September 2006

Points to Ponder

This is now our Twenty First newsletter – produced during September 2006 and issued in October, to keep you up to date with some of the changes in Income tax, National Insurance and VAT along with compliance regulations for businesses. If you would like a copy of any past newsletters, please call and we can either send or e-mail them to you.

September News

1. Impending fees increase

We have recently reviewed our pricing structure, and to keep in line with rising costs we propose to increase our charge out fees.

Due to cost efficient & effective management we have been able to hold our fees for the last 2 years, however, we now have to bring our fees in line with the expense of running the business; we will continue our resolve to provide an efficient, friendly, approachable service to our clients. We believe our fees will continue to compare very favourably with our competitors

Our review revealed an increase in time being spent on chasing late payment of monies due. We feel it is unfair to pass on these costs to clients who pay on time and so we propose to charge a £10 fee for every letter written to chase payment and we reserve the right to charge interest under the Late Payment of Commercial Debt (Interest) Act 1998. These costs will be invoiced out on a monthly basis.

2. Home Information Packs.

If you sell your home after June 2007, you will have to supply the purchaser with a Home Information Pack, including an Energy Rating Certificate. This will cover your home’s energy efficiency and carbon emissions rating and must be completed by a qualified home inspector. Find out more from the Department for Communities & Local Government Public Enquiries on 020-7944 4400.

End of September newsletter

From July’s and August’s Newsletters

1. Composite Companies

Time to get out from under these “Umbrella” companies. Beware of IR35

2. HMRC Enquiries – Trials of Alternative Interventions

If you receive any of these forms of contact, please let us know immediately.

3. Regulatory Reform (Fire Safety) Order 2005

4. Status Enquiries

The Revenue is stepping up status enquiries via the Employers and Contractors PAYE schemes and is already implementing the new powers they have been granted. Don’t get caught out, review your workers’ status NOW; get it wrong and the Revenue could bankrupt you.

5. Business Rates

There are some reliefs available – are you claiming your entitlement?

6. Revenue v Police – access to information.

If the Police open a fraud enquiry and request information, they need a full warrant to obtain paperwork from an accountant. If the Revenue opens an enquiry, the most junior officer has the full right to everything, by just sending a letter, demanding whatever papers he feels necessary to enquire in to a return. To refuse to comply is a criminal offence. At the moment, there doesn’t appear to be any co-operation between these bodies but with the Revenue publicising a free, anonymous phone line for callers to inform on their neighbours who they think are moonlighting, there is certainly a large opportunity here for underhanded access to records.