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Business Tax Credits-SMEs are losing out

Did you that the most under-claimed of Business Tax Credits is for Research and Development? This is because lots of SME’s don’t realise that they qualify for R&D Tax Credits.

The good news is that we can offer Research and Development Tax Credits expertise. We work very closely with Abbey Tax, who offer award winning independent specialist tax and funding services.

They assist us with a wide range of specialist tax issues for our clients. As a result, in conjunction with our team, they will assist you through the R&D tax credit maze

Here’s a great case study which highlights the work that Abbey Tax carry out

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Cash is King – Some Tips for Better Business Cashflow

Constantly having more money leaving your business than coming in can be discouraging to say the least. We want to help you when it comes to managing your business cashflow, as it effects everything.

We’ve put together a list of tips and strategies that we know will help you when it comes to managing the lifeblood of your business.

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oandk

HMRC Publish New Advisory Fuel Rates

Published recently are the new HMRC advisory fuel rates for company car drivers which will apply from the 1st December 2018.

There are no changes to the rates for petrol cars, but rates for diesel cars with an engine above 2,000cc will increase from 13-14ppm. All other diesel rates will remain unchanged.

You can view the announced table rates here.

These new rates will soon be live on our Mobile App. You can continue to use the old rates but only up until 31st December 2018. If you want to keep up to date with various mileage rates, then why not use our Mobile App?

Our App also includes lots of useful information and tools. It will help you with your financial affairs whilst you are on the move. It provides direct and instant access to tools, features and calculators in real time. In addition you’ll get access to Cloud Accounting software.

You can CLICK HERE to download the Mobile App and it’s free for our clients and non-clients alike.

 

oandk

Our Autumn 2018 e-Newsletter

The clocks have changed so Autumn is 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 information about the impact of BREXIT on VAT, the latest on HMRCs Making Tax Digital, sound advice about Pension freedoms, as well as the offer of a FREE 90 Minute consultation.
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Pension Freedoms – Beware of Possible Tax Implications!

Pension Freedoms – Great but Be Careful !

You will probably be aware that Pension Freedoms were introduced in April 2015 to give investors greater freedom over how they access their retirement funds.

However, in some cases, the new legislation seems to have given investors the impression that they can just go ahead on their own and fully en-cash their plans without considering the tax consequences.

We would always advocate taking professional advice BEFORE doing anything with your pension funds especially as the tax implications can be onerous.

However one of the main questions that people ask about Pension Freedoms is …Can I cash in my entire pension in one go?

As a major part of the April 2015 pension rule changes, it became possible to take your entire pension fund in one go as cash for you to spend as you wish.

You can do this from the age of 55.

However, there are considerable tax implications to consider before going for this option.

To do this, you can close you pension pot and take your fund as cash. The first 25% will be tax-free and the rest will be taxed at your highest tax rate (by adding it to the rest of your income).

There may be charges for cashing in your whole fund, and not all pension schemes, particular workplace pensions, or providers will offer this option.

Similarly, some pension companies will require that you take financial advice before cashing in, which means you’ll need to pay the adviser a fee.

As always, the devil is in the detail, and Here’s a Great Article Which Provides More Info

So please CONTACT US HERE and we will introduce you to Mantle Financial Planning – a firm of Chartered Financial Planners with expertise in this area of  retirement planning.

Alternatively why not give us a call on 020 8686 7756