Thursday, 18 June 2009

New Online Tax Help For Small Businesses

For those of you just starting out in business, or thinking of doing so, there's a new online resource, set up by HMRC, via Business Link, to help you through a few of the basics, such as starting out in business, National Insurance, record keeping and employing other people.

This help takes two main forms. There are 10 brief, bite sized videos, providing an overview of each topic, as well as a downloadable guide, entitled; "Giving your business the best start with tax".

It's not going to answer every question, and as usual, I would always suggest seeking specific business advice from an expert, however, it's a useful start for those wishing to answer a few of the more common questions.

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Definately worth a quick look.
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**Update** These videos have now been updated to our own web site. You can also check them out there. http://www.1stadditions.biz/30920/info.php?p=9&pno=0

Monday, 15 June 2009

New 'Ask Alan' Spot For Enterprise Nation TV

Always keen to help the small business person wherever I can, I have been involved with Enterprisenation.com for a litle over a year now, providing articles and features for the site as and when required, and answering questions in the Forums, as they arise.

It seemed a logical next step to take this to the small screen, and I have agreed to host a fortnightly 'Ask Alan' slot on Enterprise Nation TV, starting with a trip to Redbrick House this Wednesday (17 June) to film the first of these slots.
Enterprise Nation is an invaluable and free resource for anyone running, or thinking of starting, a home based business, and I'm really excited to be involved with this new project.

OK. Two days to find a clean shirt and get it ironed. Best get cracking.
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**Update** Enterprise Nation has been taking suggestions for alternatives to coffee in the workplace. They are running a taste test tomorrow, looking at some of these ideas. No prizes for guessing who will be doing the taste test. Should be interesting.

Sunday, 14 June 2009

New 2009 Tax Amnesty

What can I say? We've only just all surrendered our weapons in the latest knife amnesty, and now HMRC have re introduced the Tax Amnesty.

Announced in the 2009 Budget, there is one last chance to review any irregularities in your tax affairs, and take advantage of the new disclosure facility, before the window of opportunity closes in March 2010.

Although penalty rates have yet to be published, they are likely to be lower than under normal penalty legislation.

1 April this year saw the introduction of higher penalties for incorrect Tax Returns, making it even more important to assess any potential tax risks and, where appropriate, make a disclosure to HMRC.

An interesting decision then. Do we keep quiet and risk having both of our children seized and sold into slavery, or do we 'fess up and guarantee that only one child is sold?

The decision is yours....

Tuesday, 19 May 2009

Extra 7 Days Concession For P35s / P14s

Today, 19 May 2009, as we all know, is the deadline day for submission of our P35 and P14 end of year returns to HMRC.

Ideally, we should all try to make this deadline, but, if you can't, don't panic.

Thanks to Extra Statutory Concession number B46, you can actually file your returns by midnight on 26 May 2009 (up to 7 days beyond the deadline) without incurring a penalty.

For those who have not yet done so though, you should also bear in mind that employee P60s must be with them no later than 31 May 2009.

Monday, 11 May 2009

UK's First Home Enterprise Day Announced

At 1st Addition, we're happy to announce our involvement with the UK's first ever Home Enterprise Day, which will will be held on Friday, November 20th.

The celebration forms part of Global Entrepreneurship Week, for those interested in getting involved.

Global Entrepreneurship Week
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Global Entrepreneurship Week is a week long celebration of enterprise that's been running since 2004, albeit under a different guise in the UK ('Make Your Mark: Enterprise Week').

Over 644,000 people took part in last year's events and this year looks set to be even bigger.
This is the first year to include a day on which to celebrate home business - so let's make it a good one!
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Home Enterprise Day
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Global Entrepreneurship Week runs from November 16th - 22nd and our day will be on the Friday, November 20th.

Our friends at Enterprise Nation are leading the celebrations and recognising the millions of people in the UK who are starting and growing a business from home.
The highlight of the day will be the Enterprise Nation annual conference. At the event, you'll hear from inspirational speakers, meet other home business owners and be the first to congratulate winners of the 2009 Home Business Awards, announced on the day.

How you can get involved

More details about the conference are on their way - and Enterprise Nation members will hear first, so don't forget to register. The whole process is free and simple - and you can get started n the link below:


Also, for regular updates, prior to the event, you can follow Enterprise Nation on Twitter:


As events unfold, and our own involvement is finalised, we will continue to keep you updated as well.

Watch this space.

Saturday, 9 May 2009

Judge Freezes Credit Claims

Consumers overwhelmed with debts are unlikely to be able to write of credit card debt due to unenforceability.

A judge has frozen more than 100,000 claims by indebted borrowers attempting to write-off credit and loan debt by using a loophole in the law which could make the contracts unenforceable.

In a hearing last Friday in Chester County Court, Judge Derek Halbert announced that all cases have been put on hold pending the outcome of "a few carefully selected" test cases in the Commercial Court in London.

The ruling means that over-indebted borrowers will have to carrying on repaying loans until a judgement is made.

In the meantime, consumers have been warned not to fall for adverts by claims handlers promising to wipe out credit card debt alleging that agreements put in place before April 2007 are potentially unenforceable.

Daniella Lipszyc, a solicitor at Ultimate Law, a law firm, said: "The ruling by His Honour Judge Halbert is a landmark decision that will have massive implications on cases involving the enforceability of credit agreements.
“After a number of early wins, many claims management companies have jumped on the band wagon, promising desperate consumers that they can write off credit card balances.
"In reality, cases have simply ground to a halt as banks and lenders up their game and become more clued up on the Consumer Credit Act and subsidiary legislation. It’s now extremely inappropriate and misleading for any company to promise to write off balances in light of this judicial move.”
Last week the Solicitors Regulation Authority (SRA) announced that it was investigating ten claims management firms for misleading customers over the prospect of writing off debts.

It also warned consumers to be wary of statements suggesting that 80 per cent of credit agreements and unenforceable.

Antony Townsend, chief executive of the SRA, said: "These ads appear to offer an easy way out of difficulty to people who have debts they are struggling to pay. But many credit agreements do meet the legal requirements and, therefore, can't easily be challenged as unenforceable."

This blog post is reproduced directly from an article in TimesOnline, dated 7 May 2009

Monday, 4 May 2009

Companies House Deadlines Cut By One Month

The Companies Act 2006 has brought about many changes in recent months. One of these is the reduction of filing dates for accounts from 10 months to 9 months for private companies and from 7 months to 6 months for plcs.

These new deadline come into effect for accounting periods beginning 6 April 2008 (so, for most of us, that means years ending on or after the 30th of last month).

This change, coupled with the dramatic increases in late filing penalties, means that companies have to be extra vigilant with their filing deadlines, in order to avoid undue extra expense.

Wednesday, 22 April 2009

Budget 2009. What Does It Mean To Us?

Another highly anticipated Budget comes and goes, so what are the key points in this one?

The Chancellor used the Budget speech to cut his growth forecasts. The economy is now expected to contract by 3.5% this year, but grow 1.25% in 2010. If he's correct, this would mean growth starting towards the end of this year
  • Public sector net borrowing will be £175bn this year, 12.4% of GDP. From 2010, it will be £173bn (11.9% of GDP), then £140bn (9.1%), £118 bn (7.2%) and £97n (5.5%).
  • National debt as a percentage of GDP, including the cost of stabilising the banking system, will increase from 59% this year to 68%. It will rise to close to 80% by 2013/14 - twice the level Labour inherited in 1997. The Chancellor expects underlying current budget deficit to come back into balance two years later. RPI inflation is forecast to remain negative, falling to minus 3% by September, before moving back above zero next year. Inflation is expected to continue falling sharply, reaching 1% by the end of this year. The Bank of England inflation target remains unchanged at 2%.
  • The UK's current deficit is expected to halve within four years

So that's all the numbers out of the way. How does this affect most of us?

Personal taxation

The following changes have been announced which will come into effect from April 2010:

  • an additional Income Tax rate of 50 per cent will apply to people earning over £150,000
  • the income tax personal allowance will be reduced for those with incomes over £100,000

Pensions and Savings

The Budget announced the following changes to pensions:

An increase of £100 to over-80s households and £50 to over-60s households in 2009/10, alongside their Winter Fuel Payment.

Tax relief on pensions contributions will be reduced for those earning £150,000 and over

The overall annual investment limit for ISAs rises to £10,200 of which £5,100 can be saved in cash.

These higher limits will be available to over-50s from 6 October 2009 and to everyone from 6 April 2010.

Housing and Homeowners

The Stamp Duty land tax threshold on residential properties costing £175,000 or less will be extended until 31 December 2009.

As a result of this 'holiday', some 60% of UK homes are currently exempt from Stamp Duty.

Local Housing Allowance (LHA) is being reformed - households will no longer be able to keep any surplus LHA if it is higher than their rent.

Budget 2009 announced a £600 million fund to kick-start housebuilding, with the aim of delivering an additional 10,000 homes in England over the next two years.

This package includes £100 million for local authorities to build new social housing at higher energy efficient standards. The current economic climate continues to have a significant impact on housing supply. Additional, short-term, spending during the downturn is planned to stimulate housing development as well as boost the capacity of the house building industry in the long-term.

Motoring and Transport

The Government has announced a temporary vehicle scrappage scheme - it offers consumers a £2,000 discount when buying a new vehicle to replace a vehicle more than 10 years old, provided they have owned the vehicle for at least a year.

Budget 2009 confirmed the fuel duty increase announced in the 2008 Pre-Budget report, and further increases from 2010 to 2013.

Alcohol and Tobacco

Alcohol duty rates increase from 23 April 2009. The duty will increase by 2 per cent, adding one penny to the price of a pint of beer, 13 pence to the price of a bottle of spirits and four pence to the price of a bottle of wine.

Duty on tobacco will increase by 2 per cent from 22 April 2009.

Employment and Training

The Budget announced that 18 to 24 year olds who have been unemployed for 12 months will be guaranteed a job, training or a work placement.

An extra 54,500 places will be created in the next academic year for 16 and 17 year olds who wish to take them up.

Other Changes

  • Statutory Redundancy Pay is to increase from £350 to £380 a week.
  • Help is to be extended to allow loss making companies to reclaim taxes on profits made in the last 3 years to November 2010.
  • Businesses main Capital Allowances Rate has been doubled to 40%, giving enhanced tax relief for capital expenditure of up to £50bn this year.
  • The intention is to raise £1bn of extra revenue, by closing a number of tax loopholes and schemes.
  • From April next year, the child element of Child Tax Credit will increase by £20.
  • Pensioners' Winter Fuel Allowance is to be kept at the higher level of £250 for over 60-s, and £400 for over 80-s for another year.

For a link to the full Budget report, click on the heading of this feature, or you can check out a pdf of it from the 1st Addition web site.

Thursday, 2 April 2009

G20 Summit Agrees Trillion Dollar Boost To World Economy

The G20 countries are to make available an additional one trillion dollars through the International Monetary Fund to boost the world economy, Gordon Brown has said today.

In a news conference to mark the end of the London summit, the Prime Minister said the funding formed part of a package that would shorten the recession and save jobs.
Other measures included action to "clean up" the banks - with new rules on pay and bonuses - and measures to tackle tax havens.

"We believe that global problems require global solutions," he said.

Mr Brown said the leaders agreed a "new consensus" to do what was necessary to restore growth and jobs and to rebuild confidence and trust in the financial system.

"This is the day that the world came together to fight back against the global recession, not with words but with a plan for global recovery and reform," he said.

Mr Brown said new rules on pay and bonuses "at a global level" that reflected actual performance not failure would "encourage corporate responsibility in every part of the world".

A new "financial stability board" would "ensure co-operation across frontiers and to stop risk to the economy" and provide an early-warning mechanism, he said. For the first time, there would be a "common global approach to how we deal with impaired, or toxic, assets".

The "unprecedented fiscal expansion" already under way would mean a five trillion dollar injection by the middle of next year, he said, helping save or create millions of jobs.

Central banks had agreed to "maintain expansionary policies as long as they are needed using the full range of options available to them". But there would also be an additional one trillion dollars "made available to the world economy through the International Monetary Fund (IMF) and other institutions".

How Feng Shui Is Your Office?

Feng shui? So what’s that all about then? Isn’t it just a load of foreign mumbo jumbo?

Well, actually, no!

Whilst it is understandable that many of us might be a little sceptical that tying three coins together with red ribbon (let’s face it, not that easy with UK currency, anyway) and placing them in the back of your accounts book, will bring you good luck, there are a lot of basic, common sense principles that many of us simply ignore in both our domestic and working environments.

The overriding purpose of feng shui is to create an environment where, through a variety of components, we are able to maximise our physical and mental wellbeing. Let's face it, we could all do with a bit of that.

We’ve all walked into a room and felt uncomfortable, and, likewise, there are places we go where we feel totally relaxed and ‘at home’. Feng shui is the 'science' that explains why this happens.

Basically, it’s all about balance. Most of us have heard of the yin and the yang, the concept of positive and negative energies, conflicting with each other to obtain dominance. Sounds like we’re heading back to mumbo jumbo land, BUT we can apply this to any real world situation.

For example, imagine a slow moving yin river, when it hits rocks, it drops, speeds up, and creates turbulence. It is now yang. As it reaches a lake, it becomes yin again. A boat travelling on this river will be at its optimum speed when the energies are balanced. Too much yang, and it could be damaged by the currents. Too much yin, and much more work is needed to paddle it.

So what about our own working environment? What can we do about that?

It’s all about creating a balanced and harmonious environment. Common sense really, but we experience our environment through our five senses, so we need to make sure they’re all accounted for.

Some of the key factors we need to think about are:

Sight

Lighting will play a key part in how we feel. Our bodies are in tune with the sun and its natural cycles. Just ask anyone who suffers with SAD (Seasonal Effective Disorder) caused by changes in lighting conditions in the winter months.

Natural light is important, and we should position our furniture and arrange our activities to make the most of it.

Ordinary bulbs produce light which is towards the red end of the spectrum, with little blue or green light. Fluorescent light is the opposite. It emits higher electromagnetic fields, and its flicker can cause headaches

Colours will also play an important part in how we feel too:

White represents a clean canvas, and black symbolises a clean slate. Both provide a base on which we can create a picture, from the main colours below:

RED: Red is stimulating and dominant. It reduces the size of a room, and increases the size of objects. It is associated with warmth, prosperity and stimulation, but also with anger, shame and hatred.

YELLOW: Yellow is associated with enlightenment and intellect. It stimulates the brain and aids digestion. Its positive qualities are optimism, reason and decisiveness, whilst its negatives are craftiness, exaggeration and rigidity.

GREEN: Green symbolises growth, fertility and harmony. It is restful and refreshing. Its positive associations are optimism, freedom and balance, and its negative ones are envy and deceit.

BLUE: Blue is peaceful and soothing and is linked with spirituality, contemplation, mystery and patience. It’s positive associations are trust, faithfulness and stability. Negatives are suspicion and melancholia.

PURPLE: Encouraging vitality, purple is impressive, dignified and spiritual. Positive associations are excitement, passion and motivation, negatives are mournfulness and force. Can’t quite see it in our office somehow!

ORANGE: A powerful and cheerful colour, orange encourages communication. Its positive qualities are happiness, concentration and intellect, and its negative is rebelliousness.

BROWN: Brown suggest stability and weight (good one for me then). Its positives are safety and elegance, while its negatives are dinginess, depression and aging. Good for studies / offices, but not for bedrooms.

Sound

Pleasant sounds, in the right place, at the right time can really add to the ambiance. Wind chimes, water features, etc or even a little background music can make a real difference to our mood.

Smell

We all know that smells can influence the way we feel about a place. Who hasn’t popped on a pot of coffee or wafted some fresh baked bread around when trying to sell a house? At 1st Addition’s offices, we always have scented oils and air fresheners in the office (even when none of us have had a curry the night before. That’s how feng shui we are)!

Electrostress

We are becoming increasingly aware of the negative effects of electromagnetic radiation on the human body. The effects of exposure to ionising radiation in X rays and ultraviolet rays in sunlight are well known. Also, the low frequency radiation which surrounds power lines has been linked to childhood illnesses

Despite our awareness of the effects of radiation, we are so dependent on the equipment that produces it, that we are unwilling, or unable, to live without it. We should, therefore, take precautions, where possible:

+ Laptop computers should never actually be used on our laps.

+ Mobile phones should be used as little as possible

+ Screen filters should be fitted to all unfiltered VDUs

+ It helps if we can sit as far away as possible from the computer, when not actually using it.

+ For those of us that use a microwave in the office, we should keep as far away from it as practical whilst it is on. Microwave ovens have been found to emit low frequency radiation far in excess of that known to cause lymphatic cancer in children.

Clutter

Clutter is a state of mind, not just the state of our physical environment. It can be all the things we haven’t done, like unreturned phone calls and appointments not made. It’s everything we do not use or wear, inherited objects and things given to us as presents that we don’t like, but feel guilty about parting with.

We may stay in a job, thinking we are indispensable, or due to a misguided sense of loyalty, but, often it is because we are afraid to take a leap and change direction.

It is this fear of change that can cause us to stagnate. We need to clear our homes, our work places, and even our minds. This may not be something we do in one go. Often it is the little things that add up. Clutter represents stagnant energy, and the list is endless – blown light bulbs we keep forgetting to replace, dead wasps on the window sill and that squeaking door we never get round to fixing. All just a minute or two each to fix, but their accumulated affect can have a significant impact on the pace and quality of our lives.

Plants

Plants will have a variety of uses in an office environment. As well as their obvious aesthetic charm, they have a number of uses, including hiding a jutting corner, draining excess water energy from a room, breaking up long corridors and bringing life into an office environment. Some will even clean the air for you.

We should remember though that cut flowers may look beautiful in a vase, but, like dried flowers, they are, technically, dead. Potted plants are much better as they bring life to the environment.

Furniture.

The positioning of our desks and other furniture can also play a vital part in the feel and energy of a room. (See Below).

To finish, we have a few top tips to feng shui up your office. These are split between the workplace office and the home office. Why not give one or two of them a try?


Office Feng Shui In A Workplace Office

Here are few tips to keep the energy flowing in your office.

  1. According to office feng shui guidelines, your desk should be placed at a diagonal to the doorway, or directly facing it, rather than with your back to it.

  2. If there's more than one desk, place two on a diagonal facing towards the door and any others on a diagonal facing into the centre of the room. They should not be placed in rows in a traditional classroom layout, or back to back.

  3. If the doorways of offices that face each other across a hallway are not exactly aligned, place a mirror in front of each door.

  4. If you face a partial wall or partition, when entering an office, place a mirror on the partition.

  5. Soften jutting walls with plants.

  6. Break up dull walls with mirrors or paintings.

The feng shui elements that are easiest to blend into an office decor are pictures and photographs. Look out for pictures that represent the various aspects and display them in the appropriate areas. Very obvious feng shui symbols, though, might invite unwelcome questions from visitors or co workers.

Office Feng Shui In A Home Office

Use office feng shui, if you're working from home, to maintain a professional approach to your business.

  1. Use a separate entrance to your office, if at all possible

  2. Otherwise, chose a room near the front or back door of the house or flat.

  3. Separate your office from living areas, to keep your business and personal lives separate.

  4. If your office space is part of another room, divide it from the rest of the room with a screen or large plants. Even a large mat will help to define the spaces.

  5. Take a short walk before entering your office to work each day, and another one at the end of the working day. This separates the business and personal aspects of your life.

  6. Place your desk on the corner, diagonally opposite the doorway.

  7. Don't place your desk under a window, but let the light reflect on it from the side. Some people prefer to have their desks facing east.

  8. Leave space between your furniture (bookshelves etc) and the walls. Feng shui experts suggest leaving a 7-9 inch gap.

  9. An important aspect of office feng shui is to keep your work space tidy, to allow a free flow of energy throughout the room.

  10. Differenciate between clutter and storage. Stored items don't have to be catalogued and labeled but they should be stacked neatly in a cupboard or in binders, so as not to impede energy flow.

So why not give it a try. You never know, you might just notice a difference.