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]]>STARTING A FOOD BUSINESS?
When you start a new food business or take over an existing business, you must register with your local authority. You should do this at least 28 days before food operations start.
Companies involved with food distribution, brokerage or food supply that operate from an office should also register as a food business.
Additionally, registration is free and cannot be refused. It’s essential to keep your registration details up to date, notifying the local authority of any significant changes to your business, such as a change of address, business activities, or ownership.
Failing to register can result in fines or other legal consequences, so ensure compliance to avoid disruptions. Registration helps local authorities conduct necessary inspections and provide support to ensure your business meets food safety standards.
For more detailed information and assistance with the registration process, contact your local authority or visit their website for guidelines and resources.
This applies even if no food is kept at the premises. If you operate in more than one location, you need to register each premise with the local authority in which they are located.
You can register here: https://register.food.gov.uk/new
Baxterworld offers accounting and financial guidance to companies in both the UK and Ireland. If you’re unsure of this week’s topic or you’re interested in learning more, feel free to contact is today!
#food #foodandbeverage #foodforthought #foodsupplier #restaurantowner #foodtruck #foodtrends #foodvendor #cafe #fastfood #finedining #trading #foodbusiness #foodbusinessowner
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]]>If so and, if you have any gaps in your National Insurance record you have a special opportunity to top up contributions back to April 2006 onwards.
For a full state pension, you need 35 years of contributions. You may have a gap for any of the following reasons:
HMRC services: sign in or register: Sign in to HMRC online services – GOV.UK (www.gov.uk)
You will need a Government Gateway user ID and password. If you find that you do have gaps, you need to way up the cost and benefit from filling those gaps.
This opportunity ends on 05 April 2025.
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]]>The Intellectual Property Office (IPO) will be launching a new digital patents service soon.
The timeline is:
| September 2023 | New patents search service. |
| Spring 2024 | Launch of “One IPO” |
| Winter 2025 | Further enhancements to One IPO. |
The big event is the launch of One IPO which will allow patents applications to be made online. A pilot will be available later this year and patents customers can join the pilot using this link:
A webinar on how applying for patents will change is being held on 7 June 2023.
You can join using this link:
https://register.gotowebinar.com/register/8383944816864476505
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Age Old rate New Rate %age
23 £9.50 £10.42 9.7%
21-22 £9.18 £10.18 10.9%
18-20 £6.83 £7.49 9.7%
16-17 £4.81 £5.28 9.7%
Read more at:
https://www.nibusinessinfo.co.uk/minimum-wage-rates
These changes aim to ensure that workers receive a fair wage that aligns with the cost of living. The increases are particularly significant for younger workers and apprentices, who often earn lower wages compared to their older counterparts. This adjustment helps to narrow the income gap and provide better financial support for all employees.
Businesses must update their payroll systems to reflect the new rates from 1 April 2023. Failure to comply can result in penalties and damage to the company’s reputation. Employers should also communicate these changes to their staff to ensure transparency and understanding.
For workers, the new rates mean higher take-home pay, which can contribute to better financial stability and quality of life. Employees should check their pay slips from April onwards to ensure they are receiving the correct wages.
The new minimum wage rates represent a positive step towards improving earnings for low-paid workers in the UK. Both employers and employees need to be aware of these changes and take the necessary actions to comply with and benefit from the updated regulations.
For further information, guidance, and support on the new minimum wage rates, visit the official UK government website or consult with your HR department. Better yet, contact us at Baxterworld today for help and advice.
https://baxterworld.com/contact-us/
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]]>We hope that this weeks blog has made collecting debts a little clearer. If you have any questions, please contact us via our website or social media!
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]]>Many businesses have inadvertently made errors in their furlough claims and a small number have knowingly over claimed. HMRC say they are not writing anything off and have legal powers to recover this money up to 20 years after the event. Although saying they are not actively looking for innocent errors, enquiries may well highlight problems which will require repayment of some of the claims.
One of the first cases involving HMRC clawback of furlough payments was recently taken to the tax tribunal. The case involved furlough payments for two members of staff who started employment just as the pandemic hit. Though they began work in February 2020, it wasn’t until 25 March 2020 that they were included on an RTI return, six days past the deadline. The tribunal agreed with HMRC that claims for these employees were invalid and should be repaid. It cost the taxpayer more than £20,000 in repayments.
HMRC enquiries usually start with a phone call asking you questions about your circumstances during the pandemic. Depending on your business and whether you continued trading, they will want to know how that was possible if all your staff were furloughed.
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]]>If your business is set up as a Company rather than a Sole Trade or Partnership, it is important to remember that the Company is a separate legal entity. It is “Corporate” from the Latin “corpus” meaning body and has its own legal existence. It can own property, be sued, or sue others through the Courts and pay its own type of tax (Corporation tax). To “incorporate” a business means to give it an independent legal standing as a Company.
An individual can have three types of relationships with a Company.
A person can wear one, two or all three hats and in small companies the “owner” is usually all three.
It is probably clear by now that money in a company’s bank account, unlike a sole trade, belongs to the company, not the individual. If therefore money is taken out of a company other than by the above methods, it’s a loan. Therefore it will eventually have to be repaid to the company. The Directors Loan Account (DLA), sometimes called the Directors Current Account (DCA), is the interface between the human and the company. Any transactions of a personal nature are recorded in the Company’s books in an account with that name.
There is a tax law called section 455 of the 2010 Corporation Tax act. This which charges 33.75% tax on any DLA balances not repaid within 9 months of the company’s year-end. This s455 tax is refundable when the loan is repaid. If the directors loan increases the following year, only the increase will be subject to the 33.75% charge. Any partial repayment will allow part of the s455 tax to be refunded. The rate was 32.5% up to 5.4.22.
Another tax issue to consider is that if the Director’s loan is interest free and exceeds £10,000, then HMRC will demand tax on the benefit-in-kind. Ensure that the company charges the participator a reasonable amount of interest on the DLA balance if it exceeds £10,000.
If you have any questions about a potential director’s loan, Baxterworld is always happy to help. Contact – [email protected].
#accountant #dla #director #directorslife #businessandmanagement #hospitalitymanagement #businessowner #savetax #lowercosts #help #tax
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