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The long running saga of Geoff and Diana Jones and their company, Arctic Systems Limited, has recently been back to the courts for the final time to the House of Lords.
Just in case you need a reminder, the case concerned a company owned by a husband and wife, Geoff and Diana Jones, and hinged on whether dividends paid by the company to Mrs Jones (who was not a higher rate taxpayer) should be shown on her husband self assessment return and taxed as his income at a higher rate of tax. You may recall that the case went to the Court of Appeal where the taxpayer won.
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The Health and Safety Executive (HSE) publish a series of myths of the month for businesses. The myth for July, which businesses need to be aware of, is that all office equipment must be tested annually by a qualified electrician. The HSE states that in reality employers are required to assess risks and take appropriate action.
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HMRC have started a consultation on the way in which they pursue individuals who do not pay their tax liabilities on time. The proposal, which would result in HMRC taking money owed directly from an individual’s bank accounts, would aim to tackle the problem of approximately 200,000 people who are pursued through the courts each year for outstanding tax.
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According to HMRC’s website it is currently taking an average of 38 days to process new VAT registration applications. The reason given for the delay is that HMRC have to carry out anti fraud checks in some cases and this leads to significant delays.
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Although credit insurance has been around for a long time it is surprising how many businesses are not fully aware of its benefits. So what is it, how does it work and why should you take out such protection?
Our specialist credit insurance partner explains “Credit insurance is a policy that protects you against your credit account customers not paying you; either through insolvency/bankruptcy or protracted default (can’t pay / won’t pay but whom do not go insolvent / bankrupt). It is a risk protection product covering, possibly your largest asset, your debtor book. Incurring a large bad debt without such protection has been known to have a domino effect; it can bring you down with it.
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March 2010 Newsletter
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November 2009 Newsletter
October 2009 Newsletter
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