Help Cut Red Tape

Bogged down by bureaucracy? Floundering in a sea of forms? If you’re a business owner, red tape can present a frustrating set of hoops to jump through. However, a new government initiative aims to reduce this burden by opening up a dialogue with business people to discover which regulations are working and which aren’t, as well as what should be scrapped, simplified or done differently.

The Red Tape Challenge aims to get rid of some of the 21,000 rules that the government believes are holding back businesses. Every few weeks regulations relating to a specific sector will be published on the website (see address at bottom of article), along with general regulations that relate to all sectors, such as those on equality or health and safety. People are then free to visit the site and pass comment. Their thoughts will be collated by officials and ministers will then have three months to decide which regulations they will scrap. The process will run from April 2011 until April 2013.

Small firms in particular are struggling with the problem of excessive regulation, and a new Chambers of Commerce report found that a significant proportion would employ more staff if this was reduced – which would ease the burden on the economy and help to lift the country out of recession. The survey says that employment legislation, such as pension requirements, dismissal rules and sickness absence rules, deter sole traders from taking on their first employee.

Paul Carvell, senior partner at Stewart Fletcher & Barrett and incumbent chair of the north branch of Coventry & Warwickshire Chamber of Commerce, comments: “This scheme represents exactly the type of two-way discourse that I have long argued for in talks with MPs and the business community. It is an extremely positive step forward, and I for one welcome it and urge business owners to get involved and make their voices heard.”

Help cut pointless rules and regulations by telling the government what YOU want to see changed: http://www.redtapechallenge.cabinetoffice.gov.uk/home/index/

HMRC ‘Determined To Increase Number of Prosecutions’

Following on from its recent tax amnesties, HM Revenue & Customs is coming down hard on tax evaders by launching its first 16 criminal investigations as part of its commitment to deliver a five-fold increase in prosecutions. Its enquiries, which have been aimed at specific categories of taxpayer, have raised nearly £500m so far – but this figure is set to soar as further industry sectors are targeted, with doctors now in the firing line.

Last month HMRC revealed that it had set its sights on restaurant owners in London as part of a new, industry-specific team approach which ushers in a “new era for tax compliance.” Now the medical profession is under the same scrutiny, with HMRC expected to soon publish details of members that have deliberately evaded paying tax.

Chris Harrison, HMRC Criminal Investigations deputy director, said: “We are confident that these and more cases will be taken forward in the future. This is proof of HMRC’s determination to increase the number of prosecutions we take forward in all areas – we are committed to ensuring everyone pays what they owe so that the maximum is available to spend on public services used by everyone.“

Another area being subjected to intense scrutiny is financial records. With HMRC taking a hard line on tax evasion and non-compliance, it is more important than ever to ensure that your tax affairs are in order. Call us on 02476 384171 to arrange a chat, or visit our website www.sfb.uk.com to access our free online checkers, including your own personalised records report.

Small Businesses, Big Losses?

Shocking new figures indicate that around one in ten small business owners miss important tax deadlines and payments, while nearly a fifth have lost out on grants and tax breaks.

“In today’s economic climate, no business can afford to throw away money – but by missing tax deadlines and incurring penalties, that’s exactly what you are doing. For small businesses especially, these basic errors can affect your ability to succeed,” said Jon Sargent, partner at Stewart Fletcher & Barrett.

The survey of 500 small businesses, which was carried out by Clydesdale and Yorkshire Banks only last month, also found that 16% were unsure of where to turn for guidance on regulation, while 15% said they struggled to understand new rules.

This confusion arises when businesses either do not seek advice, or seek it from the wrong quarter. Conversely, speaking to a qualified expert can save you a great deal of potential grief, as well as money!

Maybe you don’t have time to research current legislation or grants available. Perhaps you find tax issues complicated, obscure or even (whisper it!) boring. Handling such matters when your speciality is running a farm, selling newspapers (or any other non-accountancy-related business) is frequently time-consuming and often enraging. We, on the other hand, love it!

Call us for an informal chat on 02476 384171, and you’ll see that we mean business.

http://www.sfb.uk.com/

Free Yourself From Payroll Pain

If you are a small business owner, it’s likely that your key concern is making the most effective use of your time and money. Often, it can pay to outsource certain tasks, such as looking after your payroll. This can be one of the simplest ways of reducing your costs as well as your administrative burden, and, for many people, may result in fewer time pressures.

Think about it – how long do your or your employees spend on payroll-related activities? Additionally, alongside the time spent, there are also other associated costs such as software, training, maintenance and support, not to mention the penalties imposed by HM Revenue & Customs for errors, omissions or late payroll tax filings.

By handing over the task to a professional payroll service, you can rest assured that your payroll is in expert hands. Your personal and confidential data will be completely secure, and you needn’t worry about compliance or staff absences. We can take care of every aspect, from calculating payroll taxes to managing filings and payments, and our team are always up to date with the latest developments.

Freeing yourself from this time-consuming task will allow you to spend more time on the core activities you need to do to maintain and grow your business. All you need to do is provide us with the basic information and we’ll take care of the rest.

Additionally, we have a complete HR department on hand to help you, should circumstances dictate the need.

http://www.sfb.uk.com/payroll.htm

Act Fast For Pensions Boost!

Government projections indicate that, over the average 23 years spent in retirement by people in Britain, a woman will receive nearly £50,000 less than a man. This figure is staggering, but not necessarily that surprising. Statistically, women are likely to live longer, but are also likely to have much smaller financial resources. Taking time out of work to look after children or, say, elderly parents greatly increases the chances of a woman’s latter years being blighted by poverty.

If you have stayed at home to bring up children, or if you have acted as an unpaid carer for family or friends, then it’s likely that your employment history has a few gaps in it. This means that you’ve probably missed some National Insurance contributions (NICs). If you are approaching retirement, you should be aware that this could significantly reduce your entitlement to the full basic state pension.

The good news is that it’s not too late to do something about it – but you should act fast if you want to make the most of a chance to boost your pension pot. The Department for Work and Pensions (DWP) has advised anyone in this situation to take advantage of an opportunity to increase their state pension by thousands of pounds by making extra voluntary contributions by 5th April 2011. Thousands of people could be eligible for a pensions top-up for life, as well as for back payments that could cover the up-front costs of their contributions.

If you want to provide for a more comfortable future by topping up your pension, call Martin now on 02476 384171.