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News - 1 July 2013

ABDS July NewsLetter

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

In this edition we are looking at:

Serious tax evasion falls to lowest in five years
Labour says no more Free Schools
Tougher GCSE exams revealed
Treasury closes £900m utility firm tax loophole
Help to buy off to a great start
Liberal Democrats block child care reforms
Charity Commission may not be 'fit for purpose'
New tax rules for LLPs

As part of our regular features we introduce you to one of our team members, this month it is our Auditor, Peter Ham

This month’s fact sheet is:
Taxation of Directors’ Fees/Remuneration


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 Trainee Accountant Helen Smith

 

Serious tax evasion falls to lowest in five years

According to a new report, the number of cases of serious tax evasion is at their lowest level for five years, despite widespread belief it is on the rise.

HM Revenue and Customs defines tax evasion as "serious" when the sum involved is more than £50,000. HMRC's local offices reported 2,888 suspected cases of tax evasion………….To continue

Labour says no more Free Schools

The labour party's education spokesman, Stephen Twigg, said there would be no more free schools opened by a future Labour government, but existing free schools could stay open and that all state schools in England should have the same rights given to academies.

In a major policy speech Mr Twigg has taken a significant step towards setting out the opposition's schools policy. Free schools, set up by parents and other groups, would no longer be created under Labour.

The more than 80 free schools already open………….To continue

Tougher GCSE exams revealed

From 2015, GCSEs will move from coursework and continuous assessment to exams at the end of two years, which will be graded from eight to one rather than A* to G.

Pupils will face more rigorous content, with those studying English, for example, having to read a 19th-Century novel and a whole Shakespeare play.

Key changes from autumn 2015………….To continue

Treasury closes £900m utility firm tax loophole

The Treasury has changed the law in an effort to stop gas and electricity companies claiming capital allowances for money spent by business customers.

Tonmoy Kumar, Manager of the Accounts Department of ABDS comments……….To continue


Help to buy off to a great start

The Home Builders Federation (HBF) said that the government's flagship Help to Buy housing scheme has got off to a 'flying start' with 4,000 people that have reserved a new home in the two months since the scheme launched.………….To continue

Liberal Democrats block child care reforms

Deputy Prime Minister Nick Clegg has blocked Tory plans to allow nursery staff and child minders to look after more youngsters, he said that loosening the rules was unlikely to cut the cost of childcare and could end up actually costing parents more.

Lavinia Newman, founder of ABDS comments………….To continue

Charity Commission may not be 'fit for purpose'

MPs have questioned whether the UK's charity regulator is fit for purpose, after it failed to spot a charity apparently set up for tax avoidance.

A report by the Public Accounts Committee (PAC) said the Charity Commission did not carry out sufficient checks on the Cup Trust charity.

The charity took huge donations but made ………….To continue

New tax rules for LLPs

We asked our two Tax gurus about the implications for HMRCs proposals to the LLP tax rules.

Stuart Coleman, Manager of the Tax Department of ABDS comments:
“HMRC want to bolster specific anti-avoidance tax rules, but there is no intention to target partnerships that simply converted to LLP status, partnerships where the profit sharing ratio is………….To continue


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


The spotlight this month falls on Peter Ham

Peter Ham BSc FCA CTA

Peter Ham, Director of Audit Department, trained with Deloitte Haskins & Sells and qualified as FCA, CTA and with a practicing certificate. He prepared the accounts, audit and tax of branches and subsidiaries of public companies and owner managed businesses in an audit department for eight years followed by five years in the general practice department which also included partnerships and charities. Subsequently he moved to the corporate tax department for three years

Clients included engineering, yarn spinners, builders and advertising agency companies and architects and solicitors partnerships

Following a move to a member firm of the UK 200 Group for thirteen years he continued  with owner managed businesses involving accounts, audits and corporate tax of engineering and vehicle franchise groups of companies with turnovers of up to £137M and 900 employees as well as charities, pension fund accounts, distributors, and an hotel

More recently, with a member firm of the HAT Group of accountants for five years he did accounts, audits and tax of 20 plus workingmen’s clubs a year and also engineering, retailers and other entrepreneurs and also personal tax

He says that clients:

• Prefer prompt information
• Seek reassurance that their financial thoughts are correct; and
• Wish to minimize their tax liabilities


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 Helen Smith (Trainee Accountant).

A teacher was in front of her new class at the start of a term and decided to ask each child what their name was and what their dad did for a living

First child said “My name is jenny, and my dad’s a mechanic.”

Second child said “My name is Stuart and my dad’s a policeman”

Third child said “My name is Peter and my dad’s a male stripper.”

At the end of that period, the teacher went over to the child in the playground and asked if it was true about his dad’s job

“Nah, he’s actually an accountant, but I was too embarrassed to say so.”


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

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