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News - 1 April 2014

ABDS April 2014 newsletter

Welcome to the April 2014 ABDS newsletter designed to keep you informed of the latest Accounts, Tax and Business issues.
 
In this edition we are looking at:
 

  • How and when the Chancellor can take from your bank account
  • Changes to the taxation of partnerships.
  • UK unemployment falls by 63,000
  • Changes to VAT Registration and Deregistration Thresholds
  • New Minimum wage rates approved.
  • Abolition of stamp duties on shares in growing markets.
  • Changes to the VAT rules regarding prompt payment discounts.
  • Heads warn of budget crisis

 
This month’s fact sheet is:
Strategic Planning and Business Consultancy.
 
 To request a copy Contact us now
 
 And don’t forget, if you are still displaying the Health and safety Executive 1999 poster “Health and safety Law”, you should now have replaced it with the new design and layout and have it on display. They are available from the H&S web site.


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


ABDS Quiz


Who said?
 
Technology is just a tool. In terms of getting the kids working together and motivating them, the teacher is the most important.
 
and
 
I have always paid income tax. I object only when it reaches a stage when I am threatened with having nothing left for my old age - which is due to start next Tuesday or Wednesday.
 
and
 
Every family should have the right to spend their money, after tax, as they wish, and not as the government dictates. Let us extend choice, extend the will to choose and the chance to choose.
 
For the answers go to the end of the NewsLetter

And we will conclude, as usual, with a Joke, but in a break from tradition, this month we asked for “one liners” from different members of the team


How and when the Chancellor can take from your bank account
 
In his budget speech, the Chancellor, George Osborne, gave powers to HMRC that can allow them, under certain circumstances, to recover money (over £1,000) they think is owed to them in tax by removing the cash directly from our bank accounts.…………To continue
 
 
 
Changes to the taxation of partnerships.
 
The Draft Finance Bill 2014 includes a series of changes to the taxation of partnerships.
The changes include a set of rules which applies a punitive tax treatment to individual members of partnerships with mixed membership comprising both individuals and non-individuals (typically, but not necessarily, a company). This could be seen as part of a growing trend in review by HMRC of the taxation……To continue

UK unemployment falls by 63,000
 
The latest figures from the Office for National Statistics (ONS) show that the number of people out of work in the UK fell by 63,000 to 2.33 million in the three months to January 2014. The unemployment rate now stands at 7.2% of the population, down from 7.4% in the previous three months.
 
The number of people in employment rose to…….To continue

Changes to VAT Registration and Deregistration Thresholds
 
From 1 April 2014 the VAT registration threshold will be increased from £79,000 to £81,000 and the deregistration threshold from £77,000 to £79,000.
 
Stuart Coleman, Manager of the Tax Department of ABDS comments:
“Whilst the thresholds change every Budget it is very important to take note of these thresholds as late registrations nearly always result in penalties…..To continue
 

 New Minimum wage rates approved.
 
The government, and the Business Secretary Vince Cable, have accepted in full the independent Low Pay Commission’s recommendations for 2014, including plans for bigger increases in future than in recent years.
The recommendations were made by the LPC, who said the rise, the first real terms cash increase since 2008, is manageable for employers and will support full employment…………..To continue

Abolition of stamp duties on shares in growing markets.
 
As part of the 2013 Budget, the Government announced that it would abolish stamp taxes on purchases of shares admitted to trading on growth markets such as AIM. The proposed exemption has been set out in draft legislation the Finance Bill 2014: Draft Legislation…..To continue

Changes to the VAT rules regarding prompt payment discounts.
 
HMRC have announced changes to the VAT rules regarding prompt payment discounts.
The VAT rules for prompt payment discounts are such that if you offer a prompt payment discount and the customer does not pay promptly (and therefore pays the higher amount) you only need to account for VAT on the….To continue

Heads warn of budget crisis
 
Early in March, the Schools Minister, David Laws, announced that schools in England will receive an extra £350m in 2015-16.
 
However, the Association of School and College Leaders (ASCL) says the increase will be swallowed up by rises in pension contributions and salaries…..To continue

The spotlight this month falls on our Marketing Manager Mike Twomey.
 
Mike Twomey BA(Hons) DipM MCIM
Marketing Manager
 
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
 
If you would like advice on any Business, Finance, or with a Marketing project, please Call a member of the Team to arrange a no obligation consultation for you to see how ABDS can make a difference to your business
 
 
Answer to the ABDS quiz:               

Who said?
 
 
Technology is just a tool. In terms of getting the kids working together and motivating them, the teacher is the most important.
Bill Gates
 
I have always paid income tax. I object only when it reaches a stage when I am threatened with having nothing left for my old age - which is due to start next Tuesday or Wednesday.
Noel Coward
 
Every family should have the right to spend their money, after tax, as they wish, and not as the government dictates. Let us extend choice, extend the will to choose and the chance to choose.
Margaret Thatcher

And to prove Accountants do have a sense of humour we conclude with this month we have some “one liners” supplied by different members of the team
 
 
The first one is from our Marketing Manager, Mike Twomey:
A man walks into a bookshop and says "I hope you don't have a book on reverse psychology."
 
TK offered this one:
The first rule of Thesaurus Club is you don't talk about, mention, speak of, discuss or chat about Thesaurus Club.
 
Our Practice Manager, Brian Glanville said this is one of his favorites:
Did you hear about the accountant who said...'I've just been on a once-in-a-lifetime holiday. I'll tell you what, never again.''
 
Stay with the day job, Brian.

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

 
Accountants for Business Development and Solution can cater for all your financial and business needs.
 
Brilliant with numbers                  
Great with people            
Clear and precise with advice
Timely and cost effective
In touch with issues that face our clients
Mindful of our client’s long term strategic goals
 

 Helping your Business is our Business

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