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  • Views from the flipside
  • New Tax Year Preparations

Views from the flipside

As the new tax year begins, is your business fully prepared?

The new tax year which began on April 6 for SMEs is an important time for businesses to plan how they will balance their cash flow with their tax obligations, and their desire to invest and grow. A number of tax changes will have an impact on how businesses should plan their budgets for the forthcoming year.

Businesses need to ensure they take advantage of the reduction in corporation tax to 20% by considering whether this might free up some funds for capital investments. As the economic recovery hits full swing, this could be an ideal time for companies to make investments which will support growth

Another issue that not all will have considered is whether 2015/16 might be the right time to sell non-core business assets, as the reduction in corporation tax will increase the amount of post-tax revenue generated by the sale of land, for example. This could provide further funds to invest in core operations. and leasing could be a great way to maximise the impact of your capital spend.

A couple of changes to National Insurance Contributions also need to be noted, including good news for businesses employing young people as employers no longer need to pay NICS for employees under the age of 21.

Other small tweaks have been made to business rates. The Small Business Rate Relief scheme has doubled for a further year, providing 100% relief for businesses with a single property with a rateable value of less than £6,000, and tapered relief with a rateable value of £6,000 - £12,000.

The business rates discount for shops, pubs, cafes and restaurants with a rateable value of £50k or below has also increased from £1,000 to £1,500.

It’s vital that all small businesses are aware of the reliefs they are entitled to on business rates, and take full advantage of any potential reductions.

Why choose White Oak UK?

  • No red tape, so you can receive funds in as little as 24 hours
  • We accept 4 out of every 5 applications
  • Apply quickly and easily with E-sign loan documents
  • You’ll always speak to the same person
  • Free up cash flow for other areas of your business
  • Tailored finance agreements to suit your specific needs

Views from the flipside

What our customers say

We could not have been happier. Banks as usual were a nightmare - they took over six weeks to eventually refuse for vague reasons unexplained. White Oak UK were professional, helpful, friendly, and best of all, fast.

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