Chartered Accountants of Poynton, Cheshire |
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Money launderingThere have been changes to the identification procedures (ID) that accountants have to legally carry out on their clients. Until December 2007 this was only required for new clients taken on after 2004. In December this changed, so now we may need to carry out a formal ID check on all our clients. While this is unlikely for long-established clients, we might have to carry out an additional ID check on some clients for whom we do not have sufficient ID details on our files, to satisfy the regulatory requirements. Company VansThere has been a big change to the taxable benefit due on vans. Where an employer provides a van for an employee, which they can use for private journeys, the taxable benefit from 6 April 2007 becomes £3000 per annum. This taxable benefit is not levied if the private use is merely incidental. HMRC have given some guidance on what is incidental but this is not exhaustive so we will be pleased to advise on the situation if you are providing vans that can also be used for private journeys. Filing onlineEvery year, employers are required to send details of the salaries, tax and National Insurance deducted from their employees. These year-end returns have to be submitted by 19 May 2007 to avoid a fine. These documents can be submitted on-line via the internet. Appletons can assist you in this process. If you are a small business - defined by HMRC as having fewer than 50 employees - and you file your P35 online, HMRC will pay you £100 tax-free for doing so. You usually claim this back by reducing your next monthly PAYE payment. |
Taking the plungeIf you've just started a business, congratulations! If you've set yourself up as a limited company then by now your company secretary will be inundated with letters, brochures and forms from the Inland Revenue. Don't Panic! Simply give them all to us! Let us deal with the taxman while you get out selling your product or service! Incidentally, did you know your business could be a vehicle to slash your tax bill? Contact us and we'll tell you more... "The main reason for business failure is lack of sales – you should be always be spending sufficient time prospecting, following up and closing sales." "In business, we always need more time. Appletons give you that time by handling your bookkeeping, payroll and red tape while you handle your new customers." Budding entrepreneursIf you want to run your own business you have to be focussed and self-discinplined. Even the smallest business should take the time to draft a business plan, which sets out the business's aims and how it will achieve them. The plan will vary depending on the type of business but it will usually include some or all of the following:
...if the business is making products for resale, the plan should also cover its production needs. But how detailed should your plan be? How realistic is it? We at Appletons will be delighted to help answer these questions for you. |
Whilst all due care and attention is taken in preparing the articles which appear on this website, no liability can be accepted for any of its contents. It is designed to be of a general nature, and no action should be taken without our specific help tailored to your unique circumstances. |