Cookies are small text files that are stored on your computer when you visit a website. They are mainly used as a way of improving the website functionalities or to provide more advanced statistical data.
March Questions and Answers
Newsletter issue - March 2015.
Q. In the February newsletter you said holiday pay was not a contractual right. I don't understand how that can be the case. Please explain.
A. New regulations came into force from 8 January 2015 which indicates that employees can't take a claim to a civil court for breach of contract if their employer fails to pay amounts of holiday pay on the basis of an entitlement under the Working Time regulations. The new regulations indicate that the right to holiday pay is a separate statutory right not contractual right. However, if the amount of holiday pay is stipulated in the employee's employment contract, and that amount is not paid, the employee may be able to claim breach of contract.
Q. My company uses the flat rate VAT scheme, so we don't reclaim VAT on the things we buy. When I set up the company it bought some office furniture for £1,500. I am now moving to new offices and selling the old furniture. Must the company charge VAT on the sale of the furniture even though it didn't reclaim VAT when it purchased the items?
A. Any sales the company makes, including selling on surplus assets, must carry VAT as the company is VAT-registered. There are different rules when selling land or buildings. The fact that the company didn't reclaim VAT when it purchased the assets is irrelevant.
Q. I run a pub which has a cash machine (ATM) inside. I've just received an extra business rates bill from the local authority in respect of the cash machine for £3,600! They haven't charged a separate bill for the ATM before now. Is there anything I can do?
A. You can appeal against the business property valuation, including the treatment of the ATM as a separate property. Do this by contacting the national Valuation Office Agency (VOA). If you can't agree a reduction in the property's rateable value you can take your case to a Valuation Tribunal. But don't delay, as if you succeed in getting a reduction in the rates due, you will only get a refund for periods from 2010 to 2015, if your appeal was made by 31 March 2015.
What our clients say about us...
"Paul has provided accountancy services to my company for 2 years now. I can recommend Paul very highly; his skills as an accountant are highly detailed and professional and he is always available to provide advice. One aspect of the way Paul works that I greatly appreciate is a preference to meet face to face when there is a detailed conversation to be had. I personally find this more productive and is a benefit of working with a small accountancy firm that you wouldn't get with the large faceless providers."
ALISTAIR FAIRWEATHER - PROGRAMME & PROJECT MANAGER, DELIVERING/RESCUING I.T. 7 BUSINESS CHANGE WITH BUDGETS UPTO £50M INC SUPPIER MANAGEMENT
"I couldn't ask for more from Paul as an Accountant. Paul has been accountant to Work Relief Charity Recruitment for just over a year now and is proving an invaluable asset. Accurate, knowledgeable, flexible with an emphasis on service delivery, I would recommend Paul's services to any organisation looking for an accounts professional."
Neil Price - Managing Director at Work Relief Charity Recruitment
"Paul was a referral from a family member when I started my business 2 years ago. As this was the first time I had ever run my own company I was totally clueless over the financial side of matters and was worried that I may have made mistakes in any of my accounting. I needn't have worried as after enaging Paul for a set monthly fee he was always there on the end of the phone for all sorts of questions I had and no matter how trivial they were Paul gave me all the information I required and more and did an excellent and painless job at the end of my first year! Couldn't ask for any better to be honest. Just two words - hire him!!!"
Lee Westrap MBCS - Director - Bulldog IT Services
Please complete our form
to request a callback
Competitive fixed quotes
for agreed services
Increase your profit and
reduce tax liabilities
Expert advice for your
business size
