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Website © 2007-09 Entelliz Limited; Images © 2007 Jupiterimages Corporation
Website © 2007-09 Entelliz Limited; Images © 2007 Jupiterimages Corporation
STOP PRESS......
Be aware of the new VAT penalty regime
April 2009 marks the introduction of a new VAT penalty regime. Under the new rules,
the penalties will fall into one of three categories of inaccuracy defined by the HMRC. The three categories are as follows, each with its own range of penalty percent:
- An error, when reasonable care not taken: 30%;
- An error which is deliberate, but not concealed: 70%;
- An error, which is deliberate and concealed: 100%.
The legislation provides that if a person takes ‘reasonable care,’ then no penalty is due, but there is no definition of ‘reasonable care.’ The HMRC however have said that they would not expect the same level of knowledge or expertise from a self-employed person, as from a large corporation.
The percentage penalty may be reduced by a range of defences and where there is an ‘unprompted disclosure’ of the error, HMRC have power to reduce the penalty further. This measure is designed to encourage businesses to review their own VAT Returns. For more information please go to http://www.hmrc.gov.uk
BUSINESS ARTICLE of the WEEK
Supporting SMEs and Entrepreneurs during the Recession
The British Library has published a report that traces the impact of the recession on SMEs. It discusses not only the support the Business & IP Centre provides budding entrepreneurs but also provides statistics and facts on the profile of the current audience groups that are using the Business & IP Centre and its facilities.
This report summarises how the British Library Business & IP Centre, which is match-funded by the London Development Agency, is supporting the Mayor's Economic Recovery Action Plan (December 2008), people and businesses in the current recession across the UK.
NEWSFLASH of the WEEK
Low carbon technologies market could be worth £2,000 billion by 2030
The UK is the European hotbed of investment and innovation in low carbon technologies, according to a recent report. The study, conducted by independent consultancy Vivid Economics in collaboration with New Energy Finance, investigated the role of small and medium enterprises (SMEs) in tackling climate change and the extent to which the UK is harnessing this global opportunity.
The key findings of "The Race to Capture the Carbon Pound: The UK’s place in the global market for low carbon innovation" include:
1) The global market for carbon reducing technologies could reach £2,000 billion a year - comparable to commodities such as wheat and steel today.
2) Overall, UK companies attracted over £1 billion of venture capital and private equity finance into renewable energy and energy efficiency technologies in 2007. This is more than twice that of any other European country and 41% of the EU total.
3) SMEs in particular attracted 43% - equating to £320 million - of the £755 million VC/PE investment in European low carbon SMEs during 2006-2008Q1.
4) Climate change entrepreneurship could become a bigger opportunity than the dot.com boom of the late nineties when global sales of personal computers were growing at 15-20%.
MANAGEMENT TIP of the WEEK
How to Recover From Your Mistakes
Making mistakes is inevitable - what counts is how you handle them. Some very public mistakes (see Tom Daschle's failure to pay taxes) have demonstrated the power of an apology to make amends and restore eputations. Here's how to recover from a mistake, gracefully.
- Own up. Don't use phrases that sound like doublespeak, "I apologize if I hurt anyone." Be explicit and truthful about what you did wrong.
- Make things right. Find out what you can do to remedy the mistake, whether it's repairing hurt feelings or working harder to undo the damage.
- Don't make a scene. An apology is not an excuse for a stump speech. Make your apology and get out of the spotlight. Demonstrate that you are ready to move on.
- Prevent mistakes in the first place. Think about how your actions and decisions will be perceived. Forethought and caution can stop mistakes before they happen.
EVENT of the WEEK
Strong Leadership in Uncertain Times
Date: 18 May 2009
Venue: QEII Conference Centre, London
Fee: £245 to £495
This is a pre-eminent conference in this fast-changing subject, bringing together the leading thinkers, policy makers and practitioners. The conference will focus less on the theory and more on the realities and practicalities that affect all leaders, aspiring leaders, managers, leadership development and workforce
planning professionals.
To register please click here
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Entelliz Weekly Newsletter - week 17, 2009