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Taxing time for firms.

Small firms have received a timely warning about new tax rules.

And they'd be well advised to keep their records up to date for the Inland Revenue's switch to self-assessment.

"The 1996 New Year's resolution for small businesses should be to ensure that their business records are adequately maintained in preparation for this change," said Gilbert Little of the Chartered Association of Certified Accountants.

"The self-assessment system comes into effect in 1997 (for the 1996/97 tax year) and small businesses should be aware they could incur penalties if they do not adhere to the new legal obligations.

"These include ensuring that the company's books are kept up-to-date and that transactions are fully documented.

"The new system will place the onus for calculating tax liabilities and providing correct information firmly on the individual - not the Inland Revenue."

Handy information for Scottish food companies is now available free of charge from the Food Industry Information Service.

The service provides answers to almost any food or drinks related enquiry by utilising extensive resources including a library of documents and comprehensive computer databases.

These provide up-to-date food science and technology information and food and drink market data.

Specialist areas include market information, consumer trends, legislation, labelling, hygiene and quality management.

The Food Industry Information Service is being funded by Scottish Enterprise, initially for a six month trial period, and is being run by the Queen Margaret College Food Industry Forum. It can be contacted on 0131 317 3467.

There's still time to enter your business for the 1996 Winning Business Awards.

Firms with less than 50 employees, are invited to enter the competition which is organised by Securicor Cellular Services, one of the UK's top four mobile phone service providers, in conjunction with the Federation of Small Businesses which represents small firms throughout the UK.

Six regional finalists in each of four categories will win a mobile phone and an electronic personal organiser, and the champion from each category will scoop pounds 500 cash and a personalised trophy. The lucky overall winning business will win a further pounds 2000 cash prize.
COPYRIGHT 1996 Scottish Daily Record & Sunday
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1996 Gale, Cengage Learning. All rights reserved.

 
Article Details
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Title Annotation:Features
Publication:Daily Record (Glasgow, Scotland)
Date:Jan 23, 1996
Words:348
Previous Article:BANK ON A BETTER FUTURE; Money Matters: It pays to make sure you're getting the best possible deal from your business account.
Next Article:Do's and don'ts of good business.


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