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Hugh Davies News

Small firms report reduction in overdrafts

At Hugh Davies & Co. we are always keen to hear about your experiences as local businesses and wherever possible provide you and your business with the necessary support. We have heaard that high street banks are withdrawing and reducing small firms’ overdrafts at a rapid rate, it has transpired.

New data from the Bank of England suggests that overdrafts worth £5 million have been cut every day since 2011.

Potentially this means that hundreds of thousands of British businesses have had their growth impeded and working capital restricted.

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You may have to pay tax on PPI and CPP claims!

A successful claim is made up of compensation (based on the sum of the original payments you made) plus interest (the interest you would have earned if the cash you spent had instead been invested).

The compensation element of the payment is free from tax but the interest element will be taxable and hence should be declared on your personal tax return. HMRC will already have been notified of anyone who has received a claim.

Often tax will have been deducted at source from this amount, and no

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Summer Budget 2015

This was probably the most radical Budget for small business for many years. One has to admire George Osborne for the sleight of hand in presenting the Budget as being pro-business whilst at the same time making sure that a very large number of small businesses pay a significantly larger share of their income in tax than before. And the clever bit is that we can't really complain about it!

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Xero Payroll

Xero has now made integrating payroll and your accounting even easier. Starting from 6 April 2015 Xero has added payroll processing to some of its pricing plans.

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Budget 2015

2015 Budget UK

This was George Osborne's last Budget before the election. He needed to steer a course between showing that he is prudent and giving the conservative backbenchers something to cheer about.

Business taxes have remained relatively unchanged. There is now a single corporation rate of 20% from 1 April 2015 which add simplicity. The only give-away is the scrapping of employer's national insurance for the under 21s which must be a welcome incentive for the employment of young people. It is still not exactly clear

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