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New HMRC position on Construction Industry and Levy

March 13, 2014 in General

HMRC this week revised their position on the Construction Industry Training Board (CITB) levy and if it can be deducted for Construction Industry Scheme (CIS) purposes. HMRC now say that: “We can confirm that the CIS applies only to payments made under construction contracts. Where contractually agreed deductions such as insurance charges, amounts equal to the CITB levy or any other training costs are deducted before payment then CIS is only operated on the amount paid after any deduction for materials and VAT.” For VAT the HMRC position is that the subcontractor’s supply for VAT purpose is reduced by the amount of any contractually agreed CITB deduction.

Eamon McNicholas
Tax Barrister, Accountant


http://www.EamonMcNicholas.com

Digital transformation in the insurance industry

February 21, 2014 in General

Digital transformation is basically about shifting power to the customer, facilitating a personalized customer experience and enabling distribution of products and services to anywhere, at anytime.

Let me give you insurers out there some advice when it comes to transforming into a customer driven enterprise.

First of all, realize that despite the use of the word ”digital” this is not a concept isolated to IT. It isn’t enough to revamp your internet presence or provide your existing products and services through an iPhone app.

The Collapse of the Healthcare System and Insurance Industry is Beginning

January 26, 2014 in General

The total crash of the insurance industry and healthcare system, caused by Obama, the democrats, and
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Switzerland’s Insurance Industry: It’s time for customer focused innovation

December 30, 2013 in General

dsc0051.jpg  As we all look forward to 2014 with a fresh breath of hope and growth outlook, I took a reflective view at the Switzerland’s Insurance industry that I have been working closely for the past 7 plus years. Over the years I had the opportunity to work closely with industry decision makers to deliver multiple business solutions and to get firsthand view from some of the market movers. I have also been reviewing industry reports and studies from prominent agencies and universities.

Telematics Car Insurance Brings Good News to Insurance Industry

December 21, 2013 in General

telematics car insuranceCar insurance is a staple for all drivers who drive on UK roadways.  All drivers are required to do a couple things before they can lawfully get behind the wheel and take that first journey anywhere.  The first is obtain a driver licence.  The second is obtain a car insurance policy which will protect them and others driving around them in the event of a car crash.  The former is routine and simple to obtain for most drivers.  The latter demands more attention and will cost far more in the short term as well as the long term.

Hospitality Industry Fire Risk Management: “Security Alert! Check The Security Of Your Hotel’s Knox Boxes Frequently” By Todd Seiders, CLSD, Petra Risk Solutions

November 11, 2013 in General

Security Alert! Check The Security Of Your Hotel’s Knox Boxes Frequently

by Todd Seiders, CLSD

Check your Knox Boxes! A Knox Box, known officially as the KNOX-BOX Rapid Entry System, is a small, wall-mounted safe-like box that holds building keys for firefighters and EMTs to retrieve in emergencies. In many jurisdictions, the local Fire Department requires that a Knox Box be located outside of your hotel (check with your local Fire Department for requirements; some jurisdictions may not require hotels to have one), for their use only, in the event of an emergency. The Knox Box has a complete set of the hotel’s master keys locked inside this box.

Telematics Car Insurance Brings Fresh Focus to Insurance Industry

September 4, 2013 in General

telematics car insuranceTraditional car insurance has been around for decades.  The same traits of traditional car insurance hold true today just like forty years ago.  A driver has a car crash, the driver makes a claim through their insurance firm and that firm assists the driver get back behind the wheel as soon as possible.  The function of the insurance product remains the same today.  Now however, there is a new type of car insurance which is bringing a new attitude to the industry of car insurance.  It is known as telematics car insurance and it is growing in popularity as each month passes.

Hospitality Industry Property Risks: Washington Restaurant Destroyed By Fire Caused By Cleaning Towels Left In Dryer “Spontaneously Combusting”

August 11, 2013 in General

Restaurant Cleaning Towel Combustion Fires“…It was the second restaurant fire in Olympia in two years caused by towels in the dryer, and the fifth in five years to other businesses including hair salons…the cleaning towels that were left inside the dryer smolder for hours and then spontaneously combust.  The greases and oils used in the cleaning process apparently don’t all get washed out…”

Investigators have determined a fire that destroyed the Oyster House restaurant in Olympia started in the dryer, when cleaning towels spontaneously combusted. Now, they’re sending out a warning to all restaurants, hair salons, and even bowling alleys where towels are used to clean things and then washed and tossed in the dryer.

Insurers raise concerns over Petroleum Industry Bill

July 31, 2013 in General

In realisation of the fact that the entities created under the Petroleum Industry Bill (PIB) will need certain insurance covers, the insurance operators in Nigeria have raised concern that there is no specific provision in the bill requiring that the assets of these emerging entities should be insured.

Investigation by Daily Independent revealed that the insurers believed that the emerging entities will need fire insurance, fidelity insurance policy, motor insurance, contractor all risk policy, product guarantee insurance policy, and workmen compensation insurance, among others.

To what extent is the health care industry regulated?

July 18, 2013 in Health insurance

And would the health care industry be better with more or less regulation? (i.e. national health insurance)

I have asked a question along similar lines in the Politics section. I am interested to compare the answers of people responding here with the ones in Politics.

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