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What does the budget mean for the independent retail industry?

As I am sure you aware, George Osbourne gave his budget today; he was understanding of the struggles retailers are facing and made reference to this in his statement today.

He accompanied this with some facts about the UK economy such as an extremely low (5.3%) level of unemployment and the fact that 1,000 jobs are being created a day (80% of which are full time), all very positive statements in advance of the election.

Along with these statements however, the Chancellor did announce measures that will affect independent retailers:

NHS spending and personal allowance increase should take priority tomorrow

Results from a poll carried out by Armstrong Watson showed that local people think the government should concentrate their spending on the NHS, with 41% of respondents citing this as the top priority.

The second most popular response was 32% of respondents saying spending on big building projects, such as roads to boost the economy, should be a priority. Interestingly, schools and the armed forces came in at 16% and 11% respectively.

Changes ahead for charities

Charities with 31 March 2015 year ends – What you need to know

Lord Hodgson’s report published in 2012 on the Charities Act 2006 suggested that audit exemption should be made available to charities with income less than £1 million. The Charity Commission’s recent consultation has asked the sector for its comments on changing the audit threshold limits and other size limits currently in place within the Charities Act 2011. 

The current audit exemption rules for charities in England and Wales are:

Long term care – covering the costs if the need arises

None of us can be certain if we will need long term care when we get older and this uncertainty, together with a broad understanding that care costs can be very expensive, means that for many people, this can be a major financial worry.

Most of us would like to imagine that the assets we have worked hard for throughout our lives will pass to our children and grandchildren and not be swallowed up by funding the cost of care in our later years, but with an average weekly cost of £563, a stay of just a few years in a care home can make a significant dent in ones assets.

Four features to consider when accepting card payments - plus big VISA Debit fee changes

Having recently read in The Telegraph that this weekend saw the tipping point in which more payments transactions were made by non cash methods than cash, I thought it would be good to do a follow up on my recent blog “Nine reasons why you should consider accepting card payments” on the main features to consider when choosing a card payment machine, and talk about recent fee changes for accepting VISA Debit cards.

Armstrong Watson gains exclusive endorsement by The Law Society

Armstrong Watson has achieved a high accolade by becoming the only firm in the North of England to be exclusively endorsed by The Law Society for the provision of accountancy services to law firms throughout England’s Northern Regions.

Should I stay or should I go?

Three areas to be aware of when considering your UK residence status

New residency rules came into force from 2013/14 onwards which, at first glance, appear to offer a simpler way of determining your residency status. This is important as if you are deemed to be non UK resident, you will not be subject to UK tax on your foreign income. However, whilst the rules offer greater certainty over your position, they are also very prescriptive, making it easy to fall foul of the rules.

Here are three areas to be aware of if your residency status is in question:

Is there a £2,000 grant available for your business?

Would your business benefit from increased profitability, better cash flow forecasting / budgeting or a general strategic review?  If so then there is potentially a grant of up to £2,000 available for your business. The Government launched Growth Vouchers last year to help businesses grow during the current difficult financial environment however they are running out fast so time is of the essence to apply.

Addressing the lack of pensions knowledge

Below are some of the most common responses that people give when asked about their views on pensions:

‘That’s ages away, I’m only young’

‘I’ve worked all my life and paid my full stamps so I’ll get the full state pension’

‘My business is my pension’

‘I’ve got buy-to-let houses that will provide me with an income’

The difference between guidance and regulated advice

Exciting times are imminent. The changes affecting the way in which over 55s access their pension benefits, announced in the 2014 Budget and Autumn Statement, are merely weeks away from implementation.

Details have finally emerged on the new Guidance Guarantee, which is costing a reported £35 million and will now be called Pension Wise. This is the government’s initiative to provide all pension savers with free and impartial guidance consultation, in order to assist them in making an informed decision on how best to use their pension savings.