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Newsflash |
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A Christmas Practise Update
Hip, Hip Hurrah!!!!!!!!!!
The Rolling Stones may have wanted everyone to get off theirs, but we are now “In The Cloud”.
Following the major setbacks we have recently had with our computer system we have migrated our hosting to a cloud-based company. This company also runs our major software, so we are confident they can look after everything for us in the future.
We are now burning the midnight oil to catch up and ensure everything is completed before that dreaded Self Assessment deadline and would like to thank everyone for their continued support and patience.
If the odds against what happened to our system were 100’s to 1, and we were that one, how come we haven’t won the lottery yet?
Wishing you all a Happy Christmas and a Peaceful and Prosperous New Year. Jackson-Scott Associates
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HMRC’s apology. A Government committee has criticised HMRC for failing its customers with long delays of up to three months in answering letters and not answering all telephone calls. Also calls that are answered are not always being dealt with correctly. It has been hardest for older people and those with no Internet access to sort out their queries. HMRC has apologised and promised to try harder.
How many hundreds or even thousands of pounds do you spend each year on advertising and can never tell if it actually works for you or not? Have you ever tried Networking? It appears to be the new and upcoming way of promoting yourself and your business. Where you go and meet other local business owners and talk about yourself and your business either over breakfast, lunch or a ‘beer’. Most formal networking organisations only allow one person from each trade or profession into their groups so that there are no conflicts of interest if they are trying to pass and find business for you.
Some better news Following residents’ protests, backed by the Federation of Small Businesses and other trade organisations, Claygate has made Surrey County Council back down over its plans to change parking charges in all retail areas. One size does not fit all. Other areas are now increasing their hopefully the small shops will not be hit again. By charging parking in all streets with small shops, customers will move away more to the big chain stores that offer free parking.
CIS Returns We have been encountering problems with some nil CIS returns submitted for 6 months but fines being issued. It has now come to light that these cases are where there is also a nil PAYE submission as the client has both subcontractors and employees. HMRC has now changed its website interface for this so it now clearly states that if you enter a nil monthly return it will take it that any previous period not covered by an individual return will be also treated as a nil return. We presume this has been done in response to the high number of complaints and incorrectly issued penalties.
Superfast Broadband for everyone in Surrey by mid 2013. Well, that’s the promise the leader of the council is making, backed by the Minister for Communications, Jeremy Hunt. Sue attended a public meeting in Farnham where this promise was discussed. What came out is that firstly no tenders for the installation have been received, next the promise is that each village will have access to super fast broadband but lastly, there is no guarantee that it will be installed in every home and business. The connection from the central village box to individual buildings will be down to the occupier – so more misleading promises.
We covered this last month but the reply to Sue’s letter sent to the Pensions Minister is not reassuring although the minister has offered an explanation for every point raised. However, it is still a daunting and probably expensive prospect for employers.
Exports are zero-rated but you do need to have proof of shipping. Exporting to the EU is more involved. To zero-rate an export to a European customer, you must record their VAT registration number and show it on your invoice, along with your own VAT number. If your customer is not VAT-registered, then you must charge UK VAT. You will have to complete Intrastat returns for European sales and record the notional VAT amount in box 2 on the returns and reclaim it in box 4. .... Read on
Following off-shore accounts, gas fitters and the medical profession, HMRC is now going after Internet Traders who are not declaring their income. It has announced that it will be using “web robot” software that can trace these traders using e-bay and similar on-line auction sites. You may consider it a hobby, but if the Revenue doesn’t think so, it’s up to you to prove it.
The constituency’s MP, Chris Grayling, has decided to try to encourage local enterprise – he described the idea at the launch as one of those “relaxing in the bath” moments when he was thinking about something for the community. Please follow this link to the site - www.epsomguardian.co.uk
There has always been a £100 penalty if your Self Assessment Tax Return was late, but if the amount of tax was under £100 it was restricted to the amount due. From April 2011 this has changed to the following much harsher regime. PLEASE TAKE NOTE and let us have your records early.
As we warned, these penalties are now being sent out for the 2010/11 returns. If any of your payments cleared HMRC’s bank account even one day late, they will be subject to a penalty of 4%. We have tried to appeal as although warnings had been given, they were not detailed and were withheld until after the end of year P35’s were submitted. Remember if you pay on line or by cheque, your payment must clear HMRC’s bank account on the working day prior to the 19th of the month.
Sue recently attended a VAT seminar that has raised many worrying points. She is going to produce a separate letter about these concerns so please contact us if you would like a copy. It will be posted on our website. One useful point that did come up is that de-registration can be based on the coming twelve months projected turnover, rather than a past twelve months. So if you have lost or reached the end of a large contract with no likelihood of it being renewed or if you are cutting back on work ready to retire, you can apply to de-register.
The following National minimum wage rates will be effective from October 1st 2011: £6.08 an hour for workers aged 21 and over £4.98 an hour for workers aged 18-20 £3.68 an hour for workers aged below 18 who are no longer of compulsory school age For apprentices, £2.60 per hour must be paid to apprentices who are under the age of 19, or for those over 19 or over and in the first 12 months of their apprenticeship.
This WILL Cost You Money The new pension laws are going to affect all employers, whether or not they operate PAYE. Even if there are no eligible employees, all likely employers must set up a pension scheme. The law comes in to force from 1st October 2012, with phased staging dates up to 1st February 2016. Small businesses (those with less then 10 employees) will start to be affected from 1st April 2014.
Automatic Enrolment & Workplace Pension Reform – More facts. The current protests by Public Sector Workers about changes to their pension schemes and retirement age is hiding the fact that private sector workers will be much harder hit by the new regime being introduced. It also means that a great deal of Government time is being taken up by these larger pension schemes so there is insufficient time to “educate” small employers.
VAT Updates If you receive a letter from HMRC headed “VAT Initiative Campaign” please contact us IMMEDIATELY. This is serious. The implication is that HMRC holds information that leads them to believe you have exceeded the VAT registration threshold but have failed to register. So far we have seen one of these letters sent to a sole trader who has moved in to a limited company. The letter says if you are sure your position is correct, do nothing, but we are waiting to see the follow-up.
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Networking – the way forward in marketing??
- Published in July 2011
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Workplace Pension Reform
- Published in July 2011
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Exporting goods and services.
- Published in July 2011
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Epsom & Ewell Business Awards
- Published in July 2011
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New Self Assessment Penalties
- Published in July 2011
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Penalties for late-paid PAYE
- Published in July 2011
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Automatic Enrolment & Workplace Pension Reform – More facts.
- Published in August 2011
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What most visitors are reading |
Minimum Fees Minimum Fees for new clients - from May 2009
Starting rates£
Sole Traders
Minimum charge, including accounts and self-assessment based on an average £45 per hour
330
Partnerships
Minimum charge, including accounts and self assessment for 2 partners, based on an average £45 per hour
460
Limited... Read moreUseful Info Useful Information!
New Business Payment Support Service
If you are having problems finding your tax money, you can contact the HMRC Support Service on 0845 302 1435, Monday to Friday between 8 am and 8 pm and at the weekend between 8... Read morePoints to Ponder VAT UPDATE – July 2011
VAT is constantly changing and with increasing fines and penalties for getting things wrong, it’s time to review the current position.
Read morePayroll fees Payroll fees as at February 2009
Set up fee £28.75 + VAT
Number of Employees Weekly & Bi-Weekly Monthly & 4 Weekly Quarterly
£
£
£
0 to 5
18.40
23.00
51.75
6 to 10
35.65
44.85
101.20
11 to 15
52.90
65.55
149.50
16 to 20
69.00
86.25
195.50
21 to 25
82.80
103.05
235.75
over 26
By arrangement
All fees quoted are... Read moreCIS Construction Industry Scheme (CIS) Services
Here at Jackson-Scott we understand that the legislation relating to CIS can be complicated and time consuming to some and we take great pride in being able to relieve this responsibility.
As a contractor you are no... Read moreTaxation Taxation Services
With the tax regime becoming more complex and more emphasis being put on taxpayers' individual responsibilities, everyone who is subject to taxation needs professional advice and support if they are to optimise their tax position and ensure they meet... Read more
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