Edition 68: April 17^th 2008

In this newsletter:

News

Small Businesses Reluctant To Charge Late Payment Interest

Inflation Figures Squeezing Profit Margins

P11D's Update

Internal News

Meet The Team: A P Robinson & Co Knees Up

Accountant Jodie Osbourne On Maternity

The Star Ball: When You Wish Upon A Star

Join In The Fun: Its A Knockout Charity Fund Raising Event

Free Accounts For One Year


News


Small Businesses Reluctant To Charge Late Payment Interest

Small firms are unwilling to make use of rules that allow them to charge interest on overdue invoices.

Although businesses were given the right to add interest charges when bills are not settled on time ten years ago, many do not impose the penalty for fear of losing custom from their bigger clients.

A study by Bacs, the organisation run by the top banks and building societies, has revealed that eight out of ten SMEs ignore their own rights under the law.

Just 15 per cent of the firms that took part in the research said that they charged late payers interest. This despite the fact that small firms are owed a total of 18.6 billion pounds in overdue invoices.

Michael Chambers, Bacs managing director, said that small firms should pursue their rights and should not simply hope to be paid on time.

Pressure is growing for the government to examine how the present law works and to assess whether stricter rules on payment need to be introduced.

The EU may also take action on the issue. A number of proposals have already been put together and may be included in an EU-wide directive that would strengthen the rights of small businesses to be paid on time.

Inflation Figures Squeezing Profit Margins

The British Chambers of Commerce (BCC) has said that the latest set of inflation figures shows that there are increasing pressures on profit margins.

The Office for National Statistics (ONN) announced that the Consumer Prices Index rate of inflation held at 2.5 per cent in March, 0.1 per cent below predictions.

The Retail Prices Index, which also takes mortgage interest payments into account, fell from 4.1 per cent to 3.8 per cent.
The BCC, however, pointed out that producer prices and raw material costs are rising at a significant rate.

P11D's

Your 2007- 2008 P11D(b) Return of expenses and benefits and forms P11D are due by 6 July 2008. Penalties are due on returns sent in late. But if you have already shown on your P35 that you do not have a return to make, you do not need to take any further action.

H M Revenue can deal with your returns faster if you avoid some of these common errors:

• use the P11D and P11D(b) forms for the right year
• show your employer PAYE reference in full (for example 123/A456)
• you must show your employer name
• show the employees National Insurance number, and date of birth & gender
• show the employees full name, both surname and forename(s)
• tick the director box if the individual is a director
• complete the Cash Equivalent box if you complete the Cost box (and Amount made good box), even if the cash equivalent is nil
• complete the description box if there are figures in the appropriate boxes in sections A, B, L, M and N on the P11D.

Class 1A National Insurance payment

We must receive your payment of any 2007-2008 Class 1A National Insurance due on your expenses and benefits by 19 July 2008 (or 22 July if you pay electronically). Interest is charged on late payment.
If you need any advice or require additional help, please call our Practice Manager Emma Stamp on 01472 345888
 

Internal News


Meet The Team: A P Robinson & Co Knees Up

Come and join us for a meet and greet evening to celebrate the launch of our new Scunthorpe office.

Fairly informal affair; you can nibble away on the canopes, knock back a few bucks fizz and have a natter to us about local gossip, last nights Coronation Street or if need be accounting!

We want to get to know local businesses, suppliers and offer you the opportunity to network, not only with our team but all attendees.

The fun and frolics are at the Wortley Hotel on Rowland Road in Scunthorpe, on Thursday 1st May, in the Conference Room from 4pm till 8pm. There will also be a brief presentation (ribbon cutting, champagne popping, a few weepy words of wisdom) at 5.30pm.

If you fancy popping in, just drop me a line (01472 345888) email (lizzy.dale@aprobinson.biz) or stop me in the street!

We look forward to hopefully seeing you there.

Accountant Jodie Osbourne: On Maternity Leave
 
All the best to our senior accountant Jodie Osbourne who takes her maternity leave tomorrow. Wishing you a happy, healthy baby Jodie.
 

The Star Ball: When You Wish Upon A Star

This year A P Robinson & Co is supporting the charity When You Wish Upon A Star who grant the wishes of children suffering from terminal and incurable illnesses.
 
To raise funds to help make the dreams of these very sick children come true, we are hosting the Star Ball which takes place at the Beachcomber in Humberston on Saturday 10th May from 7pm.

A P Robinson & Co would like to invite you to this event.
 
Tickets are 40 pounds each, which includes a four- course meal, live entertainment from Impulse, a raffle, auction and disco. There area limited number of tables available to accommodate larger numbers and anyone is welcome to attend.

For more information about booking or the event itself, please telephone or email Lizzy Dale on 01472 345888 or lizzy.dale@aprobinson.biz

I do hope you will be able to join us for this fantastic evening.

Its A Knockout Charity Fund Raising Event

Fancy forming a team to take part in this years 'Its A Knockout' charity event?
The Humberston Lions Club are raising money for St Andrews Children's Hospice by hosting a great day of assualt courses, contests and over-sized costumes from the orginal hit BBC show 'It's A Knockout'.

The event takes place on Sunday 10th May at Grimsby Town Football Club.
 
A P Robinson & Co are taking part by entering a 10 person team at 600 pounds (60 pounds per person). The Humberston Lions are still looking for teams to take part, whether you are a business, social club or friendship group.
 
The Club are also looking for sponsorship contributions, so if you would like to donate to the cause or would like to enter a team, please telephone or email Lizzy Dale on 01472 345888 or lizzy.dale@aprobinson.biz for more information.
 

Win Your Business Accounts For FREE For One Year

After receiving great coverage in the Business Telegraph this week detailing the opening of our new Scunthorpe office on the Queensway Business Park, we would like to remind you that the competition for 25 businesses to win the chance to have their accounts completed for free for 1 year is still open.
 
The competition closes on Friday 6th June 2008.Business entrants can be of any size, industry and even current clients of the firm. Terms and conditions apply.
 
To enter go to our website www.aprobinson.biz and click on the 'Win your accounts for free' link on our homepage and fill in an electronic application form or alternatively telephone Lizzy Dale on 01472 345888.
 
Fingers crossed!