What will the Effects of the National Insurance rise mean for you?

8 01 2010

On Wednesday 9th December 2009, Alistair Darling delivered his Pre-Budget report. In it, he mentioned a 0.5% rise in National Insurance.

Currently, National Insurance is currently charged at 11% for those earning between £110 and £844 a week, and anyone earning over £844 a week, has to pay an additional 1% National Insurance on the earnings over £844. For example, if someone earns £1000 a week, the National Insurance would be worked out like this; Read the rest of this entry »

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HMRC announces ‘light touch’ approach to VAT rate change

25 11 2009


HMRC have said that it will be applying a ‘light touch’ approach if businesses make mistakes on their returns following the upcoming change in the standard rate of VAT.

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VAT Do’s and Dont’s

13 11 2009

 

If you need to check that you are being given a valid VAT number, you can call HMRC’s national advice service on 0845 010 9000 from 8am to 8pm Monday to Friday.

DO obtain and keep VAT invoices – these are your authority to claim back VAT on supplies made to you

DO charge VAT on supplies sold to staff

DO charge VAT on any equipment or vehicles (except motor cars) that you sell or part-exchange

DO account for VAT on fuel used for private use, using the appropriate scale charge

DON’T claim the VAT paid on purchasing a motor car – apart from a few very special cases, this is not recoverable

DON’T claim VAT paid on goods or services used for privates purposes. Where there is an element of private use, for example the telephone, an appropriate percentage should be claimed. Special arrangements apply to the private use of petrol

DON’T claim the VAT paid on entertaining

DON’T forget to account for VAT on inter-company charges

DON’T charge VAT on the transfer of a business as a going concern (make sure contracts include appropriate VAT provisions)

For more help with VAT, why not check out the Best Accountants in Sussex?Tax Accountant  Make sure you’re aware of the new National Minimum Wage Rates for 2011 – they come into effect in October 2011.





All About Us

2 11 2009

This is just a quick post to tell you a little bit about ourselves. Ever since Keepers Accountancy started in 1989, our philosophy has always been closely aligned to this Chinese proverb:

“A man without a smiling face

should not open a shop”

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Correcting VAT Errors

2 11 2009

Where you find an error in your VAT records, which has already been included in the figures reported on a VAT return, don’t panic! You can correct that error on your next VAT return, as long as the net error amounts to VAT due Read the rest of this entry »





Stamp Duty on purchase of own shares

29 10 2009

HMRC have previously taken the view that, where a company buys back its own shares held on an overseas branch register, the return that the company is required to send to Companies House is chargeable with stamp duty at the rate of 0.5% under the provisions of FA 1996, s. 66. Read the rest of this entry »





Save Money!! Some Tax Deductibles ….

26 10 2009

In this post, I will give you just a few everyday things that you may not have known were tax deductible. What are you waiting for? Read on and save some money ! …. Read the rest of this entry »