The seven-point checklist for setting up a business

When you’re in the process of setting up a business, there are one hundred and one things to think about. Having a comprehensive business plan in place can help you to visualise the path to success. Splitting this plan into smaller steps can make the process easier and less daunting to tackle. This seven-point checklist

The post The seven-point checklist for setting up a business appeared first on Small Business.

Source: SmallBizUK

UK professionals reveal why their job search is stressing them out

National Stress Awareness Day is upon us, and a recent study has revealed that the majority of the nation’s workers (84.6 per cent) admit that looking for a new job always or frequently makes them feel stressed. That’s according to a recent survey from CV-Library which also finds 83.5 per cent of professionals believe that

The post UK professionals reveal why their job search is stressing them out appeared first on Small Business.

Source: SmallBizUK

Charting the course of sustainability in business, from the 1960s to today

Business has come a long way since the middle of the century, becoming less reactive and more proactive in its approach to social and environmental issues

Today’s businesses are under the spotlight like never before. They are expected to play a leading role in fighting climate change, achieving globally agreed sustainable development goals, and ensuring that 9 billion people can live well on the planet by 2050. Progressive businesses are widening their focus beyond profit, to consider how they can create value in society and thrive in the future.

It hasn’t always been this way. So how has the concept of sustainability in business evolved?

Continue reading…
Source: Guardian

Detailed guide: How to complete your statutory notice return

If you’ve received a notice under Schedule 23 of the Finance Act 2011 or Section 887 of the Income Tax Act 2007, you’re legally obliged to send HM Revenue and Customs (HMRC) the information specified in the notice. The notice explains:

  • your legal obligation
  • the type of information HMRC requires from you
  • when must provide the information to HMRC

About the template

You must send your return to HMRC on a spreadsheet using the appropriate reporting template. Follow the guidance below and the notes linked to the headings in the reporting template:

  • only submit your return using the original template downloaded from our website
  • don’t copy the template contents onto a blank excel spread sheet
  • don’t add, delete or alter the sheets, tabs, rows or columns within the template
  • only update the relevant fields for completing your information

How to use the template

  1. Open the spreadsheet template.
  2. Save the spreadsheet to your computer using the filename provided in your notice (we can only process spreadsheets with xls or xlsx file extensions).
  3. Use the saved spreadsheet to compile your return.

Completing your spreadsheet template

You shouldn’t change heading names or the order of columns. It’s important to follow the template. Don’t add or delete any columns. If you don’t have data to put into a column leave it blank.

Spreadsheets must not exceed 65,000 rows. If your return exceeds 65,000 rows, split your return into separate spreadsheets. Create individual files, and don’t use multiple tabs in your workbook.

What format to use

Make sure you don’t use ‘lowercase l’ for 1 or ‘capital O’ for zero. When entering numbers:

  • use the digits 0 to 9 only
  • use a full stop as a decimal point where appropriate
  • don’t include commas, spaces or currency symbols within figures

Currency codes

Enter a code for each amount to identify the appropriate currency. These currency codes are recognised internationally, commonly used currency codes are:

  • UK sterling – GBP
  • euro – EUR
  • United States dollar – USD
  • Canadian dollar – CAD
  • Australian dollar – AUD

There is also a full list of currency codes. If the currency code column in your return is blank, HMRC will assume that the amounts are in UK sterling.

Completion rules

All of the following instructions will apply when completing your template, unless they are mentioned in a specific heading below.

1. Show the total amount paid to each recipient for the year, for the service they provided. Don’t show individual payments or subtotals. Where a payee provides several different services show the total amount paid for the year as a separate entry for each service provided.

2. If you paid the service provider through an agency:

  • show the service provider’s name in the ‘Name’ field
  • show the agency’s address in the ‘Address’ fields
  • enter ‘Y’ in the ‘Paid via Agency?’ field

3. Unless specified, payees include anyone you’ve made a payment for a service to, such as partnerships and trusts. This includes UK and non-UK residents.

4. Show the total amount paid for the year to each investor – don’t show individual payments or subtotals.
In the column headed ‘payment description’ show the following wording for each entry: ‘credit union interest or dividend’.

5. Show a ‘payment description’ for each payee, this must be a meaningful description of the service provided by each recipient. For example, ‘design consultancy’ or ‘IT services’.

The wording must accurately describe the service provided, payment codes or generic descriptions (such as ‘services’) aren’t acceptable.

General fees and commissions

Show the total amount paid to each recipient for the year, for the service they provided. Don’t show individual payments or subtotals. Where a payee provides several different services show the total amount paid for the year as a separate entry for each service provided.

Unless specified, payees include anyone you’ve made a payment for a service to, such as partnerships and trusts. This includes UK and non-UK residents.

Show a ‘payment description’ for each payee, this must be a meaningful description of the service provided by each recipient. For example, ‘design consultancy’ or ‘IT services’.

The wording must accurately describe the service provided, payment codes or generic descriptions (such as ‘services’) aren’t acceptable.

Entertainment fees and commissions

Unless specified, payees include anyone you’ve made a payment for a service to, such as partnerships and trusts. This includes UK and non-UK residents.

Entertainment agent fees and commissions

Show the total amount paid to each recipient for the year, for the service they provided. Don’t show individual payments or subtotals. Where a payee provides several different services show the total amount paid for the year as a separate entry for each service provided.

If you paid the service provider through an agency:

  • show the service provider’s name in the ‘Name’ field
  • show the agency’s address in the ‘Address’ fields
  • enter ‘Y’ in the ‘Paid via Agency?’ field

Grants and subsidies

Show the total amount paid to each recipient for the year, for the service they provided. Don’t show individual payments or subtotals. Where a payee provides several different services show the total amount paid for the year as a separate entry for each service provided.

Income belonging to others

Show the total amount paid to each recipient for the year, for the service they provided. Don’t show individual payments or subtotals. Where a payee provides several different services show the total amount paid for the year as a separate entry for each service provided.

Licences and approvals

Show the total amount paid to each recipient for the year, for the service they provided. Don’t show individual payments or subtotals. Where a payee provides several different services show the total amount paid for the year as a separate entry for each service provided.

Show a ‘payment description’ for each payee, this must be a meaningful description of the service provided by each recipient. For example, ‘design consultancy’ or ‘IT services’.

The wording must accurately describe the service provided, payment codes or generic descriptions (such as ‘services’) aren’t acceptable.

Credit Unions

Show the total amount paid for the year to each investor, – don’t show individual payments or subtotals.
In the column headed ‘payment description’ show the following wording for each entry: ‘credit union interest or dividend’.

Registered societies

less specified, payees include anyone you’ve made a payment for a service to, such as partnerships and trusts. This includes UK and non-UK residents.

Show a ‘payment description’ for each payee, this must be a meaningful description of the service provided by each recipient. For example, ‘design consultancy’ or ‘IT services’.

The wording must accurately describe the service provided, payment codes or generic descriptions (such as ‘services’) aren’t acceptable.

How to submit your return

After you have completed your return you must send it to HMRC by the date shown in your notice. There are different ways you can send it.

Secure Electronic Transfer (SET)

This is a secure online submission method for existing users only. To use SET you will need to buy a security certificate from an external provider. SET is due to be decommissioned by early 2018, and replaced by Secure Data Exchange System (SDES).

Secure Data Exchange System (SDES)

This is HMRC’s new secure online submission method. SDES is expected to be available in 2018. Existing SET users will be automatically migrated to this new system, starting December 2017.

Email

When sending your return by email, we recommend that you take steps to protect your data in transit as HMRC isn’t responsible for your return until we receive it. We cannot download decryption software to open your return.

If your return is over 8mb in size you should split it into separate volumes and send each volume in a separate email.

If you are a public sector organisation you may have an email system that uses the Government Connect Secure Extranet. Sending your return to HMRC using this type of email is secure, so don’t apply any additional protection to your return – password protecting attachments will cause HMRC’s firewall to block your email.

Other media (for example CD, DVD or USB drive)

You can save your return to this type of media and post it to us at the address in the letter. HMRC is only responsible for the security of the data once we receive it. We recommend using a ‘track and trace’ postal service. For security reasons we cannot return data to you.

Get help

Contact HMRC if you need advice or support on statutory information notices.

Source: HMRC