Newsletter January 2019

CONTENTS

Check your state pension forecast
Patent Box. Are you eligible?
Don’t forget the tax return deadline
Capital allowances increased
App of the  month – controlling your business expenses
GS Financial Services Ltd – a word of advice

Check your state pension forecast

It’s never too early to check whether you are on track to have enough qualifying years to be entitled to receive the full state pension.  Sign up here and see how many more years you will need to work to qualify and when you will be able to claim it.

Patent Box. Are you eligible?

What is this I hear you ask? A receptacle full of imaginative creations?  No, but it is a useful way to reduce your corporation tax rate on profits earned from your patented inventions. There are of course conditions attached: Your company must

• Be liable to corporation tax and make a profit from the patented inventions
• Own or exclusively license-in the patents granted by HMRC approved bodies such as UK Intellectual Property Office
• Have undertaken qualifying development on the patents (or another company in your group has undertaken the qualifying development)

The reduced rate of corporation tax is 10% and you have to make an election within 2 years of the end of the accounting period in which the profits arose. Talk to us about whether you are eligible and what calculations apply to the claim.

Don’t forget the tax return deadline

You only have until 31st January to submit your return for the 2017-2018 tax year and avoid a fine. It won’t just go away so don’t leave it till it is too late for us to help!

Capital allowances increased

From 1st January 2019 the AIA (Annual Investment Allowance) increased to £1,000,000 p.a. from the current £200,000 in an effort to encourage businesses to invest in plant or machinery. This is effective to 31st December 2020. The way the numbers work can be complex depending on your financial year end, so if you are planning major capital expenditure, give us a call.

App of the month – controlling your business expenses

An easy way to control your business expenses. One account, and your business can manage all your employees and department spending. You can control who has access to money, move funds instantly, define budgets and control spending.

Here is how it works: Read more