Archive for 'Accounting for the Money'
Taxman Faces Writs for VAT Errors
HM Revenue & Customs are facing a flood of legal claims that will blow another massive hole in the public finances. In the past few weeks thousands of High Court claims have been lodges by companies and local councils relating to millions of pounds of interest wrongly charged by HMRC. When HMRC makes a repayment [...]
Full StoryAccounts Demystified
Accounting is viewed by most non accountants as a complicated and highly technical matter, and this is a view that is encouranged by the accountancy profession. But the truth is that it is based on a very simple principal which once understood allows business owners and managers to understand the financial state of their business without [...]
Full StoryHow To Close Down Your Limited Company
In the UK it is remarkably easy and cheap to form a limited company. For less than £100, perhaps even less than £50, you can have a company formed in a matter of hours. This compares to the situation in many other EC countries where the costs can run into thousands and it can take [...]
Full StoryWhat do the Changes in VAT Mean for You?
Amid much hype and to no-one’s surprise, yesterday Alistair Darling cut the standard rate of VAT to 15% with effect from the 1 December 2008. The cut is temporary and so on 1st January 2010 the standard rate will return to 17.5%. The 15% rate will apply to the supply of goods and services currently [...]
Full StoryCall for Cancellation of Small Company Tax Rise is Pointless
As of today’s date 24 MPs have signed an Early Day Motion which on the face of it is supportive of small businesses but in actual fact is totally pointless. In fact it could be evidence, if such is needed, that MPs really have no idea of the realities of business life. The motion reads: [...]
Full StoryVAT Invoicing Requirements – Fines if You Don’t Comply
As from 1st of October 2007 there were changes made to what information you need to include on a VAT invoice. If you don’t comply then HM Revenue and Customs can hit you with pretty massive fines. Although fines are unlikely to be levied for non compliance in the first year, business owners cannot be [...]
Full StoryHMRC Advisory Fuel Rates
COMPANY CAR: If you have a company car which you can also use for private use then as from 1st July 2008 the following rates apply for reimbursement of fuel costs for business mileage: Engine Size Petrol Diesel LPG 1400cc or less 12p (11p) 13p (11p) 7p ( 7p) 1401cc to 2000cc 15p (13p) [...]
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