On 24 November 2008, HMRC introduced a new, dedicated Business Support Service designed to meet the needs of businesses affected by the current economic conditions. This Service is still running and is available to help you if your business is viable and you are experiencing difficulties in meeting your tax obligations as a result of the current economic circumstances.
If you're worried about being able to meet tax, National Insurance, VAT or other payments owed to HM Revenue & Customs (HMRC), or you anticipate that payments coming due will cause you problems, you can call HMRC's Business Payment Support Line below seven days a week.
HMRC Business Payment Support Line
Tel 0845 302 1435
Open Monday - Friday 8.00 am to 8.00 pm, Saturday and Sunday 8.00 am - 4.00 pm.
For more information, please follow this link:
http://www.hmrc.gov.uk/pbr2008/business-payment.htm
Wednesday, 21 October 2009
Thursday, 17 September 2009
LOANS TO PARTICIPATORS
Inland Revenue does not want participators in a company to receive “tax-free” loans instead of taxable salaries or dividends. If a loan is made and not repaid to the company within nine months of the end of that accounting period, the company must pay 25% of the loan amount to Inland Revenue (ICTA88/S419) as further tax.
In addition, any loan in excess of £5,000 made to a director or an employee is also a benefit in kind unless the recipient pays the official rate of interest on the loan. The benefit will be taxed in the participator’s personal capacity.
For more information please contact us on 0208 241 3495 or info@sailsolutions.co.uk
In addition, any loan in excess of £5,000 made to a director or an employee is also a benefit in kind unless the recipient pays the official rate of interest on the loan. The benefit will be taxed in the participator’s personal capacity.
For more information please contact us on 0208 241 3495 or info@sailsolutions.co.uk
Wednesday, 9 September 2009
HMRC Podcasts
August 2009
New Disclosure Opportunity (NDO)
HMRC's Dave Hartnett talks about the latest opportunity for offshore account holders to come forward to HMRC and declare their untaxed offshore income and interest.
Listen to the NDO podcast mp3
View transcript of the NDO podcast (PDF 37K)
February 2009
Compliance Checks
What HMRC's new compliance checks regime, coming into effect this April, means for tax advisors, individuals and businesses.
Listen to the Compliance Checks podcast mp3
View transcript of the Compliance Checks podcast (PDF 29K)
TAX HELP
HMRC has recently launched a quick bite-size video library to get the basics on tax from real small business owners. We definately recommend having a look if you are thinking about setting up in business or if you need a general overview on a particular subject.
HMRC video library
Welcome - setting up in business
Find out about the different types of business you can set up - a self employed stunts man and a mountain bike limited company explain more.Play video (Flash video) - Opens in a new window
Income Tax - for the self employed
What happens with income tax when you work for yourself? A self employed web designer goes through the basics.Play video (Flash video) - Opens in a new window
Corporation Tax
If you decide to set up a limited company you need to know about corporation tax. A hair extension business owner discusses the lengths she went to...Play video (Flash video) - Opens in a new window
Keeping Records
A performance artist tells us why keeping good records is key to being in control of your business.Play video (Flash video) - Opens in a new window
VAT
An intriguing company talks us through the basics of VAT.Play video (Flash video) - Opens in a new window
National Insurance
What do you do about national insurance if you work for yourself? A tattoo artist and a uniforms supplier explain it.Play video (Flash video) - Opens in a new window
Employing Other People
Want to grow your business and take on staff? A gardening business sums up what you need to know about the tax side of it.Play video (Flash video) - Opens in a new window
Importing and Exporting
Buying or selling products outside the European Union? A flower importer explains about import duty and VAT.Play video (Flash video) - Opens in a new window
Business Allowances
An introduction to deductions, reliefs and allowances that can help reduce how much tax you pay.Play video (Flash video) - Opens in a new window
Construction Industry Scheme
Find out what work falls under this scheme and the special tax rules and regulations for contractors and subcontractors.Play video (Flash video) - Opens in a new window
HMRC video library
Welcome - setting up in business
Find out about the different types of business you can set up - a self employed stunts man and a mountain bike limited company explain more.Play video (Flash video) - Opens in a new window
Income Tax - for the self employed
What happens with income tax when you work for yourself? A self employed web designer goes through the basics.Play video (Flash video) - Opens in a new window
Corporation Tax
If you decide to set up a limited company you need to know about corporation tax. A hair extension business owner discusses the lengths she went to...Play video (Flash video) - Opens in a new window
Keeping Records
A performance artist tells us why keeping good records is key to being in control of your business.Play video (Flash video) - Opens in a new window
VAT
An intriguing company talks us through the basics of VAT.Play video (Flash video) - Opens in a new window
National Insurance
What do you do about national insurance if you work for yourself? A tattoo artist and a uniforms supplier explain it.Play video (Flash video) - Opens in a new window
Employing Other People
Want to grow your business and take on staff? A gardening business sums up what you need to know about the tax side of it.Play video (Flash video) - Opens in a new window
Importing and Exporting
Buying or selling products outside the European Union? A flower importer explains about import duty and VAT.Play video (Flash video) - Opens in a new window
Business Allowances
An introduction to deductions, reliefs and allowances that can help reduce how much tax you pay.Play video (Flash video) - Opens in a new window
Construction Industry Scheme
Find out what work falls under this scheme and the special tax rules and regulations for contractors and subcontractors.Play video (Flash video) - Opens in a new window
Wednesday, 10 June 2009
Manage Your Money Workshop
Tired of worrying about money? Interested in managing your own financial destiny?
Refer a friend to SAIL this month and WIN the chance to learn how to take control of your finances!
SAIL Business Solutions would like to invite you to enter our “Manage Your Money” workshop competition. Our competition is open to anyone who refers a new client to SAIL between 1 June 2009 and 26 June 2009.[1]
Our winner will be awarded a place (worth £160) at the “Manage Your Money” workshop to be held in Putney, London on the 4 July 2009. This workshop will be hosted by Alison Sparg, a Chartered Accountant with more than 10 years of commercial and corporate experience.
The workshop has received rave reviews and will cover the following topics:
Beliefs & Attitudes:
Examining your beliefs around money & understanding your attitude to money
Assets & Liabilities:
Understanding your own personal Balance Sheet
Your Financial Vision:
Why do you want to be wealthy & how do you set yourself Financial Goals?
Budgets:
Using budgets to help you achieve your Financial Goals
Joint Finances:
Dealing with money in a long-term partnership
Debt:
Understanding different types of debt & coming up with a plan to be debt-free
Mortgages:
What are your options?
Savings:
How much should you be saving and how?
If you do not know of anyone you might wish to refer, but would still like the opportunity to reserve your place at this workshop, kindly let us know. For further information about the workshop or Alison’s financial background please visit www.financialfocus.co.za
SAIL Business Solutions
0208 241 3495 (office)
info@sailsolutions.co.uk
www.sailsolutions.co.uk
http://accountantsuk.blogspot.com
[1] Terms and conditions apply. The winner will be randomly selected and will be notified by e-mail.
Refer a friend to SAIL this month and WIN the chance to learn how to take control of your finances!
SAIL Business Solutions would like to invite you to enter our “Manage Your Money” workshop competition. Our competition is open to anyone who refers a new client to SAIL between 1 June 2009 and 26 June 2009.[1]
Our winner will be awarded a place (worth £160) at the “Manage Your Money” workshop to be held in Putney, London on the 4 July 2009. This workshop will be hosted by Alison Sparg, a Chartered Accountant with more than 10 years of commercial and corporate experience.
The workshop has received rave reviews and will cover the following topics:
Beliefs & Attitudes:
Examining your beliefs around money & understanding your attitude to money
Assets & Liabilities:
Understanding your own personal Balance Sheet
Your Financial Vision:
Why do you want to be wealthy & how do you set yourself Financial Goals?
Budgets:
Using budgets to help you achieve your Financial Goals
Joint Finances:
Dealing with money in a long-term partnership
Debt:
Understanding different types of debt & coming up with a plan to be debt-free
Mortgages:
What are your options?
Savings:
How much should you be saving and how?
If you do not know of anyone you might wish to refer, but would still like the opportunity to reserve your place at this workshop, kindly let us know. For further information about the workshop or Alison’s financial background please visit www.financialfocus.co.za
SAIL Business Solutions
0208 241 3495 (office)
info@sailsolutions.co.uk
www.sailsolutions.co.uk
http://accountantsuk.blogspot.com
[1] Terms and conditions apply. The winner will be randomly selected and will be notified by e-mail.
Thursday, 12 March 2009
Rewarding Referral Scheme
We have really enjoyed working with you and would love to build our business with more great clients like yourself.
We would like to give back to you by inviting you to participate in our exciting and rewarding referral scheme.
HERE IS HOW IT WORKS:
• You pass on our details to someone who is in need of accounting and/or taxation services.
• The person you recommended then engage us as their accountants and provide us with
your name when they sign on.
• We will confirm your address details and send you some wonderful Waitrose/John Lewis
gift vouchers or a delightful duo of wines as a thank you for the recent referral[1].
Recommendations are the finest compliment we can receive from our clients. You can be assured that we will remain committed to the high level of service you have come to expect from SAIL.
Thank you again for your business and continued support.
Kind regards,
Marise Heydenrych
SAIL Business Solutions Ltd
[1] Conditions apply
We would like to give back to you by inviting you to participate in our exciting and rewarding referral scheme.
HERE IS HOW IT WORKS:
• You pass on our details to someone who is in need of accounting and/or taxation services.
• The person you recommended then engage us as their accountants and provide us with
your name when they sign on.
• We will confirm your address details and send you some wonderful Waitrose/John Lewis
gift vouchers or a delightful duo of wines as a thank you for the recent referral[1].
Recommendations are the finest compliment we can receive from our clients. You can be assured that we will remain committed to the high level of service you have come to expect from SAIL.
Thank you again for your business and continued support.
Kind regards,
Marise Heydenrych
SAIL Business Solutions Ltd
[1] Conditions apply
Thursday, 5 March 2009
VAT: Withdrawal of the Staff Hire Concession
The current concessionary arrangements in respect of supplies of temporary workers by employment businesses will be withdrawn with effect from 1 April 2009. Currently such businesses are allowed to exclude the wages element from the supplies they make, and to account for VAT solely on their margin.
Who will be affected?
Employment bureaux who use the existing concessionary arrangements and any of their customers who are not able to fully recover the VAT charged to them e.g. finance sector, health and care sector, education sector, charities and some parts of the public sector.
Background
The existing Staff Hire Concession was introduced in 1997 as a temporary measure designed to provide employment businesses with a similar VAT treatment to that enjoyed by employment agents who also paid workers directly. It was extended again at the end of 1998, pending the introduction of Department of Trade & Industry (DTI) regulations.
DTI introduced the Conduct of Employment Agencies and Employment Businesses Regulations 2003 (Conduct Regulations) to take effect from 2004. Customs & Excise, as was, consequently introduced a further related concession to maintain an equitable VAT treatment. Customs also confirmed that the concessionary arrangements would continue for a period of 18 months to allow sufficient time to fully assess the impact of the Conduct Regulations on the VAT treatment and the effect of withdrawing the concession. In June 2006 HMRC announced its review (in Business Brief 06/06) and invited contributions from all affected businesses and any other interested parties. A summary of these responses will be published on 1 April.
Current operation
The existing concessionary arrangements are set out in Part A of the Statement of Practice contained in Notice 700/34, and in Business Brief 10/04.
Change in treatment
Following the introduction of the Conduct Regulations, changes were made which restricted the ability of employment agencies to make payments directly to temporary workers. This means that, where workers are paid directly by an employment bureau, the bureau will be acting as an employment business and a principal for VAT purposes. Now that the regulatory framework for this sector has been amended to ensure equal treatment for those operating on the same commercial basis, HMRC consider that this tax concession is no longer necessary. Furthermore, the concession has no basis in UK or EU VAT law and must therefore be withdrawn. Accordingly, VAT will be applied to all of the consideration employment businesses receive, including the wages element, in respect of the supplies they make.
HMRC recognises that different providers and hirers will be impacted in different ways, depending on the extent to which the additional VAT costs are passed through to hirers, and their ability to recover the VAT. As a result, the concession will not be withdrawn until 1 April 2009, giving over 12 months for providers and hirers to prepare for the change, and adjust their contracts and business plans accordingly. During this transitional period HMRC will be happy to discuss the impact of the change further with those in affected sectors.
Further advice
An Impact Assessment has been published alongside the announcement in the Budget. HMRC will also be publishing a summary of responses document on 1 April 2008. If you have any questions about this change, please contact the National Advice Service on 0845 010 9000.
The current concessionary arrangements in respect of supplies of temporary workers by employment businesses will be withdrawn with effect from 1 April 2009. Currently such businesses are allowed to exclude the wages element from the supplies they make, and to account for VAT solely on their margin.
Who will be affected?
Employment bureaux who use the existing concessionary arrangements and any of their customers who are not able to fully recover the VAT charged to them e.g. finance sector, health and care sector, education sector, charities and some parts of the public sector.
Background
The existing Staff Hire Concession was introduced in 1997 as a temporary measure designed to provide employment businesses with a similar VAT treatment to that enjoyed by employment agents who also paid workers directly. It was extended again at the end of 1998, pending the introduction of Department of Trade & Industry (DTI) regulations.
DTI introduced the Conduct of Employment Agencies and Employment Businesses Regulations 2003 (Conduct Regulations) to take effect from 2004. Customs & Excise, as was, consequently introduced a further related concession to maintain an equitable VAT treatment. Customs also confirmed that the concessionary arrangements would continue for a period of 18 months to allow sufficient time to fully assess the impact of the Conduct Regulations on the VAT treatment and the effect of withdrawing the concession. In June 2006 HMRC announced its review (in Business Brief 06/06) and invited contributions from all affected businesses and any other interested parties. A summary of these responses will be published on 1 April.
Current operation
The existing concessionary arrangements are set out in Part A of the Statement of Practice contained in Notice 700/34, and in Business Brief 10/04.
Change in treatment
Following the introduction of the Conduct Regulations, changes were made which restricted the ability of employment agencies to make payments directly to temporary workers. This means that, where workers are paid directly by an employment bureau, the bureau will be acting as an employment business and a principal for VAT purposes. Now that the regulatory framework for this sector has been amended to ensure equal treatment for those operating on the same commercial basis, HMRC consider that this tax concession is no longer necessary. Furthermore, the concession has no basis in UK or EU VAT law and must therefore be withdrawn. Accordingly, VAT will be applied to all of the consideration employment businesses receive, including the wages element, in respect of the supplies they make.
HMRC recognises that different providers and hirers will be impacted in different ways, depending on the extent to which the additional VAT costs are passed through to hirers, and their ability to recover the VAT. As a result, the concession will not be withdrawn until 1 April 2009, giving over 12 months for providers and hirers to prepare for the change, and adjust their contracts and business plans accordingly. During this transitional period HMRC will be happy to discuss the impact of the change further with those in affected sectors.
Further advice
An Impact Assessment has been published alongside the announcement in the Budget. HMRC will also be publishing a summary of responses document on 1 April 2008. If you have any questions about this change, please contact the National Advice Service on 0845 010 9000.
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