Modern Business Plans

June 20, 2018 -

Business plans always seem to be in the same format these days with the primary purpose being to confirm what we already know. They are for the most part boring documents.

I came across a guy recently who got me thinking about business plans by looking at them in a different format. He split his plan into five sections and I would like to share his views:-

Truth, Assertions, Alternatives, People and Money.

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Digital records will be compulsory

May 23, 2016 -

The government intends to force all businesses, large and small, to keep records electronically. When will this happen and how can we help you to prepare for the changes?

If you keep records manually then you will need to start planning for a change now. It is the governments plan to “make tax digital” for all businesses whether incorporated or not if you have an income of £10,000 or more. This may have serious consequences for many businesses.

In the governments manifesto about the future of tax administration you could be fooled into thinking that “making tax digital” was a vague policy. Well, you would be mistaken as the government is now in full consultation with the software houses and tax industry as a whole.  Although the deadline is 2020 for full implementation there will be a transition period where some businesses will be required to keep all records digitally by  April 2018.

So what will it mean for you?

If your income is over £10,000 and you operate a business (including landlords) you will need to use software in order to keep your records. There is some good news in that the government will provide free applications to help businesses. However, the software is likely to be very basic and it is likely that it will not be sophisticated enough to meet the requirements of all but the very basic businesses. The other issue is that in order to use the software the tax payer may need a basic understanding of double entry book keeping.

Park Lane Accountants is able to help you by assessing your needs and recommending the best software that suits your business. We are able to train you in the use of the software or offer comprehensive book keeping services. Our prices are reasonable and start at £25 per year for a basic cloud based system or £55 per year for a fully functioning system.

Give us a call on 01247 247160 to discuss your requirements.

Tax Changes – Autumn Statement

November 29, 2015 -

Park Lane Accountants Summary of key changes affecting our clients

  • 3% added Stamp Duty Land Tax to second homes including Buy To Let with a starting threshold of £40k from April 2016.
  • Apprenticeship levy to be introduced in 2016 to raise £3bn from businesses.
  • From 2019 Capital Gains Tax on the disposal of residential property will be payable 30 days following disposal of the property instead of 31st January in the year following the tax year that the transaction takes place.

Our View

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Private Residence Relief

May 1, 2015 -

Private Residence Relief is granted automatically on the sale of property that you have always lived in as your home meaning that Capital Gains Tax is not payable on any gain made on the property. You can also claim PRR for periods of time that you have lived in the property and until recently if you had ever lived in the property, then for the last 36 months of ownership you would have been deemed to have lived there. This was reduced to 18 months in the 2014 Autumn statement.

If you wish to claim a main residence exemption you need to compile evidence in support of this, especially if you own multiple properties. The occupation of a property does not necessarily make a person “resident” there for tax purposes. We look at the evidence and recommendations to come out of the case of Alison Clarke vs HMRC.

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