I spend a lot of my time telling people they need a good bookkeeper to help them look after their business. But recently I have seen really vivid examples of how a bad bookkeeper can seriously damage a business. From bad work, incomplete work, unjustified work and unnecessary work all mixed in with no support and no accountability. The problem facing business people is how to know a good bookkeeper from a bad bookkeeper?
Just a quick post today to advise everyone that the new series of Tax Tips and News newsletters being sent out on the 1st day of each month are becoming very popular with readers and makes the whole exercise worthwhile for me!
All you have to do to receive your monthly Tax Tips and News newsletter is register as a member on the site here – for FREE
Most people will now have heard the relevant bits of the budget given in Parliament today by the Chancellor, and lots of labour reaction to it. On balance I feel it was a very good budget given the circumstances. The rise in VAT will be unpopular but at least this brings us more into line with the rest of Europe. It has been 19.6% in France for some years and they are coping with it – so will we.
Here is some more “good” news in the run up to the general election next week…
Are you a business that provides private fuel for your employees? If so, you must apply the new VAT Fuel Scale Charges detailed below from the 1st May 2010.
This means any VAT period that starts on or after 1st May 2010.
These scale charges are a reduction of the input tax claimed on the fuel used for private motoring and work hand in hand with the P11D taxable benefit for private fuel provided to employees.
The new quarterly charges are (figures are inclusive of VAT)…
I have just been asked about the VAT increase that is due to happen at 00:01 a.m. on the 1st January 2010 back to 17.5% and how it affect Pubs/Restaurants that are hosting a New Year’s Eve party. I thought it a good idea to clarify this point for everybody who may be wondering.
The rate is due to change at that moment, but for publicans/restaurants lucky enough (these days) to enjoy a busy New Year’s Eve party at their Premises,
A timely reminder…Don’t forget that the new minimum hourly wage rates apply from tomorrow – 1st October 2009. This is something that seems to slip by business owners without them realizing each year.
For reference the new hourly rates that apply for pay reference periods starting on or after 1st October 2009 are as follows:-
I was speaking to a client this afternoon about VAT Scale Charges. They own and love vintage vehicles and display them as often as possible. These same cars are also used for business purposes.
The question was asked as to what VAT scale charge should be used…
I know all of you are aware of how much I love this bookkeeping package. Even now, it is unrivalled for ease of use, flexibility, multi-currency abilities, emailing invoices, editability…the list goes on.
This program has been under development for some years now and throughout all that time it has been offered to the world as a free program whilst it was improved, tested and extended in its beta form. Now though, this is coming to an end….
I know I have mentioned this a couple of times before but it still annoys me the number of clients that either refuse to pay out the £100 per year or so for the cover, or justify their non-action by thinking “it will never happen to me”.
Since April 2009 the investigation regime has changed. There were few trumpets and dancing girls to announce the change and consquently, 99% of business people have no idea things have changed and what it might mean for them.
HM Revenue & Customs are catching up to the 21st century
I have noticed recently a worrying trend for clients not to apply the fuel scale charge to their books before they finalize the VAT Return. When asked about this the reasons vary from – “Oh – I Forgot” to “We haven’t had a VAT visit for 10 years so we have probably dropped below the radar”.