April 2010

Points to Ponder!

Welcome to our 62^nd newsletter issued in April 2010, to keep you up to date with some of the changes in Income tax, National Insurance and VAT along with compliance regulations for businesses, plus other oddments that have caught our eye. If you would like a copy of any past newsletters, please call and we can either send or e-mail them to you or you can find them on our website. To save paper, we shall no longer be carrying forward general items from month to month.

Build a competitive business with Apprenticeships. Training your employees is an investment in the future success of your business. Apprenticeships can make your organisation more effective, productive and competitive by directly addressing the skills gaps that may be hindering your success. Through either taking on an apprentice or through offering apprenticeships to your existing staff, your employees have an opportunity to gain on-the-job experience and a nationally recognised qualification across a range of business functions.

Apprenticeships can help you achieve better motivated, multi-skilled employees that are enthusiastic about using their learning to enhance your business; focus staff development on the areas that your business really needs to develop and grow and make your business more effective, productive, profitable and competitive now and for the future.

Apprenticeships are made up of three parts; key skills training to ensure your staff have the core competencies required to succeed in any workplace; a technical certificate to show that they understand the sector you work in and how it impacts on the work they do and a National Vocational Qualification (NVQ) to show that your staff have the skills and knowledge they need to do their job effectively.

Courses last from nine months up to two years, with the majority of the learning taking place in the workplace – so your business benefits immediately! You will receive support from a training provider or college to train and develop your staff in line with your business objectives. In order to discuss eligibility and funding options as well as to discuss additional available support to develop your business and staff, please contact London Brokerage on 0845 6300 204 or email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Cycle to Work Scheme. To promote healthier journeys to work and to reduce environmental pollution, the 1999 Finance Act introduced an annual tax exemption, which allows employers to loan cycles and cyclists' safety equipment to employees as a tax-free benefit. Employers of all sizes across the public, private and voluntary sectors can implement a tax-exempt loan scheme for their employees. On a quick search through the internet, there appears to be several companies that have set themselves up to help employers take advantage of this scheme by loaning cycles to the company thus saving the company from the expense of providing the cycles for their employees. We do have guidance information from the Department of Transport – please let us know if you would like a copy. Purchase of the cycles becomes tax-deductible as they qualify as Plant and Machinery.

CSCS - Construction Skills Certification Scheme – This scheme has been set up to help the construction industry to improve quality and reduce accidents. CSCS cards are increasingly demanded as proof of occupational competence by contractors, public and private clients and others. They cover hundreds of occupations so whatever you do in construction there will be a card that is suitable for you. To find out more or to apply for a card please visit www.cscs.uk.com

The need for HMRC to increase its share of the tax take was highlighted last week when it was announced that the Revenue is trawling the Land Registry to identify people who have bought and sold properties without telling the taxman. The Times also pointed out that HMRC is also looking closely at second-home owners who have claimed maintenance costs in an attempt to reduce their CGT bill. Doctors are also in their sights – HMRC has written to 28,000 doctors and consultants inviting them to disclose whether they have any undeclared taxable income. So with just a few days left before the end of the tax year it makes sense to make sure your house is in order!

Boiler scrappage. Following the note last month about allowances on new fuel-efficient boilers, the scrappage scheme to receive a grant for installing an eligible one runs out soon. We have a client we would be happy to recommend if you need a boiler – he did a great job on Sue’s!

The Budget was a great non-event, but we shall follow up details of this separately. Depending on the outcome of the looming general election, we may expect a second Budget this year.