View more on these topics

Simplified VAT rules &#39will save firms up to £1k a year&#39

Government proposals to make it simpler for small businesses to deal with

VAT could save IFAs up to £1,000 a year, according to Treasury

minister Paul Boateng.

The proposals are for businesses with a taxable turnover of up to

£100,000 a year to have their bookkeeping requirements simplified by

Customs & Excise&#39s flat rate scheme.

As part of the scheme, IFA firms are urged to reply to the proposals in

the Government&#39s consultation document by September 7.

Small businesses are currently required to keep detailed records of every

sale and purchase and complete a VAT return usually every three months.

This has been criticised by small businesses as too heavy a compliance

burden. Under the flat rate proposals, businesses will simply calculate

their net VAT liability as a percentage of their total turnover and will no

longer have to keep records of every sale or purchase.

Boateng says: “We need small businesses to look at these proposals to

ensure they are as practical and simple as possible.”

Sofa spokeswoman Jo Smith says: “For the small IFA practice dealing with

all sorts of new regulation and legislation, any move that simplifies

backroom compliance must be good.”

Recommended

Now ABI to review the effects of regulation

The ABI has commissioned a London Economics-style report questioning thedouble whammy of FSA and Government regulation on competition and savingslevels which will now form part of its Sandler review response. The report, by international financial services specialist Oliver Wyman &Company on The Future of Regulation, will also examine the role thatface-to-face advice has on encouraging […]

Drawdown deal on Equitable funds

Specialist IFA The Drawdown Bureau has come up with a way of removingfunds in drawdown from Equitable Life without incurring exit penalties.Draw-down policyholders who want to leave the company can take maximumincome from their existing plan which will not be subject to an MVA. Thiscan be up to 8 per cent of the fund as […]

NU slashes bonuses as smoothing hits the rough

Norwich Union is cutting terminal bonuses by up to 5 per cent across allits with-profits policies. NU says it has been forced to make the cuts because the effects of poorstockmarket performance are so great that they cannot be smoothed out. Returns on NU&#39s funds are down by 7 per cent for the first half […]

Rise in stakeholder takeup

New research from clearing house BACS reveals there has been as significant rise in the number of firms planning to introduce stakeholder.Of the 350 business of a range of sizes which took part, almost a quarter 23 per cent will definitely offer a stakeholder scheme, compared with only 9 per cent of organisations interviewed last […]

What are the key changes to transform pensions?

By Fiona Tait, pensions specialist In her final article for Royal London, Fiona Tait reviews key changes she believes have transformed, or will transform, pensions. In my 12 years with Royal London I have been paid to review, study and explain the numerous changes to pension legislation which have transformed our industry in that time. This is […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com