Abolition of cheques
So the long forecast demise of cheques will now happen in 2018. Probably.
It is clear that private consumers are expected to move to the use of cards and other similar methods over the next number of years. Whilst that may be fine for the vast majority, there are still many, many people who do not want or cannot get a debit card.
They will either have to stick to cash; the banks will have to devise new payment methods; or third party providers are going to have to find solutions.
For smaller businesses the situation is potentially much more serious, as we receive the vast majority of payments (by number) by cheque.
How are smaller businesses going to cope with making and receiving payments?
In the expectation of the change, we have been working hard over the past 18 months to develop alternatives for small and medium-sized business, and this concluded the very expensive process with us becoming a BACS Approved Bureau just recently.
There are only 20 or so Scottish based bureau, and we are now able to help our clients by making payments direct out of their bank accounts to suppliers and employees. We will shortly be able to provide debit facilities too, allowing suppliers to collect money due to them from customers.
There is no doubt that this is going to be a growth area over the next few years, and we already process over £20m annually in payments for clients across the UK.
For more information contact Angus, or visit our payroll provider website.Labels: Our Practice
iXBRL compliance
The new format for compulsory filing of Corporation Tax returns from 1 April 2011 will be in iXBRL.
We are proud to be able to confirm that we are already iXBRL compliant and will be able to file all corporate tax returns electronically from that date.
We already file over 90% of Returns electronically, with only Charitable companies and some newly incorporated companies not being filed in that matter.Labels: Our Practice, Tax
Christmas closing
The office will close at 1pm on Tuesday 23rd and re-open on Monday 5th January.
We would like to wish all our clients best wishes for Christmas and a happy and prosperous New Year.
Labels: Our Practice
New client win
We are very pleased to announce that we have gained large clients in both the Middle-East and South-East Asia as a result of a drive into highly specialised areas of business.
Said Sue Nicolson, "We have worked closely with some multi-national companies over the past few years developing niche services. As a result of this, we have gained clients on the back of recommendations and the practice is growing rapidly as a result."
The most recent new clients in this particular area were previously advised by a "Big 4" firm, and Nicolson CA expect to need to recruit a number of additional staff as a result of this win.
Notes to editors: Details of the clients and the nature of the services are not being disclosed due to client confidentiality.
Labels: Foreign tax, Our Practice
Hits pass the 100,000 mark
Nicolson, Chartered Accountants, are celebrating the success of their website with hits passing the 100,000 per annum mark.
Said Angus Nicolson, "We are delighted to see that our website is considered useful and informative by clients and non-clients alike, and the number of hits demonstrates that."
"We have also managed to optimise the site for search engines, so that we are in the top 20 in Google when you search for 'accountants', appearing before every other Scottish firm. We pride ourselves on understanding the advice we give to clients and we have long been leaders in IT, and our website demonstrates the depth of our understanding."
Labels: Our Practice
New premises
As you may have heard, we will shortly be moving to new premises at 49-50 Bayhead, Stornoway. These premises were formerly the Kitchen Centre, and are being redesigned to our needs. The rapid expansion of the practice has required us to find additional space for our staff, and the new location gives us about 6 times more room. However, we promise not to lose the personal touch with clients.
The official opening will be announced nearer the time, but proposed moving date is the 22nd of September with us open for business from the Tuesday following.
Labels: Our Practice
Scam alert - International Business & Trade Database
Many businesses will have received an invoice from the "International Business & Trade Database" - this is not worth the paper it is printed on, and we recommend that you throw it in the bin.
The telltale signs of a scam are:
- Letter posted in Prague (the company supposedly based in Zug, Switzerland)
- Never heard of the database
- Unsolicited request to advertise
- You are asked to send funds to a bank in the Czech Republic
- Large fee for advertising (£395)
- Cancellation notice of 360 days required for the next years entry
- No clue as to how to access the information that is supposedly in the public domain
- Do a Google search!
- Have a look at the poor spelling and poor coding on the website front page.
- Finally, try and search for anything useful before deciding that BT or Yell are much better.
Labels: Our Practice
Nicolson, CA, unveil unique tax investigation insurance scheme
A firm of Stornoway Chartered Accountants has launched the first ever scheme to provide tax investigation insurance to all its clients.
Unveiling the scheme, Angus Nicolson said, "This is an opportunity for clients to obtain very low cost cover against all the fees they might incur in defending a tax, VAT or PAYE investigation up to a maximum of £75,000. We have been looking for such a scheme for a long time, and have already offered it to every client. Today, we are publicising the scheme, and offering new clients the opportunity to cover themselves against one of the most stressful events that can happen to a taxpayer."
Sue Nicolson added, "After a long hard look at the market, we were able to identify a scheme that allows us to offer a flat rate premium to every client, based not on their turnover, but on the type of taxpayer they are. We have been able to offer this - at less than a fifth of the cost of preparing an average Tax Return - because of the insurers view of the quality, consistency and nature of our operation, and consequently the risks for our clients.
The scheme is only open to clients of the firm. All existing clients have been offered the policy at a special reduced rate, and new clients will pay a standard annual charge of under £50 for individuals, directors and partners and under £150 for limited companies and partnerships.
Said Angus Nicolson, "We continue to offer new and innovate approaches to business advice, whilst never losing sight of our clients' core needs."
Note:
Further details of the scheme is available on request. The policy does not cover any penalties or underpaid tax arising from an investigation.
Labels: Our Practice, Tax
Annual holidays
We are away on annual family holiday from Monday 12 September to Monday 27th September, inclusive.
During this period, calls to the office will be directed to an answering machine where further instructions are available. Alternatively, you can email us at holiday@nicolsonCA.co.uk which we will monitor occasionally.
We will be taking the office laptop on holiday with us, in case of emergency, but we will charge any work undertaken at a substantial premium. Download sppeds are very poor, so please only send small documents.
Labels: Holiday, Our Practice
