News
December 09 – VAT Back to 17.5% in January
VAT returns to 17.5% in January:
Increase in the standard VAT rate
The standard rate of VAT was temporarily reduced to 15 per cent on 1 December 2008 and it will return to 17.5 per cent on 1 January 2010.
For any sales of standard-rated goods or services that you make on or after 1 January 2010 you must charge VAT at the rate of 17.5 per cent. If you have a cash business and calculate your VAT using the VAT fraction you must revert to the VAT fraction of seven forty-sevenths from 1 January 2010.
The change only applies to the standard VAT rate. There are no changes to sales that are zero-rated or reduced-rated for VAT. Similarly, there are no changes to the VAT exemptions. Any sales you make at these rates are unaffected by this change.
This guide tells you how to account for the change to the standard rate of VAT. It also tells you where you can get further information
(Taken from the HMRC web site)
http://www.hmrc.gov.uk/vat/forms-rates/rates/rate-changes.htm
November 2009 - New team member
berrisford rsc are extremely pleased to announce that Declan Fitzmaurice has joined the company as a Business Associate to head up the Industry & Commerce division for Northern Ireland, Jim Berrisford MD commented :-
“Having previously worked with Declan I was fully aware of the level of experience and expertise that Declan could bring to the company, it is a very exciting time for us as a business with a recent move to new city centre offices, a new website and the securing of several new contracts for 2010 we are in a very strong position to offer a range of opportunities to our clients and candidates.
Having Declan onboard has increased the opportunities for the professionals we represent. Declan is well respected for consistently delivering recruitment solutions to senior financial professionals in Northern Ireland across all industry sectors and will now be able to service his client base with a variety of recruitment solutions delivering all levels from newly Qualified Accountants to Finance Directors.
Declan has extensive experience in this market and will work in partnership with myself further developing the industry sector ensuring we continue to provide an ethical and professional service of the highest order.”
October 2009 - New York Stock Exchange (NYSE) announced a move to Belfast.
The Wall Street exchange is opening up a state-of-the-art facility in the capital early next year.
The venture was hailed in a high-profile launch at Stormont, as well as creating numerous corporate posts, the million pound transatlantic move will help support a number of technological, financial and administrative jobs in Belfast, with approximately 400 positions expected to be created over the coming months.
Announcing the development, NYSE chief executive Duncan Niederauer explained that Belfast's skilled workforce served as an influencing factor in the decision.
Would you have the skills, the expertise and knowledge?....
October 2009: RDR - Are you an Ostrich or a Meer Kat?
Is RDR the end of the Financial Advice world or does it present an opportunity to build a sustainable business with embedded value? Recent research by NMG Financial Consulting (July 2009) shows a divided IFA sector;
- 30% are ‘enthusiastic advocates of RDR
- 30% are ‘willing adapters’
- 21% are ‘reluctant accepters’
- 15% are ‘steadfast rejecters’ and
- The remaining 4% could not be classified.
There is also a school of thought that says that if the Tories ‘get in’ they will disband the FSA and remove RDR from the landscape. The reality is that this is only wishful thinking. Changing what we have now would require a seismic shift in policy, thinking and huge financial resources – in the current recession no Government will commit to that kind of spending.
However all is not lost - if you want to transition your business from transactional to service led you need to change your business model. You need to create a recurring income stream and introduce efficiencies. You also need to consider whether you should be Directly Authorised with the FSA or become an Appointed Representative of a Network.
The bottom line is don’t bury your head in the sand – start remodelling your business now. Speak to us for expert advice………………….