Scopulus Business Newsletter - 20-08-09
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In this issue we have:
Articles - watch
We are still hearing a lot in the news about banks and
bonuses and the possibility of legislation on the subject.
It seems ridicules, but as anyone with sense knows that it has always been that
way and it has never been a problem before. The real problem is regulation. Yes,
there is not enough and the powers that are there to protect us have not been
doing their jobs or have not been given enough power.
We need more regulation on new financial instruments and the way the financial
sector operates. This is the cause all the problems in the first place. I
understand that they may now be passing our personal information around for
marketing purposes and many people have been pestered with automated telephone
calls and sms's about debt problems. This was never acceptable in the past so
why are the regulators letting them do it now?
It is always a good idea to ask the tax office a question.
But don't just put down the phone and act on the advice. It is always best to
get the advice or response in writing. This will protect you for obvious
The final HMRC guidance for senior Accounting Officers has been now
published. It highlights that a review needs to be started but not necessarily
finished as itís the first year of the legislation.
Duties of Senior Accounting Officers of qualifying companies
Vat fraud on carbon credit has been stop with the removal of VAT on carbon
credits. This took effect from the 31 July 2009.
The HMRC has won the right to demand compulsory disclosure
notices against banks and financial services providers in the UK in their
efforts to tackle tax evasion. They now have the power under Schedule 36 of the
Finance Act to force hundreds of financial institutions to supply
client information with UK addresses holding offshore financial interests. You
may want to
Sign up for free email alerts for the rest of the tax year to
remind you of the tax deadlines that apply to you.
UK Tax Calendar
Always ask for a discount as it does not hurt. If there is
also an incentive i.e. you will pay a week earlier then if you mange your cash
flow correctly then you can reduce your costs. Inversely, you can offer
discounts thus incentivising an earlier payment and improving your cash flow.
Contracts have to be formal and complete. A recent case with
the University of Plymouth highlighted that a few phone calls and emails did not
constitute a contract. This was because they were not complete and agreed. You
can have a contract via email or phone but it must have the entire elements
needed to make it legally binding. You can read the case
Swine flu is affecting everything and may be cause for concern for employers
as they have increased legal risk. It is rumoured that some councils are
allowing 14 day before a sick not is required for swine flu. Others are seek
legal advice and speaking to their insurance people.
Articles - watch
We have been considering changing these newsletters to a blog
were you will be notified when there is a new article, tip or news. This gives
us a chance to give you far more valuable timely information and gives you a
chance to get involved and share your views. No decisions have been made but the
software spec is being compiled.
The Scopulus Articles Team
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