News
• BUDGET 2010 part 2
The general view of George Osborne's emergency budget seems to be that it could have been worse. The pain appears to be in large measure shared out to all, though we shall need to see how the details of spending cuts work out to be sure.
The 'biggy' is the VAT increase in the New Year. Retailers who are registered for VAT will have to consider how much of this, if any, to absorb.
The increase in Income Tax personal allowances was expected, and the increase in Capital Gains Tax wasn't as severe as many thought it was going to be.
For companies, the modest reduction in corporation tax, with the promise of more to follow, will be welcome.
We will of course take the changes into account when completing your company and/or personal tax returns. However, if you are facing 'one-off' considerations such as potential capital gains, or retirement planning, or if you are concerned about any issue, just get in touch.
• ON-LINE EVERYTHING
It all makes sense, but there is a certain amount of hassle involved if you are not already comprehensively on-line.
All submissions and payments to HMRC and Companies House now have to be sent electronically. There are some exceptions if you have a small turnover, but there's little point in delaying. Once you learn the ropes it's a real timesaver - as is internet banking in general. And it's all green.
You should have been sent leaflets about on-line submission. The main thing is not to delay figuring it out until you need it, because it can take a little while to register.
The key to remaining sane is to write down your user names and passwords. Otherwise you can get locked into an endless cycle of confusion. But don't leave them lying around, and record them in such a way that no one can tell what they are for
As far as payments are concerned, you'll definitely need internet banking, so if you don't have that sign up soon. Internet banking sites for the major banks have pre-set templates for sending money to all major government departments.
• BUSINESS START-UPS
Getting a business off the ground is no mean feat. As well as the skills and knowledge for whatever you do, there are several things that have to be sorted out - banking, record keeping, possibly VAT registration and/or company formation, notifying the tax man, setting out a business plan and so on.
We would like you to become a long-term McCready Page client, so if you use our services we'll take the time to help you with these start-up matters.
You'll also find us surprisingly flexible on fees while you're getting started.
