Day: November 28, 2016

Are you ready for the new £1 coin?

The new coin will be the most secure coin in the world!

According to http://www.thenewpoundcoin.com/

The new coin has a number of features that make it much more difficult to counterfeit.

12-sided – its distinctive shape makes it instantly recognisable, even by touch.

Bimetallic – it is made of two metals. The outer ring is gold coloured (nickel-brass) and the inner ring is silver coloured (nickel-plated alloy).

Latent image – it has an image like a hologram that changes from a ‘£’ symbol to the number ‘1’ when the coin is seen from different angles.

Micro-lettering – it has very small lettering on the lower inside rim on both sides of the coin. One pound on the obverse “heads” side and the year of production on the reverse “tails” side, for example 2016 or 2017.

Milled edges – it has grooves on alternate sides.

Hidden high security feature – a high security feature is built into the coin to protect it from counterfeiting in the future.

Old metal coin slot panel from a coin operated machine

It comes out March 2017 but will your business be ready for it, think of all the parking meters and other machines that will need to but reconfigured to accept it!

steve@bicknells.net

Autumn Statement 2016

fictitious newspapers

Phillip Hammond gave his first Autumn Statement on 23rd November 2016

As expected Brexit is forecast to reduce growth and borrowing will be higher.

But let’s focus on the Business related key points:

Employment

  • National Living Wage increasing to £7.50 from £7.20 in April 2017
  • Personal Allowances will increase to £11,500 in April and to £12,500 by the end of the Parliament
  • The Higher Rate Threshold will increase to £50,000 by the end of this Parliament
  • Salary Sacrifice is to be restricted to Childcare, Cycle to Work and Ultra-low Emmission Cars
  • Employee Share Scheme lose their income tax relief and capital gains tax exemption
  • New rules will take effect in April 2017 regarding Assets made available without transfer of ownership
  • From April 2018 termination payments could be subject to employers NIC

Corporation Tax

  • Corporation tax rates are reducing
    • Financial year 2017 19%
    • Financial year 2018 19%
    • Financial year 2019 19%
    • Financial year 2020 17%
  • From April 2017 new rules will create a restriction meaning that losses of up to 50% of profits can be offset with a £5m allowance per company
  • From April 2017 corporation tax relief for interest will be restricted where the interest is over £2m

VAT & Insurance Premium Tax

  • Insurance Premium Tax is going up to 12% in June 2017
  • A new 16.5% Flat Rate will be applied to businesses in the Flat Rate Scheme with limited expenses such as Labour Only Contractors, the new rate starts in April 2017

Tax Avoidance

  • Changes to the Flat Rate Scheme should generate £695m by 2021/22
  • The Government will push ahead with the introduction of a new penalty for a person who enables another person or business to use a tax avoidance scheme that is defeated by HMRC
  • HMRC will increase the number of court cases

Property

  • The introduction of £1,000 property income allowance from April 2017
  • Letting Agents will no longer be able to charge renters fees

steve@bicknells.net