Baker Watkin chartered accountants and chartered tax adviser |
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Baker Watkin
Middlesex House
Rutherford Close
Stevenage SG1 2EF
t: 01438 750555
Baker Watkin Client Briefings
We have prepared a series of briefings on a range of issues which we feel will be of interest to our clients. Click on a link below to read the full briefing.
Will you leave your family and business partners with a financial headache? What happens to my business if I die? Making a will is all too often avoided as clients tend to focus on the things to do now and put off everything else until later down the line. Read more about What happens to my business if I die >> Businesses using self-employed individuals can be targeted by HMRC Most self-employed workers can be paid without deduction of tax or National Insurance (NI) by the business that engages them. Read more about tax issues related to self-employed individuals >> VAT Planning Checklist – 30 June 2011 During the course of preparing your accounts, we do not, unless otherwise instructed, specifically check your VAT returns. Read more about tax issues related to self-employed individuals >> Input Tax Issues – 27 May 2011 During the course of preparing your accounts, we do not, unless otherwise instructed, specifically check your VAT returns. Read more about input tax issues >> Output Tax Issues – 3 May 2011 During the course of preparing your accounts, we do not, unless otherwise instructed, specifically check your VAT returns. Read more about output tax issues >> Annual Investment Allowance: Reduction to £25,000 Legislation will be introduced in Finance Bill 2011 to reduce the maximum amount of annual investment allowance (AIA) to £25,000 from April 2012. Read more about Annual Investment Allowance >> Project Merlin - credit due for banks? The five major banks have agreed to commit around £190bn of credit available to businesses in 2011, of which £76bn will be made available to smaller businesses. Read more about Project Merlin >> Notices of coding and basic rate codes Basic rate codes (BR) will be no more and from 6 April there will be changes to the "Emergency Code" which employers are required to use where no "real code" is available. Read more about notices of coding >> Monthly reporting The preparation of monthly management accounts can become a chore such that by the time the information is completed it is too late and potentially unreliable for the use of running your business. Read more about monthly reporting >> Minimising fraud All businesses need to be on the alert for fraud, particularly during recession where history shows that fraud tends to increase. Read more about minimising fraud>> Business plans In the current economic climate a sound business plan is one of the key issues facing SME's trying to raise finance. Read more about business plans>> Directors' and officers' liability insurance Most seasoned directors ask for directors' and officers' (D&O) insurance before they join the boards of companies, because they do not want their lives to be affected by their work as a director or non-executive. Read more about directors' and officers' liability insurance>> Action plan for employers and self-employed workers There has been a recent introduction of penalties for the late payment of PAYE. HMRC could be carrying out more vigilant checks on self-employed status. Read more about an Action plan for employers and self-employed workers>> Penalties for late PAYE payments Some of our clients are now receiving Late Payment Penalty Warning letters from HMRC where they have not paid PAYE and National Insurance on time. Read more about Penalties for late PAYE payments>> Research & development tax credits It's helpful to answer some key questions when filing your Company Tax Return, so HMRC can review how the definition of R&D applies to your project or projects. Read more about research & development tax credits>> HMRC Powers – the major changes HM Revenue & Custom's (HMRC) new powers came into force on 1 April 2009. The new legislation brought together information requirements already existing for the various direct and indirect taxes. Read more about HMRC Powers – the major changes>> Tax investigations are rising so how can you survive them HM Revenue & Customs (HMRC) is under increasing pressure to keep topping up the Treasury coffers, but it is sorely under-resourced. Read more about how to survive tax investigations>> Form P11D A guide on how to complete the P11D form which should be read in conjunction with the guidelines produced by HM Revenue & Customs (HMRC). Read more about completing a P11D form>> Unpaid share capital We have in the past few months come across instances where new clients, who have incorporated their companies, have done so without understanding the difference between paid and unpaid share capital. Read more about unpaid share capital>> Stranded staff Some of you may be wondering if there are any tax implications on employees' hotel bills and flight costs where they have been stranded overseas due to the recent closure of the UK airspace. Read more about stranded staff >> Cash is king It is important that businesses take every step to protect their cash flow, particularly during the current economic downturn. Read more about how to protect your cash flow >> Car mileage payments When an employee uses a personally owned car for a business journey, a payment of up to 40p per mile can be made tax and NIC - free for the first 10,000 per year. Read more about car mileage payments>> Directors' duties Directors have considerable duties – to members of the company and to other parties, including creditors. The specific duties can change, depending on the financial health of the company. Read more about directors' duties>> Retention of title Supplying goods on credit can be a risky business. In the midst of tough economic times, it is more important than ever for businesses to protect themselves against the risk of a key customer becoming insolvent. Read more about retention of title>> Long service awards Recent discussions with my clients indicate that several of you are not aware that tax free payments can be made to employees to mark their long service. Read more about long service awards>> Driving working capital down In any environment, particularly in this one, there is a need to save on all fronts. One solution is the impact across the business in ensuring that all possible cash is extracted from working capital. Read more about driving working capital down>> The new tax penalties regime HM Revenue & Customs (HMRC) introduced a new penalties regime applying to documents due to be filed on or after 1 April 2009. Read more about the new tax penalties regime>> VAT input tax - over six months old During the current times it is likely that some of you will have negotiated deferred payment of purchase invoices. Read more about VAT input tax>> Eight strategies for suriving the downturn Eight strategies to help directors and their advisers manage their businesses during the recession Read more about strategies for surviving the downturn>> Annual investment allowance: reduction to £25,000 Legislation will be introduced in Finance Bill 2011 to reduce the maximum amount of annual investment allowance (AIA) to £25,000 from April 2012. Read more about the annual investment allowance reduction>> Research and development On 29 October 2010, HM Revenue & Customs (HMRC) published the most recent statistics for company claims for research and development (R & D tax relief). Read more about research and development tax relief>> |
For more information call 01438 750555 or email enquiries@bakerwatkin.co.uk