Some advice from our network:
Some advice from our network:
One update: The proposed NIC increases for Self-Employed persons has now been reversed, however, the rest of the items are a very good summary of the Budget 2017
Source: Budget 2017
The evolving ‘nightmare’ of defining your deemed #employment or#self-employment status in the U.K., or not…more gems from our network regarding #Tax #Law
Some good business lessons based on #StarWars for SME & SMBs
Comments on the Exposure Draft was due by 30 April 2015, so if you missed it, we are afraid the the train has already left the station.
In a nutshell, we have some serious conceptual and philosophical concerns the FRED 58 does not address (and staff at the FRC at a recent event in London, prior to the General Election, could not provide assurances on).
Effectively FRS 105 (as it will be know), once it is ratified and adopted in parliament, will not be IFRS ‘Lite-lite‘, although it will have some of the overall principles of Fair Value Accounting contained within it.
At a fundamental level micro-entities (* as defined below) can choose to adopt either FRS 105 or FRS 102. However, be very careful in which one you choose, as the two standards have some fundamental differences contained within them, which, later down the line (as the proverbial can is kicked up the road), might cost you additional compliance fees and time and effort, if you need to convert from FRS 105 reporting to FRS 102 (New UK GAAP).
Our concern is this:
“The overall objective of all the initiatives (driven from Brussels) is HARMONISATION. The differences in approach between FRS 105 and FRS 102 do not underscore this fundamental principle!”
Hence, our health warning: Think and consult carefully, before adopting either standard (FRS 102 or FRS 105) if you are a micro-entity caught in the compliance reporting net.
If you have any questions or concerns, please contact us for more details.
©2015 – Rohan Badenhorst
Micro-entities are very small companies. Your company will be a micro-entity if it has any 2 of the following:
If your company is a micro-entity, you can:
Some thoughts and an eQuation to measure the relative attractiveness of an #Open and #Free #Market. Or was that a #Fair market?
Company Law, #Tax Law and the facts. An interesting recent legal decision summarised by Steve Bicknell.
Consider these options as part of a Members Voluntary Liquidation of an incorporated company in the UK. Striking off the company from the Companies House register…
Very useful advice on the treatment of #Intangible #Assets, such as a web site, from our network.
In part 1 we introduced the basic techniques of Process Mapping and Cost and Benefit Analysis as part of the tool-sets to utilise in considering outsourcing and designing the Outsourced Business Processes future state.
The next step in the process of defining and designing the appropriate Business Processes to outsource or at the very least re-engineer and run more cost-effectively and efficiently is to draw together the relevant cost information from your existing in-house data sources. Both accounting records and other ‘data-islands’ might have to be investigated, hence the fact that any Business Process redesign effort with entail outreach activity to stakeholders in and around the function, process, team or organisations being considered for this process.
A tool to utilise in this process is something like a Stakeholder Map.
The image above shows some of the engagement steps and processes in gauging stakeholder engagement.
In part 3 we will continue to explore further tools sets and Force Field Analysis in order to document the Business Process Outsourcing road map, prior to influencing decision makers on the merits and demerits of a successful Business Process Outsourcing project.
©2015 – 3resource