With the 5th of April now passing, we move in to a new tax year which means new tax and tax credit rates.

It is important for people to take a look at the new rates as most of us are affected and the following link shows all of the most popular tax rates for the new year.

https://www.gov.uk/government/publications/tax-and-tax-credit-rates-and-thresholds-for-2014-15/tax-and-tax-credit-rates-and-thresholds-for-2014-15

It is also worth pointing out the government’s new scheme which will allow small employers to be exempt from paying the first £2,000 of their Employers National insurance contributions for 2014/15.

On the face of it this looks like it will benefit a lot of small businesses, however what has not been so heavily advertised is that from 6th April 2014 employers will no longer be able to recover Statutory Sick Pay (SSP) as they have always done in the past. This will become interesting for those employers who have people on long term sick who will now have to bear the full cost when employees are not able to work.

With the end of the 2013/14 Tax year end only a month away, now is the time to ensure that your books and records are up to date for early submission to your accountant.

With many small businesses still feeling the effects of the recession it is more important than ever to submit accounts and tax returns earlier in order to plan for the tax liabilities due.

Here at Coombe Hope we encourage our clients to send us their data as early as possible to help with their budgeting and cash flow forecasting, meaning that there are no nasty surprises lurking in December 2014 / January 2015.

These have to be submitted by 31st October 2013.

If you need any help with this, please contact us.