Is your business struggling with its broadband speed? Check out this recent government press release.
Businesses around the UK are being urged to make use of a £2500 voucher for gigabit broadband speeds before the scheme closes due to high demand.
The Government’s Gigabit Broadband Voucher Scheme has already helped more than 7000 UK businesses and surrounding homes, who have used the vouchers to contribute to (and in many cases fully fund) the installation cost of a full fibre gigabit capable connection.
The £67 million scheme was initially expected to run until March 2021, but high demand for vouchers means that funds are now expected to be committed a year earlier, and perhaps even sooner if the current success of the scheme continues to grow. To date, demand for the scheme has been strongest in the South West, followed by the South East, Yorkshire and the North West.
For the full article follow the link below:
WiRE Charity Network and Trade Fair
Tuesday 27 November 2018
Mini Trade Fair
To celebrate our second anniversary, and to promote the WiRE ethos of support, networking and the exchanging of skills between women in business, we are holding a mini Trade Fair at our premises in Wickhambrook.
Some of our attendees will be showcasing their products and services in our meeting rooms, all promoting what they do best! Money raised will be donated to West Suffolk Hospital’s My WiSH Charity. (All spaces for stands have now been taken).
Please come along to support your fellow Women in Rural Enterprise colleagues, to network, buy some goodies and perhaps make new contacts. The usual meeting cost of £5 for WiRE members and £8 for non-WiRE members will apply in this instance. For every attendee, £5 will be donated to our charity.
The event will run from 10.00 until 12.00, with stand set-up from 9.15, followed by a celebratory light lunch of savoury nibbles and a glass of ‘something fizzy’.
We do hope that you will join us for what we anticipate will be a very enjoyable morning.
If you would like to book a place please contact us on 01440 821991 or email email@example.com. We would require payment in advance so that we can manage the catering numbers and this can be done online to The Rainbird Partnership, sort code 60-10-21, account number 90168917.
We hope to see you all on the 27th.
MAKING TAX DIGITAL – MTD
From The 1st April 2019 VAT registered businesses must send their VAT returns to HMRC using MTD software.
If your taxable turnover drops below the VAT threshold, currently £85,000, you must still submit returns through MTD software unless you deregister or are exempt from MTD for VAT.
Even if your business is below the VAT threshold you can sign up for MTD for income tax purposes.
Is my business compatible to sign up for MTD?
Business records will need to be kept digitally from the start of your accounting period. If you don’t keep digital records or your software isn’t compatible you will need to look for suitable software.
HMRC have provided a list of suitable and MTD-compatible software here:
For more details on MTD follow the link below:
Every three years you must put certain staff back into a pension scheme. This is called ‘re-enrolment’. Your re-enrolment duties must be carried out approximately three years after your automatic enrolment staging date. Your duties will vary depending on whether you identify that you have staff to re-enrol, or whether you have no staff to re-enrol. Either way, you will need to complete a re-declaration of compliance to tell us how you have met your duties.
Remember, re-enrolment and re-declaration is your legal duty and if you don’t act you could be fined.
Already carried out your first re-enrolment? Find out what you’ll need to do for your next re-enrolment.
What you need to do and by when
On your chosen re-enrolment date, you’ll need to assess certain staff to work out if you need to put them back into your pension scheme.
Use our example letter template to write to staff to tell them that you’ve put them back into a pension scheme.
Favorable Charitable VAT issue decided by the FTT (First Tier Tribunal) – accountingweb.co.uk – Les Howard
Thanks to the Wellcome Trust Ltd (TC06761), the first tier tribunal (FTT) has decided an important VAT issue in favour of the charitable sector. However, HMRC may launch a further appeal as there is £13m of VAT at stake.
The Wellcome trust incurred costs in relation to its investment activities. These investments are largely overseas. It receives advice from investment managers within and outside the EU. These have been accepted as non-economic business activities.
From January 2010 the trust treated the ‘place of supply’ of these services as being in the UK, which is the location of the recipient of the services. This is called the “general rule” and it applies widely to professional and other services. Where the recipient, like the trust, is not fully taxable, this generates irrecoverable VAT – in this case, £13m over a four-year period.
The tribunal commented that UK VAT legislation is “clearly not compliant” with European legislation on this point. This raises the further question of how such supplies will be treated post-Brexit. That is for a later article!
Although the trust is a corporate body, its activities have long been held not to be economic. This was the ruling of the ECJ back in 1999 (case ref; C-155/94).
The FTT sought to determine whether the trust should be treated as ‘a taxable person acting as such’ in relation to those investment activities in the EU Directive 2006/112 (PVD), art 44. If so, then the place of supply is the UK, and the input tax is established.
However, the FTT reviewed art 44 in light of the implementing regulations (EU 282/2011) art 19, which provide that a taxable person receiving services for private purposes shall be deemed to be a non-taxable person. The FTT held that non-economic business activities should be treated in the same way. Thus, the place of supply was where the supplier is located, and more significantly, no input tax loss arises.
HMRC guidance states that, where charities receive services from outside the EU, the place of supply rules mean that the value of the services is added to their taxable supplies (VAT Notice 700/12, para 4.6). This potentially triggers a liability to register for VAT.
Where the charity is VAT registered, the charity may suffer the loss of irrecoverable input tax, in line with the charity’s “business: non-business” method of allocating expenses.
Charities should contact their regular VAT advisers promptly in order to submit claims for such input tax.
The Chancellor has presented his Budget to Parliament – here’s a summary of what was announced.