Latest News & Events – M & G Associates Accountancy Services
Latest News
September 16, 2010
HMRC warn of telephone scam
The HMRC have warned taxpayers of a new telephone scam. The taxpayers are contacted by fraudsters purporting to be from the HMRC informing them that they are due a tax refund and ask for their bank card details in order for the refund to be credited to it. The fraudsters then attempt to obtain funds from the account using this information.
September 9, 2010
Quicker if businesses correct their own VAT mistakes
Businesses have been advised by HM Revenue and Customs (HMRC) that it may be quicker if they themselves were to correct errors made in previous VAT returns.
HMRC said that if firms correct the errors, it will ensure the problem is resolved quickly and, if they are due a repayment, they may get it sooner.
HMRC has found that many of the mistakes reported to their Error Correction Team could have been amended and adjusted by the customer.
September 8, 2010
NIC tax holiday
The Regional Employer National Insurance contributions holiday is now available to new business for a limited period and subject to meeting certain qualifying conditions. New businesses may be able to qualify for a reduction of up to £5,000 of the employer NICs that would normally be due - for each of the first ten employees they take on. This means a potential aid to business of up to £50,000.
If you think you qualify, contact us now and we can prepare the paperwork for you.
September 8, 2010
Increase in National Minimum Wage (NMW)
With effect from October 1st, 2010 the Nationa Minimum wage will increase as follows:
The adult hourly rate will increase from £5.80 to £5.93
The development rate, which covers workers aged 18 to 20 years, rises from £4.83 to £4.92
The rate for those aged 16 to 17 will increase from £3.57 to £3.64
There should be a single apprentice minimum wage rate of £2.50 per hour for those apprentices currently exempt from the national minimum wage; that is, all those under the age of 19 and those aged 19 and over in the first 12 months of their apprenticeship
August 20, 2010
NIC tax holiday set to launch
The government is preparing to launch its promised national insurance contribution holiday for start-up firms in certain areas of the UK.
The putative date for the launch is 6 September, although it is understood that every detail of the necessary legislation has yet to be confirmed.
Under the scheme, which is designed to help fledgling firms in regions that are economically hard pressed, new employers will not have to pay the first £5,000 of class 1 employer NICs due in the first twelve months of business.
This will apply for each of the first 10 employees hired in the first year of trading
The scheme is due to run for three years, and firms that have set up since 22 June, when the measure was announced in the Budget, can claim for the tax breaks provided they meet the qualifying criteria.
May 19, 2010
Coalition government welcomed by businesses
The Conservative and Liberal Democrat coalition government has been broadly welcomed by the business community as an important step forward to create a strong and stable government that the UK needs.
The Federation of Small Businesses (FSB) states that it welcomed the fact that both parties had made compromises to safeguard the business confidence and was pleased that the coalition had listened to the business community referring to the reversal of the 1per cent increase in employees NIC’s and the capital gains tax that will not be changed.
The increase on the personal tax allowance to £10,000.00 is something the FSB has been encouraging for some time, it will not only help lower paid employees, but also encourage businesses to take on more staff.
May 12, 2010
Help the environment and go green with payroll outsourcing
Want to know more, well read on.
Most people are now getting into recycling and trying to reduce their carbon footprint. You may be feeling doubtful as a company how you can make a difference, but by engaging M & G Associates to take over your payroll function we can help you to achieve this goal for you and your company.
Instead of printing out all of your reports we transmit all of your payroll data electronically to you so you just print the essential reports and save all of it in electronic format.
You can save on envelopes and postage by sending wage payments directly to your employee’s accounts by BACS instead of paying them by cheque. It will also reduce the fuel for your employees as they will not have to make a trip to the bank to deposit their cheque.
This is not only a win win situation for you and the environment, which cannot afford to wait, but will be a motivation in your business by encouraging your staff to go green by you setting an example.
April 16, 2010
Call to drop fuel duty increase
With fuel prices reaching record highs and fuel duty increasing by 1 pence on April 1st-as announced in the budget. They are then being raised again in October 2010 by a further 1 pence and 0.76 pence in January 2011.
Enough is enough and the Forum of Private Business (FPB) is calling on the government to reconsider it’s plan to increase fuel duty.
The FPB state the planned increase will harm business and many smaller businesses will certainly become less profitable.
Matt Goodman, the FPB's policy representative, said: High fuel costs affect the entire economy. When prices at the pumps go up, nearly every business and consumer in the UK suffers. It's probably no coincidence that the previous record high prices in the summer of 2008 were soon followed by full-blown recession.
Following a prolonged period of decline, we are at the beginning of a crucial stage in the UK's economic recovery. Small businesses will play a central role in this recovery and must be given a tax environment in which they can thrive. Spiralling fuel duty is jeopardising small business growth and the planned increases should be shelved.
February 5, 2010
Reminder and Penalties
Don’t forget that your payments for PAYE/CIS/NIC need to be with HMRC by the 19th if you are paying by cheque or the 22nd if paying electronically.
Get in the habit now of making these payments on time as from May 2010 HMRC have introduced a new tougher penalty regime for late payments. You can make one late payment and then after that you will be fined for each subsequent one with fines ranging from 1% to 4% of the amount unpaid.
February 4, 2010
Paternity leave, changes in fathers entitlements
It has been announced by the government that they wish to introduce new legislation to allow mothers to swap a large portion of their maternity leave with the father and it is expected that the government will want this in place before the next general election.
Under current legislation fathers are entitled to two weeks paid paternity leave (subject to them reaching the pay and national insurance contribution limits), but under the new law parents will have the opportunity of dividing the maternity leave between them with the final three months of paid maternity leave which was due to the mother passing to the father who would then subsequently be paid £123.06, being the current statutory maternity pay.
The changes will apply to parents of children due on or after April 3, 2011
Harriet Harman, the Women and Equalities Minister, said “This gives families radically more choice and flexibility in how they balance work and care of children, and enables fathers to play a bigger part in bringing up their children. We’ve double maternity leave; doubled maternity pay; introduced paternity leave: more than doubled good quality childcare places: and introduced right to request flexible working.”
February 1, 2010
Online VAT Filing Reminder
In August 2009 it was announced that with effect from April 1, 2010 all registered business with an annual VAT exclusive turnover of over £100,000 and all newly registered businesses from this date must make their returns online and pay any VAT due electronically. Make sure that you have all of your procedures and practices in place to ensure a smooth transition – if you need help or assistance with this please Contact Us.
Latest Events
September 30, 2010
Social Media For Your Business
We are attending this workshop provided by Business Link on October 12, 2010 at Future Inn, Plymouth |
