Latest 'Looking After Business' column from the Journal

Looking after business, the new business page column from the Carmarthen Journal
By David Butler, director of Clay Shaw Butler, chartered accountants and business consultants of Carmarthen and Porthcawl

It’s usually one of the topics guaranteed to crop up in any business networking event, or even in a casual conversation down the local pub.
You get fixed with a cold stare – and then the question comes: “Now then, David, good boy, tell me what you know about VAT?”
Of course, I could probably talk for Wales on the subject.
But, space in the Carmarthen Journal being at a premium, I will try and be brief . . .
VAT (Value Added Tax) is a tax chargeable on taxable supplies and services made by taxable persons and businesses. Output VAT is charged on applicable sales and Input VAT is reclaimable on applicable purchases. The net amount when one is taken away from the other is the amount payable to/repayable from H M Revenue and Customs.
Who should register for VAT?
You have to register if your turnover is more than £73,000 for last 12 months or next 30 days. H M Revenue and Customs need to be told within 30 days of this threshold being reached. Voluntary registration can also be done if taxable supplies are being made which are mainly zero rated, while input VAT is being suffered on costs borne. A repayment of VAT can then follow.
VAT rates:

• Different rates are applied to different supplies and the rules are strict. All supplies will fall under one of the following rates :-
• Standard rate: 20% All supplies not listed under the other categories.
• Reduced rate: 5% Supplies such as domestic heating, some building conversions etc.
• Zero rated 0% Supplies such as most foods, books etc.
• Exempt: Supplies do not attract VAT and there is a definitive list available of applicable items
• Outside the scope: Do not fall under any VAT rule such as dividends and salaries

What records should you keep?
VAT registered entities need to keep supporting documentation for all VAT returns submitted for at least six years, ready to satisfy any H M Revenue and Customs investigation visit which may occur. Records will include invoice/payments listings and invoices/credit notes which contain at least the minimum information as required by H M Revenue and Customs. A list of the minimum requirements of your invoices can be supplied if required.
The team at Clay Shaw Butler can be contacted on 01267 228500 or through the website at www.clayshawbutler.com

Our column in the Carmarthen Journal today

Latest 'Looking After Business' column from chartered accountants and business consultants Clay Shaw Butler in the Carmarthen Journal today.

Business seminar in Carmarthen today

Don't forget: we have a business seminar in Carmarthen today.
See earlier post -
http://clayshawbutler.blogspot.com/2011/09/business-seminar-date-for-carmarthen.html

Tax event due on October 5

The following Tax Events are due on 05 October 2011:
Deadline for notifying HMRC of new sources of taxable income or gains for 2010/11 if no tax return has been issued.
What this means for you?
This deadline is relevant to individuals who have not received a self assessment tax return for the year ended 5th April 2011 but who believe they have received income or capital gains which will result in a tax liability. Individuals must notify HMRC of their liability so that a self assessment return can be issued in good time for the submission deadline of 31st January 2012.

Tax event due on September 30

The following Tax Events are due on 30 September 2011:
VAT Reclaim deadline for submission of all claims to European VAT authorities for the calendar year 2010.
What this means for you?
This deadline is relevant to those wishing to make a VAT reclaim for VAT incurred in other EC member states for the calendar year 2010.

Business seminar date for Carmarthen

There’s a chance to catch up on the latest developments in the world of business at a special seminar being staged in Carmarthen later this month.

It’s being organised by Clay Shaw Butler, chartered accountants and business consultants of Carmarthen and Porthcawl.

“It’s an afternoon seminar with something of interest for everyone – and you get a great chance to do some useful networking,” said Clay Shaw Butler consultant Ann Thomas.

The seminar is on Wednesday, September 28, and runs from 2pm to 4.30pm at the Cothi Suite at the Halliwell Centre at the University of Wales Trinity St David in Carmarthen.

There are a limited number of places available at the seminar – but, if you are interested, you can contact Clay Shaw Butler at – email, info@clayshawbutler.com, telephone, 01267 228500; address, 24 Lammas Street, Carmarthen SA31 3AL.

Ann Thomas and Clay Shaw Butler relationship accountant Sarah Wynne will be staging a demonstration of the Sage accounting software package and talking about how to make the best use of accounts and the internet.

Chris Ellis, of One Life Financial Planning, will be talking about current and imminent changes in pensions and NEST (National Employment Savings Trust). NEST is a straightforward workplace pension scheme for employers to use for their UK based workers. It means that employers can provide a workplace pension scheme for all of their workers, including those who may not have had access to a pension arrangement before. NEST also makes it easy for employers to meet the new legal duties that start to be introduced in 2012.

Finally, Donna Purchase, of Red Kite Law will discuss the ever-changing world of employment law and, in particular, the changes for employers.

The Clay Shaw Butler website is at –

http://www.clayshawbutler.com

Full page spotlight on us in the Evening Post today

There's a full page advert spotlight on Clay Shaw Butler in the business supplement of the South Wales Evening Post today.

We'll be at the Swansea Business Show this week!

The team from Clay Shaw Butler will be at the Swansea Business Show on Thursday. Call in for a chat! - http://www.liberty-stadium.com/businessshow/