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Link Chartered Accountants Newswire - Issue 23
20 September 2002
http://www.linkca.co.uk/?u=4f47A26&m=340
==============================================================
**** HIGHLIGHTS **** HIGHLIGHTS **** HIGHLIGHTS ****
- Tendering: SMEs and Government contracts
- Competition: Plans for stricter regime
- Human Resources: Premium on top-calibre recruits
- Tax Tip: Keeping More Of Your Profits
- Profit Tip: Achieving better financial controls
- Website Of The Week: DTI Information Age
Tighter Competition Regime On Horizon
=====================================
Companies should be aware that a formal regime for merger
clearances and competition inquiries will be introduced with
the Enterprise Bill. The Government has stated its intent
with the launch of a consultation paper proposing steep fines
for firms that fail to observe strict new deadlines for
submitting information to the Competition Commission.
Our tax tip looks at how you can keep more of your profits
whilst also saving some national insurance, and this week's
Profit Tip explains the merits of statistical 'flash reports'
as a tool to help you monitor the financial health of your
business.
NEWS ROUND-UP
=============
Plans for stricter competition regime
-------------------------------------
The DTI is considering the introduction of fines of up to
GBP2,000 per day for companies that fail to meet strict new
deadlines for submitting information to the Competition
Commission.
http://www.linkca.co.uk/item/7174/4f47A26/340
SMEs fight for more Government contracts
----------------------------------------
Recognition of the plight of small businesses in securing
Government contracts is being addressed by a current joint
project by the Better Regulation Taskforce (BRFT) and the
Small Business Council.
http://www.linkca.co.uk/item/7173/4f47A26/340
Skilled staff are SMEs top priority
-----------------------------------
Lack of demand and too much competition are obstacles almost as
big as red tape for small businesses, a new survey shows. But
for a majority, finding suitably skilled new recruits is the
chief constraint on growth.
http://www.linkca.co.uk/item/7167/4f47A26/340
Workplace skills team hit the road
----------------------------------
Employers are to have more input in the education and training
of young people and adults, according to Estelle Morris,
secretary of state for Education and Skills.
http://www.linkca.co.uk/item/7177/4f47A26/340
TAX TIP - Keeping More Of Your Profits
======================================
Although leaving profits in the company can be tax efficient,
you need money to live on, so you should consider the best ways
to extract profits. A salary will meet most of your needs, but
do not overlook the use of benefits in kind, which may save
income tax and could also result in a lower national insurance
bill.
In fact, following the Budget 2002 announcements on future NIC
rates, this may be the right time to consider strategies for
mitigating the cost of NICs.
We can help you with ideas for saving employer and/or employee
NICs. Visit our website for further information on this topic -
http://www.linkca.co.uk/content/taxcentre/planning/foyb.html?u=4f47A26&m=340#the
PROFIT TIP - Achieving better financial controls
================================================
In key areas such as sales, debtors, cash position, trade
creditors, and employment figures, keeping daily and weekly
statistics will give you better short term control of finances.
Make sure key managers receive these 'flash reports' as well
as the monthly reports quickly, and encourage them to share
the results with relevant employees.
Contact us for further help on establishing and operating
an effective system of financial controls.
DON'T FORGET
============
31 January 2003: The final deadline for providing accurate
figures and payment of any balance of PAYE tax and NICs.
Penalties of up to GBP100, in addition to interest, will be
charged if any balance of the 2001/02 IR35 payment remains
outstanding after 31 January 2003.
WEBSITE OF THE WEEK
===================
Information Age
---------------
http://www.dti.gov.uk/insight_information_age.html - Government
initiatives to develop information technology know-how for
businesses.
QUOTE OF THE WEEK
=================
'It is awfully important to know what is and what is not your
business.' - Gertrude Stein.
SEE WHAT'S ON OUR SITE
======================
Our website also offers:-
-Domain Name registrations http://www.linkca.co.uk?u=4f47A26&m=340 and click on "Register Your Domain"
-Tax rates, information and tips in our
comprehensive Tax Centre
http://www.linkca.co.uk/content/taxcentre/?u=4f47A26&m=340
-A huge database of business information
in our Business Forum
http://www.linkca.co.uk/content/forums/?u=4f47A26&m=340
Plus much more! Visit the site now at:-
http://www.linkca.co.uk?u=4f47A26&m=340
Subscription Information
========================
If you wish to unsubscribe from this newswire you can do so by
visiting the Profile page and selecting the "Newswire Profile"
link:-
http://www.linkca.co.uk/profile
You will need to be logged in to the site to access your profile
area. If you have forgotten your username and password these can
be supplied to you here:-
http://www.linkca.co.uk/forgotten_login.html?u=4f47A26&m=340
--------------------------------------------------------------
Copyright (C) 2002 Link Chartered Accountants. All rights reserved.