Here’s the link. Nigel’s bit is 47 minutes in
March 23, 2011
March 22, 2011
Shropshire businesses please give your reaction to the budget to Nigel of TaxAssist Accountants in Shrewsbury
March 21, 2011
Is there good VAT news for takeaways asks Nigel of TaxAssist Accountants in Shrewsbury
There now appears to be a massive opportunity for VAT-registered snack stall operators to claim back VAT they have paid to HM Revenue and Customs. No doubt, a test case will be brought and then advisors can speak with more certainty.
The background is that the European Court of Justice (ECJ) was asked by German courts to rule on whether hot food and hot drinks sold for “immediate consumption” should be defined as supply of goods, which are usually subject to zero VAT, or catering services, which pay the full VAT level.
The ECJ said the ‘goods’ definition should apply to food bought from snack stalls, mobile snack bars or in cinema foyers — so long as “elements” of supply of service are “not predominant”. The definition covers food and meals prepared for immediate consumption by boiling, grilling, roasting, baking “or other means”.
However, an HMRC spokeswoman said: “HMRC does not believe the recent ECJ decision relating to the supplies of certain foodstuffs in Germany has application in the UK. Both supplies of food and supplies made in the course of catering in the UK are treated as supplies of goods.”
Let’s wait and see.
What will be in Wednesday’s Budget wonders Nigel of TaxAssist Accountants in Shrewsbury
Mr.Osborne told the BBC yesterday that “I can say in the Budget this week I am not going to be asking for more tax rises or spending cuts.”
The BBC reporter went on to summarise that the coalition government has said Wednesday’s package of tax and spending measures will be the most pro-enterprise and business-friendly “in a generation” – expected to include steps to make it easier for firms to hire workers, to cut red tape and reform the planning system.
Mr Osborne said there would be extra money for apprenticeships and vocational skills programmes and he was also looking “very carefully” at steps to reduce the impact of high petrol prices.
We will have to wait and see. I will put a poll up so that you can give your opinion of the budget. Personally, I would like to see some encouragement for businesses to “buy local” and keep money in the regional and national economy. It is short-sighted to off-shore UK operations to save money.
March 16, 2011
We can quickly check tax-savings from incorporation says Nigel of TaxAssist Accountants in Shrewsbury
I am just using some new software that calculates the tax savings in 2010/11 of moving from a sole trader to limited company and partnership to limited company.
A sole trader with profit of £30,000 will pay £1,672 less tax (£5,100 rather than £6,772)
A 2 person partnership with profit of £60,000 will pay £3,344 less tax (combined total) – £10,201 rather than £13,545
If you know anyone who may benefit from becoming a limited company, please pass on my details.
March 11, 2011
HMRC plumber tax safe plan is available to almost all tax-payers advises Nigel of TaxAssist Accountants in Shrewsbury
I just tweeted details of the HMRC Plumber Tax Safe Plan (PTSP). Full details of the plan can be found by following the link below.
Under the tax plan, plumbers, gas fitters, heating engineers and members of associated trades, who have tax to pay which they have not yet told HM Revenue & Customs (HMRC) about, can come forward by 31 May to tell the department of their intention to disclose what they owe. If they make a full disclosure, most face a low penalty rate of 10 per cent, and there will be a maximum of 20 per cent. Normally, penalties can be as high as 100%. They have until August 31 to make their disclosure and arrange for payment to be made.
Even taxpayers who are not plumbers, can use the forms to tell HMRC about undisclosed income. They should notify and disclose following the instructions in the guidance. They should ensure that they show the correct business or trade on the forms, making clear that they are not a plumber.
Please contact if you need further advice on this
March 10, 2011
Free seminar with Nigel Lomax of TaxAssist Accountants in Shrewsbury
Grow your Team’s Performance and Profitability
- Start:
- Wednesday, 23rd March 2011 at 3pm (finishes at 5.30pm)
Research shows that more than 40 per cent of managers feel their staff do not have the right capabilities to fulfil their 2011 business objectives.
Is your team letting you down? And what can you do to improve the effectiveness of your team?
Three of Shrewsbury’s leading business advisers join together to invite you to a very important
seminar for business owners.
In this thought provoking seminar Build your Team’s Performance and Profitability we will demonstrate what you can do to build an award winning team, and we will provide you with some top business advice that you can implement into your business right away.
Building a more profitable team
Your team can be a massive drain on your business, or they can help you meet your objectives and improve your profitability. Gaynor Gravestock of Synergy & Strategy will present some useful techniques to ensure you work smarter, not harder to build a top class team and get the best from your most valuable asset .
Maximising team performance
Leading you through the legal minefield of managing your team Paul Bennett of Bennett’s Legal will advise on effective delegation, top tips for having difficult conversations with employees, managing performance issues and Employment Tribunals.
Rewarding your team tax effectively
Recognising that salary isn’t the only way to reward your team, Nigel Lomax of TaxAssist Accountants will explain how to provide tax efficient incentives and ways of rewarding staff, as well as keeping you up to date with new accounting and taxation legislation.
Don’t miss this very valuable business seminar. Space is limited, so don’t delay in reserving your place.
Help us raise some money for Comic Relief says Nigel from TaxAssist Accountants in Shrewsbury
Shrewsbury Monthly Luncheon Club RED NOSE DAY special lunch
Our one off special lunch will be on RED NOSE DAY on Friday 18th March at 12.30pm at The Prince Rupert Hotel.
Come and join us and have fun, plus wear something funny for money.
Dress Up, Dress down, wear some Red and remember that Red Nose
Ask others to sponsor you, Colleagues, Employers, Friends or Family
We already have a super offer of £50 to Comic Relief, for the maddest RED outfit on the day. Plus another donation of a £ for everyone that attends.
We will hold a raffle where hopefully we will have a selection of RED Prizes, bottle of red wine already offered, a couple more prizes would be good.
Lunch costs £10 and we would really appreciate raffle prizes.
Come and have some fun and hopefully we can create a good donation for Comic Relief.
March 8, 2011
Can you add a local angle to the TaxAssist Accountants business survey asks Nigel from Shrewsbury
TaxAssist Accountants have been asked to work with Government to survey the views of small business owners across the UK. Please take this unique opportunity to make your point of view where your business is concerned.
The survey comprises of six questions and can be completed very quickly. All respondents of the survey can rely on complete anonymity.
http://www.surveygizmo.com/s3/474742/Small-Business-Survey
I have been asked to get a few comments on the local economy – please feel free to add your comments to my blog.
Thank you in advance.
March 7, 2011
CIS late filing penalties can be reduced advises Nigel of TaxAssist Accountants in Shrewsbury
HM Revenue and Customs (HMRC) are changing the rules for the penalties charged on monthly Construction Industry Scheme (CIS) returns filed late.
In the run up to the rule change in November 2011, HMRC have introduced a facility to recalculate late filing penalties to determine the amount that would have been due under the new regime had it existed at the time.
This will give two different penalty amounts – (a) the amount due under the existing rules and (b) the amount due under the new rules. Only the lower of the two amounts is payable.
This recalculation facility also extends to late filing penalties that have already been paid to HMRC. This provides a unique opportunity to re-open the late filing penalties previously paid to see if it is possible to obtain a refund from HMRC.
We can write to HMRC on your behalf requesting your late filing penalties be recalculated under the new regime. The outcome will be either:
- No further action – the penalty under the new regime is greater, but as you pay only the lower of the two amounts you have nothing extra to pay
- You receive a repayment – the penalty under the new regime is lower meaning you are due a refund
If you would like further help, please do not hesitate to contact us.
