New £1.5m fund for small business capital projects opens

Welsh businesses are being invited to bid for grants from a £1.5m Welsh Government fund for capital projects that aims to encourage investment to support the creation of 250 jobs while also safeguarding and assisting several hundred more.

The SME Small Capital Investment Grant is open to eligible small and medium sized enterprise (SMEs) in Wales. Businesses have until 20th January 2014 to bid for grants of between £5,000 and £25,000 towards the cost of their project at an intervention rate of up to 50 per cent.

Economy Minister Edwina Hart said: “SMEs are vital to promoting economic growth. I want to ensure that they can access the finance they need to grow and create jobs.
“This fund is another example of how the Welsh Government is supporting businesses that are unable to access the finance they need through traditional sources. I would strongly advise any small business in Wales looking for investment to consider applying for support through this scheme.”

Contact us for more information if you have any capital projects in 2014

Tax Rules for Trusts to change again!

I am concerned that yet again we seem to have a proposed change in Trust rules that are disguised as simplification but do little more than further increase the amounts of tax that are potentially payable by Trusts. In my experience the decision to create a Trust is not taken lightly as they can be complex and do add another layer of administration in a person’s life.

And yes, there are no doubt a small minority of people who have used trusts to avoid tax but I would be interested to know what proportion of 1,500 Trusts that they receive Tax Returns from each year, HMRC believe have been set up for purely tax avoidance reasons. Every single one of the Trusts that we look after was set up for a genuine personal or commercial reason that had absolutely nothing to do with tax reduction yet the press (and government) seem to be striving to make people who use Trusts feel ashamed to do so.

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Small Business Saturday by HMRC

Are you a new business or thinking about starting a new business?  HMRC is providing a series of webinars on what it is calling “ Small Business Saturday” which may be of interest to you?

This series of Webinars will take place on 7 December, and will provide business start-ups with the opportunity to receive free tax advice in the format of four interactive, live webinars on that day.

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Exam Success

Well done to Natasha Rees on passing her ATT exam, she is now fully qualified ATT.

We take great pride at CST in making sure our staff take part in a wide range of training courses, Congratulations Natasha.

No definitive answer on CIS refund issue

There is still no “definitive answer” from HMRC as to why CIS refunds for limited company clients are being delayed by what are in some cases extensive periods, according to Tony Margaritelli.

The ICPA chairman said that the Revenue’s answer to the issue is “nothing short of laughable” and that it does not understand the consternation the delays are causing for accountants.

“What we’re seeing with our clients is that six months later in mid-October, they’re now receiving emails saying their refund is being put through – but now it’s being security checked.”

The Revenue said that they have cleared all repayment claims up to and including 9 September, unless they have written to the employer and are waiting for further information to progress the repayment.

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Dont fall foul to Scammers

Many of you I’m sure have been targeted recently by a new phishing scam, with emails purporting to be from HMRC. The emails can be identified by the sender address taxrefund@hmrc.gov.uk.

The fake email requests that the recipient opens an attachment, this is where the Trojan virus lies and should NOT be opened.

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Clay Shaw Thomas tax trainees pass exams

Well done to Natasha Rees and Kathryn Davies on passing their personal tax exams as part of their tax technician exams.

We take great pride at CST in making sure our staff take part in a wide range of training courses, Natasha and Kathryn deserve congratulations.

Docsafe is Changing

Our secure document exchange system docsafe has had a bit of a makeover. The new interface which will go live soon will make it easier for you to view and approve your files. The new interface integrates into our website and can be found by either clicking on the client login option which you’ll find on most of our website pages or go directly to the docsafe webpage www.clayshawthomas.com/docsafe

The new layout is more intuitive and created to give you a better experience while using the system, it gives you an overall view of the documents recently added and those that require approval.

A user guide can be downloaded from here and will also be available within the shared folder, alternatively if you would like the guide emailed to you please contact Jonathan James on jonathanj@clayshawthomas.com

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2013 tax year end saving tips for small businesses

Whilst we all look forward to the New Year remember that the tax year has yet to end and so there is still time for some last minute tax planning to save some money before 5th April. If you have not yet reviewed your tax position for 2012/13 and would like help in assessing what your position is and the savings that may be available then please contact Karen Best. In the meantime here are some tips:

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Work Hard and Get On – Our Budget Summary

The Chancellor promised a Budget “for people who aspire to work hard and get on”. He also said that it is fiscally neutral. That means that anything he gives to one group of taxpayers must be funded by taking from others. So there will be winners and there will be losers but in practice very little has changed for most people and privately owned businesses.

We are particularly encouraged by the promise to stimulate growth in the construction industry by underwriting deposits for new homes, and not just for first time buyers, but unfortunately, construction looks to be an isolated sector and there were few other industries where significant new measures are likely to trigger a surge of additional investment.  Of course, if the construction industry can be stimulated we would assume that there will be a positive knock on effect on others.

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