital and working capital funding to more established businesses. It was therefore fantastic news when a top up to these funds was confirmed last month. The five fund managers have £17m to invest in over 100 North East SMEs before the end of 2016. We are seeing a strong appetite to access this funding and have a number of clients who are progressing an offer of funding. With progress being made towards a new £120m fund for the North East LEP area, which should commence in 2017, these funds will remain a key part of the funding landscape in future. Growth Capital Venture Capital Trusts have long been part of the equity funding landscape in the UK. Significant changes were announced in the 2015 Budget for VCTs. These changes came in force … [Read More...]

Taxation & Payroll

Making Tax Digital: Newcastle Consultation on Simpler Payment & Quarterly Reporting

As we said last week, HMRC’s vision of the future is that all dealings with tax payers and agents will be digital. The process is already underway and HMRC are currently running consultation events to gather the responses of agents and advisors. Tait Walker was invited to take part in a consultation earlier this year where the topics for discussion were quarterly reporting and simpler payments. Quarterly Reporting All businesses will be required to take part in quarterly reporting which is due to begin in April 2018. In addition, it is anticipated that individuals with non-PAYE taxable income over £10,000 (e.g. Rental income) will also need to report quarterly. It is worth noting that the Association of Tax Technicians (ATT) has recently called on HMRC to postpone the introduction of quarterly reporting by at least a year, due to delays in the consultation process caused by the EU referendum. The mechanics of the system are not yet known so we don’t know whether every single … [Read More...]

House

New tax rules and potential solutions for Buy to Let landlords

With more than 400 people at our Buy To Let seminars over the past few months, it’s clear that the new tax rules are a major cause of concern for landlords of residential property. We are working with a number of landlords who are planning for the effect of this new regime. They know that if they leave matters until 2017, when the new rules start to take effect, they will be behind the curve. For some individuals, the answer is a sale of some of their properties to try to reduce their borrowings and hence the effect of a restriction on tax relief for interest on those borrowings. If this decision is taken as the new rules come into effect, some people will be caught up in what might become a rush to sell properties. This is likely to be a buyer's market and so this could impair the value that can be obtained on a sale of these properties. For others, the best solution may be to incorporate their properties, and the debt on them, into a limited company. This is a major decision, and … [Read More...]

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