Torfaen Business Voice - August 2015 Newsletter

More documents

Recommendations

Info

From local manufacturing, IT, finance and catering companies to fledgling start ups the event provided a greatchance for businesses to not only see what a diverse range of sectors operate in the borough but also to benefitfrom the endless networking opportunities on offer.Speakers included Sarah Dickens (BBC Wales Economics Correspondent), business speaker Andy McCann andAndrew Maisey, Head of Procurement, Torfaen County Borough Council. A number of lucky companies also recordedtheir own promotional Vox Pop for free at the film booth!Many thanks to all of this individuals, companies, organisations and businesses that came along on the dayFrom left to right: David Unsworth, Gareth Jones - Changing Gearz; Richard Williams, Jim Keech - Congress Theatre; Penny Pressler, Sam Pearce - PinkAngels Office Services; Dawson Evans - TCBC, Sarah Dickens - BBC Wales; Norrie Wilson, Howard Fortescue - TriDri; Helen Harness - Taylor Francis, DennisRicketts - Spectrum Positive; Gareth Waters - BrandNuCreative, Rob Edmunds - Hindsight IT; Laura Griffin, Kelli Aspland - Solar BuddiesPage 4
The summer 2015 budget has certainly provided us withsome food for thought, or more importantly, actionpoints! Here Green & Co Accountants and Tax Advisorssummarise some of the key measures.Annual investment allowanceFrom 1 January 2016 the chancellor has set the Annual InvestmentAllowance (AIA) at £200,000. For those businesses whose financialyear is not in line with the calendar year then the AIA will be apportioned.However, expenditure incurred from 1 January 2016 up to theaccounting year end cannot exceed the proportion of AIA calculatedfor that period. Therefore it you are spending more than £50,000 itmay be worthwhile doing so before 1 January 2016 if you want to getrelief for the full cost in the year of purchase.Corporation taxThe rate of tax, currently set at 20%, is to reduce to 19% from 2017and down to 18% from 2020.DividendsThe reductions in corporation tax rates have been countered with changes to dividend taxation. From April 2016 thedividend tax credit as we know it will be abolished and replaced with an annual dividend tax allowance of £5,000.Those dividends that form part of taxable income will be taxed at 7.5% for basic rate taxpayers, 32.5% if you’rehigher rate and 38.1% for those paying at the additional rate. This may mean that you need to revisit the way thatprofit is extracted from your private limited company.Employment allowanceThe employment allowance is to increase to £3,000 from April 2016 which means that, for those eligible employers,no employer’s national insurance will be due for up to four workers on the national living wage. However, from April2016, the employment allowance cannot be claimed where the director is the sole employee. Planning will berequired if businesses in this situation do wish to claim.LandlordsFor landlords claiming finance costs, such as mortgage interest, against their income from buy-to-let properties, thisrelief is to be restricted to the basic rate of tax. This restriction is being phased in from April 2017 to give landlordssome time to consider and re-organise their investments. Also, for those with furnished rentals, wear and tearallowance is to be abolished from April 2016. Instead landlords will deduct the actual cost of replacing furnishings.This article was kindly provided by Green & Co, Accountants and Tax Advisors based at Pembroke House, Llantarnam Park Way,Cwmbran. If you would like any further information, please contact Green and Co on 01633 871122. For more useful information onvarious business topics, please visit blog.greenandco.com.We welcome articles from TBV members, so whether you have a good newsstory or are able to write an independent advisory piece on a businessrelated topic please let us know.Email: Cheryl Williams, Marketing Officer, Torfaen Economy, Enterprise & TourismCheryl.williams@torfaen.gov.ukPlease note that many of the articles in the newsletter are contributed by businesses, organisationsand individuals. The views expressed are the authors own, and do not necessarily represent theviews of Torfaen Business Voice or Torfaen County Borough Council.Page 5
Page 1 and 2: Digwyddiad Nesaf 17 Medi 2015 5:00p
Page 3: Lawrence delivered a fascinating ta
Page 7 and 8: Offering a wealth of information, m
Page 9 and 10: Ideally situated in the heart of Cw
Page 11 and 12: In October 2015 the former school i

Torfaen Business Voice - August 2015 Newsletter

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?