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Tuesday, September 15, 2015
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www.grimsbytelegraph.co.uk/business and facebook.com/grimsbytel and twitter.com/grimsbytel
Tuesday, September 15, 2015
Business Solutions
Business Solutions
Take notice of taxing new issue for businesses
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HE CHANCELLOR announced in his summer budget, some major changes to the way dividends will be taxed which will affect many local business owners, advise leading accountancy firm Haines Watts.
The changes will not only potentially affect business owners who receive dividends from their own companies but also individual investors with significant dividend income from a portfolio of listed shares. Head of Tax Advisory at Haines Watts Nolan Gooch explains: “The Chancellor has announced that from April 6, 2016 the 10 per cent dividend tax credit will be abolished. Although a £5,000 tax free dividend allowance will be introduced, dividends received in excess of this limit will be taxed at rates between 7.5 per cent and 38.1 per cent depending on their overall level of income.” Although some people may benefit where they receive dividends less than £5,000, it appears that small business owners will be hardest hit by the changes. Nolan Gooch continues: “If you take the example of a small business owner who takes a basic salary from their company along with a dividend depending on the company’s profitability then they will pay a significant amount of additional income tax from next year. “For example an owner director receiving an annual salary of £8,000 and dividends of £40,000 in 2016/17 will pay an extra £1,825 in income tax under the new rules”. The new dividend tax levy could be seen as a disincentive for people wanting to start their own business and appears contrary to the general pro business message that comes out of government.
www.hitek-ltd.co.uk
Grimsby Scunthorpe
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t: 01472 350601 t: 01724 863105
T. 01724 278155 • 01472 268485 www.crparrott.co.uk
Property Commercial & Residential Improvements Ltd
Telephone 01472 596535 E: chris.readsproperty@hotmail.co.uk www.readspropertyimprovements.co.uk
HELP AT HAND: Staff in any need to be managed and employers must keep up with the latest employment law, advises the experts.
TIMELY WARNING: Haines Watts staff members, Mark Bell, head of operations and development, left, and Nolan Gooch, head of tax advisory services will offer sound advice. Picture: Jon Corken Mark Bell, Head of Operations and Development at Haines Watts explains: “There should be clear incentives in the tax system for people taking the risk of setting up in business. Small businesses are the lifeblood of the local economy providing much needed employment. These changes do
nothing to encourage people to take a risk and develop and grow their own business”. The changes do not come into effect until April 6, 2016 and Mark Bell advises: “Although the changes are unwelcome for small business owners, there is time to review their remuneration
strategies before the new rules come into force to ensure they organise their affairs in the most tax efficient manner.” If you would benefit from talking to Haines Watts then contact them in Grimsby on 01472 355215 or Scunthorpe 01724 844876 or visit www.hwca.com
Get the right advice to stop HR problems that may loom in the future WHAT’S To feature your company
call Angie Atkinson on 01472
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Putting foot on gas when it comes to safety
www.forrester-boyd.co.uk
Chartered Accountants in Grimsby - T: 01472 355215 Scunthorpe - T: 01724 844876 www.hwca.com
Without the support of these companies this page would not be possible To feature your company call Angie Atkinson on 01472 372281
©LW
BE SAFE:A special week with an emphasis on gas danger is running this week.
SCUNTHORPE business Mr Therm is backing a national gas safety campaign in a bid to raise awareness. The firm, based in Dunstall Street in Scunthorpe, specialises in boiler installation and central heating services. Gas Safety Week is an annual drive to raise awareness of gas safety and the importance of taking care of gas appliances. Running this week, the event is co-ordinated by Gas Safe Register – with support from retailers, manufacturers and the public. One such retailer backing the incentive is Mr Therm, with staff keen to stress the importance of gas safety. A spokesman for the business said: “We want to make people aware by telling them the importance of having their appliances checked regularly. “That way you can make sure they are safe and not
leaking anything dangerous. Gas Safety Week helps promote that awareness. “Everyone who comes to do installations and fittings of boilers or gas appliances should be Gas Safe registered. We are part of that organisation. “We run a system where we have all our clients on a database. We tell them when appliances are ready for a service. People do forget so we try to look after them.” Mr Therm is also keen for people to keep a carbon monoxide detector in the home, to act as an early warning for a gas leak. The spokesman said: “The leaking of gases can be very dangerous, and can be lethal. “It can happen if equipment is left and not serviced. That will damage the product and could cost more to repair as well. “As a business we would recommend a carbon monoxide detector in the
home. It is an extra safety assurance. “Also, if people aren’t on our database they can register with us. We have engineers who do servicing even if people haven’t bought a product from us. “Gas safety can be undervalued. A lot of people won’t have boilers serviced regularly and we have that database to prompt people. That is a safety reassurance we offer. With so much going on in the home it is easily forgotten about.” Mr Therm is also encouraging people to have any central heating issues sorted out before the winter months. For more details about Mr Therm, or to enquire about services, contact 01724 271313 or visit www.mrther m.co.uk ● For information about Gas Safety Week, or to download a supporters toolkit, visit www.gassafe register.co.uk
MEMBER OF THE FEDERATION OF SMALL BUSINESSES
SOUND ADVICE:Tracy Rowbotham, of Wilkin Chapman Solicitors.
USINESSES of all sizes need help with HR issues.
A small business with no HR experience may be trying to manage a difficult employee, or it may be that an HR manager wants a second opinion or additional support in handling a complex grievance. These are issues that many businesses face and sometimes don’t have the confidence or internal skills required to handle them. Employment law is complex and ever-changing, which is why Wilkin Chapman Solicitors provides companies with a flexible and cost effective HR support service, providing as much or as little help that may be needed. The firm’s specialist employment team is highly regarded across the region for its practical and commercially focused advice to businesses of all sizes. But they are not just there for legal advice on major restructuring exercises or employment tribunal claims. Their HR advice starts much earlier in the process and they can provide hands on support at a client’s premises. The HR support includes anything from setting up new employment contracts, policies and procedures, having an experienced HR adviser present at internal meetings with employees or helping managers, take issues through capability or disciplinary procedures. Knowing what you can or can’t say can be a minefield in itself, which is why the firm can also provide your script.
I really enjoy getting under the skin of the businesses I work with and helping them to become better employers. We offer clients a fixed price package or a monthly paid helpline to make sure that HR skills are affordable no matter what size the business
372281
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ALL THE LATEST NEWS & SPORT DIRECT TO YOUR MOBILE ALL THE LATEST NEWS & SPORT DIRECT TO YOUR MOBILE
Tracy Rowbotham This HR support service aims to help take the worry away from businesses, creating better employee relations and reducing the risk of claims. Tracy Rowbotham is a qualified specialist employment adviser who has been with the Wilkin Chapman employment team for more than ten years and has a wealth of experience in relation to disciplinary and HR issues. She says: “I really enjoy getting under the skin of the businesses I work with and helping them to become better employers. “We offer clients a fixed price package or a monthly paid helpline to make sure that HR skills are affordable no matter what size the business.” ● For further details contact Tracy direct on: 01472 265984, e-mail trowbotham@wilkinchapman.co.uk or visit www.wilkinchapman.co.uk
©LW
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