Top Tax Tip
Use single premium investment bonds, subject to an appropriate level of
charges, to defer investment income to subsequent tax years, if taxable
income may then fall below £150,000.
For help with this, please don't hesitate to contact us.
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Quote Of The Week
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Informed decision-making comes from a long tradition
of guessing and then blaming others for inadequate results.
Scott
Adams
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Become a Fan on Facebook for a Special Prize!!
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We want you to become a fan on Facebook, so, we are offering you a special prize to become a fan.
If you click here, and become a fan, we will send you a special e-book called 'Get More Customers for Next to Nothing', which includes some great, cost-efficient strategies for growing your business.
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If you found this information valuable, please forward this email onto a friend or colleague.
If you were forwarded this email, you can subscribe here
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Greetings!
The Chancellor of the Exchequer today conducted his 3rd, and last, budget before the general election. Click here to find out what the main points affecting you will be.
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Electronic VAT
As of 1st April 2010, you will have to submit your VAT returns online, and pay any VAT due electronically if either of the following apply to you;
- Your annual turnover (exclusive of VAT) is £100,000 or more
- You register, or should have registered, for VAT on or before 1st April 2010 (regardless of your turnover)
If you fall into one of the above groups, you will have to file all of your VAT returns online, including nil and repayment returns, even if, in the future, your turnover drops below £100,000.
For help with the new Online VAT system, please either send us an email, or give us a call (0800 612 2008)
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The Budget - What will affect you? Here are five of the main points that will affect you; - The government has announced that there will be £2.5bn support for small businesses to boost skills and innovation
- The Investment Allowance for small firms has doubled to £100,000
- RBS and Lloyds Bank Group will provide £94bn in small business loans
- A one year business rate cut from October
- 3p fuel duty rise, to be phased in between April and January 2011
To read more about the budget, please click here |
Tax Compliance
As of April 1st, there will be a new range of penalties for inaccuracies in documents. Along with these stricter penalties, there are clearer requirements, designed to make it easier for small business owners to follow the rules.
Whilst penalties are getting increasingly heavier for people who deliberately try to deceive HMRC, they could be waived where people can demonstrate that they've taken reasonable care in collating their expenses. This means that if you make a genuine error, ie. not careless or deliberate, then you will not be penalised.
We would advise you to be as careful as you possibly can in regard to keeping;
- A record of all your sales, with copies of any invoices issued
- A written record of all your business purchases and expenses
- Invoices and receipts for both business purchases and expenses
- Details of any amounts you personally either pay in or take out from the business
- Copies of business bank statements
Also, where applicable, take care when keeping;
- Cash Book
- Order Notes & Invoices
- Details of any other business income received
- Details of any private money brought into the business
- Till rolls, or other forms of electronic record of sales
- Any cash taken out of the till to pay small business expenses
- A record of stock at year end
- All bank and building society statements, cheque stubs, paying-in slips, and anything else which includes details of business transactions
If you would like any advice, we are always here to help you; just pick up the phone, or drop us an email.
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Client Spotlight - Just Metal UK Ltd
Just Metal UK Ltd is a small mild steel manufacturing
company which was trading under the name of Just Metal for 10 years until
November 2009 when with the help of Keepers changed to an incorporated company.
We previously had premises in Carshalton Surrey and moved
to Smallfield in December 2008 to reduce our overheads and also to move the
workshop closer to home reducing travelling time.
We manufacture any item from mild steel, Gates, Railings,
Balustrade, Security Grilles, Fire escapes, handrails e.t.c. We have recently
taken level one and two of the NSCGB (National Safety Council for Gates and
Barriers) so that we can install Automation Systems to our gates.
We differ from most of our competitors by giving you a high
quality, hand made product at competitive prices, our website www.justmetal.co.uk has an online
brochure giving you prices per item or price per linear metre which also
includes different finishes so you know the price of what you require before
contact with us.
We also offer the mass produced item from our stockists,
Palisade gates and railings, mesh fencing, bow top railings e.t.c these are a
good product and at cheap prices which we can then install. All our estimates
are free of charge.
I started metal fabrication after leaving School at my
Grandfathers Workshop C.U. Engineers Ltd. My Grandfather started this business
back in the 1940's with his brother and then most of his seven sons (my father
included) worked for them. Myself and my brother were the only two
grandchildren to work for my Grandfather.
This business ended with my grandfathers retirement and my uncle
started the new business A.E.Catlin & Sons Ltd in 1988. Two other uncles,
myself and another employee were to move with the business and this is where I
learned my trade. When my uncle retired I decided to start Just Metal.
Because I have so much to do the accounts have always been
the last job, my previous accountant was difficult to contact and because of
this I would always run late on the accounts at the end of year. Keepers
approached me in 2009 and I was very impressed with the level of service and
friendly attitude of all the staff.
Keepers helped me change to an incorporated company which I
thought would be a lot more work that it actually was and I am now looking
forward to some tax savings come the end of the year because of their advice.
For reading my profile and as a thank you to Keepers for
running this special feature on me I would like to pass on the following
discount to you if you place an order to the values below.
5% discount up to £1500.00 inclusive of Vat
10% discount between £1500.00 up to £3000.00 inclusive of
Vat
15% discount between £3000.00 up to £6000.00 inclusive of
Vat
20% discount anything over £6000.00
Please, when calling make sure to ask for the Keepers discount.
Peter
Catlin
Director
Just
Metal UK Ltd
Unit 3c Gonville Works
Redehall
Road
Smallfield
Surrey
RH6 9RD
01342844892
07775654640
info@justmetal.co.uk
Vat
registration No.778 0043 16
Registered
in England and Wales:
Company No.06933589
Registered
office: Unit 3c Gonville Works, Smallfield, Surrey
RH6 9RD
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Why you need an Accountant
By law, you don't need an Accountant, but I am going to
tell you why you need an Accountant to support your business.
When people think of Accountants, the normal image that comes into
their heads is someone sat at a desk behind a pile of paper, completing
Tax Returns. However, while that may have been true in the past, a new
age is upon us.
People are no longer looking for the bog-standard Accountant; they
want one that can help, not only support, but grow their business as
well. So; here are some reasons why you need an Accountant.
Pre-start-up business advice - An Accountant,
or at least one with experience, can give you expert advice on all
areas of starting a new business, from Tax advice, to how to kick-start
your company, as well as forecasting your finances.
To read the rest of this post, click here
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In this Newsletter, and Newsletters in the future, we will be including a
competition. Take a look at this week's brainteaser,
try to work out the answer, and email us back with it. The first person to email us with the
correct answer will win a bottle of wine!
The challenges, and
prizes, will change every Newsletter.
Start at the center number, and collect
four other numbers by following the paths shown (and not going
backwards!). Add the five numbers together. What is the lowest number
you can score?
The
first person to click here and send us the correct answer will win a
bottle of wine!
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Thanks for reading. You can find us on our website, Facebook, Twitter or
LinkedIn; just click the relevant link at the top of the Newsletter.
Ben
& Chris
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