Following the government’s Budget announcement to increase tax rates on advances, business owners and shareholders should consider paying back loans they may have received from their company, say independent chartered accountants WBV Ltd.

The move to tax loans to participators at a higher rate was announced by the Chancellor in his main speech to Parliament.

From April 2016, the rate of tax payable by a company on any balances lent by it to an individual participator or related unincorporated business will increase from 25 per cent to 32.5 per cent.

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Neath and Swansea accountants WBV Ltd have today launched two free initiatives to prevent local taxpayers and businesses being drowned by the storm clouds identified in the small print of George Osborne’s Budget.

Launching the initiatives WBV director, David Rowe said: “Inevitably the likes of the sugar levy, school reforms, lifetime ISAs, business rates exemptions and flood defence spending promises will grab most of the headlines. But the real story today is not about the detailed announcements, which ranged from innovative and genuinely useful to window dressing and spin. It is not even about the prediction that there are storm clouds on the horizon.

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Businesses should not ignore accelerated payment notices (APNs) from HM Revenue & Customs (HMRC), independent chartered accountants WBV Ltd is warning.

WBV’s warning comes after HMRC revealed that it raised more than £2 billion from the scheme in 2015.

APNs were introduced in 2014 to recover disputed tax and HMRC can issue notices to demand tax that it believes it is owed.

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Small businesses who don’t adhere to new staff pension rules could face large fines, according to South Wales accountants WBV Ltd.

Around half a million UK employers with fewer than 30 employees will be required to enrol eligible staff into a pension – and start paying into it – this year.

All employers have been given an automatic enrolment date, called a ‘staging date’, and this is the date by which they must ensure workers are signed up.

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South Wales independent chartered accountants, WBV Ltd, is urging businesses to make strong cash flow their New Year’s resolution.

Businesses need to prioritise cash flow in 2016 to ensure stability and help drive growth, according to Neath and Swansea based WBV Ltd.

Cash flow refers to the net amount of cash and cash-equivalents moving into and out of a business and having healthy cash flow is an important part of a business’s survivability.

Many small-to-medium businesses will face new cash flow issues in the New Year with the introduction of the National Living Wage (NLW), which will see the minimum wage rise to £7.20 per hour for employees over the age of 25 from April.

Some companies will also face the additional payroll costs associated with the on-going auto-enrolment scheme for workplace pensions, but businesses will benefit from new rules on benefits-in-kind.

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Tis’ the season of goodwill, but if you want to have a happy new year too then don’t forget to submit your self-assessment tax return!

That’s the message from independent chartered accountants WBV Ltd, who are reminding taxpayers to complete their return or face penalties from HM Revenue and Customs (HMRC).

Says WBV partner David Rowe, “At this time of year most people’s focus will be on buying presents, putting up decorations and preparing the Christmas dinner, but the deadline for self-assessment tax returns is as not far away as people may think.”

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Independent chartered accountants, WBV Ltd, has welcomed measures announced in the Chancellor’s Autumn Statement that are set to benefit SMEs and ensure their success, but fears for individuals buying a second home.

SMEs should be able to access finance more easily following news that the government plans for Experian, Equifax and CreditSafe to receive SME credit information from designated banks and provide equal access to this information to all financial providers.

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With less than six months to go before new PAYE legislation comes into force employers need to act swiftly to make sure they comply, warns WBV Ltd.

Employers who intend to or are already payrolling benefits and expenses must register with HMRC using the new online Payrolling Benefits in Kind (PBIK) service.

The new rules regarding PAYE will come into force from April 5^th 2016, and so independent chartered accountants WBV is urging clients to take action now.

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