George Osborne has delivered his seventh Budget, the first Conservative budget in 19 years. The Chancellor said; "This is a budget that sets out a plan for Britain for the next five years to keep moving us from a low wage, high tax, high welfare economy; to the higher wage, lower tax, lower welfare country we intend to create."
For many business owners the bookkeeping responsibility is about as exciting as going to the dentist or watching paint dry. This is because the bookkeeping function is often seen as an onerous task but one which has to be done and it normally goes to the bottom of the “To Do” list. The Financial Management Centre encourages business owners to focus on what they do best and more importantly enjoy, which is running and growing their business.
If you are owed money by a customer who’s gone out of business you may wish to learn your rights regarding repayment. The law in this area is governed by section 328 of the Insolvency Act 1986 setting out an ‘order of priority for creditors’. This creates a pecking order in terms of who gets paid first and who gets paid last (if at all).
If a VAT registered business purchases road fuel for business use, but there is also private use an adjustment is required to account for VAT claimed on the private usage of the fuel. This is done by using VAT fuel scale charges to add back a fixed sum as determined by HM Revenue & Customs. As with car and fuel benefit the CO2 band is used to calculate the scale charge.