MSP News

Congratulations to Jane Piper was has just completed the Technician Level of the NVQ/SVQ pathway to AAT Accounting Qualification.

Tina Murray will be leaving MSP at the end of October 2011, after 8 years with the company, as she is moving out of the area.  We wish Tina well with both the move and her future career.

Clients will be aware that on every Annual Return is entered their Classification of Economic Activities. This is a code produced in the past by HM Customs and Excise and which has not changed for many years. It was supposed to have had some connection with VAT codes but for a long time this has been very nebulous and it has been difficult to find a slot for any particular activity.

There are two major HMRC payroll changes being set up to start the year after next for other than large employers. These are Workplace Pension Reform and Real Time Information (RTI). We will deal with the former at a later date as it has a longer lead in time for small and medium sized companies.  RTI will hit everyone in 2013 and will cause major problems for payroll departments and employers in general.

If you are involved in payrolls this is a phrase with which you will become too familiar in the months ahead. It relates to the submission of information to HMRC relating to each individual on the payroll every time they are paid. After deductions of PAYE, NIC and student loan repayments due for each employee HMRC will send the balance, after third party deductions, to the employee’s bank account.

The company seal is an anachronism, dating back to when all documents were sealed by the signatory and the advent of a corporate vehicle meant that it too needed a seal. Nowadays companies do not have to have a seal and it is used in the main to impress ­ mostly for documents going overseas. It is even more impressive if used on a red self adhesive round wafer. It must be said that it does add an air of verisimilitude to what might otherwise be a bald and unconvincing document.

 The seal itself is made of two discs with the obverse cut on one disc and the mirror reverse cut on the other. These can be readily bought by anyone for a few pounds from one of the firms specialising in their production. There is no security to this.

 One place where seals are regularly used is on share certificates where a security seal is used. This is just like the ordinary seal with “Securities” written across it.

 The alternative to using a company seal is for one or more officers of the company signing the document as a deed. This simply requires the words “Signed as a deed” to be added above the signature block.

 Practically all company articles of association these days are written to exclude the need for a seal although they ca still be used if needed.

 MSP secretaries can readily source a company seal if required. We would need to be given the full and correct name of the company and the form that it is required. For example it makes no difference to the legality of the name if “and” or “&” is used. We would check this with Companies House Direct which is a web site to which we subscribe. The seal would be ordered by email and delivered directly to the client either by post or courier depending on the client’s wishes. A courier would probably double the cost of the seal.

As a leading firm of Chartered Secretaries we are very supportive of our Institute and also find its advice of great value.

No requirement to have an authorised share capital.

 Running payrolls, as everyone knows who has to do it, is facing a constantly changing stream of changes. At this time of year the trickle turns into a flood.

 There are the usual changes to Personal Tax Free Allowances and the Emergency Tax Code. In addition there are normally more far reaching changes. These latter may have been announced months before so that constant vigilance is required.

Electronic filing at Companies House is now commonplace as is electronic filing of tax returns with HMRC. However there is a continuing move to make both filing with HMRC and at Companies House mandatory for all companies.

Services

Contact

• Payroll
• Compliance
• Company
  Secretarial Services
• Other Services

Farnham: 01252 733683
London: 020 76375216