Finance


Potential impact of new tax regime


Midlands accountancy firm Salhan Accountants is warning businesses to monitor an upcoming review of VAT, in case revised rules inadvertently drag them into the new digital tax regime. Following the Chancellor’s Spring


Statement, the Government released a new consultation, which seeks to review the current VAT registration threshold. The threshold


marks the point at which companies must register for VAT, currently £85,000. However, there have


been calls to reduce this to bring it in line with other countries and to remove barriers to growth that the threshold poses to smaller businesses. In comparison, the German VAT


threshold is €17,500 (£15,291), while the European-wide average is around £20,000. Dr Anjulika Salhan (pictured),


director at Salhan Accountants, said: “The UK has one of the highest VAT thresholds in the world. While this means that many start-ups don’t have to register for VAT initially, further down the line it


can limit a company’s growth, as owners are reluctant to exceed the threshold thus increasing their tax bill and administration.” Dr Salhan added that VAT


registration also required businesses to submit regular quarterly VAT returns which could take away time from running and growing a small business. Making Tax Digital


regime.” The new digital


tax system will launch next year,


requiring all businesses at or over the VAT threshold to


submit digital VAT records


every three months using HMRC approved software. Dr Salhan said: “Those already


over the threshold are rushing to get themselves prepared for ‘Making Tax Digital’, but those underneath it are likely not to have even considered how it could affect them. “This means that many


companies may find themselves completely unprepared if a sudden drop in the threshold led to them being dragged into this regime.”


Bank funds nursery


A West Midlands childcare business has purchased another nursery school following funding from Barclays. Little Bunnies Ltd –


owned by husband and wife team Kartik and Trihasta Patel – has purchased the Jackalberry Nursery in Coventry which received an ‘outstanding’ OFSTED rating from its last inspection. The facility offers places for 68 children. Director Kartik Patel said: “When the opportunity arose to purchase


Sector Focus


Hopping to it (from left): Manoj Patel, Kaylee Gaffney, Kartik Patel, Debbie Barnes-Adderley (all Little Bunnies)


this nursery we jumped at the chance as it benefitted from a good reputation in the area. We were looking to expand our own business and this seemed like a natural fit with our own facilities and ethos of the business.” The couple own three further nurseries – George Elliot Kindergarten


in Coventry, and Little Sneakers in Redditch and Studley – where they offer childcare facilities for 122 children between the ages of birth and five-years-old. Manoj Patel, relationship director at Barclays, said: “Kartik and


Trihasta have worked hard to build a good reputation in the sector. “They have plans to expand the business further and have a number of innovative ideas on how to move the business forward.”


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Further information is available at: W: www.quantumadvisory.co.uk T: 0121 726 7061 May 2018 CHAMBERLINK 55


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