The good news for some of us this morning is that should you file that dreaded tax return a day late you will not be penalised by HMRC.
HMRC allegedly plans to outsource work to private companies and staff are planning to strike on Tuesday, January 31st.
So, if you find you have a technical problem on the 31st you will be unable to contact them and this will be a "reasonable excuse" for failing to file your returns by the deadline.
You will have to appeal the fine however and state on their form that you tried to contact them but couldn't. This would leave you Wednesday to do it but any later than that and you will definitely be fined.
Today it is estimated that around 2.7 million people have still not filed their returns and an estimated 90,000 will have queries on Tuesday (this figure is based on the average number of callers in recent years).
Even if you have nothing to pay HMRC insists that you too file a return on time or face the consquences of a heavy fine. It is best to make sure you deal with this right away if you haven't submitted your returns yet, there is always a possibility that the strike will be called off.
businessgrowthnow.co.uk
Friday, 27 January 2012
Wednesday, 25 January 2012
1 in 4 small business owners thinking of taking up paid employment again
A report by insurers Aviva claims that one in four small business owners are thinking of taking up paid employment again as the UK slips into a double dip recession. Many are losing their enthusiasm because of the bleak financial climate and are earning no more than an average employee.
The prospects of a steady wage and paid holidays are tempting them to give up their own businesses due to financial worries and red tape. This is causing the Government who are publishing official figures tomorrow a real headache.
Unemployment figures will continue to rise, last year 67,000 public sector workers were made redundant while only 5,000 jobs were created by private businesses. It would seem that the economy and Government legislation is killing the entreprenurial spirit and causing some small business owners to just give up.
Having been your own boss for so long could you cope with having one of your own again? Small existing businesses need help and if they close there will be even more people living on benefits.
If you find yourself struggling contact our team at Business Growth Now for advice and support. Giving up is not an option. Business Growth Now
The prospects of a steady wage and paid holidays are tempting them to give up their own businesses due to financial worries and red tape. This is causing the Government who are publishing official figures tomorrow a real headache.
Unemployment figures will continue to rise, last year 67,000 public sector workers were made redundant while only 5,000 jobs were created by private businesses. It would seem that the economy and Government legislation is killing the entreprenurial spirit and causing some small business owners to just give up.
Having been your own boss for so long could you cope with having one of your own again? Small existing businesses need help and if they close there will be even more people living on benefits.
If you find yourself struggling contact our team at Business Growth Now for advice and support. Giving up is not an option. Business Growth Now
Sunday, 22 January 2012
COINING IT IN - Businesses affected by new, thicker coins
This spring many businesses may be affected by the introduction of new, thicker coins which will be made of steel as opposed to the current ones which are made of 75% copper and 25% nickel.
An industry body has warned that all Council meters will have to be renewed or replaced. Despite the fact that the new coins will be the same size as the existing ones, Glasgow and Edinburgh City Council will be unable to accept them and concern is growing that they will not be able to meet the cost of replacing meters and payphones.
The introduction of the new coins was planned for last year but was delayed because pay by coin machinery would not function and would cause chaos for business owners and their employees.
We can only hope that it will be delayed again, it would be cheaper to produce the new coins but the cost to commuters, snack machine owners and even bus companies could be very, very high.
An industry body has warned that all Council meters will have to be renewed or replaced. Despite the fact that the new coins will be the same size as the existing ones, Glasgow and Edinburgh City Council will be unable to accept them and concern is growing that they will not be able to meet the cost of replacing meters and payphones.
The introduction of the new coins was planned for last year but was delayed because pay by coin machinery would not function and would cause chaos for business owners and their employees.
We can only hope that it will be delayed again, it would be cheaper to produce the new coins but the cost to commuters, snack machine owners and even bus companies could be very, very high.
Saturday, 21 January 2012
ARE YOUR DEBTS OUT OF HAND?
January is always the most depressing month of the year. With the festive season behind us many of us have to get a grip on our finances and if we are in debt how do we borrow without making matters worse?
Try not to use credit unless you are absolutely sure you can pay the money back and never take out a crippling payday loan. If you switch your bank account to Santander or HSBC who are currently running promotions you can have an interest free overdraft for 12 months for small amounts from £200.00 - £500.00. For larger amounts of £500.00+ to a few thousand a 0% purchase credit card is ideal for borrowing without paying any interest.
If you are aiming higher and need £5,000.00 - £15,000.00 avoid credit cards and take out an unsecured loan which will grant you fixed repayments over a set period of time.
Whatever you do please remember that APRs offered by loan companies only apply if you have an excellent credit rating, if you haven't the interest rate is normally higher and you will have to pay back more.
A last resort, if you own your own home, is to remortgage the property and it is always a good idea to check the internet for fee-free brokers before you do.
Whatever you do be careful, it's not long until Christmas again.
Try not to use credit unless you are absolutely sure you can pay the money back and never take out a crippling payday loan. If you switch your bank account to Santander or HSBC who are currently running promotions you can have an interest free overdraft for 12 months for small amounts from £200.00 - £500.00. For larger amounts of £500.00+ to a few thousand a 0% purchase credit card is ideal for borrowing without paying any interest.
If you are aiming higher and need £5,000.00 - £15,000.00 avoid credit cards and take out an unsecured loan which will grant you fixed repayments over a set period of time.
Whatever you do please remember that APRs offered by loan companies only apply if you have an excellent credit rating, if you haven't the interest rate is normally higher and you will have to pay back more.
A last resort, if you own your own home, is to remortgage the property and it is always a good idea to check the internet for fee-free brokers before you do.
Whatever you do be careful, it's not long until Christmas again.
Friday, 20 January 2012
Facebook - The New Timeline Application
Until today Facebook has been posting friends' updates based on applications such as Spotify and we have all been able to see what they are doing or listening to.
However, a radical change has been applied to Facebook and things are getting bigger. The new Timeline application will predict what you are going to be doing based on your hobbies and interests such as food, travelling, entertainment etc.
Known as fictionless sharing Timeline will start sharing every application you have signed up to including Spotify, Gogobot and Trip Advisor.
Once you have added a new application you will be able to share recipes, reviews and anything else which may interest you.
However, once you have installed Timeline there is no going back, Facebook will never ask for your permission again and, as usual, there are going to be privacy concerns.
Enter at your peril but if you would prefer to keep your activities private it may be best avoided. Business Growth Now
However, a radical change has been applied to Facebook and things are getting bigger. The new Timeline application will predict what you are going to be doing based on your hobbies and interests such as food, travelling, entertainment etc.
Known as fictionless sharing Timeline will start sharing every application you have signed up to including Spotify, Gogobot and Trip Advisor.
Once you have added a new application you will be able to share recipes, reviews and anything else which may interest you.
However, once you have installed Timeline there is no going back, Facebook will never ask for your permission again and, as usual, there are going to be privacy concerns.
Enter at your peril but if you would prefer to keep your activities private it may be best avoided. Business Growth Now
Wednesday, 18 January 2012
COINAGE - New coins about to cause lots of headaches
New coins are about to cause a lot of headaches this month when the Royal Mint starts realeasing coins made of steel rather than those which have been produced by using copper and nickel. Machines in supermarkets will not be able to accept them and payphones and parking meters will be problematic.
The biggest cost will be to industry and businesses. The change will supposedly save the Treasury £8,000,000 but the cost to businesses may well exceed that. Business Growth Now
The biggest cost will be to industry and businesses. The change will supposedly save the Treasury £8,000,000 but the cost to businesses may well exceed that. Business Growth Now
YOU AND THE TAXMAN
It has been revealed that multi-millionaire Tony Blair has only paid £315,000.00 in tax this year despite having an income of £12,000,000. How did he do it then? He has successfully written off £11,000,000 of his income as administrative expenses. This brought down the profits of Blair Inc. as Corporation Tax was levied at 20% which left Tony with only £315,000.00 to pay.
His accounts show that he paid £2.3 million to 26 staff, spent £300,000.00 on office equipment and £550,000.00 on his business base in Mayfair. He made 61 trips abroad last year so he is basically using work-related expenses to fund his business empire. All profits are subject to Corporation Tax so if your business earns you £300,000.00 in a tax year allowable expenses can be written off leaving profits of £200,000.00. Corporation Tax would be due on this leaving you with a bill of only £40,000.00. Your salary is subject to 20% income tax after your personal allowance of £7,475.00 so £27,525.00 of your salary is subject to a 20% levy which would give you an income tax bill of £5,505.00 and a wage of £29,495.00.
This tends to apply to very high earners so that earnings for small businesses go into their business account and all allowable expenses, i.e. travel, office equipment etc. are deducted from the total income. Income tax, NI etc. are levied on the profits which are left taking personal tax-free allowances into account. So, don't forget to fill in your tax return before the end of this month and avoid paying a hefty fine. Business Growth Now
His accounts show that he paid £2.3 million to 26 staff, spent £300,000.00 on office equipment and £550,000.00 on his business base in Mayfair. He made 61 trips abroad last year so he is basically using work-related expenses to fund his business empire. All profits are subject to Corporation Tax so if your business earns you £300,000.00 in a tax year allowable expenses can be written off leaving profits of £200,000.00. Corporation Tax would be due on this leaving you with a bill of only £40,000.00. Your salary is subject to 20% income tax after your personal allowance of £7,475.00 so £27,525.00 of your salary is subject to a 20% levy which would give you an income tax bill of £5,505.00 and a wage of £29,495.00.
This tends to apply to very high earners so that earnings for small businesses go into their business account and all allowable expenses, i.e. travel, office equipment etc. are deducted from the total income. Income tax, NI etc. are levied on the profits which are left taking personal tax-free allowances into account. So, don't forget to fill in your tax return before the end of this month and avoid paying a hefty fine. Business Growth Now
Monday, 16 January 2012
DRIVE CAREFULLY - Drivers facing fines of £1000
Businesses could be at risk of hefty fines because owners and employees are using old photos on their driving licences.
Drivers could be facing fines of £1000.00 because they are unaware that their photo licences must be updated every 10 years at a cost of £20.00.
Already 1.6m licences in the UK are out of date, 2.9m will have to renewed by the end of this year and 13m drivers will have to have their photos taken again by 2017.
The Police can enforce the £1000.00 fine according to Section 99 of the Road Traffic Act of 1988.
Sainsbury's recently carried out surveys and found that millions of drivers do not know about this law and what the consequences are for breaking it.
The photocard driving licence was launched in 1998 and many have simply forgotten to update theirs. An out of date licence can also cause problems with hiring a car or booking a flight as it is also used as a form of ID.
There is no need to worry if you have a paper licence however provided you inform the DVLA of any change of address, name etc. There is no set date yet for making photo licences compulsory so you should be safe.
Please remember to check your licence and those of your employees if they use company vehicles to avoid this extortionate fine.
Drivers could be facing fines of £1000.00 because they are unaware that their photo licences must be updated every 10 years at a cost of £20.00.
Already 1.6m licences in the UK are out of date, 2.9m will have to renewed by the end of this year and 13m drivers will have to have their photos taken again by 2017.
The Police can enforce the £1000.00 fine according to Section 99 of the Road Traffic Act of 1988.
Sainsbury's recently carried out surveys and found that millions of drivers do not know about this law and what the consequences are for breaking it.
The photocard driving licence was launched in 1998 and many have simply forgotten to update theirs. An out of date licence can also cause problems with hiring a car or booking a flight as it is also used as a form of ID.
There is no need to worry if you have a paper licence however provided you inform the DVLA of any change of address, name etc. There is no set date yet for making photo licences compulsory so you should be safe.
Please remember to check your licence and those of your employees if they use company vehicles to avoid this extortionate fine.
WORMS IN THE COMPUTER
45,000 Facebook users mainly in the UK and France have recently fallen victim to a virus known as Ramnit, a worm which steals their user names and passwords. This nasty piece of malware can destroy software components such as Microsoft and HTML. The virus spreads its ugly head by getting into Facebook accounts because cybercriminals are well aware that many of use the same passwords on different sites. Users are urged to click on a link (usually promising free gifts or a prize) and when a user clicks on this the virus is circulated to all of their friends. Twitter is also vulnerable to attacks by urging people to click on fraudulent links, if you click on one of these you will be linked up to a fake Twitter account where the scammers can access your login details. To be safe never click on anonymous links and beware of any messages which contain spelling mistakes (the scammers operate from countries where English is not the first language spoken). Also check the URL and see if it has a misplaced letter or bogus domain name, i.e. tweeter.com, you can always ignore the link and do a search for it yourself just to be sure and don't forget to change your password everytime you register on a new site. Facebook is now investigating the Ramnit threat but in the meantime be extra vigilant when on social networking sites.
Sunday, 15 January 2012
HMRC AND SMALL BUSINESSES
HMRC has launched a new project which will give them the power to carry out spot checks on small businesses and inspect the paperwork of 20,000 companies. This project called BRC (Business Records Check) will result in small companies having to pay a fine of £3,000 if they can't back up their tax returns. Despite this large corporate companies already owe HMRC a total of £25.5 billion. Pilot projects are already being carried out in eight areas and HMRC will also pursue any business they suspect of not being registered for VAT. It is totally ridiculous that yesterday, 13/1/12 two thirds of fines issued by them were found to be incorrect on appeal.businessgrowthnow.co.uk
ON THE MOVE WITH SOCIAL MEDIA
Now that we are well into 2012 many of us are thinking of moving home in the spring or renting out spare rooms. Look no further than Facebook then, their new application Property Places will let you find a home or check out your new landlord or tenant. This is all done with no agent in between charging hefty fees. The website uses property feeds similar to many other property sites and you begin your search by typing in a postcode then you narrow down the search until you find what you are looking for. At the moment the properties listed are updated every 12 hours, most of them are supplied by Guardian Media but when the site goes live at the end of January property dealers, landlords and estate agents are expected to register in their droves. Sellers and would be tenants can list properties they are selling or looking for on their own Facebook pages and keep on sharing to friends and friends of friends to get additional help. these posts will then appear in agent-listed properties in searches by postcode. So tenants and landlords can check out the profile of anyone who contacts them and they can use their friends to find contacts. The easiest way to do this however is probably by entering a postcode. This new application could save you a lot of money as it virtually cuts out the middle-men if you let, rent or sell. Now you can find a new home from the comfort of your living room courtesy of good old Facebook. businessgrowthnow.co.uk
Monday, 2 January 2012
Fall in Scots business start-ups
The number of businesses started between July and September has fallen nearly 13% compared with a year ago, according to the banks.
As January is the peak period for new business start ups businessgrowthnow.co.uk has set up key experts to help new and small business to overcome the pitfalls to achieve success.
As January is the peak period for new business start ups businessgrowthnow.co.uk has set up key experts to help new and small business to overcome the pitfalls to achieve success.
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