The firm, which specialises in working with contractors and freelancers had been shortlisted in the Small Firm of the Year and Best Use of Internet: Practice categories in the 2008 Accountancy Age Awards, which were announced on the evening of 12 November at a ceremony at Battersea Park Arena, London.
The awards recognise the very best accountants in business, practice and in the public and voluntary sectors across the UK.
Managing partner Damian Broughton said: “While we are disappointed not to have won, being shortlisted for two Accountancy Age awards is a real achievement in itself and demonstrates the dedication shown by the whole Danbro team. Now we are hoping to go a step further in 2009 and become an award winner.”
Danbro’s shortlisting for the awards was another significant event in an excellent year for the company. During 2008, Danbro has opened a London office, been ranked one of the fastest growing private companies in the UK in the Sunday Times Fast Track 100 league table and rated in the top six in the best accountancy firm and best umbrella service categories by voters in a poll on the Contractor UK website.
Its high quality support was also recognised in an independent compliance audit by Professional Passport, which described Danbro as providing “compliant solutions combined with excellent customer service” and it received HM Revenue & Customs’ seal of approval after a successful December 2007 compliance visit.
For more information contact Danbro at their head office on 01253 600140 or their London office on 0207 836 8400 or visit www.danbro.co.uk
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( 3.1 / 12 )From 1 October 2008, new rules are in place to unify and replace the various regulations setting out the trading disclosures that incorporated companies must make to show their legal identity. This is now being monitored by Trading Standards and can result in a £5000 fine.
You display your company name on business letters, notices, official publications, and websites.
You must also display your company's registered number and the address of its registered office on your electronic and paper documents, including emails, invoices, receipts, order forms and websites. You do not have to do so on every page of your website, but must place this information so that it can be easily found and read.
You must also respond within five days to enquiries from any person you deal with in the course of business who requests in writing:
the address of your registered office or any other place where that person can inspect company records
the type of company records you keep at these locations
If the name of any of a company's directors appears in a letter - other than in the text or as a signatory - you must then include the names of all directors in that letter.
You must display the company's registered name at its registered office and inspection place(s), and any other location at which you carry on business. The signs must be in a prominent position so visitors can easily read them. Companies may be exempt from this requirement where:
they have never traded - ie they have been dormant since incorporation
the location is primarily a domestic location provided the premises is not the company's registered office or a location for inspection of its records
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( 3.3 / 19 )HMRC have updated their guidance on buying goods on the internet explaining when duty and / or VAT will need to be paid.
The guidance has been updated in recognition that we are becoming increasingly global shoppers and may therefore benefit from some straightforward guidance.
The information includes warnings that although you may think that a website is quoting the full price for goods you may also have to pay Customs duty, Excise duty and / or import VAT.
An extract of the guidance confirms:
“If you buy goods online from within the European Union (EU)
You will not be charged Customs duty or import VAT.
Alcohol and tobacco products from within the EU cannot be sent to the UK unless arrangements have been made to pay UK excise duty in advance.
The 27 EU countries are the UK, France, Belgium, Luxembourg, The Netherlands, Germany, Italy, The Irish Republic, Denmark, Greece, Portugal, Spain, Sweden, Finland, Austria, Malta, Estonia, Latvia, Lithuania, Poland, Czech Republic, Slovakia, Hungary, Slovenia, Cyprus, Bulgaria and Romania.
If you buy goods online from a country outside the European Union, for instance the USA, Canada, China, Australia
You will be charged:
Customs duty if the amount of duty is €10 (£7*) or over
Import VAT if the value of the goods is €22 (£18*) and over
Excise duty for some goods like alcohol and tobacco.”
* The sterling value shown will be subject to an annual review, and may be adjusted, as a result of the Euro exchange rate announced in the European Commission Official Journal on the first working day in October to take effect from 1 January 2009.
For more information visit the links below.
Internet links: HMRC guidance , Frequently Asked Questions
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( 3.2 / 21 )The DWP announced last week that the Government is proposing an amendment to the Pensions Bill which will allow some people to make up to six additional years of voluntary (Class 3) NI contributions in addition to those permitted under existing time limits.
This will give these people the opportunity to obtain a higher State Pension than they might otherwise have done.
These measures are intended, with others already announced, to help the people who are most likely to have insufficient contributions to obtain the full State Pension, that is, women and those with caring responsibilities.
The measures already announced include:
From 2010, the reduction in the number of qualifying years required for the full State Pension from 44 (men) and 39 (women) to 30 years for both.
The introduction of weekly NI credits to replace Home Responsibilities Protection. These credits recognise caring for children and disabled people in the same way as paid work and will count towards the State Basic and State Second pensions.
Compulsory pension contributions to be made by employees aged 22 and over, and their employers, on earnings above about £5,000, from 2012 (subject to opt out provisions).
The new proposals will only apply to those people who have 20 qualifying years of NI contributions (taking account of any Home Responsibilities Protection) who reach State Pension age between 6 April 2008 and 5 April 2015. This is men born between 6 April 1943 and 5 April 1950 and women born between 5 April 1948 and 5 October 1952.
Usually payment of Class 3 NI contributions can be made only up to six years after the year for which it is paid, and payment may then be due at a higher rate. These time limits have been extended for the tax years 1996/97 to 2001/02 because people were not notified of shortfalls in their NI contribution records for those years (‘deficiency notices’).
People who reached State Pension age before 24 October 2004 (men born before 24 October 1939 and women born before 24 October 1944) have until 5 April 2010 to pay additional contributions for those years. Those who reach State Pension age on or after 24 October 2004 have until 5 April 2009 to pay for those years. The higher rate will not be due for the tax years 1996/97 to 2001/02 if contributions are paid within these time limits.
The existing rate of Class 3 NI contributions is £8.10 per week (£421.20 pa). It has been announced that the rate will be increased so that the new arrangements will be cost neutral, taking into account the fact that the number of years needed to obtain a full State Pension has decreased from 44 years for men and 39 years for women to 30 years for both.
As the rate is going to increase for Class 3 contributions, it could be worth reviewing past years now, with a view to making contributions at the current rate if paying additional contributions is likely to be beneficial.
From 2010/11, someone who had only 18 qualifying years and who would therefore have been retiring on a 60% pension (18/30 years) could potentially increase this to a full pension, depending on circumstances, by paying Class 3 contributions for the previous six years under the existing rules and for six more years under the new provisions. For 2008/09, the full basic State Pension is £90.70 a week.
Even if the rate remains static (which it should not), the increased pension payable each year from 2010/11 as a result of paying the extra twelve years’ contributions could be £1,886.56 (£90.70 x 12/30 x 52) for each year the pension is paid.
The Pensions Service website allows individuals to obtain an estimate of their future pension benefit, as well as providing some useful calculation tools for estimates. The only drawback is the usual need to register with the Government Gateway and wait for an activation code.
Practitioners may also wish to be reminded that the State Pension age is increasing to age 68 for both men and women. For women it will initially rise gradually from age 60 to 65 between 2010 to 2020, giving both sexes a common retirement age of 65 from 6 April 2020.
The increase from 65 to 66 will be phased in between April 2024 and April 2026, the increase from 66 to 67 will be phased in between April 2034 and April 2036 and the increase from 67 to 68 will be phased in between April 2044 and April 2046.
Further points to note:
Class 3 contributions count for Bereavement Benefits as well as State Pension Entitlement.
Paying the additional contributions may not be the best course of action for all prospective pensioners. Those expecting very little retirement income may be better off claiming Pension Credit which guarantees an income of at least £124.05 a week (if single) and £189.35 a week (partners) to those over 60.
Detailed provisions have not yet been issued and anyone considering paying Class 3 contributions should take expert advice before doing so.
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( 3.1 / 21 )Danbro is offering an extra benefit to its clients by setting up the Danbro Childcare Voucher Scheme.
Many of our contractor, freelance and temporary worker clients are working parents, who need to pay for care for their children.
Now the company has launched the Danbro childcare voucher scheme, to take advantage of a government-approved system under which the first £55 per week of childcare vouchers issued by an employer is free of both tax and national insurance contributions for the employee. They also offer national insurance savings for employers.
Under the Danbro scheme, a contractor effectively pays up to £55 a week of their gross salary – which would normally be subject to tax and national insurance – in return for childcare vouchers.
The savings they make on tax and national insurance can add up to substantial sums over the course of the year and the small weekly fee they pay to Danbro to cover administration cost is also tax deductible.
Danbro calculates that depending on a parent’s individual circumstances, they could save as much as £2,392 on their childcare costs over a year by using the childcare voucher system.
The scheme is open to working parents with children aged under 16 in registered or approved childcare and benefits both basic and higher rate tax payers.
We are always looking for ways to improve services to our clients and recognise that childcare can add up to a substantial cost for working parents, so we hope that our childcare voucher scheme will provide a useful financial bonus for our contractors. Taking advantage of this scheme is definitely worthwhile.
Danbro’s commitment to making the most of new technology has been underlined by its short-listing in the Best Use of Internet in the national 2008 Accountancy Age Awards, which will be announced at a ceremony on 12 November. The firm has also been short-listed in the prestigious Small Firm of the Year category of the awards.
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