In defiance of the doubters, three members of staff from our Ulverston office successfully completed The Firewalk Challenge to raise money for RfM’s chosen charity, Furness General Hospital Oncology Unit.
Archives for 2016
Dividends v salary
Are dividends still the most tax-efficient way to extract profits from your company?
A key advantage of trading as a company is that the owners, who are generally both shareholders and directors, are only liable for tax and NIC on any profits extracted from the company, so any profits retained in the company are sheltered from personal tax rates. If funds are required to reinvest into the business or to repay debt, the only immediate tax hit is the corporation tax charge of 20%.
Beware new tax rules when buying residential property
When the Chancellor announced the introduction of new rates of Stamp Duty Land Tax (SDLT) for buy to let properties or second homes in his Autumn Statement 2015 few perhaps realised how much more complicated property transactions could well become.
Income from property: Interest tax relief
All hopes that the Chancellor would change his mind about the restrictions to income tax relief for landlords of residential properties were dashed in the Autumn Statement when additional charges to Stamp Duty Land Tax on purchases and acceleration of capital gains tax on sale were also announced.
Making Tax Digital – Personal Tax Accounts
In December 2015, HMRC launched the Personal Tax Account (PTA); an early step in the long path of the government’s Making Tax Digital project.
Charity tax exemptions
There can be generous tax relief for charities but only if they are correctly set up and run. As HMRC has recently updated its guidance on the tax treatment of charities now is the perfect time to review the current tax position.
Blessed relief – Advising employees on Marriage Allowance
The Marriage Allowance, introduced in April 2015, lets eligible individuals transfer 10% of their personal allowance to their spouse or civil partner.
Trivial benefit reporting simplified
A number of welcome changes to the taxation of benefits on employees and directors come into effect from 6 April 2016.
5 tips for freelance success
Most of us will at some point have daydreamed about what it would be like to be our own boss. To be able to work when we choose, to make the decisions – to make the money. However, when we think about the time and effort (and the money) involved in setting up a company, developing a product or service and then actually finding customers who want to buy it, the idea no longer seems quite so appealing.
RfM’s Ulverston staff to Walk the Walk for charity
Some have called them brave, others have come up with some quite different adjectives to describe the three members of staff from RfM’s Ulverston office who will be quite literally ‘hot footing’ it along to Barrow Rugby stadium on Saturday 27th February to take part in a Charity Firewalk. Ouch!
We are one
RfM celebrates a year of change, growth and success
This time last year, on a cold February Monday just like today, we proudly unveiled the smart new signs outside our offices and began to answer our telephones for the very first time as RfM Accountants. It’s hard for us to believe that a year as passed already, yet it feels as if we’ve always been RfM.
Fundraising joy for RfM’s sponsored Rugby League team
Barrow Rugby’s Annual Sponsors Evening is a major fundraising event for the club. This year’s event was held at Crooklands Garden Centre, Dalton in Furness on Friday 22nd January and our Managing partner, Elaine Harris and Farm Accounts and VAT Manager, Tracie Roberts went along to support the event in our capacity as main sponsors. A number of supporters, club officials and players also attended to show their support on the night.
Support available to flood-hit businesses
For many businesses across Lancashire and Cumbria, the festive spirit was dampened (and in some cases completely submerged) by the terrible flooding that occurred on Boxing Day and the days following. As the water level rose, so did the fear for many that their businesses would be severely disrupted – whilst some would not survive at all.
All the knowledge, none of the jargon
As we reported in our last issue, RfM has over 100 years’ experience in accounting rural businesses and to ensure that as many farmers as possible across the region can benefit from our specialist knowledge, we’re spreading the word with a straight-talking new advertising campaign.
Before you get too comfy…
More changes to tax rules for repairs and replacements
There have already been some recent changes to the amounts that can be claimed as repairs or replacements for landlords of residential properties but the government is proposing further legislation to be introduced from April 2016.