Charity Accounts Update – Fit and proper persons test The Finance Act 2010 brought in new measures that charities must adhere to in order to maintain their access to tax relief. This article looks in detail at the “Fit and Proper Persons test”, part of a new “management condition”. The Fit and Proper Persons test…
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If you run a small business which operates from a single premises you could be eligible for substantial rate relief, thanks to a recent government announcement. The amount of relief is dependent on rateable value. As of 1st October, traders operating from a single premises will receive 100% rate relief on properties up to a rateable value…
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Many of you will have seen/ heard the recent media coverage regarding the PAYE error. Good old HM Revenue and Customs! You may get a Tax Calculation (form P800) from HM Revenue and Customs (HMRC) telling you that you’ve paid too much or too little tax for the tax years 2008-09 and 2009-10. The calculation…
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As many people will no doubt be aware, HM Revenue and Customs have issued a notice that they are going to be making claims for under (and over) paid tax due to an error in the PAYE system. A further blog is to be issued regarding this; however, I felt it prudent to give a warning of the scams that…
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Are you ready for the pension reforms coming in 2012? As an employer are you in charge of your company’s destiny or will you be complying with the new regulations by default? All employers in the UK, other than single-person companies, will need to take action to comply with their new responsibilities under pension reform. Employers…
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What is Electronic Invoicing? Electronic invoicing is the transmission and storage of invoices without the delivery of paper documents. Why use this method? This can offer many advantages over traditional paper invoices. The rapid electronic transmission of documents in a secure environment may provide for: An improvement to the traceability of orders Decrease in paper…
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Value Added Tax (VAT) is a tax levied on the sale of certain goods and services. There are different rates of VAT which apply. Suppliers are either exempt, zero-rated or chargeable. Currently chargeables supplies are at 5% or 17.5%. Do I have to? Registration for VAT may be compulsory, depending on the level of…
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Budget 2010 – reaction and analysis of affects on small business