Please note that this blog has now been transferred to http://www.ukba.co.uk/blog
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Thursday, 29 October 2009
Wednesday, 28 October 2009
What does Warren Buffet, the world's 2nd richest man have to say about business and life?
1. He bought his first share at age 11 and he now regrets that he started too late! Things were very cheap at that time. Encourage your children to invest.
2. He bought a small farm at age 14 with savings from delivering newspapers. One can buy many things with few savings. Encourage your children to start some kind of business.
3. He still lives in the same small 3-bedroom house in mid-town Omaha, that he bought after he got married 50 years ago. He says that he has everything he needs in that house. His house does not have a wall or a fence. Don't buy more than you "really need" and encourage your children to do and think the same.
4. He drives his own car everywhere and does not have a driver or security people around him. You are what you are…
5. He never travels by private jet, although he owns the world's largest private jet company. Always think how you can accomplish things economically.
6. His company, Berkshire Hathaway, owns 63 companies. He writes only one letter each year to the CEOs of these companies, giving them goals for the year. He never holds meetings or calls them on a regular basis. Assign the right people to the right jobs.
7. He has given his CEO's only two rules:
Rule number 1: do not lose any of your shareholder's money.
Rule number 2: Do not forget rule number 1.
Set goals and make sure people focus on them.
8. He does not socialize with the high society crowd. His pasttime after he gets home is to make himself some popcorn and watch Television. Don't try to show off, just be yourself and do what you enjoy doing
9. Warren Buffet does not carry a cellphone, nor has a computer on his desk.
10. Bill Gates, the world's richest man met him for the first time only 5 years ago. Bill Gates did not think he had anything in common with Warren Buffet. So he had scheduled his meeting only for half hour. But when Gates met him, the meeting lasted for ten hours and Bill Gates became a devotee of Warren Buffet.
His advice to young people: "Stay away from credit cards & bank loans and invest in yourself and remember:
a.Money doesn't create man but it is the man who created money.
b.Live your life as simply as possible.
c.Don't do what others say - listen to them, but do what you feel good doing.
d.Don't follow brand names; just wear those things in which youf eel comfortable.
e.Don't waste your money on unnecessary things; rather just spend on those things you really need.
f.After all, it's your life so why allow others to rule your life?"
A recent interview with Warren: http://www.cnbc.com/id/15840232?play=1&video=1257407167
Source: CNBC
www.ukba.co.uk
2. He bought a small farm at age 14 with savings from delivering newspapers. One can buy many things with few savings. Encourage your children to start some kind of business.
3. He still lives in the same small 3-bedroom house in mid-town Omaha, that he bought after he got married 50 years ago. He says that he has everything he needs in that house. His house does not have a wall or a fence. Don't buy more than you "really need" and encourage your children to do and think the same.
4. He drives his own car everywhere and does not have a driver or security people around him. You are what you are…
5. He never travels by private jet, although he owns the world's largest private jet company. Always think how you can accomplish things economically.
6. His company, Berkshire Hathaway, owns 63 companies. He writes only one letter each year to the CEOs of these companies, giving them goals for the year. He never holds meetings or calls them on a regular basis. Assign the right people to the right jobs.
7. He has given his CEO's only two rules:
Rule number 1: do not lose any of your shareholder's money.
Rule number 2: Do not forget rule number 1.
Set goals and make sure people focus on them.
8. He does not socialize with the high society crowd. His pasttime after he gets home is to make himself some popcorn and watch Television. Don't try to show off, just be yourself and do what you enjoy doing
9. Warren Buffet does not carry a cellphone, nor has a computer on his desk.
10. Bill Gates, the world's richest man met him for the first time only 5 years ago. Bill Gates did not think he had anything in common with Warren Buffet. So he had scheduled his meeting only for half hour. But when Gates met him, the meeting lasted for ten hours and Bill Gates became a devotee of Warren Buffet.
His advice to young people: "Stay away from credit cards & bank loans and invest in yourself and remember:
a.Money doesn't create man but it is the man who created money.
b.Live your life as simply as possible.
c.Don't do what others say - listen to them, but do what you feel good doing.
d.Don't follow brand names; just wear those things in which youf eel comfortable.
e.Don't waste your money on unnecessary things; rather just spend on those things you really need.
f.After all, it's your life so why allow others to rule your life?"
A recent interview with Warren: http://www.cnbc.com/id/15840232?play=1&video=1257407167
Source: CNBC
www.ukba.co.uk
Tuesday, 27 October 2009
The UK is still the number one investment location in Europe.
UK Trade & Investment’s latest inward investment report celebrates 1,744 inward investment projects over the last year. The year to March 2009 has set another record for inward investment projects into the United Kingdom.
Read the annual UK inward investment report here: http://www.ukinvest.gov.uk/investmentreport/4046343/en-GB.html
www.ukba.co.uk
Read the annual UK inward investment report here: http://www.ukinvest.gov.uk/investmentreport/4046343/en-GB.html
www.ukba.co.uk
Monday, 26 October 2009
Small Businesses To Benefit From Graduate Talent
The Government has joined forces with the Federation of Small Businesses (FSB) to offer up to 10,000 graduates a boost to their future employability, through internships in small and micro businesses announced the Prime Minister Gordon Brown today.
The Prime Minister said:
“Our guarantee to all young people is that with millions of new opportunities from apprenticeships to internships to a new class of modern technicians, we will discover, coach, develop and showcase the wealth of aspiration and talent that exists in Britain.
“To add to the 100,000 new young people’s jobs we are already creating, we can today offer in partnership with the Federation of Small Businesses, 10,000 skilled internships so that, even in the midst of tough economic times, we are encouraging a whole new generation of young Britons to embrace ambition and British enterprise.”
Read more: http://nds.coi.gov.uk/clientmicrosite/Content/Detail.aspx?ClientId=431&NewsAreaId=2&ReleaseID=407128&SubjectId=36
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The Prime Minister said:
“Our guarantee to all young people is that with millions of new opportunities from apprenticeships to internships to a new class of modern technicians, we will discover, coach, develop and showcase the wealth of aspiration and talent that exists in Britain.
“To add to the 100,000 new young people’s jobs we are already creating, we can today offer in partnership with the Federation of Small Businesses, 10,000 skilled internships so that, even in the midst of tough economic times, we are encouraging a whole new generation of young Britons to embrace ambition and British enterprise.”
Read more: http://nds.coi.gov.uk/clientmicrosite/Content/Detail.aspx?ClientId=431&NewsAreaId=2&ReleaseID=407128&SubjectId=36
www.ukba.co.uk
Sunday, 25 October 2009
Small firms fear rising rates bills
Small business owners fear that they will be forced to pay inflated rates bills for five years, according to a survey conducted by the Forum of Private Business (FPB).
Just fewer than 80% of respondents said that they think their business rates will increase when changes take place in April 2010.
Business properties are revalued every five years to ensure that rateable values reflect the changes in the property market. However, because the present revaluation is based on rent prices from April 2008 - before the recession - small businesses are concerned that their rates bills will be unfairly high.
"Small businesses are already under a great deal of pressure to pay their business rate bills and most do not see the corresponding value in local authority services. It is extremely important that the government provides an appropriate and fair system of transitional rate relief for small businesses who will see an increase in their rateable value from 2010," said Matt Goodman of the FPB.
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Just fewer than 80% of respondents said that they think their business rates will increase when changes take place in April 2010.
Business properties are revalued every five years to ensure that rateable values reflect the changes in the property market. However, because the present revaluation is based on rent prices from April 2008 - before the recession - small businesses are concerned that their rates bills will be unfairly high.
"Small businesses are already under a great deal of pressure to pay their business rate bills and most do not see the corresponding value in local authority services. It is extremely important that the government provides an appropriate and fair system of transitional rate relief for small businesses who will see an increase in their rateable value from 2010," said Matt Goodman of the FPB.
www.ukba.co.uk
Saturday, 24 October 2009
A million small firms hit by late payments
Over a million small and medium-sized business have been affected by late payments totalling over £30bn, according to data released by to Bacs Payment Schemes Limited.
This figure means that small firms have seen an increase in money owed of more than £11bn from two years ago, and the number of SMEs reporting that they are experiencing payment delays rose by over 65% from 2008 to 2009.
The report also highlighted how the problem can spiral out of control, with 52% of small firms stating that if they're paid late, they'll pay their invoices later too. A third of small companies reported that they are paying others later this year than in 2008.
Cashflow is the most common reason for overdue payments, with 30% of businesses surveyed citing this as the main excuse given. But 6% of late payers claim they forgot all about it, with the same number relying on the age-old excuse ‘the cheque's in the post'.
"While many businesses which owe money to others do undoubtedly have problems in paying bills quickly, there is a question mark over those who may be ‘playing' the system and delaying payment for as long as they can," said Michael Chambers, managing director of Bacs.
www.ukba.co.uk
This figure means that small firms have seen an increase in money owed of more than £11bn from two years ago, and the number of SMEs reporting that they are experiencing payment delays rose by over 65% from 2008 to 2009.
The report also highlighted how the problem can spiral out of control, with 52% of small firms stating that if they're paid late, they'll pay their invoices later too. A third of small companies reported that they are paying others later this year than in 2008.
Cashflow is the most common reason for overdue payments, with 30% of businesses surveyed citing this as the main excuse given. But 6% of late payers claim they forgot all about it, with the same number relying on the age-old excuse ‘the cheque's in the post'.
"While many businesses which owe money to others do undoubtedly have problems in paying bills quickly, there is a question mark over those who may be ‘playing' the system and delaying payment for as long as they can," said Michael Chambers, managing director of Bacs.
www.ukba.co.uk
Friday, 23 October 2009
Recession is nearly over but recovery is fragile, says IMF
The world economy is "on the verge of recovery", having experienced its first decline since the end of the Second World War, according to the International Monetary Fund.
"The advanced economies, hit particularly hard by financial crises and the collapse in world trade, are showing signs of stabilisation, driven mainly by an unprecedented public policy response," the IMF said in its latest World Economic Outlook report.
Read more: http://www.independent.co.uk/news/business/news/recession-is-nearly-over-but-recovery-is-fragile-says-imf-1796339.html
Source: The Independent
Author: Sean O'Grady, Economics Editor
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"The advanced economies, hit particularly hard by financial crises and the collapse in world trade, are showing signs of stabilisation, driven mainly by an unprecedented public policy response," the IMF said in its latest World Economic Outlook report.
Read more: http://www.independent.co.uk/news/business/news/recession-is-nearly-over-but-recovery-is-fragile-says-imf-1796339.html
Source: The Independent
Author: Sean O'Grady, Economics Editor
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Thursday, 22 October 2009
Prepare for Companies House changes or risk bad debt, expert warns
Businesses must be aware of the changes due to come into force under the Companies Act 2006 or risk taking on bad debt and credit risks, an industry expert has warned. A spokesperson for credit check firm Equifax warns that businesses must factor in the changes to their trade credit procedures.
Read more: http://www.betterbusinessadviser.co.uk/public/790.cfm
www.ukba.co.uk
Read more: http://www.betterbusinessadviser.co.uk/public/790.cfm
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Wednesday, 21 October 2009
Lack of funding for training threatens economic recovery, claims learning body
A lack of cash to fund the Train to Gain training scheme is threatening to hamper economic recovery, a trade association has warned. The Association of Learning Providers (ALP), which represents training providers of the scheme, claims that a lack of funding means that many employers are unable to enrol staff on Train to Gain. It adds that most business sectors "are adversely affected" by the shortfall. The Learning and Skills Council (LSC) responded by saying that demand had "increased dramatically" but that it would "deliver 100,000 more starts and learners than planned" between 2008 and 2010.
Read report: http://www.learningproviders.org.uk/file/?id=266&type=item
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Read report: http://www.learningproviders.org.uk/file/?id=266&type=item
www.ukba.co.uk
Tuesday, 20 October 2009
More than 40% of small firms to consider closing pension scheme
Around 41% of small businesses are considering closing their existing pension scheme ahead of the Government's planned changes in 2012, according to a survey carried out by the Association of Consulting Actuaries (ACA). The Government plans to make it compulsory for employers to enrol their employees into a pension scheme from 2012. The ACA survey results also show that 86% of small business owners are planning to review their pension provision because of this impending change, while only 16% of employers have budgeted for increases to costs due to the changes.
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Monday, 19 October 2009
SMEs using own cash to fund their firm
More than half of UK entrepreneurs have revealed that their most likely source of funding for major business projects will have to come from their own money, according to a survey by business advisory firm Deloitte.
The survey highlights the tough lending conditions that small business owners are experiencing at the moment, although recent data has suggested that banks are slowly beginning to increase their lending.
Despite tougher lending conditions entrepreneurs continue to rely on banks as their primary source of funding, with 18% of small business owners listing banks as their main source of funding, followed by 10% that turn to existing shareholders.
Just 12% said external investment from private equity, venture capital and angel investors would be their most likely source of cash over the next year - down from 28% in 2008.
"The survey reveals that current business conditions have created an alarming reliance on working capital at a time when more than a quarter of respondents say they are having to monitor their cash position daily," said Simon Manning of Deloitte.
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The survey highlights the tough lending conditions that small business owners are experiencing at the moment, although recent data has suggested that banks are slowly beginning to increase their lending.
Despite tougher lending conditions entrepreneurs continue to rely on banks as their primary source of funding, with 18% of small business owners listing banks as their main source of funding, followed by 10% that turn to existing shareholders.
Just 12% said external investment from private equity, venture capital and angel investors would be their most likely source of cash over the next year - down from 28% in 2008.
"The survey reveals that current business conditions have created an alarming reliance on working capital at a time when more than a quarter of respondents say they are having to monitor their cash position daily," said Simon Manning of Deloitte.
www.ukba.co.uk
Sunday, 18 October 2009
Contraction of UK economy revised
The Office for National Statistics (ONS) has revised the figure for the rate of contraction in the UK economy in the second quarter of the year downwards.
The ONS originally reported that Gross domestic product (GDP) declined 0.8% in the second quarter of the year, but this has been reduced to 0.6%.
"There is some good news in the mass of UK data released today, but generally the figures highlight the fragility of the economic recovery," said Vicky Redwood, an economist at Capital Economics.
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The ONS originally reported that Gross domestic product (GDP) declined 0.8% in the second quarter of the year, but this has been reduced to 0.6%.
"There is some good news in the mass of UK data released today, but generally the figures highlight the fragility of the economic recovery," said Vicky Redwood, an economist at Capital Economics.
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Saturday, 17 October 2009
Small firms adapting to downturn
Over 70% of small businesses in the UK have developed creative solutions to strengthen their company during the recession, according to research commissioned by the Department for Business, Innovation and Skills.
The study shows that 77% of small companies have adapted their business to cope with the downturn with 26% adjusting working hours, 33% investing in additional staff training and rewards and 65% exploring new product areas.
Just under 50% of respondents that made changes to their business did so to take a pro-active approach to the challenging economic climate and 37% said it was so they were ready to capitalise on the economic upturn when it occurs.
"In the face of a global downturn small businesses have developed and applied practical changes to get the best out of their people and enhance their business," said Lord Young, Minister for Employment Relations.
www.ukba.co.uk
The study shows that 77% of small companies have adapted their business to cope with the downturn with 26% adjusting working hours, 33% investing in additional staff training and rewards and 65% exploring new product areas.
Just under 50% of respondents that made changes to their business did so to take a pro-active approach to the challenging economic climate and 37% said it was so they were ready to capitalise on the economic upturn when it occurs.
"In the face of a global downturn small businesses have developed and applied practical changes to get the best out of their people and enhance their business," said Lord Young, Minister for Employment Relations.
www.ukba.co.uk
Friday, 16 October 2009
SMEs not monitoring their website
Just under half of UK companies have no method of measuring whether their website is effective or not, according to research released by web hosting firm Fasthosts.
The study found that the average business has had a website for three to four years but 43% have no method to measure how useful the site is in terms of generating sales or how well the site is performing.
77% of firms fail to measure any type of return on investment for their websites, and 34% admit that they have never considered checking the popularity or effectiveness of their website.
"In today's difficult economic climate, the web has never been more relevant for every type of UK enterprise. However, a huge number of firms continue to invest blindly in a web presence without checking whether it is earning its keep. Irrespective of the scale of web project, every business will benefit from using simple statistics to monitor efficiencies and ensure that every visitor is being capitalised upon," said Steve Holford of Fasthosts.
www.ukba.co.uk
The study found that the average business has had a website for three to four years but 43% have no method to measure how useful the site is in terms of generating sales or how well the site is performing.
77% of firms fail to measure any type of return on investment for their websites, and 34% admit that they have never considered checking the popularity or effectiveness of their website.
"In today's difficult economic climate, the web has never been more relevant for every type of UK enterprise. However, a huge number of firms continue to invest blindly in a web presence without checking whether it is earning its keep. Irrespective of the scale of web project, every business will benefit from using simple statistics to monitor efficiencies and ensure that every visitor is being capitalised upon," said Steve Holford of Fasthosts.
www.ukba.co.uk
Thursday, 15 October 2009
60% of Brits want to start own firm
Entrepreneurial spirit is alive and well in the UK despite the recession with two-thirds of the population having ambitions to start their own business, according to a survey by the Association of Chartered Certified Accountants (ACCA).
The survey suggests that 60% of Brits would like to be their own boss and that the entrepreneurial spirit is even stronger amongst 25-34 year olds, with three-quarters aspiring to one day run their own company.
The survey of 2,000 adults from across the UK also revealed that despite the trend for multi-nationals and larger enterprises, people still believe that small businesses have an important role to play in those communities. 96% of those surveyed believe that small businesses remain vital to their towns and cities.
"Small businesses are the lifeblood of the UK economy and it is wonderful to see that people have such a high regard for the role SMEs play within the community," said Glenn Collins of ACCA.
www.ukba.co.uk
The survey suggests that 60% of Brits would like to be their own boss and that the entrepreneurial spirit is even stronger amongst 25-34 year olds, with three-quarters aspiring to one day run their own company.
The survey of 2,000 adults from across the UK also revealed that despite the trend for multi-nationals and larger enterprises, people still believe that small businesses have an important role to play in those communities. 96% of those surveyed believe that small businesses remain vital to their towns and cities.
"Small businesses are the lifeblood of the UK economy and it is wonderful to see that people have such a high regard for the role SMEs play within the community," said Glenn Collins of ACCA.
www.ukba.co.uk
Wednesday, 14 October 2009
£6 broadband tax 'will be law' before next election
Stephen Timms, the minister charged with overseeing Britain's "digital revolution," pledged yesterday to pass the £6-a-year broadband tax into law "before the general election," despite opposition from the Conservatives.
Mr Timms, the Financial Secretary to the Treasury and minister for Digital Britain, said: "We want to make high speed networks nationally available. The next-generation fund will help that and we will legislate for it this side of a general election."
The Government announced in June that it would tax each household with a landline telephone 50p per month. The levy would be used to fund ambitious plans to bring super-fast broadband to 90 per cent of the country by 2017.
Read more: http://www.independent.co.uk/news/business/news/1636-broadband-tax-will-be-law-before-next-election-1792266.html
www.ukba.co.uk
Mr Timms, the Financial Secretary to the Treasury and minister for Digital Britain, said: "We want to make high speed networks nationally available. The next-generation fund will help that and we will legislate for it this side of a general election."
The Government announced in June that it would tax each household with a landline telephone 50p per month. The levy would be used to fund ambitious plans to bring super-fast broadband to 90 per cent of the country by 2017.
Read more: http://www.independent.co.uk/news/business/news/1636-broadband-tax-will-be-law-before-next-election-1792266.html
www.ukba.co.uk
Tuesday, 13 October 2009
America's economy is picking up, says Federal Reserve
The US Federal Reserve issued its most upbeat assessment of the American economy in 18 months last night, saying activity was picking up after the most severe recession since the 1930s.
The central bank kept official interest rates at rock-bottom levels, but signalled that its programme of quantitative easing will start to taper off, now that credit markets are returning to normal.
Read more: http://www.independent.co.uk/news/business/news/americas-economy-is-picking-up-says-federal-reserve-1792262.html
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The central bank kept official interest rates at rock-bottom levels, but signalled that its programme of quantitative easing will start to taper off, now that credit markets are returning to normal.
Read more: http://www.independent.co.uk/news/business/news/americas-economy-is-picking-up-says-federal-reserve-1792262.html
www.ukba.co.uk
Monday, 12 October 2009
Bank of England grows nervous about recovery
A leading Bank of England policy-maker yesterday poured fresh doubt on the strength and sustainability of a British economic recovery, and added to expectations that monetary policy would be kept extremely loose well into next year, even as evidence grows that the housing market is perking up.
Kate Barker, an external member of the Bank's Monetary Policy Committee for the past eight years, told an audience of business people in Wales that "monetary policy needs over the coming quarters to continue to be set in order to sustain confidence, and to support lending and borrowing".
Read more: http://www.independent.co.uk/news/business/news/bank-of-england-grows-nervous-about-recovery-1792261.html
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Kate Barker, an external member of the Bank's Monetary Policy Committee for the past eight years, told an audience of business people in Wales that "monetary policy needs over the coming quarters to continue to be set in order to sustain confidence, and to support lending and borrowing".
Read more: http://www.independent.co.uk/news/business/news/bank-of-england-grows-nervous-about-recovery-1792261.html
www.ukba.co.uk
Sunday, 11 October 2009
Key Steps To Developing A Quality Business Plan
There are many important steps to consider when developing a business plan for your company, but the first step is to fully understand the main uses of a business-plan.
Please click on the image below to watch the video.
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Please click on the image below to watch the video.
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HMRC raises interest rate on late tax payments
HMRC has been criticised for increasing the rate of interest it charges on late tax payments. The Guardian reports that HMRC now charges 3% interest on late payments, even though the Bank of England's base rate has stayed at 0.5% since March. A spokesperson from accountancy firm UHY Hacker Young said that this was a sign of HMRC "clawing more money from taxpayers".
For more on this story go to:
http://www.guardian.co.uk/money/2009/sep/18/interest-rate-late-tax-payments
www.ukba.co.uk
For more on this story go to:
http://www.guardian.co.uk/money/2009/sep/18/interest-rate-late-tax-payments
www.ukba.co.uk
Saturday, 10 October 2009
Employment legislation biggest burden for firms, says FPB
The cost of complying with employment legislation is the biggest administrative burden for small businesses, according to a survey carried out by the Forum of Private Business (FPB). The results of the FPB's 'Cost of Compliance' survey show that UK small firms spend a total of £2.4 billion every year on complying with employment legislation. The FPB adds that employment law is also a growing burden for firms that have to make redundancies or dismiss staff.
For more on this story go to:
http://www.fpb.org/news/2243/Help_at_hand_for_small_firms_struggling_with_employment_law.htm
www.ukba.co.uk
For more on this story go to:
http://www.fpb.org/news/2243/Help_at_hand_for_small_firms_struggling_with_employment_law.htm
www.ukba.co.uk
Friday, 9 October 2009
Business lending slumps by biggest amount since records began
July saw net lending to UK businesses fell to its lowest level since records began, according to the Bank of England's latest 'Trend in Lending' report. The report also reveals that "the availability of finance remains more constrained for smaller companies". Some of the UK's major lenders told the Bank of England that small firms face tougher lending criteria than larger businesses because they are "less well diversified" and unable to withstand adverse conditions.
To read the full 'Trends in Lending' report go to:
http://www.bankofengland.co.uk/publications/other/monetary/TrendsSeptember09.pdf
www.ukba.co.uk
To read the full 'Trends in Lending' report go to:
http://www.bankofengland.co.uk/publications/other/monetary/TrendsSeptember09.pdf
www.ukba.co.uk
Thursday, 8 October 2009
Queen's Awards for Enterprise 2010 - open for entries
The Queen's Awards for Enterprise 2010 are open for entries until the end of October 2009. Recent award winners have been speaking about the benefits the Award has brought their business.
The Awards aim to recognise and reward the success of growing British businesses in three areas – International Trade, Innovation and Sustainable Development. This year’s application deadline is 2pm on 30 October 2009, entry is free and application forms can be completed online.
Read more: http://www.bytestart.co.uk/content/news/events/queen-enterprise-2010.shtml
www.ukba.co.uk
The Awards aim to recognise and reward the success of growing British businesses in three areas – International Trade, Innovation and Sustainable Development. This year’s application deadline is 2pm on 30 October 2009, entry is free and application forms can be completed online.
Read more: http://www.bytestart.co.uk/content/news/events/queen-enterprise-2010.shtml
www.ukba.co.uk
Wednesday, 7 October 2009
HMRC could demand customer information from small businesses
HMRC is seeking additional powers to force businesses to provide extra information on their clients and customers, according to a leading accountancy group.
UHY Hacker Young says that currently HMRC largely restricts its requests for information on taxpayers to banks and estate agents, however it now wants the right to be able to routinely ask all companies for data on their trading partners. For example, companies could be asked to provide details on their suppliers so that HMRC can pursue those suppliers that it believes are not paying the right amount of VAT.
Last week, HMRC won a Court order to force over 300 financial institutions to reveal details of customers with offshore accounts. This being just the latest step in a long line of Government initiatives to give HMRC potentially draconian police like powers.
In its new consultation paper, HMRC proposes that banks and other data providers could also be asked to verify the identities of taxpayers, even where they would not collect this data for their own commercial purposes. For example companies could be asked to match national insurance numbers of customers with the date of birth of customers.
Read more: http://www.bytestart.co.uk/content/news/1_12/hmrc-customer-information.shtml
www.ukba.co.uk
UHY Hacker Young says that currently HMRC largely restricts its requests for information on taxpayers to banks and estate agents, however it now wants the right to be able to routinely ask all companies for data on their trading partners. For example, companies could be asked to provide details on their suppliers so that HMRC can pursue those suppliers that it believes are not paying the right amount of VAT.
Last week, HMRC won a Court order to force over 300 financial institutions to reveal details of customers with offshore accounts. This being just the latest step in a long line of Government initiatives to give HMRC potentially draconian police like powers.
In its new consultation paper, HMRC proposes that banks and other data providers could also be asked to verify the identities of taxpayers, even where they would not collect this data for their own commercial purposes. For example companies could be asked to match national insurance numbers of customers with the date of birth of customers.
Read more: http://www.bytestart.co.uk/content/news/1_12/hmrc-customer-information.shtml
www.ukba.co.uk
Tuesday, 6 October 2009
Limited company directors to provide 'service addresses' to Companies House
A number of Companies Act changes come into play on 1st October 2009. One of the more significant changes is to allow limited company directors to keep their residential address confidential by providing a business or 'service' address for display on the public register.
From 1st October 2009, every director must provide Companies House with both their residential address and a service address for each directorship they currently hold.
For the 'service address', a director can choose any address (including the registered company office address). The service address is where documents can be sent, so it must be a 'real' address, not a PO Box or a DX number.
The residential addresses of company directors will subsequently be only available to Government bodies such as HMRC, and possibly Credit Reference agencies.
What does the introduction of service address mean for directors?
Directors will be able to file a service address for the public record. This address can be the same as the residential address, or the registered office address, or it can be somewhere different. This will be introduced from 1st October 2009.
Will directors still have to provide their residential address to Companies House?
Yes. Every director must provide both their usual residential address and, for each directorship, a service address. The service address will be on the public record; the residential address will be protected information. A director may choose to use his residential address as his service address; in which case the fact that the two addresses are the same will not be apparent form the public record.
You should read further relevant FAQs related to directors service addresses at the Companies House site.
www.ukba.co.uk
From 1st October 2009, every director must provide Companies House with both their residential address and a service address for each directorship they currently hold.
For the 'service address', a director can choose any address (including the registered company office address). The service address is where documents can be sent, so it must be a 'real' address, not a PO Box or a DX number.
The residential addresses of company directors will subsequently be only available to Government bodies such as HMRC, and possibly Credit Reference agencies.
What does the introduction of service address mean for directors?
Directors will be able to file a service address for the public record. This address can be the same as the residential address, or the registered office address, or it can be somewhere different. This will be introduced from 1st October 2009.
Will directors still have to provide their residential address to Companies House?
Yes. Every director must provide both their usual residential address and, for each directorship, a service address. The service address will be on the public record; the residential address will be protected information. A director may choose to use his residential address as his service address; in which case the fact that the two addresses are the same will not be apparent form the public record.
You should read further relevant FAQs related to directors service addresses at the Companies House site.
www.ukba.co.uk
Monday, 5 October 2009
Companies Act - New rules for limited company directors from 1st October 2009
Limited company owners should be aware of the latest raft of Companies Act changes, which take effect from 1st October 2009.
Previous legislative amendments bought in as a result of the Act included making the company secretary role an optional appointment.
Most of these latest changes, which represent the main implementation of the Act, may not directly affect many small business owners, however the following changes are likely to be relevant to existing (or prospective) limited company directors:
Key Companies Act Changes from 1st October 2009
1. The Registrar of Companies will gain more powers - mainly revolving around the processing of information submitted by, or concerning, the UK's companies.
2. Form changes - some of the Companies House forms currently used by limited companies may be replaced, or changed.
3. The actual incorporation process is set to become simpler as a result of the Act. A new Form IN01 will be required to form a company, together with a Memorandum of Association, the Articles of Association, and the appropriate fee.
4. Authorised / nominal share capital will be discontinued on incorporation.
5. There will no longer be a limit set out in the Memorandum of Association on the number of shares that directors can issue.
6. Company naming rules are set to become stricter.
7. Directors must now provide a "service address", alongside their residential address (although these may both be the same). This means that a director's private address will no longer appear on any public register if they have a different "service address".
8. Statement of Capital - Companies incorporating as limited by shares (whether private or public) on or after 1st October 2009 must complete a statement of capital and initial shareholdings as part of the application to incorporate.
9. New rules regarding a limited company's constitutional documents (including the Memorandum and Articles of Association)
You can find out more about these and the other 1st October 2009 changes at Companies House.
www.ukba.co.uk
Previous legislative amendments bought in as a result of the Act included making the company secretary role an optional appointment.
Most of these latest changes, which represent the main implementation of the Act, may not directly affect many small business owners, however the following changes are likely to be relevant to existing (or prospective) limited company directors:
Key Companies Act Changes from 1st October 2009
1. The Registrar of Companies will gain more powers - mainly revolving around the processing of information submitted by, or concerning, the UK's companies.
2. Form changes - some of the Companies House forms currently used by limited companies may be replaced, or changed.
3. The actual incorporation process is set to become simpler as a result of the Act. A new Form IN01 will be required to form a company, together with a Memorandum of Association, the Articles of Association, and the appropriate fee.
4. Authorised / nominal share capital will be discontinued on incorporation.
5. There will no longer be a limit set out in the Memorandum of Association on the number of shares that directors can issue.
6. Company naming rules are set to become stricter.
7. Directors must now provide a "service address", alongside their residential address (although these may both be the same). This means that a director's private address will no longer appear on any public register if they have a different "service address".
8. Statement of Capital - Companies incorporating as limited by shares (whether private or public) on or after 1st October 2009 must complete a statement of capital and initial shareholdings as part of the application to incorporate.
9. New rules regarding a limited company's constitutional documents (including the Memorandum and Articles of Association)
You can find out more about these and the other 1st October 2009 changes at Companies House.
www.ukba.co.uk
Sunday, 4 October 2009
Fastest-Growing Companies Revealed
Art galleries, wine merchants and architects are among the UK’s top 50 fast-growing companies, according to research from Business XL magazine.
The independent research, which identifies those companies showing the strongest growth in the economic downturn, suggests that the support services and health sectors are particularly resilient, with 22 and 16 per cent of the top 50 companies operating in those areas.
While more than a third (36 per cent) of companies are based in Greater London, the North West comes second with 20 per cent.
Miniclip, which provides free games to 50 million users, came second in the ranking of fast-growing companies, having increased turnover 54 per cent to £19.2 million with profits up 98 per cent to £5.8 million.
Last year's rising stars: http://www.businessxl.co.uk/businessxl-magazine/leadership/646726/shining-through-top-50-rising-stars.thtml
Read more: http://www.growthbusiness.co.uk/news/business-news/1073722/fastestgrowing-companies-revealed.thtml
www.ukba.co.uk
The independent research, which identifies those companies showing the strongest growth in the economic downturn, suggests that the support services and health sectors are particularly resilient, with 22 and 16 per cent of the top 50 companies operating in those areas.
While more than a third (36 per cent) of companies are based in Greater London, the North West comes second with 20 per cent.
Miniclip, which provides free games to 50 million users, came second in the ranking of fast-growing companies, having increased turnover 54 per cent to £19.2 million with profits up 98 per cent to £5.8 million.
Last year's rising stars: http://www.businessxl.co.uk/businessxl-magazine/leadership/646726/shining-through-top-50-rising-stars.thtml
Read more: http://www.growthbusiness.co.uk/news/business-news/1073722/fastestgrowing-companies-revealed.thtml
www.ukba.co.uk
Saturday, 3 October 2009
Ministers fear recovery will fail to reduce unemployment
Ministers are urgently drawing up measures to try to prevent a "job-lite recovery" in which unemployment continues to rise even when the economy starts to grow again.
Official figures due out today are expected to show that unemployment has risen to about 2.5 million. There are growing fears that it will remain above two million by the end of 2010.
A Back to Work White Paper will be published alongside the pre-Budget report in November. Although the Chancellor, Alistair Darling, will spell out the first of the spending cuts promised yesterday by Gordon Brown, he is also expected to expand programmes to combat unemployment.
The White Paper will include new opportunities for the young jobless, to prevent the recession creating a "lost generation", help for older people who have been out of work for more than six months, those on long-term sickness benefits and the mentally ill, and a boost for childcare to enable more mothers to return to work.
Read more: http://www.independent.co.uk/news/uk/politics/ministers-fear-recovery-will-fail-to-reduce-unemployment-1787954.html
www.ukba.co.uk
Official figures due out today are expected to show that unemployment has risen to about 2.5 million. There are growing fears that it will remain above two million by the end of 2010.
A Back to Work White Paper will be published alongside the pre-Budget report in November. Although the Chancellor, Alistair Darling, will spell out the first of the spending cuts promised yesterday by Gordon Brown, he is also expected to expand programmes to combat unemployment.
The White Paper will include new opportunities for the young jobless, to prevent the recession creating a "lost generation", help for older people who have been out of work for more than six months, those on long-term sickness benefits and the mentally ill, and a boost for childcare to enable more mothers to return to work.
Read more: http://www.independent.co.uk/news/uk/politics/ministers-fear-recovery-will-fail-to-reduce-unemployment-1787954.html
www.ukba.co.uk
Friday, 2 October 2009
Tax code swells by 150% in 12 years
Lexis Nexis says its Yellow Tax Handbook has more than doubled in size from 4,998 pages in 1997 to 11,520 today.
LexisNexis has found the UK's tax code weighs in at double the amount of pages it did in 1997, when the Labour government came into power.
On the the launch of the 2009 edition of its tax guide, Tolley’s Yellow Tax Handbook, the business information company said the current issue contained 11,520 pages, compared to 4,998 pages twelve years ago.
Tax experts said the significant increase highlights the growing complexity of the UK tax system and the impact of the government’s recent attempts to introduce recession-busting legislation.
Read more: http://www.accountancyage.com/accountancyage/news/2248994/tax-code-swells-150-years
www.ukba.co.uk
LexisNexis has found the UK's tax code weighs in at double the amount of pages it did in 1997, when the Labour government came into power.
On the the launch of the 2009 edition of its tax guide, Tolley’s Yellow Tax Handbook, the business information company said the current issue contained 11,520 pages, compared to 4,998 pages twelve years ago.
Tax experts said the significant increase highlights the growing complexity of the UK tax system and the impact of the government’s recent attempts to introduce recession-busting legislation.
Read more: http://www.accountancyage.com/accountancyage/news/2248994/tax-code-swells-150-years
www.ukba.co.uk
Thursday, 1 October 2009
Fit notes will spark disputes between workers and employers
The government's fit note proposals, which are intended to accommodate partially-fit returners to work, could lead to disputes between workers and their employers and GPs, a legal expert has warned.
Businesses have largely welcomed early return-to-work plans set out in the Department of Work and Pensions' (DWP) Reforming Medical Statement consultation.
The proposals, expected to be introduced next spring, are designed to replace the sicknote culture and help more people stay in work, rather than drift into long-term sickness.
Read more: http://www.personneltoday.com/articles/2009/09/07/52038/fit-notes-will-spark-disputes-between-workers-and-employers.html
Source: Personnel Today
www.ukba.co.uk
Businesses have largely welcomed early return-to-work plans set out in the Department of Work and Pensions' (DWP) Reforming Medical Statement consultation.
The proposals, expected to be introduced next spring, are designed to replace the sicknote culture and help more people stay in work, rather than drift into long-term sickness.
Read more: http://www.personneltoday.com/articles/2009/09/07/52038/fit-notes-will-spark-disputes-between-workers-and-employers.html
Source: Personnel Today
www.ukba.co.uk
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