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News - 1 June 2013

June 2013 ABDS newsletter

Welcome to the June 2013 ABDS newsletter designed to keep you informed of the latest Accounts, Tax and Business issues.

In this edition we are looking at:

  • A summary of the latest changes to VAT across Europe
  • Changes to class 2 and class 4 NICs
  • £220 million haul from wealthy taxpayers
  • GAAR (General Anti-Abuse Rule) update
  • 102 New Free Schools have been approved
  • HMRC to miss tax credit fraud target, says PAC


As part of our regular features we introduce you to one of our team members, this month it is the ABDS Marketing Manager, Mike Twomey.

This month’s fact sheet is: HMRC inspections: Trouble in store?

To request a copy Contact us now

And we will conclude, as usual, with a Joke, but in a break from tradition, this month it will be from our Accounts Manager Tonmoy Kumar or TK as he is known.


A summary of the latest changes to VAT across Europe

UK
The annual changes to the VAT thresholds have been announced and are effective from 1 April 2013. The VAT registration threshold increased to £79,000, previously £77,000, and deregistration threshold increased to £77,000, previously £75,000. The VAT registration threshold for relevant acquisitions from other EU member states also increased to £79,000, previously £77,000…………To continue
Changes to class 2 and class 4 NICs
HMRC now considers that sleeping and inactive limited partners are – and have been in the past - liable to pay Class 2 National Insurance contributions (NICs) as self-employed earners and Class 4 NICs in respect of their taxable profits……….To continue

£220 million haul from wealthy taxpayers

HMRC have revealed that their High Net Worth Unit (HNWU) – which deals with the tax affairs of 5,800 people with assets in excess of £20 million – increased its yield from tax enquiries by 10 per cent in the 2012/13 tax year, having collected £200 million in 2011/12.
The unit has increased its revenues from the UK’s richest taxpayers ………..To continue

GAAR (General Anti-Abuse Rule) update

The GAAR (General Anti-Abuse Rule) is to be effective from Royal Assent of the Finance Bill, which will most likely be around 20 July 2013.
Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
“Although we do not expect the GAAR to be focussed upon commercial transactions where a tax saving is one of the consequences, it will, nevertheless, produce uncertainty until there is some experience in the GAAR’s use and effectiveness in the courts.”………………To continue

102 New Free Schools have been approved

From 2014, 102 new free schools are set to open after being granted approval from the Department for Education.
England currently has 81 free schools, with another 109 set to open in September.
Labour and some teaching unions say the expansion is failing to address a lack of primary places.
A report by the National Audit Office in March found …………….To continue


HMRC to miss tax credit fraud target, says PAC

A report by the Public Accounts Committee (PAC) has stated that the UK tax authority's failure to hit a target of reducing tax credit fraud and error has "cost the taxpayer dear."

In 2010, the Government challenged HMRC to cut fraud and error by £8bn by 2015, but the PAC report claims that HMRC predict that this will only be reduced by £3bn

Lavinia Newman, founder of ABDS comments:
“The tax credit system was aimed to provide financial support for parents returning to work. This was designed to be ………..To continue


Articles from the previous ABDS Newsletter (click to open).


The spotlight this month falls on Mike Twomey, the ABDS Marketing Manager
Mike Twomey BA (Hons) DipM MCIM

Mike, although he hates to admit it, has over 25 years’ experience in B2B and B2C marketing over a variety of industry sectors

From Group Sales and Marketing Manager in a manufacturing company, to Corporate Sales Manager in a Consultancy Company, to Brand and Sales Manager in an import and distribution company, this gives him a way of looking at the Accountancy market in a very different manner than you would expect from a more traditionally based accountancy marketeer

His vast experience across a wide range of business sectors is a very useful asset to the both ABDS and the client base
Originally from the Midlands, he has lived on the South Coast virtually continuously since going to University at 18. In his spare time he is passionate about his football (WBA), Photography, surfing and the theatre.

He also enjoys searching for unusual beers both draught and bottled, but enjoys nothing more than sitting with a glass and a good book while listening to the Rolling Stones

Contact ABDS to arrange a no obligation initial consultation, and see how WE can make a difference.

Great with People    Brilliant with Numbers   Clear and Precise with Words

And to prove Accountants do have a sense of humour we conclude with this month’s joke supplied by Tonmoy Kumar (Accounts Manager).

A lawyer and an accountant are sitting next to each other on a long flight from the US back to London. The lawyer leans over to the accountant and asks if he would like to play a fun game.

The accountant just wants to take a nap, so he politely declines and rolls over to the window to take a few winks. The lawyer persists and explains that the game is really easy and a lot of fun. He explains "I ask you a question and if you don't know the answer you pay me £10".

Again the accountant politely declines and tries to get some sleep. The lawyer, now somewhat agitated, says "OK, if you don't know the answer you pay me £10, and if you ask me a question and I don't know the answer I will pay you £100".

This catches the accountant's complete attention, and as he sees no end to this torment unless he plays, he reluctantly agrees to the game.

The lawyer asks the first question. "What's the distance from the earth to the moon?"

The accountant doesn't say a word, reaches into his pocket and pays the lawyer £10.

The lawyer is disappointed but still encourages the accountant to ask a question. He thinks for a moment and then asks the lawyer: "What goes up a hill with three legs and comes down with four?" Having asked the question he turns round and goes back to sleep.

The lawyer looks at him with a puzzled look. He takes out his laptop and searches all his references, he opens his laptop, logs on to the web and tries searching around wikipedia, tries google, yahoo and host of other search engines but he gets nowhere. Frustrated he sends emails to all his colleagues and friends. All at no avail.

After an hour he wakes the accountant and hands him £100.
The accountant politely takes the £100 and turns away to get back to sleep. The lawyer, more than a little miffed, shakes the accountant and asks, "Well, so what is the answer? What goes up a hill with three legs and comes down with four?"

Without a word the accountant reaches into his wallet, hands the lawyer £10 and goes back to sleep.

(Come back Dave, all is forgiven.)


We hope you have enjoyed reading our newsletter. We are here to help you so please contact us if you need further information on any financial topics such as: Audit, Accounts, Bookkeeping, Vat, Payroll, Tax planning returns and compliance and Business Strategy, including planning, coaching and mentoring. We are acquiring new clients who are interested in strategy for growth and selling their business at retirement so please do not hesitate to call us and discuss how we can assist you.


Lavinia and the team

 

Tel: 023 8083 6900
email: abds@netaccountants.net

Great with People    Brilliant with Numbers   Clear and Precise with Words

Accountants for Business Development and Solution can cater for all your financial and business needs.
 

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