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Announcing New Office Premises

We are proud to announce pharmacyonline4better.com that following a recent acquisition by our accounting business, we have taken out additional office space in Chester.

The core of our accounting function is still based out of The Turbine in Worksop, so nothing has changed for genericcialis-2getrx correspondence and meeting purposes.

If however, you wish to meet a member of our accounting pharmacyonline4better.com team in the Chester area, our http://cialisonline-online4rx.com/ new location is at:

Regus Chester

Herons Way

Chester south africa online pharmacy Business Park

Chester tadalafil online

CH4 9QR.

Tel: 01244 421 211.

Our 100% Apprentice Success Story

I am extremely proud to announce that Ella Bramall our Legal Executive and Phillipa Hardcastle our HR Officer, have successfully completed and passed their Business Administration apprenticeships.

Both Ella and Phillipa first began their careers with us in administration, and after flourishing in two key areas were soon promoted to concentrate on their individual strengths. Phillipa is currently a student member of CIPD and is studying towards full membership and Ella is planning on starting her ILEX qualifications later this year.

This means we hold a 100% success history with our apprentices and look forward to welcoming a new apprentice later this year.

Once again, I would like to say a big Congratulations to them both and wish them luck with their further qualifications!

By Holly Janaway, Tax Manager.

HMRC investigates small firms’ card records

  • Posted On September 14, 2016
  • Categorized In News
  • Written By

HM Revenue & Customs (HMRC) is monitoring credit card records in a £100m crackdown on small firms it suspects are failing to declare payments.

 

The Revenue has revealed that it is studying the number of card payments recorded by companies including newsagents, restaurants and garages to see if they match up with the profits that they declare on their tax return.

 

It estimates around 30% of sales made at most small businesses are paid for in cash, and that many companies may not be declaring all of these payments on their returns.

 

If HMRC finds that a firm has recorded 90% of its transactions as card payments, it could raise a red flag and trigger further investigations.

 

Chas Roy-Chowdhury, of the Association of Chartered Certified Accountants, said: “This Big Brother approach is concerning.

 

“HMRC has made it clear it is not 100% sure how good its data is. The taxman needs to be sure business owners don’t end up being wrongly vilified.”

The Self Employment Survival Kit for Business Owners

We would like to invite you to join us for an update event on a topic which most businesses will have come across at one point or another.

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We’re calling it “The Self-Employment Survival Kit for Business Owners.
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This will be a joint presentation by Femi Ogunshakin of Loftus Stowe Ltd, Paul Evans of Butler Evans & Insurance Consultants Ltd and Ian Clay of Walker & Co Solicitors.

The event (which is completely free of charge) will provide essential guidance and advice on taxation, legal issues on self-employment, contracts and insurance risks aimed at business owners and managers taking on self-employed persons.

07:50 – 8:00

Arrival

08:00 – 08:20

Employment Status – Why It Matters:
An Overall Perspective by Femi Ogunshakin
Loftus Stowe Ltd

08:20 – 8:40
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Status Symbols in Employment
by Ian Clay, Walker & Co Solicitors.

08:40 – 9:00

To sildenafil online Insure or Not to Insure by Paul Evans
of Butler Evans Risk & Insurance Consultants Ltd

08:55 – 09:00

Refreshments & Sausage/Bacon Cobs

To book, canadianpharmacy4bestlife.com visit https://www.eventbrite.com/e/the-self-employment-survival-kit-for-business-owners-tickets-27482610227

Taxing time for the company car

  • Posted On September 8, 2016
  • Categorized In News
  • Written By

News Feed From Norton Folgate

The Times’ Abigail Townsend talks to motor industry experts about the possible effects of a government clampdown on salary sacrifice schemes for company cars.

The scheme was introduced in 2002 to encourage the take-up of low-emission cars while the employee pays less income tax and both employee and employer pay less NI.

Experts say the scheme had a big effect on people’s tax and in cutting emissions, but the government ended up losing out on the tax revenues. Deloitte estimates that about 500,000 company car drivers could be affected by the proposals. “It makes the decision to give a car as a perk a harder and harder thing to do, so the market will be affected,” Mike Moore, head of car consulting at the firm, said.

Offshore tax dodgers face harsh new penalties

  • Posted On September 6, 2016
  • Categorized In News
  • Written By

News Feed From Norton Folgate KPMG is warning that UK taxpayers with offshore holdings could soon be subject to new legal obligations after HMRC launched a new consultation to tackle offshore tax evasion and non-compliance. Proposals include a new “requirement to correct” obligation which would mean anyone with UK tax irregularities related to offshore interests now has a legal obligation

to correct this by September 30, 2018. Failure to comply could result in penalties in the range of 100% up to 200% of the total amount; a further 50% penalty if steps have been taken to try and avoid reporting; an asset-based penalty of up to 10% of the asset value; and naming and shaming the individual concerned. Beatrice Friar, head of private client advisory for KPMG in Scotland, said: “This is the latest example of HMRC drawing in the net around offshore aspects of tax evasion, and confirms that voluntary disclosure is the only acceptable option in today’s tax transparency environment for those with issues to resolve.”

Vacancies: Payroll Administrators

Salary – £15,000 – £16,000 per annum

Hours – Full-time (09:00-17:00)

Closing Date – 31 October 2016

We are currently seeking two Payroll Administrators who are knowledgeable, customer-focused, professional and can handle a fast-paced environment in our quick developing business.

The role requires the individual to have experience in a payroll environment, bring a can-do approach and work within our small but friendly team. It’s desirable, but not essential, for you to have previous experience or knowledge of Construction Industry Scheme (CIS).

Main responsibilities will include:

  •  Ensuring all payroll and ad hoc payments are administered smoothly and in line with business processes;
  • Input payment data, maintain records and submit data to HM Revenue and Customers in line with their requirements;
  • Issue salary cheques;
  • Checking and supporting of payroll data;
  • Processing new starters, leavers and detail changes;
  • Assisting in pension deductions via payroll;
  • Process and check payroll hours;
  • P45 creation and distribution.

It is essential that you have previous experience working within payroll, working within a team and have the ability to meet tight timescales. You should also be computer literate, have attention to detail and have strong written and verbal communication skills.

If you wish to apply for this role, or would like further information, please contact Phillipa for an application form via email at phillipa@loftusstowe.com or call 01909 512 120

Brexit – BCC says minimum wage plan needs rethink

Update from Norton Folgate

The British Chamber of Commerce (BCC) says the government must overhaul its minimum wage policy following the Brexit vote.

The business group said the “politically driven” approach to setting the national living wage – due to increase to around £9 by 2020 – could become unaffordable as the decision to leave the EU ushers in a period of uncertainty. It warns that pressing ahead with increases towards the £9 target would hit smaller businesses hardest.

These account for 99.3% of all private sector businesses and employ more than 15m people, according to the Federation of Small Businesses.

George Osborne claimed that raising the minimum wage would help to transform the UK into a “higher wage, lower tax, lower welfare” economy.

However, the BCC says the policies introduced by the Government to cushion the burden of higher costs, including cuts to corporation tax and extending employment allowances, do not fully offset the burden.

Making Tax Digital regime – Doubling Cash Basis Accounting threshold for unincorporated businesses

Accounting Web News Bite:

HM Revenue & Customs (HMRC) has produced a package of reform proposals to simplify the taxation of unincorporated businesses ahead of the migration to quarterly digital tax reporting.

The main plank of this simplification drive will be to raise the ceiling for the current cash basis mechanism that that allows businesses with trading income to calculate their tax liabilities based on amounts actually paid and received within a period.

It is currently available up to the VAT registration point of £83,000, but HMRC is consulting on raising it to as much as £166,000, double the existing figure. The popularity of the cash basis in its current form encouraged the MTD team to consider expansion, particularly since regular reporting updates will align more easily with the cash approach.

“Businesses who account this way will simply enter the details of their income and expenses as they actually receive payment or pay for an expense,” the HMRC consultation paper explained.

Doubling the upper limit would extend the cash basis option to another 175,000 business; those with higher turnovers are more likely to have complex tax affairs requiring accruals accounts for other purposes, it added.

An exit threshold at around twice the entry threshold is also being considered that would allow businesses with fluctuating turnovers up to £300,000 to continue to use cash basis accounting.

Tougher Rules – IR35

New consultation on reforming the disguised employment rules (IR35) was published in May 2016. From this, it’s proposing to give HR professionals the responsibility for determining employment status’ when it comes to IR35. This is after the Government are planning to become tougher on those who fail to pay their taxes under IR35 disguised employment rules.

It’s a well-known headache for HR professionals when it comes to determining if someone is self-employed or an employee. However, the importance of determining employment status allows employers to understand how they are treated for tax, national insurance, employment law, pensions and much more – meaning if an employer determines this incorrectly, it could end up being costly!

The new consultation would mean that HR will need to ensure that contractors are in their own business and if not, engagers could face penalties. This change is due to come into force from April 2017 and will then be likely extended to private-sector hirers thereafter.

What does this mean?

The responsibility of compliance will move from contractors themselves, to the engagers. This means public sector HR managers will be able to use a digital tool, to ensure that contractors are in fact self-employed.

HR managers will need to become aware of this change and will need to get used to this responsibility being on them, rather than the contractor.

If HM Revenue & Customs challenge the employment status successfully, the engager faces a a potentially high price.

This consultation ends of 18 August 2016.

If you have any questions on this, or need guidance, contact us on 01909 512 120 or email info@loftusstowe.com

Femi Ogunshakin Managing Director
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