MEMBERS from The Business Network (Banbridge) heard a summary of the Budget from Jones Peters Chartered Accountants.
Pat Murray, Partner at Jones Peters Chartered Accountants said “unfortunately with little money available there is not much the Chancellor can do.”
Some good news is that personal allowances will go up to £10,000, however, not until 2014/ 2015. The annual turnover limit beyond which compulsory VAT registration is required increased to £75k from £77k giving small businesses a competitive advantage.
Things to be aware of include reductions in Child Benefits if you earn over £50,000 and Real Time Information (RTI). Real Time Information will affect all businesses with employees.
From 6 April employers have to report information online to HMRC every time they pay their employees, whether weekly or monthly. Firms with less than nine employees can use HMRC’s free PAYE software and those using software such as Sage will have automatic updates.
Those using manual payroll need to be prepared.
Finally, there will be no change to Northern Ireland Corporation Tax and most businesses here are already paying the small business rate.
Eve Earley, Empowering Change, commented that “Stormont needs to explore creative ways to fund a reduction in the corporation or hospitality tax rates.”
Pat Murray said: “Local businesses need to plan to be tax efficient and ensure they are maximising reliefs and allowances.”
The Business Network (Banbridge) supports local business owners in the greater Banbridge area by providing a networking, discussion and education forum, generating referrals, business leads and sharing new ideas.
There are currently 38 members and visitors are always welcome.
Business Network (Banbridge) meet on the last Thursday of every month at the Banbridge Enterprise Centre from 7.30– 9am. The next meeting is on Thursday April 25.
Contact Yvonne on 028 4066 2260 to register or for more information.