oandk

Summer is truly here

At O&K our team are always looking at ways to help our personal and business clients. Our summer e-newsletter has some more ways we can help you and your business thrive.

This edition includes info about our unique FREE Business MOT, Online Accounting advice, plus a reminder about this years tax changes.

Headline Tax Changes Reminder for 2018-19
Some notes about the key changes for this tax year

There were more changes than usual to income taxes, personal allowances, pensions, buy-to-let taxation and dividend taxation, so here’s a reminder.

Personal allowance
The amount you can earn without paying income tax rises from £11,500 to £11,850.

Income tax
The starting point for paying 20% basic rate tax will be £11,850, while 40% tax will start on earnings above £46,350 (up from £45,000).

National insurance
Will be charged at 12% of income on earnings above £8,424, up from £8,164 until you are earning more than £46,350, after which the rate drops to 2%.

Auto-enrolment
Pension Contributions increased from the start of this new tax year. Workers must pay a minimum of 3% of salary into a pension (up from 1%), while the employer contribution rises from 1% to 2%.

Buy-to-let landlords
Will only be able to offset 50% of their mortgage interest when calculating their tax bill, compared with 75% before.

Dividends
Until now you could earn £5,000 in dividends tax-free. This drops to £2,000 for 2018-19.

For great tax advice, get in touch, we’d be happy to help you.

R&D Tax Credits
The most under-claimed tax incentive currently available

Over the past couple of years, we have been helping many businesses in your sector by reducing their tax bills..

One of the ways we have been doing this is by providing unparalleled advice with regards to Research and Development Tax Credits.

Despite R & D Tax Relief being introduced in 2000, there still remains a misconception amongst businesses regarding what actually constitutes ‘research and development’ for the purposes of HMRC legislation.

Well it’s not just about ‘blue sky thinking’ or scientists operating in a laboratory dressed in white lab coats!.

Our experts are available to provide you with help and information you need. They will establish whether or not you have a claim via a FREE ‘no obligation’ consultation.

You might be very surprised to learn what you can claim for, so get in touch for an informal chat.

Are You Adding Value To Your Business? Try Our Free Business M.O.T

To help you potentially add value to your your business, we would like to offer you a ‘Complimentary 90 minute Business Growth Session’ worth £245 plus VAT.

We will also provide you with a FREE Business MOT Overview, which focuses on the crucial areas of your business.

Our free offer is valid until the end of July 2018

Online AccountingWe can help you with the transition

ELEVATE is our unique combination of Cloud Accounting and Business Coaching.

Changes is easy.

If you are currently using the most widely available desktop accounting software then it’s easy to change over to cloud accounting. We make it even easier with our full training and support. Even if your accounting is ’spreadsheet based’ it’s easy to switch, we’ve helped many clients in this situation.