Oliver Spevack Archives | Wellden Turnbull Accountants

Self-assessment tax returns – have you completed yours?

October 12, 2015 Posted by Wellden User

As Halloween quickly approaches, most people may be worried about ghosts and ghouls, realistically individuals should be more concerned about submitting their paper self-assessment tax return.

The deadline for submission of this year’s annual paper tax return is midnight on 31 October and businesses and individuals who use this method must submit their return and all supporting evidence to HM Revenue & Customs (HMRC).

Any paper returns submitted after this date could leave a taxpayer liable to fines or investigation from HMRC.

Those that miss the paper deadline will have a second chance to return their documents in the form of an online tax return in the new year, using their unique taxpayer reference (UTR) provided by HMRC.

For more information on how we can assist you with completing and submitting your self-assessment tax return, please contact us today.

Government introduces Consumer Rights Act, as it seeks to simplify and modernise UK consumer law

October 7, 2015 Posted by Wellden User

Small and medium-sized enterprises (SMEs) are being made aware that the law has changed for consumers and it now covers new areas.

Introduced on 1 October 2015, the Consumer Rights Act 2015 seeks to simplify and modernise UK consumer law. The act replaces three major pieces of consumer legislation; the Sale of Goods Act 1979, Unfair Terms in Consumer Contracts Regulations 1999 and the Supply of Goods and Services Act 1982.

Importantly, this is the first time that consumer rights relating to digital content have been clearly set out in the UK. It means that if a digital product such as a game or music file is faulty, not as described or not of satisfactory quality, consumers are entitled to a refund, repair or a replacement. However, if that repair or replacement is impossible or if not done within a reasonable time, then consumers can ask for a price reduction, which can be up to 100 per cent of the cost of the digital content. Consumers will also be entitled to a remedy if any device or other digital content is damaged as a result of the digital content that has been downloaded.

Furthermore, the Consumer Rights Act 2015 introduces a specific period of 30 days for consumers to reject a faulty item and obtain a full refund. The period is shorter for perishable goods where the timeframe will be determined by how long it is reasonable to have expected the goods to last.

There is also a ‘tiered’ remedy system for faulty goods, digital content and services, as well as a focus on unfair conditions in consumer contracts. This will mean that the key terms of a contract, including charges, may be assessed for fairness. Furthermore, the Consumer Rights Act 2015 states that if a retailer provides pre-contract information in relation to a service and the consumer takes this information into account, the service must comply with that information.

For information and advice on how to run your business please contact us today.

Growth top of the agenda for SMEs

September 8, 2015 Posted by Wellden User

According to research from Close Brothers Asset Finance, growing a business is top of the agenda for 34 per cent of SMEs.

The quarterly survey of UK SME owners and senior management from a range of sectors also revealed that more than half of firms have already experienced growth in the last 12 months, while a further 37 per cent expect their business to expand during the next year.

The results also highlighted that a significant number of firms are planning to recruit, with 43 per cent hoping to take on new staff within the next year.

Simon added: “Naturally, firms need to expand their team as they grow organically but the challenge often lies in how they manage this growth. It’s important that firms seek professional advice to help with obtaining funding.

“I would urge any business owners looking at expanding to ensure that they assess their plans and evaluate all of the financial options available to help them find an appropriate solution to fit their needs. At Wellden Turnbull my team and I can assist with a range of issues affecting SMEs and we can also handle the payroll. This allows SME owners to get back to doing what they do best; running their business and growing their enterprise.”

If you would like more information and advice about how to grow your business, please contact us today.

Growing opportunities for SMEs to secure public sector contracts

September 3, 2015 Posted by Wellden User

The Government has announced that it is aiming to increase its spending with small and medium-size enterprises (SMEs) to a third by 2020, and we are encouraging all our businesses clients to get involved.

The most recent public expenditure figures show that from 2013 to 2014, the government spent £11.4 billion of its budget with SMEs – equivalent to 26 per cent of its total spend during that period.

This taken into context with its new target of 33 per cent by 2020 would mean that an extra £3 billion per year will be spent with SMEs, either directly or through the supply chain.

Businesses need to prepare for changes to company law

August 21, 2015 Posted by Wellden User

New changes to company legislation have recently been announced, which will require businesses to register individuals with ‘significant control’ over the company.

Under proposals, laid down in the Small Business, Enterprise and Employment Act 2015, all businesses that are not subject to specified separate disclosure requirements must create and maintain a register containing details of any person with ‘significant control’.

A person with significant control is loosely defined as a person who directly or indirectly holds more than 25 per cent of the shares or voting rights in the company.

It also includes any person who directly or indirectly has the power to appoint or remove the majority of the board of directors of the company or otherwise has the right to exercise or actually exercises ‘significant influence’ or ‘control’ over the company.

Any person who has the right to exercise or actually exercises significant influence or control over a trust or firm (such as a partnership) that is not a legal entity, which in turn satisfies any of the first four conditions over the company, is also considered a person with significant control under the legislation.

The new Person with Significant Control (PSC) Register must be available for inspection and up to date information must also be provided to Companies House at least once per year.

For confidential advice on managing your business, please contact us today.