What is PAYE?

Posted on October 18, 2013

Pay As You Earn (PAYE) is a withholding tax system on income payments made to employees. They system is provided by HM Revenue and Customs whereby Income Tax and National Insurance contributions, or NICs, are collected using deductions throughout the tax year. Deductions are made in each pay period and are based on an employee’s earnings. They are subsequently paid to HM Revenue & Customs by the employee’s employer. Deducted amounts are considered advance payments of income tax due at the end of the tax year. Any excess tax payments are refunded when tax returns are prepared. PAYE may be collected by withholding employee portions of any insurance contributions or social benefit taxes.

About PAYE

PAYE was first introduced in the United Kingdom in 1944 following trails in the early 1940s. The intent of the system was to reduce fiscal pressures during the Second World War by collecting tax from more individuals, many of whom had not paid income tax in the past. PAYE applies on all salary and other compensation payments. It is required when compensation is anticipated to reach and exceed the National Insurance Lower Income Level. The amount deducted is calculated by employers and it is based on the tax code and the applicable National Insurance category. The tax code is determined by HM Revenue and Customs and is based on an employee’s expected income and any applicable tax allowances, exemptions and reliefs expected for the given tax year.

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What are Business Rates?

Posted on October 11, 2013

Business Rates Explained

Business rates in the UK are taxes imposed on businesses by the central government for local services and are collected by the local authorities. Typically, business rates are charged on non-domestic properties such as offices, factories, shops, warehouse and pubs.
Business rates are calculated based on the value of the property occupied. In the UK, the Valuation Office Agency decides the property (rateable) value, which is multiplied by the business rates multiplier determined by the central government. The multiplier is the number of pence per GBP of the tax that the business owner will have to pay, before any discount or relief is deducted. In Scotland, the property (rateable) value is determined by the local agency based on the estimated market rental value on a specific date and it is multiplied by the multiplier, known as poundage rate, determined by the government as a proportion of the property.

Revaluation of business ratesBusiness rates are revised so that they change in line with inflation. This means that a change in the property (rateable) value may not have a significant impact on the amount of tax due, if there are no major variations in the inflation rate. In the UK, revised business rates are validated by the relevant Valuation Office Agency (VOA) by providing evidence of updated rental property. The revaluation of business rates typically takes place every five years to mirror changes in the real estate market. The last revaluation in the UK took place on 1 April 2010 and it is expected to occur on 1 April 2017.

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A Guide to Business Tax in the UK

Posted on October 4, 2013

Knowledge of and compliance with taxation is fundamental to the smooth running of a business. If you run a business or are considering starting one soon, having some basic knowledge about the key elements of the corporate tax system will never go amiss. In this article you will find a brief introduction to the tax system that businesses are subject to in the UK.

Self-employment

If you run a business on a self-employment basis, you are liable to pay income tax and national insurance of your profits. To find out how much you should pay, you must complete a self-assessment, which can be done online at the HM Revenue & Customs website. During the 2013-2014 tax year, the personal allowance on income tax is set at £9,440.

Business partnerships are also taxed on the self-employment principle, where each partner is responsible for paying their own income tax and national insurance contributions.

Limited companies

The tax regime applicable to limited companies is comprised of direct and indirect taxes. These are as follows:

Direct taxation

Capital gains tax

If you sell, exchange, transfer, or give away a business asset, you may be liable to pay capital gains tax. The capital gains tax allowance for 2013-2014 is set at £10,900. Any amount above that threshold is taxed according to a tier system, with highest tier being set at 28 per cent and the lowest at 10 per cent.

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The Changing Face of Britain’s Cities: London

Posted on September 27, 2013

The City of LondonAs the largest city in the United Kingdom and the most populous metropolis in Europe, London is a vibrant city marked by constant change and innovation. These characteristics affect everything in the city, from its economic life to its demographics.

Demographic changes in the British capital

According to the 2012 census, there are 8.2 million people living in London. In just over ten years, the capital’s population grew by 12 per cent, which is the highest growth rate that the city has experienced since the turn of the century.

The city’s population has always been characterised by its ethnic diversity. Ten years ago, 25 per cent of the capital’s population had been born abroad. This figure has been slowly increasing since, and in 2012 the number of foreign-born London residents reached the 3 million mark, which constitutes nearly 37 per cent of the city’s total population.

In terms of ethnicity and country of origin, London has always had large groups of Asian-born residents, mostly from India, Pakistan, and Bangladesh. However, this trend is also changing, as now the largest groups of foreign residents in London include citizens from Poland, Ireland, France, and South America. Undoubtedly, the economic crisis that has swept through Europe has had an effect on the demographics of the British capital.

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The Changing Face of Britain’s Cities: Manchester

Posted on September 20, 2013

Manchester Millennium BridgeWith a total population of over 2.5 million people, the Greater Manchester Area is the second largest urban municipality in the United Kingdom. At the heart of this metropolis is the city of Manchester, a vibrant urban centre that has been crucial to the development of the UK economy since the late 18th century. Like many other large cities throughout the country, Manchester is experiencing a series of social and economic changes that are transforming its face. In this article we take a detailed look at the changing face of this great British city.

Demographics in Manchester

Due to its history as an industrial centre, the city of Manchester traditionally attracted migrants from other parts of the UK, most notably from the north of the country and from Wales. This resulted in a very rapid increase in population numbers, which was particularly notorious between 1900 and 1930.

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How have the Olympics Benefited the UK?

Posted on September 13, 2013

Olympic medalOne Year Since the Olympic Rings Hit the UK

How do the Olympics benefit a country? In the UK, the 2012 Olympic Games transformed the capital into a sports-mad centre of excellence. Team GB, standing for Great Britain, won more gold and silver medals, than at any time in the history of the games. The nation grew enormously proud of its athletes and their achievements.

Economic Benefits of the Olympics in the UK


London 2012 Olympic Partners who sponsored the Games included big hitters Coca Cola, Acer, Dow, General Electric, McDonald’s, Omega,

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East Point Business Park Oxford

Posted on September 2, 2013
East Point Business Park in Oxford

East Point Business Park in Oxford

Oxford OX4 6LB

East Point Business Park Oxford

East Point Business Park provides modern self-contained offices, including serviced and managed space, within close proximity to Oxford city centre. The business park features well-equipped and recently refurbished units. Office space at East Point is available for lease or purchase.

Facilities and Amenities

Office space at East Point Business Park ranges from 100 to 34,000 square feet. The business park consists of five office buildings, including self-contained office space at Orion House, Beaumont House, and Meridian House. Amenities at East Point included raised access floors for most units, suspended ceiling with LG3 lighting, and a comfort cooling and heating system. Each building is assigned dedicated car parking, and on-site parking is available at a ratio of one spot per 228 square feet.

Located within the business park is the Clarendon Business Centre. The centre features serviced and managed office space with the latest IT and telecommunications technology, 24-hour access and security, kitchen facilities, and meeting and conference facilities. The three-storey Sandford Gate building houses serviced and furnished offices suitable for between 1 and 50 workstations, with reception and administrative services. Managed office space is located at Heritage Gate.

Location and Transportation

Situated 3 miles south east of Oxford’s city centre, East Point Business Centre is accessible via the A4142 Oxford Ring Road. The site is less than a 20-minute walk from shops and other amenities, including Tesco, Sainsbury, and a Premier Inn hotel. The Oxford Ring Road provides links via the A40 to Junction 8A of the M40 motorway, as well as the A40 to Newbury and the M4 motorway. Frequent public transportation is provided to and from Oxford and other nearby communities by the Oxford Bus Company and Stagecoach services.

The business park is well situated close to some of England’s major economic centres, including Birmingham (70 miles from the business park) and London (61 miles). East Point is also within an hour’s drive of Heathrow Airport, one of Europe’s busiest airports with connections to every corner of the world.

At the time of publication Prime Office Space has East Point Business Park offices available to let here

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Lyme Green Business & Retail Park

Posted on August 23, 2013
Lyme Green Business & Retail Park

Lyme Green Business & Retail Park

SK11 0LR Near Macclesfield

Lyme Green Business & Retail Park

Lyme Green Business and Retail Park is a mixed commercial development found near the town of Macclesfield, south of Manchester.

The business park is home to a range of businesses, including car showrooms, retail shops, and light industry. Lyme Green is also the site of several business centres with managed and serviced units for businesses of all sizes. The 40-acre retail and business park also features fully serviced plots of land for new design and build projects.

About the Lyme Green Business and Retail Park

Lyme Green features a mix of commercial, industry, storage and distribution, retail and leisure facilities and buildings to a range of tenants. Major tenants at the business park include General Motors, Volkswagen, Vauxhall, Honda, Linkester Engineering, Next, and Broadstock Office Furniture. Units at the park are available service and un-serviced, with amenities such as high-speed broadband internet and abundant on-site parking.

Business centres at Lyme Green feature meeting and conference facilities, reception services, security services and 24-hour access, and a range of other amenities. Centres at the park include Guildford House, a modern 24,000 square foot office building with offices and warehousing accommodation. Similarly, Emerson Business Centre at Beechfield House provides 44 suites with office, retail and industrial space. Opened in 2003, Beechfield House also includes meeting rooms and kitchens for tenants.

Location and Transportation Links

Lyme Green Business and Retail Park is situated south of the market town of Macclesfield. It is conveniently located close to several motorways, including the M6, M56, M60 and M63, as well as Manchester International Airport. In addition to excellent transportation links, the business park sits within an area of natural beauty west of the Macclesfield Forest and the Peak District.

Lyme Green is adjacent to London Road (A523). Macclesfield town centre is less than two miles north of the business park, which is also within a half-hour’s drive south of the M56 motorway and Manchester Airport. The airport offers regular flights between Manchester and destinations across the United Kingdom, Europe, the Americas, Asia and other cities around the world. The business park is also a half-hour’s drive east of the M6 motorway and approximately 40 minutes from Manchester’s city centre. Bus services to Macclesfield town centre operate along London Road. Rail services to Manchester and other destinations are also available from Macclesfield rail station in the town centre. London’s Euston station is under two hours from Macclesfield, and Manchester Piccadilly is within a 20 minute journey by train.

Lyme Green Business Park, Macclesfield

Nearby office space to let:

Kingseat Business Park

Posted on August 15, 2013

Business woman in an officeNewmachar, Aberdeen AB21 0UE

Set in a woodland area, Kingseat Business Park is located north of Aberdeen in Scotland. The business park is home to several firms that represent a broad range of industries and sectors, from construction and property development to childcare and dental services. Although situated close to major urban and industrial centres, Kingseat’s tranquil rural setting offers a unique work environment for tenants and their employees.

About the Kingseat Business Park

Kingseat Business Park consists of modern one- and two-storey detached office buildings of varying sizes. Completed in 2009, the six-unit business park is situated adjacent to a new residential development. Kingseat Business Park was developed by Aberdeen-based property firm Kingseat Development 2 Ltd., a joint-venture involving Galliford Try and 9th Avenue. Amenities at the business park include raised access floors, air conditioning and a comfort cooling system, passenger lifts, flexible floor plans, and a range of toilet, shower and kitchen facilities.

Tenants at the business park include Aviate International, Flowerpots Childcare, Morrison Construction Scotland, and the Enterprise North East Trust, which operates the Newmachar Business Centre. The business centre features serviced office units and provides tenants with free on-site car parking, meeting room facilities, and reception services. Units range from approximately 100 to 10,000 square feet in floor space. The business centre also offers tenants high-speed broadband internet and Wi-Fi, non-branded offices, 24-hour access and security services, virtual office options, and flexible terms.

Location and Transportation Links

Kingseat is located near Newmachar village, which has a number of amenities including a post office and shops. The business park is within a 10-minute drive of Aberdeen Airport, as well as the industrial centres at Bridge of Don and Dyce. Dyce rail station, which provides train service to and from Aberdeen, is also within a 10-minute drive of Kingseat Business Park. The park is less than 10 miles from Aberdeen, Scotland’s third largest city. Bus services to Aberdeen are found within walking distance of the business park along King Malcolm Drive. Road access to the business park will be improved with the Aberdeen Western Peripheral Road, a planned multi-million pound infrastructure project that will offer an alternative north-south route around Aberdeen.

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An in depth look at Castle Gate Business Park – Dudley

Posted on August 9, 2013

Dudley’s Castle Gate Business Park in the West Midlands combines leisure activities with business facilities in an integrated site. In addition to commercial space, the purpose-built business park is home to family restaurants, a public house, and entertainment venues. Tenants include accounting and financial services, office suppliers and designers, and chartered surveyors.

About Castle Gate Business Park

Castle Gate Business Park is situated on a site of approximately 19 hectares, or 47 acres. The business park is adjacent to Dudley’s town centre, the administrative and financial centre of the Metropolitan Borough of Dudley. The site integrates business and leisure activities and consists of 18 buildings around a landscaped green space. In addition to purpose-built office buildings and leisure facilities, outline planning consent has been granted for additional development on two plots of 5.05 acres and 2.70 acres.

Amenities and Facilities

Office space at Castle Gate Business Park is available to let and buy. The business park features ample on-site parking for employees and visitors. Additional amenities include high-speed broadband internet, CCTV security services and 24-hour access, and comfort cooling and air conditioning. Office space is available at a variety of office buildings on the site, including Castle Gate House. Castle Gate House is a three-floor complex with 5,844 square feet of office space, featuring flexible units from 800 square feet. In addition, CC1 houses self-contained offices of up to 2,243 square feet and CC2 offers office units from 1,334 to 24,407 square feet.

Amenities in the business park include the 98-bed De Vere hotel and conference centre and a leisure complex with a health and fitness centre. Thanks to a range of leisure tenants at the business park, employees at Castle Gate have convenient access to a range of restaurants and other on-site amenities. Leisure tenants include Pizza Hut, Nando’s, Chiquito, and The Bostin Fittle, as well as Showcase Cinemas and Bowlplex. Excellent road access and a variety of restaurants and entertainment facilities have also encouraged Premier Inn to build a new 63-room hotel at Castle Gate, which is targeted for completion in 2013.

Location and Transportation Links

Castle Gate Business Park is located approximately 5 miles south of Wolverhampton and 8 miles north-west of Birmingham. The business park is within 3 miles of Junction 2 of the M25 motorway. Birmingham International Airport is approximately 14 miles from Castle Gate, providing convenient domestic, European and international flight connections. Rail services to Birmingham, Wolverhampton and other communities are available from the nearby Tipton and Dudley stations, which are approximately one mile away. Frequent bus service is also available along Tipton Road (A4037), which runs along the western edge of Castle Gate Business Park. To the south is Birmingham Road (A461) and to the east is Birmingham New Road (A4123).

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