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Revenue's new Real Time information

Revenue's new Real Time information

Here at Rothmans Salisbury we often have people wondering when they run their own company but have no employees and only pay themselves a small salary once a year and take dividends the rest of the time, what will happen when the Revenue’s new Real Time Information starts. They wonder whether they will have to start to pay themselves monthly. The answer is- No, you won’t. You won’t have to pay yourself monthly or make monthly submissions provided you inform the Revenue in advance of your “period of inactivity&...

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Small businesses and the Revenue

Small businesses and the Revenue

Rothmans Southampton are aware that If you run a small business and have two employees you may be wondering about the The Revenue and payroll. It is true that the Revenue is not going to do Your payroll. Things will continue as before but you will be required to provide the tax man with details of: hours worked, amounts paid, and deductions made for each of your employees, each time they are paid instead of waiting until after the end of the tax year. This is known as Real Time Information or RTI &...

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2013 Budget Seminar - Diary Date

2013 Budget Seminar - Diary Date

Budget Day has been announced as Wednesday 20th March 2013. We are pleased to confirm that our ever-popular annual Budget seminar will be held at the Ageas Bowl one week later on Wednesday 27th March 2013. Giles Mooney will again be presenting the seminar for us, but we’ve given him a few more days to prepare this time! Humour and tax don’t often go together, but Giles seemed to manage to keep everyone entertained, as well as informed last year, and we’re sure he’ll do the same this time. There will be some light refre...

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Audit Committee

Audit Committee

The Academies Financial Handbook details the requirement for all academies to establish either an audit committee or a committee which fulfils the functions of an audit committee. The EFA have clarified this can include, but does not have to be, the finance committee. The audit committee will oversee the responsible officer role, which the Handbook has provided for greater flexibility in the way in which the function may be delivered.

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Autumn Statement

Autumn Statement 2012

Chancellor George Osborne delivered his 2012 Autumn Statement in December, as the Office for Budget Responsibility said it expected the UK economy to contract by 0.1% in 2012. The Chancellor outlined a raft of measures designed to curtail public spending and kick-start growth. Some of the key announcements for businesses were: Corporation tax: the main rate of corporation tax will be reduced to 21% from April 2014. Capital allowances: from 1 January 2013, the Annual Investment Allowance (AIA) for plant and machinery will increase t...

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Disclosure of Staff Governors' remuneration

Disclosure of Staff Governors' remuneration

We have received several queries regarding the disclosure of staff governor remuneration in academy accounts. The issue stems from the Charities' Statement of Recommended Practice (SORP), which requires disclosure of trustee remuneration. During the period of conversion the terms trustees, members and directors will have become familiar, as well the continued use of governors. These are separate and distinct roles, although there will be a varying degrees of overlap from academy to academy. The EFA have issued guidance clarifying that th...

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