Latest blog through the eyes of John Robson CIMA Member in Practice
Quote of the Day
Socialism is when you have two cows and give one to your neighbour.
Capitalism is where you have two cows sell one and buy a bull.
Bureaucracy is when you have two cows the state takes them both, shoots one, milks the other and pours the milk down the drain.
Employment Rights Did You Know?
If you think you have been unfairly dismissed, you have 3 months from the effective dismissal date to make a claim. The basic award is £475 per week up to a maximum of £14250 plus up to £78335 compensatory award!
Monitor Competitor Performance
Review the financials of other companies in your market, to analyse industry performance and trends. For example, if some businesses have increased turnover and profits and others are stable and declining, the better performing businesses might be doing something different that you could do to better your performance. Give me a call if you would like some help with this.
A Harsher Environment.
HMRC continues to tackle tax avoidance in many ways including, court challenges, accelerated payment notices, follower notices and penalties. More measures are included in the current Finance Act 2016 and a recent consultation.
Clients who participated in avoidance arrangements in previous years who are yet to finalise their position will need advice on how The Serial Tax Avoiding Legislation may affect them so that they can make an informed choice on what to do before 5th April 2017.
HMRC will continue using all its powers to encourage taxpayers to withdraw from arrangements and to defer future participation so taxpayers will need bespoke advice to understand what to expect next and what action to take at every stage.
If you have any doubt on where you might stand with such arrangements, then give me a call.
Previous Blogs can be found on www.newtonandco-accountants.com