SME Brexit Support Fund

SME Brexit Support Fund

If your business is new to importing &/or exporting now that we are out of the EU, the government is offering a grant of up to £2,000 to help with training &/or professional advice, to help you with changes to trade rules with the EU.

You can use the grant for training on:

  • how to complete customs declarations
  • how to manage customs processes and use customs software and systems
  • specific import- and export-related aspects including VAT, excise and rules of origin

It can be used to help you get professional advice so your business can meet its customs, excise, import VAT or safety and security declaration requirements.

To be eligible your business must be established in the UK for at least 12-months before submitting the application and:

  • not have previously failed to meet its tax or customs obligations
  • have no more than 500 employees
  • have no more than £100 million turnover
  • only import or export goods between Great Britain and the EU, or move goods between Great Britain and Northern Ireland, if you already import or export goods from or to a non-EU country you are not eligible for his grant
  • complete (or intend to complete) import or export declarations internally for its own goods
  • use someone else to complete import or export declarations but requires additional capability internally to effectively import or export (such as advice on rules of origin or advice on dealing with a supply chain)

Applications for this grant are done via PricewaterhouseCoopers (PwC) on behalf of HMRC by visiting HERE

Applications close on 30th June 2021.

George Osborne

How the Chancellor’s 2014 Autumn Statement affects YOU!

George Osborne, the Chancellor of the Exchequer, announced his Autumn Statement on Wednesday (3 Dec 2014) in what could be seen as a mini budget. Here we focus on the key announcements, concentrating on those relating purely to taxation, as it is those which affect you, our customers, most directly.

1). First some good news: The UK is seeing the fastest growth out of all the G7 countries, and the number of people employed is at its highest point ever. This is good for all of us because it restores optimism in the UK economy, higher employment speaking for itself.

2). As we announced in a separate blog post, Stamp Duty (Land Tax) has been given a major shake-up and, for anyone buying a house for £935,000 or less, the amount of Stamp Duty which they’ll have to pay will be less, and sometimes very significant. See our separate blog post and infographic for more detail.

3). In the financial year 2015-16, the tax-free personal allowance (which is the amount you can earn before you start to pay any tax) will increase to 10,600 which is an increase of £600. So … more tax-free money in your pocket, which is good.

4). Economy flights will become cheaper for under 12s from 1 May 2015 and under 16s from 1 March 2016, because their tickets will become exempt from tax on those dates. So … a small concession, but another welcome one. Average 4-person families will save £26 for flights within Europe and £142 on flights to the U.S.

5). From 3 December 2014, spouses will be able to inherit their partner’s ISA benefits should their partner pass away. Currently this is not the case and the change will mean that, from 6 April 2015, the surviving spouse or civil partner will be able to Read more

Record haul by HMRC in tax avoidance crackdown

Record anti-avoidance tax haul by HMRCBack in January we reported that HMRC had raised an extra £20.7 billion in additional revenue for the financial year 2012-13 as a result of it’s drive on tax compliance and a massive crackdown on tax avoidance by organisations and individuals alike. Now we can confirm that the financial year 2013-14 figures are in and HMRC has increased their haul to £23.9 billion in additional tax for the year – an all time record and one which represents 5% of the total tax yield for the year. This is an increase of £3.9 billion on the year before and it’s up a whopping £9 billion compared to 3 years ago. George Osborne will be doubly pleased because this year’s figure also beats the target he set in his Autumn Statement by £1 billion clear.

Of the £23.9 billion raised in these latest figures, £8 billion is derived from large businesses, £1 billion from criminals and a further £2.7 billion is the result of successfully tackling tax avoidance schemes in the courts. That leaves £12.2 billion which we Read more

2008 Pre-Budget Report

In his 2008 Pre-Budget Report speech on 24 November, the Chancellor has set out his actions for supporting people through the difficult times of the current global financial crisis. Among the most important changes to do with tax, VAT and benefits, we can mention the following:
•Personal tax allowance increases to £6475, and the basic rate tax limit to £37,400 from April 2009. This means that basic rate taxpayers will pay £145 less tax a year in 2009-10;
•Basic Personal allowance for individuals with income over £100,000 to be reduced to half its value from April 2010;
•Personal allowances will be scrapped for those earning in excess of £140,000 a year from April 2010.
•A new, higher rate of Income Tax of 45% will be introduced for incomes above £150,000;
•Employee, employer and self-employed rates of National Insurance Contributions will increase by 0.5 per cent from April 2011 but those earning less than £20,000 will be exempted.
•The child benefit increases was brought forward to 5th January 2009 instead of April. This is worth an additional £22 on average to families. The commitment to increase the child element of the Child Tax Credit by £25 above indexation in April 2010 will also be brought forward to April 2009.Children will receive a one-off £70 payment for Christmas.
•All pensioners will be paid £60 in the New Year, the equivalent of bringing forward the April increase in the Basic State Pension for a single pensioner to January.In April 2009 the level of a full State Pension will rise in line with prices from £90.70 to £95.25 a week.
•Pensioners on modest incomes will get an increase in pension credit from £124 to £130 and for couples from £189 to £198 from January 2009;
•The standard rate of VAT will be reduced by 2.5% from 17.5% to 15% on 1 December 2008. This new rate will apply until 31 December 2009, when it will revert to 17.5%.This reduction will be offset by increased duties on alcohol, tobacco and petrol.
•The planned increase in the Small Company Rate from 21% to 22% from 1 April 2009 will take effect from 1st April 2010.
•SMEs will be allowed to spread business tax payments over a period to help to ease cashflow and credit constraints.
•Business losses of up to £50,000 could now be offset against profits made in the past three years rather than just one;
Taxfile‘s tax agents recommend the following link for more details regarding the Pre-budget Report.