Check your Tax Code Notice! - Each year between January and March, HMRC issue tax code notices to some individuals for the new tax year that starts in April.  HMRC issues a tax code notice so that an employer will deduct the correct amount of tax through the payroll. Most employees will be on tax code 810L, this means that you can earn £8105.00 per annum before paying any tax.

HMRC issues a detailed calculation to the individual and a summary notification to the employer to use the tax code from a specified date.

It is always worth checking that the information shown on the tax code notice is correct and that there are no items missing or incorrect figures.

If you believe the calculation is wrong then phone HMRC (Tel: 0845 300 0627) to discuss the figures that may be incorrect.  If for example you have a company car and it is not shown on the calculation by HMRC, you will not have sufficient tax deducted from your pay and will end up with a tax liability to pay at a later date unless the tax code notice is amended by HMRC.

At any time during the tax year, HMRC may issue a new tax code notice to an individual which will supersede the existing tax code used by an employer.  The intention of HMRC is to issue the correct tax code to ensure that employees have the correct amount of tax deducted from their income.

SWARD was established in late 2008 as one of seven local clusters to deliver Axis 3 of the NI Rural Deveopment Programme 2007-2013.

It has been designed to address the rural needs of the four District Councils of Cookstown, Dungannon & South Tyrone, Fermanagh and Magherafelt and bring benefit to the 134,000+ rural people who live there.

Application for funding will be available up to 11^th May 2012 under measure Measure 3.1 Diversification into non-agricultural activities. This Measure will provide support to members of farm households who wish to diversify into non-agricultural activities.  Farm owners or any member of the farm household can apply for this funding.

Applicants wishing to receive guidance on the eligibility of their projects may submit an Expression of Interest prior to the submission of their formal application. Expressions of interest can be submitted any time. http://www.sward.org.uk/howtoapply/expressionofinterestform

Whats available

In the case of renewable energy applications, and in addition to the above criteria, applicants must also enclose:

• A site specific independent feasibility study
• A valid NIE quotation
• Applicants seeking funding towards wind turbines with an output above 20 Kilowatts must also enclose an on-site wind speed check for a period of not less than 6 months

Please note that the above criteria will apply to all future applications to SWARD (except for feasibility study applications) and any applications which do not include this evidence will not be considered for funding.  Where the above evidence is only partially submitted by the applicant, such applications may, at the discretion of SWARD, be deemed ineligible.

We will provide full feasibility including full financial projections for any renewable energy project. We have extensive experience in providing financial projections for all sizes of wind turbines large and small and anaerobic digestion plants. We also provide access to finance for wind turbines and anaerobic digesters.

For further information call Damian Quinn on 028 82 247045 or via website http://www.veritasaudit.com/contacts

Need to make a tax disclosure - Tax Catch Up Plan

New tax disclosure opportunity – Tax Catch Up Plan

On 10 October 2011 HM Revenue & Customs (HMRC) announced a new disclosure facility for private tutors and coaches.

The Tax Catch Up Plan (TCUP) is the latest trade-specific opportunity that HMRC has launched. The disclosure opportunities offer favourable treatment to those people who come forward and disclose previous errors or omissions in their tax affairs before HMRC contacts them.

Who is affected by the Tax Catch Up Plan?

The TCUP applies to people who provide private coaching, whether or not they have a teaching qualification, and covers those who teach traditional academic subjects as well as those such as fitness and lifestyle coaches.

Am I at risk?

HMRC has stated that it has various sources of intelligence available to identify people who have received payment for providing teaching and coaching services. Once the disclosure window has closed, HMRC will pursue those individuals about whom it holds information.

Key dates

A notification to disclose must be submitted to HMRC by 6 January 2012
The full disclosure and payment must be submitted to HMRC by 31 March 2012

For further information if you may be affected contact Damian Quinn on 028 82 247045 or email This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Damian Quinn is running the Dublin marathon on 31st October 2011 and the Nice to Cannes marathon on 20th November 2011. All money raised is for Marie Curie Cancer Care, anyone that has lost family, friends and relatives to cancer will know first hand the work that the Marie Curie nurses do.

So please dig deep and donate now. With the current recession such charities are finding it increasingly difficult to raise money therefore every donation regardless of the size will make a difference.

Donations can be made in office reception at 30B Gortin Road, Omagh or online via Damian's Just Giving website http://www.justgiving.com/damianquinn33

Following on from its success in 2010, the “Practical On-farm Renewable Energy” event will be held once again on Tuesday 1 November at Greenmount Campus. DARD has again joined forces with the UFU, and AFBI to provide practical information for farmers and the rural sector about the various renewable energy options available for their businesses. As a result of feedback from attendees last year, a follow-up event will also be held at CAFRE’s Enniskillen Campus on 22^nd February 2012.

There will be a series of seminars throughout the day on each of the main renewable energy technologies; wind power, biomass production and utilisation, anaerobic digestion, solar hot water, micro-hydro and heat pumps. A second series of seminars will deal with many of issues facing those considering installing a green energy source. Topics covered will include the proposed Renewable Heat Incentive (RHI), grid connection, planning, NI Renewable Obligation Certificates (NIROC’s), marketing NIROC’s as well as finance and funding options.

In addition there will be a Trade Exhibition and the opportunity to tour the renewable energy installations at Greenmount Campus. If you are interested in renewable energy and its role in your farm or business this is a worthwhile event to attend.

Today our new look Veritas website launches. Thanks to Blue Pearl Media for making this happen.

For more information visit: http://www.bluepearlmedia.co.uk

A new funding programme for renewable energy projects ( i.e wind turbines) is now available from the DARD Rural Development Programme - ”Rural Life” stream. The programme provides 50% of eligible project costs up to a maximum of £50,000.00 per project.

Action Renewables are holding a seminar on the new funding programme for renewable energy projects available from the DARD Rural Development Programme - ’Rural Life’ stream.

Date: Wednesday 15th June

Time: 11-12 pm followed by tea/coffee & questions for speakers

Location CAFRE (college of Food & Rural Enterprise)
Greenmount Campus (directions overleaf)

Agenda:

● DARD - Rural Development Programme (renewable energy project
criteria)

● Action Renewables - Feasibility Studies / ROC Trading

● Application and assessment process to the UK Microgeneration
Certification Scheme (MCS)

● Questions

If you are interested in attending please contact Dawn Murphy by email This e-mail address is being protected from spambots. You need JavaScript enabled to view it or telephone 90 72 77 66.

CAFRE Greenmount CAmpus
Address:
45 Tirgracy Road
Antrim
Co. Antrim
BT41 4PS

HM Revenue & Customs (HMRC) efforts to tackle non-compliance have increased with the announcement of a taskforce to target individuals and businesses that are trading above the VAT threshold but have not registered for VAT in a new drive against rule breakers.

The campaign is to be launched in the summer, following discussions with interested parties to help HMRC design the campaign. We have clients who have been targeted already under this scheme however. The VAT threshold is currently £73,000 turnover on a rolling annual basis. The issue is that many small businesses do not know their turnover until the annual accounts have been prepared. This is not an excuse for not registering for VAT, and HMRC are within their powers to go back and make an assessment for earlier periods that they believe business traded above the registration limit.

Announcing the initiative on 20 May, Mike Wells, HMRC's director of risk and intelligence, said: “Our aim is to get as much input as possible into our future campaigns so that the views and experience of people and organisations outside the department play a fuller part in what we design for customers.”

Previous HMRC campaigns have targeted offshore investments, medical professionals and people working in the plumbing industry.

The department says its campaigns focus on areas where it has identified significant underpayment and that they provide straightforward opportunities for customers to put their records in order on the best possible terms, followed by swift action targeting those who choose not to take up those opportunities.

HMRC says it has raised over £500 million from voluntary disclosures and a further £100 million so far from follow-up activity.

HMRC is encouraging anyone who has unpaid tax to come forward and make a voluntary disclosure, with the view that HMRC will not be as hard on them compared to if they are caught.

If you believe you have unpaid taxes, or you should have been registered for VAT and have not yet done so, contact us and we will guide you through the registration process and liaise with HMRC on your behalf. If you are concerned about the VAT position of your business speak to Damian Quinn on 028 82 247045 or email This e-mail address is being protected from spambots. You need JavaScript enabled to view it

What is iFactory?

iFactory is a complete, bespoke innovation support programme, aimed at small businesses with an aspiration to grow, compete and succeed. iFactory support is tailored to your needs and can last up to 18 months.The iFactory project is part-financed by the European Union's European Regional Development Fund through the Interreg IVA Cross Border Programme managed by the Special EU Programmes Body.

How do you enter the iFactory?

Simply complete an application form, meet with one of our Regional Innovation Agents, pay the small participation fee of £200/ E250 and demonstrate that you have the desire and potential to grow your business within the iFactory. We have no specific sectoral criteria, but you must be a business and not in recipt of support from Invest NI/ Enterprise Ireland.

For more information visit the website http://www.noribic.com/ifactory