t: 0141 556 5348
e: mail@ngmaccountants.com

Latest news

The only constant is change

Change is always with us and it was Heraclitus, a Greek philosopher who said - in Greek obviously - "the only constant is change." Templeton Green (the business coaching firm we're working with) also use it in one of their straplines but I think they probably borrowed it from Heraclitus!

 

galaxy

And today more than ever we see change in organisations happening at an ever faster pace and at an ever more frightening pace. And often, the people responsible for these kinds of strategic and operational changes, particularly in smaller businesses mostly forget that the people who work for them are the ones who will most often feel the impact of the changes most acutely.

Do you want the Good news or the Bad news?

angels & demons

The new rules for being eligible for the Employers National Insurance holiday announced in the budget are nearly but still not ready. Thanks to some insider info, I can give you the gist of what's happening.

Living life on the edge

On the edge of what you might ask.

 

On the edge of life? edge of a cliff? or just plain on the edge. (full stop)

Google Google

We've got a new website.

But I guess you're getting bored with that now. I'm not.

How long does it take to change 150,000 lightbulbs?

Simple.monkey

 

Less time than it takes to process a tax return. By today's date our friendly chimpanzee could have changed close on 150,000 lightbulbs.

Size is not everything

One of the penalties of being an accountant is having to keep up to date with the latest in taxation and in case you maybe hadn't heard, the UK's tax laws are among the most extensive and complex in the world.

That means of course that far from making it easy to get a simple answer to a simple question, it is sometimes difficult in figuring out what the question is. Even if you know what the question is the HMRC website (which must rank alongside bbc.co.uk in terms of its size) the chances of the search engine taking you to anything close to the answer are remote in the least.

Taxman's sums add up to more investigations

I think I am still allowed to call "him" the taxman in today's politically correct climate. It is not a statement of fact, simply a term of endearment.

Just in case you haven't caught up with this piece of news here it is.

Most people I know pay tax. I pay tax and I'm an accountant. There is nothing morally wrong with paying tax and yet not everyone does pay tax. Apparently there is a gap between the amount of tax that is theoretically collectible and the amount that actually is collected. I'm not talking here about people taking their time in handing over the cash, I'm talking about profits and earnings that seem to be escaping the taxman's sticky fingers altogether.

We're not talking a few million or even a few hundred millions. The gap is 40 billions.

Yes that's right. £40,000,000,000 - depends of course on what you mean by a billion.

You could lose your shirt

Since the introduction of the Companies Act 2006, Companies House have begun to get really tough. In at least 1 instance I've heard about a company's bank account has been shut down because the director failed to file a £15 form at Companies House.

By shut down, I mean closed to ANY transactions - customers not able to pay, standing orders and direct debits and cheques bounced. It's the nightmare scenario for any business owner. Actually it could be worse - you might have given the bank a personal guarantee for the overdraft and the bank might - as well as closing your account - then come looking for you to clear the balance.

Just so you know

In case you hadn’t heard that is, the first budget of the new government is in June.There is much speculation already about what that very special Budget Day will bring and I am not a betting man – would you expect an account to take risks? – so I’m not going to predict anything right now except for three things:We’ll see VAT rise to 20% and the scope extended to include some stuff that is presently zero rated but not non-luxury foods, children's clothes or travel (yet).I believe there will be a small rise in Personal Allowances to move towards the Lib Dem ideal of the first £10,000 of earnings to fall out of the tax net, and finallyCapital Gains Tax (CGT) will rise probably to 20% into put income and capital gains on an equal footing, but this will be a temporary measure in advance of a more full review of how CGT works.OK, I’ve nailed my colours to the mast.Are you brave enough to have a guess?

Incidentally, we'll be publishing a budget update the day after the budget so you get the best advice as soon as its available

VAT Registration

Many people ask me the same kinds of questions about VAT registration and what it boils down to are these two FAQs:

1. When do I need to register?

2. What’s the sales I need to have to register?