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Greetings!
Yet again, it's wet, windy and cold. To try and cheer you up, we've included some more tax saving tips to blow away the taxman. Have a look; just click Tax Tips below.
 Summary of Contents
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| Client Spotlight - T W Plummer and Son Limited |
| Business Plan Part 8
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Hi , my name is Jonathan and I am part of the third
generation of our family owned and run general haulage business. The company began in 1937 with a horse and
cart and has progressed over the years to the 44 ton articulated vehicles we
now run.
We are based in Plumpton, near Lewes, East Sussex and
from our broad range of experience and expertise, can transport a wide range of goods from
pallets to timber frame houses, and from hay and straw to bricks and concrete
to any location in the UK
and Europe.
We operate twenty four hours a day/seven days a week and for further information please contact me on
07734 876095 twp.transport@btinternet.com or my father, Ernest, on
07860 359210.
Our website is still under construction but you can
have a look at www.twplummer.co.uk
We are relatively new to Keepers but have so far found
them to be very efficient, responding promptly to our queries, either via
telephone or email. The email Newsletters are certainly a great idea.
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8. Financial Analysis:
Analysis of the trading profit and loss performance of
each business grouping within your business including:
· your gross profit percentage;
· number of sales per staff person;
· average sale;
· key expenses including
advertising, marketing, salaries/wages and rent;
· percentage of key expenses to turnover;
· percentage of total expenses to turnover; and
· how does this financial performance compare with competitors?
You can find all previous business plans here
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Our Guarantees - Upon joining Keepers, save a minimum of 25% on your current fees ... GUARANTEED
- Savings on your tax liabilities .......................................................................GUARANTEED
- Free advice, as and when you need it ............................................................GUARANTEED
- Free support throughout the year, not just at the year end ....................GUARANTEED
- Fixed annual fee and no surprise bills ............................................................GUARANTEED
- Free budget forecasts, cash flow and managerial reports .......................GUARANTEED
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Tax Tips
Have you made full use of the fact that each of your children can earn up to £5,435 a year as income and  £9,600 a year in capital gains from 6th April 2008 - completely tax free? Tip: Grandparents can be the key here, since it is not as simple as parents putting money in their children's name. You will need professional advice for this.
Are you sure that you are taking money out of your business in the most tax-efficient way? Tip: If your business is a limited company, it often makes sense to get your money out by a combination of salary, benefits in kind and dividends. Even after the recent budget changes, savings can be made by a regular review of remuneration planning.
If you are a sole trader, have you considered taking your spouse into partnership? Tip: Care must be taken to ensure that your spouse's share is not disproportionate to their share of involvement, and it must be run as a genuine partnership (ie. both names on bank accounts, stationery etc.)
If you have relatively low waged employees and/or employees with children, have you advised them to claim Working Tax Credits and Child Tax Credits? Tip: You may be eligible to claim these credits too.
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HMRC announces 'light touch'
HMRC have said that it will be applying a 'light touch'
approach if businesses make mistakes on their returns following the upcoming
change in the standard rate of VAT.
The VAT rate will revert back to 17.5%, from 15%, after
midnight on 31st December 2009. The only exceptions to this are
restaurants, bars, pubs and clubs, who can still sell alcohol at the 15% rate
until 6am, January 1st. The idea behind this exception was so that
it didn't confuse drinkers when after midnight, their drink became more
expensive!
The HMRC have said that they have issued it's staff with
guidance on how to handle the first VAT return following the switch. This will
involve operating a 'light touch' for any errors that are related to the change
in rate.
In practical terms, HMRC said it would not target
change-of-rate errors that are unlikely to lead to any net revenue loss. In
other words, should they find any change-over mistakes, it will not seek an
adjustment unless there is reason to believe that there is an overall revenue
loss.
In the case of customers who can't claim back VAT, and where
there is likely to be an overall loss of tax, HMRC said it will look to make an
adjustment in the usual way. However, it will take into account any
difficulties the business may have faced in adjusting to the new rate, when
considering if any penalties should be issued.
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Credit Unions - What are they and could they work for you?
A Credit Union is a
non-profit making financial co-operative run by, and for, your local community
and is regulated by the Financial Services Authority. It enables you to take control of your
finances, manage your debt and make realistic savings. It offers friendly financial advice and
support, low interest loans, secure savings, free life insurance and a share in
any profits. Sound too good to be true? Have a look here for more info.
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Ben & Chris |
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