In this short excerpt from SAP Co-CEO, Jim Hagemann Snabe’s keynote at the SAP Influencer Summit on December 13th and 14th, 2011, you’ll hear Jim talk about SAP Business One and how it is delivering SAP’s most successful System of Record – for small enterprises.

http://www.youtube.com/watch?v=oe8yDM7CNtE&feature=youtu.be

The National Minimum Wage (NMW) rates went up on 1st October to:

£6.08 an hour to workers aged 21 and above
£4.98 an hour to workers aged 18-20
£3.68 an hour to workers aged below 18 who are no longer of compulsory school age

For full details of the requirements to pay the National Minimum Wage visit the business link website.

You can claim VAT for a proportion of the mileage rate paid to your employees, provided you have VAT receipts to cover the amount of VAT you are claiming.

The amount you can claim depends on the engine size and fuel type. The chart below shows the rate effective from 1st September 2011 (they are reviewed four times a year).

For example, if your employee drives an 1800cc petrol car, and claims 45p per mile, you can currently claim VAT on 18p per mile. Calculate the VAT as follows:

• 100 miles @ 45p/mile = £45 (what your employee gets paid)
• 100 miles @ 18p/mile = £18

The VAT element of £18 is £18 divided by 6 = £3.00 (with VAT at 20%)

Therefore, claim £3.00 Input VAT, and charge £42.00 to your accounts (total = £45).

For full information, and details of the conditions of claiming the VAT go towww.hmrc.gov.uk/cars/advisory_fuel_current.htm

You can claim VAT for a proportion of the mileage rate paid to your employees, provided you have VAT receipts to cover the amount of VAT you are claiming.

The amount you can claim depends on the engine size and fuel type. The chart below shows the rate effective from 1st June 2011 (they are reviewed four times a year).

For example, if your employee drives an 1800cc petrol car, and claims 45p per mile, you can currently claim VAT on 18p per mile. Calculate the VAT as follows:

• 100 miles @ 45p/mile = £45 (what your employee gets paid)
• 100 miles @ 18p/mile = £18

The VAT element of £18 is £18 divided by 6 = £3.00 (with VAT at 20%)

Therefore, claim £3.00 Input VAT, and charge £42.00  to your accounts (total = £45).

For full information, and details of the conditions of claiming the VAT go towww.hmrc.gov.uk/cars/advisory_fuel_current.htm

The thresholds at which a VAT registered company is required to submit Intrastat Supplementary
Declarations (SD) reports are:

• £600,000 for arrivals, goods arriving from member states

• £250,000 for despatches, goods being sent to other member states

These thresholds apply to a calendar year.

Source: Notice 60 Intrastat General Guide
April 2011