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Budget 2014 – Businesses to benefit from Budget say WBV

March 20, 2014

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Many businesses could benefit from some of the measures introduced in the Budget, according to independent chartered accountants WBV Ltd.

The firm, which has offices in Neath and Swansea, says George Osborne’s “Budget for a Resilient UK” outlined a number of new measures, while also welcoming significantly improved growth forecasts, with the UK economy expected to grow by 2.7% in 2014.

Although the surprise announcement that the Annual Investment Allowance (AIA) for capital expenditure has been doubled from £250,000 to £500,000 will not affect most small and medium-sized businesses, those with heavy capital investment plans will be cheered and the vast majority of businesses will now get 100% up-front relief on qualifying investment in plant and machinery.

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Tags: AIA, ISA's, Stuart Harries, WBV

RTI penalties to be phased in

March 14, 2014

wbvEmployers will have more breathing space to implement new salary payment rules with the announcement of staggered penalties for late filing and payment, according to independent chartered accountants, WBV Ltd.

Penalties for late filing and late payment in relation to Real Time Information (RTI) were due to come into force next month, but following HM Revenue and Customs (HMRC) customer feedback the process will instead be spread-out.

Under RTI, which came into force last year, employers are required to electronically submit details of salary payments and deductions as they are made, rather than waiting until the end of the tax year.

Automatic in-year Pay As You Earn (PAYE) penalties for late filing and late payment and in-year interest – charged on tax and national insurance contributions paid late during the year – were due to start from 6 April 2014.

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Tags: HMRC, PAYE, Real Time Information, RTI, Stuart Harries, WBV

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113 Longford Road
Neath Abbey
Neath
SA10 7HF

Tel / Fax : 01792 410994
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Email: sheila@colemancommunications.co.uk

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