Monthly Archives: November 2019

Accountants alarmed by schoolboy howler in Labour manifesto for SMEs

Originally written by Timothy Adler on Small Business
Accountants have raised their eyebrows at an unforced schoolboy howler in Labour’s manifesto, which the party has hurriedly gone in and fixed.
Labour has announced plans to increase corporation tax to 26 per cent for businesses, compared with today’s rate of 19 per cent.
Within this, Labour originally proposed that small businesses would pay corporation tax at a lower rate of 21pc if their turnover is over £300,000.
If kept in, this would have created an anomaly where a small business making a tiny profit on turnover of £300,000 would pay corporation tax, while a competitor making a fat profit on much lower turnover would escape tax.
However, after realising they had muddled up turnover and profit, Labour has since published a revised document outlining its plan to reintroduce a small profits rate for firms with profits greater than £300,000.
>See also: Sajid Javid warns Labour will extend inheritance tax to family businesses
Robert Salter, director at Blick Rothenberg, the accounting and tax advisory company, told The Times: “One must worry whether the initial communication in this regard indicates a potential lack of awareness about businesses and the difference between turnover and profit.”
Tim Walford-Fitzgerald, a tax partner at the

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What is the best cloud storage for UK small business?

Originally written by Timothy Adler on Small Business
What is cloud storage?
Cloud storage means storing data and applications on remote servers and accessing them via the internet, as opposed to saving or installing them on your office server.
The term cloud is used when data is stored on remote servers owned by other companies.
With cloud computing, all your data can be stored on the effectively infinite space of the internet rather than on space-limited hard drives on premises.
Cloud storage can also be accessed anywhere on your desktop, laptop, mobile phone or tablet. None of your business info is confined to single hard drive, server or location.
Even if one server goes down, you can still access your data because it would also be held in another server. This way, you avoid the disaster of data loss if your own onsite server went down.
>See also: Best UK small business accounting software 2019 – review guide
How does cloud storage work?
When you upload a file into a cloud-based service such as Google Drive or iCloud, the file gets copied over the internet into a data server. Data servers are where companies store your files on multiple hard drives. Most companies have thousands of these servers known

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