Accountants in Cannock who help you keep more of what you earn.
We endeavour to offer you the best advice in helping your business to maximise profit and minimise tax. We have recently come across a site called The Start Up Donut. This site is brimming with ideas about how to create a business plan, using IT to empower your business and ideas about marketing. We can offer you expert advice coming from the voice of experience. For more information about the services we provide call us on 01543 468500 or E-mail us!
HMRC are going to be operating a 'light touch' approach to errors made because of the VAT rate change. This means that errors that are made because of the change over aren't going to be viewed with the same severity as usual mistakes. This doesn't excuse taking reasonable care and nor does it encourage negligence but it does show that every once in a while, HMRC are good to their customers.
As I'm sure most of you are aware, on 1st January 2010 the VAT rate is to go back to 17.5%. But what does this mean to you as a business operator and to best help your customers? Firstly a way which will benefit both your customers and yourself. Say for example, you are a VAT registered builder and you have been given the go ahead for the work in the new year. If you invoice before the job you will only have to charge 15% VAT and will have a better cash flow. So long as they are invoiced or they pay before 31st December, whichever is earliest, you can both reap the benefits even if the work isn't going to be carried out until next year! Second point to note is that when sending an invoice with both 15% and 17.5% items, you will have to show each element with both VAT rates on. This may mean a slight bit more admin such as editing spreadsheet formulas but it is far better than a VAT inspector on your door.
The debate of Self Employed vs. Employed rages on as PAYE inspections are becoming more and more common. Of course, prevention of inspection is better than the cure. Here are some common points The Revenue will raise and how to combat them. Don't treat them like your employees What we mean by this is to not include them on staff lists, such as payroll, giving them keys, telephone & email lists, inviting to the Christmas parties and supplying tools. Administratively, this could be difficult, but not as much as a PAYE inspection and massive fine. These are all checks which have been carried out and will tip the balance to HMRC's favour. In the future Chase Accounting will be putting on a seminar for helping businesses keep the Taxman at bay. If you would like to register your interest in this please email your contact information to advice@hatepayingtax(.)co(.)uk
Accountancy Age have a launched a new tool for helping you to assess your usefulness in a crisis. Crisis Management Software