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Posted by on in Other

This is an important reminder for overseas businesses that sell goods or services in the UK. The VAT registration rules changed for overseas businesses on 1 December 2012. The new rules removed the VAT registration limit (currently £79,000) from businesses which are defined as 'non-established taxable persons'. This means that overseas businesses that make taxable supplies of goods or services to the UK must register and account for VAT in the UK regardless of their level of sales.

This change particularly affects non-established businesses making one-off supplies of goods in the UK. Overseas businesses that make taxable supplies over the annual VAT registration limit should already be registered for VAT in the UK.

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Tagged in: Start-ups Tax
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Posted by on in Taxation

The rules that determine if someone is resident in the UK for tax purposes, known as the Statutory Resident Test (SRT), changed from 6 April 2013.

Historically, residence in the UK was determined by being in the UK in excess of 182 days in any tax year (6th April to 5th April) or by being resident in the UK for an average of 91 days in any tax year, taking the average of the tax year in question and the three previous tax years.

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©Infomanagement
Tagged in: Tax
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Here are a few tips to help you motivate your team and bring them with you as you strive to move your business forward.

 

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If you have an overdrawn loan account with your company, there is a tax charge on the company unless the loan is cleared within 9 months of the end of the period to which accounts are prepared. Nasty anti-avoidance measures have been introduced to stop companies avoiding the tax charge. In particular when the loan is at least £15,000 and is repaid just before the 9 month deadline but with the intention of re-borrowing from the company, and that intention is carried out, the amount repaid is ignored. That results in a tax charge arising as if the loan had not been repaid in time.

This is likely to catch common arrangements where all withdrawals from the company are treated as debits to the director’s loan account and are then cleared before the 9 month limit by way of voting a dividend or salary.

Tagged in: Corporate Tax Tax
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Your employees are probably well aware of common customer complaints and compliments.  Make good use of what they know. Here are some tips for managing valuable indirect customer feedback:

Make a point to regularly meet with your teammembers to discuss customer problems and possible solutions.

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Posted by on in Other

Successful Businesses Virtually Operate on Their Own

Imagine if you were in the market to buy a business. Would you buy a business that can run on its own or would you buy one that could not run without the owner? When a business can virtually operate on its own because its systems are so clearly documented and thought out, it is more likely to weather changes in business climate, transition to new ownership, maintain its value and sell off at a much higher price.

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Tagged in: Consultancy
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This guide in the link below is for whether you have already decided to start a new business or are simply considering your first move into what we would consider the self-employment arena. What do you need to think about before taking the plunge?

We hope this guide will help you make a number of crucial initial decisions and choices. We have touched on some of the marketing issues but the main focus is on business planning, financial and tax issues.

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You have started your own business and you are focused on growing your business. Financial records are probably the last thing you are thinking about at this exciting phase of your new business.  However, remember that you "can't manage what you can't measure".  Keeping your financial records up to date won't be a problem if you do what is necessary on a regular basis. The following checklist outlines the tasks required to maintain accurate accounting records:

Daily:

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All businesses have systems. They make the wheels of your business machine turn. Some systems are formal and many are informal. Systems that are informal can keep your wheels from turning smoothly when it comes to day-to-day operations, closing sales and ultimately selling or passing down your business when you are ready to retire. You can avoid major accidents and breakdowns by creating and maintaining formal, written systems that will grow and distinguish your business.

A System is a Series of Processes

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Posted by on in Other

Preparing for an interview:

  • Ensure that you know your CV, and can answer questions related to it.
  • Try to find out the format of the interview, and whether you are expected to prepare anything.(e.g. sample of your work etc)
  • Obtain as much information about the role profile as possible. This will assist you in asking relevant questions, and also to measure your skills against the requirement of the role before the interview.
  • Get to know the company by studying their website.
  • Dress smartly
  • Don't be late
  • Be sure that your mobile phone is turned off during the interview.
  • Take a copy of your CV and the role profile with you to the interview. A pen and paper can also come in handy.
  • Make some notes about the company and the role profile, and formulate some questions that you may want to ask if given the opportunity.


During the Interview:

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Tagged in: Recruitment
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