A recent survey has shown that many small businesses have a lack of awareness when it comes to the legalities of running their company. The study, by the Department for Business Innovations and Skills, shows that only 32% of small business owners feel confident in their understanding of employment law and their role as an employer.

Most worryingly, 34% of those asked think employment law obligations are ‘not relevant’ to their business, while 20% had concerns as to whether they were meeting these obligations- even if they understood them.

Employment relations minister Lord Young said: “We know that running a small business … Continue Reading

According to a review of ten research studies, involving more than 16,000 people, workers who have control over their working hours enjoy better health because they are less stressed and get more rest.

The review, conducted by researchers at the Wolfson Research Institute based at Durham University, and published by the Cochrane Library, found mental health, blood pressure, and sleep patterns were better among people who could determine their own working hours.

By contrast, fixed-term contracts and other situations were working conditions were determined by the employer had no benefits for health. One study even showed fixed working hours had a … Continue Reading

Following the collapse of the banking system and a period of economic uncertainty, the UK is in serious debt, some of which small businesses will be called upon to help pay back. An increase in National Insurance is one the way…

The British Chamber of Commerce (BCC) has revealed today (15 February) that small firms in the UK believe that the planned National Insurance increase should be scrapped and replaced by a less damaging alternative.

In the BCC’s latest Monthly Business Survey, companies were asked what they thought were the Government’s most pressing issues. A considerable 41% answered that reducing the budget … Continue Reading

To launch my new ‘Twitter Tuesday’s’, starting next week (9th February), where I will be answering all accountancy related questions for one hour from 11am, today’s blog looks at the business benefits of this growing phenomenon.

Love it or loathe it, Twitter is becoming an irrepressible force that’s hard to ignore. While it started life as a place for celebrities to talk about themselves, increasingly, Twitter is becoming a useful marketing tool for businesses large and small, allowing for instant customer interaction and the potential for increased website traffic.

With current users at around the 5 million mark, Twitter presents an opportunity … Continue Reading

The disastrous earthquake in Haiti has dominated our screens for the past couple of weeks, with thousands of lives lost, or in grave danger, and aid only making its way to the country slowly.

If you have been touched by this tragedy, UNICEF http://www.unicef.org.uk/ is calling for businesses to make a contribution, which can be generated in a number of ways:

A corporate donation is a straightforward transaction of funds, which UNICEF will then publicise to key stakeholders. If you want to get your whole business involved, employee fundraising provides an opportunity for everyone to show their support. Face to face appeals, … Continue Reading

The Chartered Institute of Taxation (CIOT) is warning business that they need to be prepared for more VAT changes than just the return of the VAT rate to 17.5% on New Year’s Day.

According to CIOT, the EU VAT Package, which comes into effect on 1st January 2010, means big changes to rules on the taxation of cross-border services. At present, some services (such as management services) are treated, for tax purposes, as being supplied where the business supplying them is based. But from the new year, virtually all services supplied to a business in another EU member state will be … Continue Reading

Welcome to December’s tax tips & news, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman.

If you need further assistance just let us know or you can send us a question for our Question and Answer Corner.

We are committed to ensuring all our clients don’t pay a penny more in tax than is necessary.

Please contact us for advice in your own specific circumstances. We’re here to help!
Tax Deductions for Franchise Fees
One of the easiest ways to step into the world of business is to acquire the right to operate a … Continue Reading

HM Revenue & Customs (HMRC) is reminding students that they may not need to pay income tax on their earnings, if these are below their Personal Allowance for the year.

For any student planning to work over Christmas, if they expect to earn less than £6,475 in the tax year to 5 April 2010 and complete a form P38(S) at the beginning of employment – they will be entitled to receive their money tax free.

Students can find all the information they need at Direct.gov.uk/studenttaxadvice.

Furthermore, students who have worked part-time throughout the year, and think they may have paid too much … Continue Reading

HM Revenue & Customs (HMRC) has issued a reminder to anyone who hasn’t yet submitted their 2008-09 Self Assessment tax return.

The reminder stresses that the 31st October deadline for paper returns has now passed, which means anyone yet to file must do soonline by the 31st January deadline. HMRC warns that if you submit a paper return after 31st October, or you file online after 31st January, you could receive a £100 penalty.

HMRC are expecting more than 9.5m Self Assessment returns this year. Around 5.8m people filed online last year, up from 3.8m the previous year – an increase of over … Continue Reading

A new Charter setting out what individuals, businesses and other groups dealing with HM Revenue & Customs (HMRC) can expect from the department, as well as what it expects from them, was launched today.

Under the Charter, HMRC gives a commitment to:

• respect individuals and businesses;
• help and support them to get things right;
• treat them as honest;
• treat them even-handedly;
• be professional and act with integrity;
• tackle people who deliberately break the rules and challenge those who bend the rules;
• protect their information and respect their privacy;
• accept that someone else can represent them; and
• do all it can to keep the cost of dealing with HMRC as low … Continue Reading