1st October 2009 saw a number of major changes within the Companies Act.One such change was the introduction of a Service Address for Directors. Read more »
Filed under: Miscellaneous, Online | Tagged: 2006 Companies Act | Leave a Comment »
Microsoft Accounting
Posted on November 2, 2009 by Howard Graham
Microsoft has confirmed as of 6 November that it will cease distribution and sale of its accounting package Microsoft Office Accounting. Read more »
Filed under: Accounting, Business | Tagged: Mamut | Leave a Comment »
Freedom of Information
Posted on October 28, 2009 by Howard Graham
The Freedom of Information Act is something that I was vaguely aware of, but largely passed me by both in terms of its introduction and its value. However, seeking some information recently about details on the numbers of tax returns filed, and failing to find the information I wanted on the HMRC website, I decided to explore the whole process of obtaining information on such critically important(!) matters. Read more »
Filed under: Communications, Government, Online, Taxation | Leave a Comment »
VAT filing goes online
Posted on October 23, 2009 by Howard Graham
The other important change being introduced by HMRC relates to VAT filing online. HMRC plans to phase out paper filing of VAT Returns so that from 1 April 2010, all VAT registered businesses with an annual turnover of £100,000 or more (excluding VAT) must file their tax returns online and pay electronically. Read more »
Filed under: Government, Online, VAT | 1 Comment »
New Systems, New Problems
Posted on October 21, 2009 by Howard Graham
1 October 2009 saw the implementation of the final stages of the 2006 Companies Act. Heralded as one of the largest statutes on record, the changes to company law have been gradually introduced over the last 2 years and 1 October was the final stage. Read more »
Filed under: Business, Company Formation, Government | Tagged: Company Formation, Incorporation | Leave a Comment »
Some Customer!
Posted on October 20, 2009 by Howard Graham
HMRC have announced that they are changing their banking arrangements for the purposes of VAT. The notice itself, which must have been sent to many thousands of businesses up and down the land, advises VAT registered businesses that they are changing to two new commercial banks namely Citi and Royal Bank of Scotland Group. As a result of these changes, all payments to HMRC for VAT will need to be made to new bank sort codes and account numbers. For many businesses who already have electronic arrangements in place, be it by BACS or CHAPS, changes need to be made immediately. Read more »
Filed under: Banks, Communications, Government, Miscellaneous | Leave a Comment »
Complying with Employment Law for the Small Business
Posted on August 13, 2009 by Howard Graham
Employment law is one of a number of areas where the small firm simply does not have the same resources as its larger counterpart. Read more »
Filed under: Communications, Government | Leave a Comment »
CBI Proposes Alternative to Redundancy
Posted on August 11, 2009 by Howard Graham
A radical alternative, proposed by the CBI, recommends that workers whose firms are suffering a fall in demand be paid to remain at home. The proposal states that staff should be paid a nominal weekly wage of £130 to which both the Government and the employer would contribute. The employees would then stay off work for up to six months until their employers were in a position to take them back once the economic downturn has eased. Read more »
Filed under: Business, Credit Crunch, Miscellaneous | Tagged: Redundancy | Leave a Comment »
Company Formation Stats
Posted on June 9, 2009 by Howard Graham
Our company formation subsidiary, companiesmadesimple.com reports that despite the economic malaise, the statistics for new formations are holding up very well. Read more »
Filed under: Company Formation, Credit Crunch | Tagged: companies house, company formations, formations | 1 Comment »
Lehmans again
Posted on June 5, 2009 by Howard Graham
An earlier posting in the wake of the Lehman’s failure criticises the insolvency sector and in particular Price Waterhouse Coopers(PwC) for its ability to rack up huge bills without proper policing. The posting also suggested that it was almost immoral that in the light of the banking failures generally, a group of prosperous accountants were going to benefit even more. I suggested that perhaps the insolvency industry should be government controlled.
You can imagine my joy when I read in the May edition of Accountancy that 234,578 hours have so far been billed by PWC at Lehmans. Apparently, that works out at 9,774 days or nearly 27 years. Yes, that’s over 230,000 hours. Even at an average and very modest rate of £150 per hour, (and I suspect the average rate is considerably higher than that), that amounts to over £35m in fees. In fact, the level of fees earned by them so far during its administration is £77m, equating to an average rate of £328 per hour.
Personally, I feel the whole thing stinks. Banks and bankers are one of the major causes of the situation we find ourselves in and I don’t like the idea that another group of greedy people in the finance sector that I am a part of, should earn so much money clearing up the mess.
I still can’t see any reason why some insolvency services can’t be run by the government. Why in theory is it any different to the CPS and the administration of legal cases. Surely it is in the public interest for certain types of insolvency proceedings to be run by central government. High profile insolvency administrations such as Lehmans, and other cases that are definitely in the public interest, particularly where there have been sizeable job losses, should be administered centrally.
HG
Filed under: Finance, Government, Insolvency | Tagged: Lehmans, PwC | Leave a Comment »
