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Points to Ponder!
Welcome to our 78th. newsletter issued in October 2011, 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.
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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 1stApril 2014. Although the legislation starts next year, changes are still being made to the rules. At the moment there are deemed to be 3 types of employees - eligible jobholders who must be automatically enrolled; non-eligible jobholders who can opt to join the scheme and expect employer contributions and entitled employees who have a right to join the scheme but not to expect employer-contributions. That was the easy bit – it gets worse. We are trying to unravel the legislation as the Department of Work and Pensions has kindly informed us that they are relying on advisers and accountants to explain everything to their clients! We are therefore hoping to stage a seminar to help explain what has to be done in words of one syllable. This will be in conjunction with the Federation of Small Businesses which is fighting to have the legislation simplified. The seminar is the only bit that might be free. |
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The pension will require employer contributions and it will be run along with your payroll but it will be time consuming to set up, run and maintain the staff records the Government is insisting on. We shall have to invest in new software to manage this on your behalf and we shall keep everything up to date for you. We shall try and keep our costs as low as possible, but this will affect everyone.
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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.
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Message from Sue to our clients
As some of you are aware, due to the practice moving in to one office rather than two, I am now permanently working from home and as such it isn’t practical for me to be involved so much in the day to day running of the business, although I am still a director / shareholder along with Angela.
With this in mind, at a recent board meeting, Angela and I decided that she will take full responsibility for the office with Ian as her deputy and Paul assisting with accounts. Pat will continue to oversee the payrolls and the book-keeping with John and Lesley reporting to her. Lorraine and Steve will continue to take care of the admin as usual. This leaves me free to concentrate on some “bulkier” jobs as I seem to have more room in my office at home than in Gilders Road! It’s also quite peaceful but I do seem to be getting through more coffee!
This completes a full circle back to where the practise started and I am proud of how it has grown and widened and that we now have skilled staff who can look after you all.
This is nothing more than a basic change in procedures; I’m certainly not ready for retirement and I am almost always at the end of the phone or on e-mail but there is usually someone else in the office who can help you – probably easier than I can as I only have the files I am working on with me. I live only a couple of minutes away from the office so can come in for meetings if required at very short notice.
Many thanks to you all for your continued support.
Dates for your Diary
20th October - FSB North Surrey Branch AGM then meet the Enterprise Doctor for a diagnosis of the cause of your business problems.
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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 moreMinimum 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 morePayroll fees Payroll fees as at February 2009
Set up fee£28.75 + VAT
Number of EmployeesWeekly & Bi-WeeklyMonthly & 4 WeeklyQuarterly
£
£
£
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 subject to VAT at the current standard rate
For... 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.
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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 moreAccountancy Accounts Preparation Services
Whatever your trading style, we can help you with your accounts. We provide services for limited companies, sole traders, partnerships, Limited Liability Partnerships, clubs and associations, landlords and property management companies.
We pride ourselves that we don't just "number... Read moreGeneral General Services
In addition to all the services you would expect from your Accountant, we can offer other helpful services, many of which are available for non-clients as well.
Amongst these are:
New Business Advice - It can be quite a task to... Read more
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