The law states that corporations need to keep business records for a certain period of time – it’s simply the law, and there are good reasons why that law is in place and enforced. Don’t think it’s simply so that government offices and Mr. Tax-man can check up on you now and again; there are also advantages for your corporation to this end. To be sure, we are talking about businesses that are registered as a corporation and that fall under the corporate tax code. So what exactly does this mean? And what documents are we talking about? Here’s your guide to accounting and business records for corporation tax: what to keep, and until when.
The list of accounting records
There are accounting records that you have to keep – these are standard and should be compiled in a methodical (standardised) manner. They are:
A record of the company’s assets (what the company owns)
A record of the company’s liabilities (what the company owes)
A record of all the company’s income and expenses
A detailed record of stock at hand
You’ll also need to keep business records, such as:
Annual accounts, including profit and loss statements
Bank statements and payment slips
All accounts that you keep, such as cash at hand
Books and ledgers that record purchases and sales
All relevant business correspondence
For how long?
You need to keep the records for a period of five years starting at the end of the fiscal year of the deadline of your taxation declaration. For example, for the year of 2014-2015, the deadline will be the 1st of January, 2016 – so you need to keep it at least until January 31, 2021.
Some documents have to be kept longer – for example, capital expenditures, records when there is late filing, or records under inquiry by HMRC.
It may seem annoying to keep all those records – after all, where will you store them? Well, there’s some good news regarding that: you don’t actually need to retain those records in its physical form. Often it’s possible to store them electronically under a PDF format, stored on a CD-ROM, or on an optical imaging system. This will also allow you to make various copies and store them at different locations. It will also allow you to create a digital filing system that is easy to retrieve and to use as research for business analysis. After all, since you have to store the records anyway, you might as well make the most of it and figure out a system that works best for you, as advised by the established central London accountants like the ones from GSM & Co.
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When it comes to waste management, all businesses in the UK have specific responsibilities. If you are running or managing a business, you have to make sure that your business’ waste is properly disposed of, re-used, or recycled. But there are different categories of waste in the UK, and each waste category may have to be handled or disposed of in a different way. Following is a list of the different categories of waste in the UK that you should know about.
There are sub-categories for controlled waste, and this would include household waste, commercial waste, industrial waste, and clinical waste. Commercial waste, for instance, would include waste that comes from business or trade premises, entertainment premises, or sport recreation establishments. Industrial waste, on the other hand, includes waste from a factory or plant, excluding industries such as mining or quarrying. Clinical waste includes waste that consists of animal or human tissue, either wholly or in part. It would also include wastes such as body excretions or fluids, blood, drugs, dressings or needles, and the like – typical waste materials produced by medical, veterinary, dental, or pharmaceutical practices. This type of waste is considered hazardous to persons. All the sub-categories of wastes mentioned above would require a license for waste management so they can be disposed of, treated, or transferred in the proper manner.
Municipal waste can be classified as waste coming from households as well as waste that is collected by a waste collection service or authority from gardens, municipal parks, beaches, and so on.
Agricultural waste would be comprised of a broad spectrum of waste materials that come from horticultural or agricultural businesses or establishments. This would include agricultural waste packaging and plastics as well as empty containers of pesticide, old machines and equipment, tyres, and oil. Some agricultural wastes may also come under strict regulations for animal by-products and may also fall under the control of special waste, clinical waste, or radioactive waste.
According to the RSA or Radioactive Substances Act of 1993, radioactive waste is comprised of materials (either wholly or in part) which may be considered radioactive in itself or contaminated by a material which is radioactive. Note that there may also be some radioactive waste which falls under the category of hazardous waste.
It is important to manage your waste properly and correctly, according to the regulations for waste management and disposal set by the government. For this, you would need the right waste collection service according to the type or category of waste your business produces. Managing your business’ waste properly and efficiently not only benefits the environment and the living things around you – it benefits your business as well.
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Like all electronic equipment that we constantly use (and would not be able to live without nowadays), the TV has gone from its basic, rudimentary design to the latest, over-the-top technological innovation that stuns the viewer. Since its birth less than a century ago, the TV has undergone a lot of changes and has quite an interesting history. And the latest TV – the flat screen – is adding to it. Developed less than 10 years ago, it has transformed the way we watch our programmes and how we decorate our homes and businesses. In fact, the flat screen continues to evolve; there are new features added as we speak. This poses a problem: will your flat screen TV still cut the mustard a few years from now? Here’s your guide to flat-screen TVs and their evolution: which one to choose?
And then there was PDP
It wasn’t the first – it was actually the CRT TV that allowed manufacturers to supply the market with thinner TVs – but it was PDP (Plasma Display Panel) that made the flat screen TV so popular. This is because PDP offered amazing picture quality compared to its predecessor. There are more modern ways to create even better images, however, so PDP is currently on the decline.
Almost 99% of all flat screen TVs sold now have LCD – Liquid Crystal Display. This is because the LCD-based TVs don’t have the disadvantages of the PDP; unlike PDP, they don’t consume too much energy and don’t generate a great amount of heat.
LED topped it all
Now it’s LED’s turn. It’s actually very similar to the LCD version, except that it uses LED (Light Emitting Diode) as backlight.
LED into the future
There’s no doubt LED is leading the race and will continue to do so into the future – and this is reason enough to opt for a LED TV. Not because it’s the popular choice (that in and of itself is not reason enough), but for convenience’s sake: you’re sure to find a repair shop in the future which can do the necessary repairs if or when things go wrong.
Who knows where the evolution of the humble TV will take us next? Foldable TVs, Roll-up TVs, Interactive TVs – even 3D TVs that use holograms are not unthinkable anymore. Nowadays, there are even TV display stands that are revolutionary, such as those offered by www.unicol.com. Before you know it, the movie experience will include smells on top of sights and sounds. But we shouldn’t get ahead of ourselves; most experts agree that the next step will be that your TV will be connected to the web and the Internet of Things (IoT). Whatever happens, it promises to be an exciting journey. The future: coming near you – soon.
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Today many more businesses are either in the process of switching to a VoIP provider, or thinking about doing so. VoIP (Voice over IP) offers a range of benefits that make this modern communications system attractive to businesses large and small. For many companies, VoIP is a lower cost solution to communications needs that also offers a variety of features and additions that make working life more productive.
VoIP systems can be set up to direct calls to landlines or mobiles, computers or tablets – wherever you are, if you have an internet connection, you can make and receive calls for a low cost. Many providers offer monthly plan deals for unlimited calls for a set fee. If you are thinking about setting up VoIP, take a look at how to choose your provider, which is an important decision to make.
Look at Costs
Price will always be a consideration for any business, whether small start-up or multinational. But it is worth remembering that the lowest VoIP cost may not be the best deal overall, or offer the best service. You also need to consider the standard of the system, the reliability of the service, the customer service, and more.
Most VoIP providers offer a service plan based on a set-up fee and a monthly plan. Depending on the provider, there will be extra costs involved for certain features, or these may already be included in the cost. When you are signing up to a provider like www.welcometelecom.co.uk make sure that you read through to find out what exactly you are getting – and how this will match with your business needs and budget.
Look at Reliability and Quality
The quality of the service will largely be dependent on the quality of the internet connection, but there are many things you can look out for that will enhance the reliability of the system and ensure that there are minimal dropped connections and that the quality of the calls is good. Before deciding on a VoIP system consult a provider to find out if your broadband connection will be adequate for your needs, as well as whether you will need to make changes to your equipment.
Consider Customer Support
Most VoIP systems, when set up, are easy to use and do not require much in the way of input in order to keep them working properly. But you may need some customer assistance at times, and in the event of a technological problem. Choose a provider based on how well they can advise you on which system to choose, as well as how they respond to your needs when you need extra help.
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The Silicon Valley is home to some of the most innovative tech companies on the planet. These ground-breaking groups serve as beacons that not only shape our culture but our workspace practices. Alternative practices as such on-site meditation classes, acupuncture, and improvement classes are just some of the unique ways that leading tech companies consolidate their workplace environments.
However, the one alternative trend that all tech companies are conforming to is that of minimalism. Zuckerberg and co. have sat under the Bodhi tree and found that the way to enlightened streamlining is via online collaboration tools.
An online collaboration tool enables companies to rid themselves of their worldly (frivolous) ties to paper, meeting rooms, storage space and workspaces without diminishing efficiency.
The Eightfold Path is comprised of eight skills that if executed correctly are meant to ease one’s life of Samsara. The third path is that of Samma-Vaca, or perfected speech. Within the workplace a myriad of messages are flying past one another on a daily basis. Emails, texts, and conference calls stupefy employees with overstimulation and whiplash. Using a team collaboration software consolidates communication and gets everybody on the same page, literally. A fast and inclusive collaborative software means no more checking emails only to be distracted by a relative’s newest baby pictures, or sending a text only to rattle off a couple tweets before getting back to work.
Consolidating messaging is only the first step towards creating a more efficient workplace. Workplace meetings can be laborious affairs that end up awarding praise to those with the loudest voices. With an exclusively cloud-based sharing software, projects can be pitched and amended with the click of a button at the comfort of one’s desk. Such a tool also allows introverts and those averse to group meetings to share their ideas without the fear of being shouted or put down in front of others.
Working with online collaboration tools liberates employees from the confines of their workspace. If all pertinent work matter is floating about the world waiting to be recalled when need be, there is no reason to be tied down to a specific workstation. Such a luxury grants employees the opportunity to reap the rejuvenating quality of the outdoors, working when unable to make it to the office, or simply working out of home on a permanent basis. Workplace nirvana can’t be reached in earthly ties, only in the ether of collaboration-based solutions.
Your exhibition booth has to hook potential customers or you will be left out in the cold.
You have just a few second to impress a potential client and if your booth doesn’t grab their attention they will move right along to the next display.
To charm to a possible buyer, your exhibition booth needs to tell your story, what benefits you offer, and why you are the best choice. To succeed, your exhibit should have a modest design with a single principal point that draws in the client and appeals to what they are looking for.
Let your images tell the story. That means limiting the use of text in your visuals and signage. If you have to use copy, include strong action words that speak to the benefits of your product.
Colour usage can go a long way in linking your product and potential client as what you choose to display will help you stand out while getting your message across.
Blue, green and white are cool colours that are professional and slick, while red, orange and yellow are warm colours that are attention-grabbers.
While it may seem apparent, keeping your booth looking fresh and free of garbage is crucial. Nothing looks worse than half a drink or a half-eaten bagel left behind at your booth.
Keeping the employees in charge your exhibition booth involved is also critical. When things are slow it does not look good when bored workers are standing around with little to do. A good way to keep them working is to have them go out on the floor of the trade show and talk to potential clients, who then can be sent to your booth.
Pharma companies are obliged to be highly compliant for obvious reasons, and they employ many regulatory compliance experts as a result.
However, a spate of accidents at GSK, in August 2015, has reminded the industry that pharma companies cannot afford to become complacent about safety either.
The three accidents occurred across GlaxoSmithKline’s manufacturing business, in a number of global locations, affecting operational delivery and proving that health and safety concerns in operational areas need to be as closely scrutinised as manufacturing compliance.
Firms do invest significantly in pharmaceutical consulting, to ensure the efficiency of their businesses. To keep their businesses safe, however, firms also need to keep investing in training and project management, such as through companies like gandlscientific.com.
The affected locations were in America, Belgium and China. In China, a chemicals warehouse in Tianjin exploded, and the resulting blast was so severe that it registered as seismic activity. Scientists were alarmed by the ferocity of the two explosions, one of which was equivalent to 21 tons of TNT. There were at least 121 deaths and catastrophic surrounding damage.
In Belgium, GSK had an explosion at its vaccine plant, and in the same week it had to shut down its American facility, after a cooling tower was found to contain the bacteria that can lead to Legionnaire’s disease.
Exploding boilers are relatively common for large corporations in the pharma industry. In 2012, a fire at a Quebec plant led to a temporary stop in production of around 90pc of Canada’s injectable drugs, impacting the supply of antibiotics, painkillers and anaesthetics. Another boiler explosion in India claimed the life of a worker last year.
Compliance and safety go hand in hand
These three incidents show that a narrow focus on regulatory compliance is not enough to protect workers and to prevent significant damage to pharmaceutical plants. Whilst GSK’s three major incidents in one week is an extreme example, it does highlight the importance of stringent safety checks and legislation. In addition to serious loss of life, there is obviously a commercial impact to such events, as well as environmental repercussions. In light of GSK’s spate of incidents, companies will perhaps look to tighten their operational compliance measures and safety procedures to ensure that similar events cannot happen to them.
Having spent a lot of money to open your business and keep it running, you might not want any further expenses until you have recovered your capital. However, this should not be your mentality especially if the money will be spent for something important like security services. This is an integral part of running your business and you should not take it for granted.
You can’t put a price tag on security
By securing your business establishment, you are not only protecting the valuables, but you also keep your employees protected. As the business owner, you are responsible for all individuals working for you. It is important to ensure their safety. Aside from working hard, it is important for you to consider that these people also have loved ones waiting for them at home. Therefore, even if you have to invest in security cameras or guards, it is perfectly fine.
You can’t stop bad people
People who are determined to commit a crime will do whatever it takes. Even if you are just running a small business that does not have a huge profit, it does not matter. For people who are on the verge of losing everything they have, they will hold on to anything just to keep themselves floating, even if they have to commit crimes. If you have security guards in place, they will easily deter these people from doing bad things. At the very least, their presence will intimidate potential criminals. If not, there are security cameras that could help the police officers to locate them.
You may be a target
It is important to consider hiring bodyguards too. It might seem crazy especially if you are not a celebrity or you are not an owner of a huge company. Take note that you are facing different clients and potential investors on a daily basis. You might have a great relationship with them, but you fail to realise they could harm you too. For instance, you are running a restaurant and you have a deranged customer who felt dissatisfied with the service and suddenly come after you as the owner. You might also be in a construction business where you have to consider different bidders for the supplies. When you didn’t choose one, they might threaten you so that you will partner with them. It is great if a security guard is there to help keep you safe.
In short, you need to consider security services Oxford now. There is nothing wrong in being prepared, especially if you are dealing with personal safety and that of your business. Again, security in Oxford must be taken seriously.
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Any building that is two-story or taller must have a fire escape ladder that provides its occupants with reliable access to safety in the event of fire or other disasters. An escape ladder can be either permanent or removable. A permanent ladder is usually installed on the exterior wall of the building and consists of metal retractable ladder and ledge. A removable ladder, on the other hand, is a foldable rope ladder that is attached to the window and can be unrolled or unfolded whenever necessary. Permanent ladder is generally quite expensive to buy and to install. If your building has not had an escape ladder, buying a removable escape ladder is considered a more cost-effective decision.
When you want to buy a removable escape ladder, there are some important things that you have to mind.
A removable escape ladder comes in the form of rope ladder with hook at the end of it. When buying this ladder, make sure that you specify its length based on how tall your building is. For a two-story building, a 12-foot ladder can sufficiently provide access to safety. Taller building obviously needs longer ladder, with 25-foot ladder being a standard choice for 3-story building, 35-foot ladder for 4-story building, and 50-foot ladder for 5 or 6-story building.
When used, the ladder must be able to bear the weight of people who use it. For safety reason, it should be used only by one person at a time; however, during emergency situation and when people are panic, more than one person may use it simultaneously. A reliable rope ladder should be able to bear at least 1000 lbs. of weight.
An escape ladder must be easy and versatile enough to use. In an emergency situation, you should be able to hook and unroll the ladder quickly. When you buy this ladder, make sure that you assess its design.
Snippet: Fire escape ladder provides reliable access to safety when you are in an emergency situation. If you want to buy this ladder, make sure that you know all factors to consider to choose the right escape ladder for your building.
Labeling is an integral part of any packaging activities. Whether you pack unused stuff that you want to store in your shed or merchandise that you want to sell or distribute, you will mostly need to label their package. Labeling is used to identify the type of item being packaged as well as its owner. Labeling can be done by using marker or any other marking tool; however, if you want to be neat and creative when labeling your packages, consider using branded packing tape. This tape is a cool tool to label any packages or any items that you want to personalize or customize.
What is this tape actually? A branded tape is a regular tape that can be made from any common tape materials, such as PVC and polypropylene. What makes it different is that it doesn’t have the plain surface of ordinary tape. When you order this tape, you can have any graphic that you want printed on the tape. The graphic may consist solely of text or image or a combination of text and image. You can order either monochromatic print on the tape or colorful one. Whenever you want to label your items, you can always use this tape to create neat label for them.
There are some advantages of using this branded tape. To start with, the tape can be used as an elegant promotional tool. If you use the tape to seal your product package, you can use the graphic that is printed on the tape to advertise your business. Another advantage that you can reap is that with this tape, you no longer need to use marker to create label that is rather unsightly and to make your hand dirty. Last but not least, because you can print colorful and photographic image on the tape, you can always use it not only to seal your packages, but also to decorate your room.
Snippet: branded packing tape is a tape with custom image printed on it. This tape can be used for business purpose due to its promotional potential and can also be used for personal use as a tool for personalizing your items.