Upcoming changes to the VAT Flat Rate Scheme

If you are currently using the Flat Rate scheme then there is some important information below on how recent changes may affect you.

You may be aware that HM Revenue & Customs are making changes to the VAT Flat Rate Scheme which may affect you.  As from 1st April 2017, if you are deemed to be a limited cost trader your Flat Rate percentage is changing to 16.5%.

You will be deemed to be a limited cost trader if your VAT inclusive expenditure on goods for your business in an accounting period is less than 2% of turnover, including VAT, or less than £1,000 per annum. Limited cost traders will have to use a flat rate percentage of 16.5% regardless of the type of the business.

This higher flat rate percentage will eliminate any savings the scheme has previously delivered to you.

You will need to decide whether to:-

  • Remain on the Flat Rate Scheme and apply the higher percentage from 1 April 2017
  • Exit the Flat Rate Scheme and account for VAT in the normal way
  • Deregister for VAT if your turnover is under the de-registration threshold (currently £81,000)

We understand that this is an important decision for your business and appreciate that accounting for VAT in the normal way is more complex and time consuming. We therefore offer a range of services to help you with this should you require assistance completing your VAT returns.

Please do not hesitate to call us on (024) 7638 4171 to discuss the options available to you.

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SFB are hosting a FREE post Spring Budget briefing for our clients and key contacts.

Our team of tax specialists will provide you with an overview of the key features of the Spring Budget and will help you to understand how they may affect you and your business!

The details of the event are as follows:

Date: Friday 17th March

Venue: SFB Nuneaton Office, Townsend Drive, Nuneaton, CV11 6RU

Timings: 7.30am – Arrival, breakfast and networking

8am – Presentation commences

8.30am – Q&A

9am – Event closes

To register for this event, please email events@sfb.uk.com.

Places are limited, so please book now to avoid disappointment!

 

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Growing Business Together – New Business Support Project

Additional support and finance is available to Leicestershire businesses. This new project will offer a comprehensive business support, capital grants and inward investment service for small to medium sized companies in Leicestershire.

The project will support the growth of around 290 local firms, create some 350 new jobs and attract £2.4milllion of private sector investment into the area.

The business support programme will offer one-to-one support, events, workshops activity etc to businesses within one of the sectors identified as a priority for growth by Leicester and Leicestershire Enterprise Partnership (LLEP). These include:

  • Advanced manufacturing
  • Creative industries
  • Engineering
  • Financial services
  • Food and drink manufacturing
  • Logistics and distribution
  • Textile manufacturing
  • Low carbon energy
  • Tourism

Businesses will be able to apply for grants of £10,000 to £25,000 to meet up to one-third of the cost of planned investment. To be eligible, firms must be employing fewer than 250 staff and be trading business-to-business.

The scheme will also aim to attract new inward investment from companies from the USA, China and India that are looking to expand or relocate into Leicester and Leicestershire.

For further details please visit the LLEP Business Gateway website: www.llepbizgateway.co.uk/collaborate and complete the enquiry form.

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How will the Spring Budget affect you?

amy-sj-reducedSFB are hosting a FREE post Spring Budget event for our clients and key contacts.

Our team of tax specialists will provide you with an overview of the key features of the Spring Budget and will help you to understand how they may affect you and your business!

The details of the event are as follows:

Date: Friday 17th March 2017
Venue: SFB Nuneaton Office, Townsend Drive, Nuneaton, CV11 6RU
Timings: 7.30am – Arrival, breakfast and networking
8am – Presentation commences
8.30am – Q&A
9am – Event closes

To register for this event, please email events@sfb.uk.com.

Places are limited, so please book early to avoid disappointment!

 

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LLEP Business Gateway Digital Growth Programme

LLEP Business Gateway Digital Growth Programme Launch: Leicester & Leicestershire Launch Events

Knowing the true value presented by new technology and understanding what is right for your business can be a daunting challenge making it all too easy to miss out on making the difference needed to improve your business. That is where we come in.

The LLEP Digital Growth Programme is managed by East Midlands Chamber (Derbyshire, Nottinghamshire, Leicestershire). It is delivered in partnership with Leicester City and Leicestershire County Councils and is an initiative funded by the European Regional Development Fund.

Businesses across Leicester and Leicestershire are invited to attend free breakfast seminars to launch the new Digital Growth Programme that will deliver 240 free workshops between March 2017 and June 2019, providing support and advice through dedicated Digital Skills Advisers, and grant-funding opportunities to businesses who require help with technology/digital projects.

The Digital Growth Programme Launch seminars will walk attendees through the registration process and provide an overview of the Digital Growth Programme outlining the real benefits associated with signing up. There are five launch events between 10 February and 14 March 2017 across Leicester and Leicestershire.

All of the events are breakfast seminars 8am – 11am.

You must book to attend a seminar. See below for a full list of available dates and follow the link to book on to your nearest location.

Leicester & Leicestershire Launch Events

10 February 2017 – Leicester
Mercure Leicester
(Click here to register)

14 February 2017 – Melton
Melton Borough Council Offices
(Click here to register)

2 March 2017 –Loughborough
Quorn Country Hotel
(Click here to register)

8 March 2017 – Hinckley
Jurys Inn Hinkley Island Hotel
(Click here to register)

14 March 2017 –Harborough
Harborough Innovation Centre
(
Click here to register)

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NBBC Borough Plan

Nuneaton and Bedworth Borough Council will publish the Borough Plan for consultation for a 6 week period starting from Monday 30th January 2017. The Council would like to obtain your views on the document along with the accompanying Sustainability Appraisal, Habitats Regulation Assessment and Infrastructure Delivery Plan.

The Borough Plan, along with supporting evidence, will be available to view on the Council’s website at www.nuneatonandbedworth.gov.uk. The documents will also be available to view and purchase at the Town Hall.  Alternatively, information points will be set up in all of the Borough’s libraries where you will be able to view the consultation documents.  There will also be a number of drop-in events where officers will be available to answer any questions you may have. Details are below:

Tuesday 31st January 2017 5.30pm – 7.30pm Nuneaton Academy, Radnor Drive, Nuneaton, CV10 7PD
Wednesday 1st February 2017 5.30pm – 7.30pm Newdigate Primary School, Anderton Road, Bedworth CV12 0HA
Friday 3rd February 2017 10.00am – 12.00pm The Civic Hall, High Street, Bedworth, CV12 8NF
Monday 6th February 2017 5.30pm – 7.30pm CHESS, Camp Hill Education Sports & Social, 460 Cedar Road, Nuneaton, CV10 9DN
Wednesday 8th February 2017 3.15pm – 5.15pm Bulkington Village Community Centre, Bulkington, CV12 9JB
Saturday 11th February 2017 10.00am – 12.00am Town Hall, Coton Road, Nuneaton, CV11 5AA
Wednesday 15th February 2017 5.30pm – 7.30pm Horeston Grange Church, Camborne Drive, Nuneaton, CV11 6GU

Your comments can be submitted on the Borough Plan using the representation form that is available to download on the Council’s website.  Paper representation forms can be made available on request.

The consultation will close on Monday 13th March 2017.”

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Don’t forget! Self Assessment deadline is 31/01/2017

The deadline for online tax returns is 31st January 2017!

If you haven’t yet completed your tax return, or know someone else that hasn’t, then please call us NOW on (024) 7638 4171. You must submit your online Self Assessment tax return by midnight on Tuesday 31st January!

If your online tax return is late, you will have to pay a penalty. The penalty charge can grow the longer you take to submit your tax return.

https://www.gov.uk/log-in-file-self-assessment-tax-return

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