HMRC Powers To Request Security For VAT

HMRC now have the power to request that a VAT registered business provide security for the payment of VAT liabilities. This allows them to request an amount of money where they consider there is a risk that VAT will not be paid by the business. The following may give HMRC reason to use these powers: -

Do You Have The Correct Documentation In Order To Claim Back Input VAT?

Recently there have been two judgements both of which denied the right to claim VAT without a valid VAT invoice. So what exactly must an invoice show in order to be a valid VAT invoice? Sometimes it is a good idea to refresh ourselves with the basics so below is a quick recap of the rules... 

The Chancellor’s Autumn Statement – What does it mean for you?

Read on to find out our KSK main points from the Autumn Statement last week. For more information on any of our points, or to find out more about the whole Autumn Statement, please contact the either Rachael or Anthony via any of our social media or by calling the office on 01234 301000.

To Incorporate or Not To Incorporate...that is the question!

It is important when you startup your business to consider the entity through which you should trade. Should you operate as a:

• Sole trader – an individual
• Partnership – two or more individuals or companies
• Limited Liability Partnership
• Limited Company

Attention Healthcare Professionals!

If you work in the health and wellbeing profession and have taxable income, you're next on HMRC's hit list. The Health & Wellbeing Tax Plan, launched earlier this month, offers another one of their time-limited opportunities to get your tax affairs up to date, whilst offering more desirable repayment options.

Landlords of Residential Property

HMRC have chosen another opportunity for tax payers to come clean as to previously undeclared income... this time it is for landlords who rent out residential property.

Precious Metals – Silver

Readers may recall my article of 4th July 2013 where I highlighted the fall in the value of the price of gold. At the same time I had been tracking the price of silver, and was about to go to print on a very similar article as to its own decline in value.
In June 2013 the price of silver had dropped to $18.49 an ounce which represents a 58% fall in value since April 2011. The world’s biggest silver producer, Fresnillo, saw its share price on the stock market fall to 846p and the CEO in the company’s recent annual report was bemoaning the fall in the value of silver which year on year had fallen 20.3%.

But after months of falling in value, the silver price has rallied from its June lows by 24% to $23 an ounce, and the Fresnillo share price today stands at 1250p. City experts are forecasting that the silver price could have further to rise as industrial demand for the precious metal accounts for 50% of total demand.

What a difference 2 months make!

The New Statutory Residence Rules - Going Abroad

Those who leave the United Kingdom to set up home overseas will have no problem as regards their residence status for UK tax purposes if they sell up completely in the United Kingdom, move abroad and make no return visits here. This of course is usually not practical at all. They may have friends or family still in the United Kingdom whom they will want to visit, and they may want to keep a home here which they can use on return visits. The question then arises as to what extent they can keep UK connections without continuing to be UK tax resident.

Disincorporating The Family Business

Under the last government, there were for a period of time considerable tax incentives towards incorporating small business and operating it through the medium of a company. These incentives were eventually reduced, but it still remains the case that most successful businesses can achieve some tax savings by operating through a company, rather than being operated as a partnership or a sole trade.

The Seed Enterprise Investment Scheme

The Seed Enterprise Investment Scheme was introduced last year, with special tax reliefs being available under it for 2012/13 and it has now been announced that these are to be continued for the current tax year 2013/14 with one amendment.

Bedfordshire Business Excellence Awards 2013

Please consider making an entry in the Bedfordshire Business Excellence Awards 2013. It is such a worthwhile event so if you do decide to enter, please put aside some time to make it a really good entry. The closing date for new entries is Friday 6th September 2013. We are the proud sponsor of two categories.The Awards presentation evening will take place on Thursday 7th November 2013 at the Bedford Corn Exchange, 7pm until 1am. The Celebrity Guest speaker and Awards host this year will be Andrew Castle. Tickets are available through the website (linked below).

There are several categories you can apply for:

KSK Fact Sheet for First Time Buyers

We are pleased to set out a guide which details three major lending schemes for first time buyers.

Have You Submitted Your 2011/12 Tax Return?

The Inland Revenue have launched a new voluntary scheme for individual taxpayers for those who have not yet done so.

The Charity Sector

As a firm we represent many charities and societies where their biggest frustration is the interest they can earn on their hard earned savings.

Gold Update with My View on Other Commodity Prices

The price of gold has hit a new low of $1222 an ounce. Since the start of April the metal has fallen 23%. One market specialist has referred to the fall as ‘capitulation’. It now seems a far cry from the 2011 record high of $1920 an ounce. To make things worse UBS, who are one of the biggest institutions in the market place, has slashed its own forecast for gold prices in a year to $1050 an ounce!

Important July Dates

28th June
Anna Carey gets married!

30th June
Company Accounts: Private companies with 30th September 2012 year-ends and public companies with 31st December 2012 year-ends should file their accounts at Companies House.

Sir Henry Cecil (1943-2013)

The sad death of Sir Henry Cecil was a huge loss for me. All those involved in racing will miss him terribly, he was our hero who everyone looked up to and the way he looked after and trained the wonder horse Frankel will never ever be forgotten.

KSK Joiners Week. SPECIAL OFFER!

Xero Bronze Partners!

We are now a Xero Bronze Partner! Check out our listing on the Xero Website (http://goo.gl/NByC8) and please feel free to contact us if you want to be set up on Xero

Important May Dates

1st
VAT: New fuel scale changes (to be used where input tax is reclaimed on fuel used for private motoring) take effect from today. The new changes were announced in the 2013 budget and are set out in the table below.

UK Companies Going to the US to Make Money…Beware!

It was not long into my business career in the 1970’s when there was the Midland Banks disastrous foray into the US financial market place. Since then many ‘household’ names such as Marks & Spencer and Sainsbury’s have all ‘set their sights’ on the US as their next really major expansion plan, only to eventually exit the market at a significant financial cost. Personally I have witnessed a major European welding manufacturer try and enter the US market place only to exit 18 months later ‘licking its wounds’ having encountered any amount of state protectionism. 

Remember Ernie?

I guess that many of us who are 50 plus will know more about Premium Bonds than the younger generation who, whilst not fully understanding the workings of the system, may also hold them as a result of gifts from parents or grandparents. ( for more information on Premium Bonds, please visit: nsandi.com/savings-premium-bonds)

Anyway, here are some facts:

Bedford Professionals First Anniversary

 Bedford Professionals celebrate their first anniversary!

It's been a busy first year for the Bedford Professionals group, which celebrated its first anniversary at The Lane, Castle Quay, Bedford on Thursday 7th February. The committee was delighted to see so many local professionals connecting and hope that over the coming year, the group will continue to grow.

You Teach As You Were Taught

As you grow older and are able to reflect on your working life, I believe that you can “store up” certain working practices and beliefs. One aspect of my own, which I find myself regularly referring to, is my theory that ‘You Teach as You Were Taught’. For sure this can only be a generalisation, but so often I see it demonstrated when talking to clients or business colleagues.