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News - 1 May 2014

May 2014 ABDS newsletter

 Welcome to the May 2014 ABDS newsletter designed to keep you informed of the latest Accounts, Tax and Business issues.

 
In this edition we are looking at:
 
  • UK economy grows in first quarter.
  • Ministers set to cut small companies red tape
  • Late payments to smaller firms on the increase
  • Labour calls for new School Standards Tsar
  • Workers to explain their jobs to Primary School pupils
  • The Education Funding Agency report highlights concerns
  • Small and Medium-Sized Firms are suffering
  • IHT planning Idea from HMRC
 
 
As part of our regular features we introduce you to one of our team members, this month it is our Audit Director, Peter Ham.
 
This month’s fact sheet is:
Tax Investigations - an update.
  
To request a copy Contact us now
 
The ABDS Quiz
 
Who said?
 
Under capitalism, man exploits man. Under communism, it's just the opposite.
 
and
 
 The avoidance of tax is the only intellectual pursuit that still carries any reward
 
and
 
All I ask is the chance to prove that money can’t make me happy
 
For the answers go to the end of the NewsLetter
 
And we will conclude, as usual, with a Joke, from our resident comedian David Nelson
.
 
 UK economy grows in first quarter
 
New figures from the Office for National Statistics (ONS) show that the UK economy grew by by 0.8% in the first quarter of 2014. This is the fifth consecutive period of GDP growth - the longest positive run since the financial crisis.
Chancellor George Osborne said Tuesday's figure showed that "Britain is coming back", but that the recovery could not be taken for granted. ...to continue
 
Ministers set to cut small companies red tape
 
The Department for Business (BIS) has published a response to the company filing requirements consultation it carried out last year. The consultation asked for feedback on proposed changes to the annual filing requirements for UK companies that were intended to simplify filing processes and reduce duplication. The response to the consultation includes changes to the process of …………To continue
 
 
Late payments to smaller firms on the increase
 
In the latest banking and finance survey by the Forum of Private Business (FPB), nearly one in four smaller firms experienced an increase in the number of late payments during 2013.
Nearly one in three firms surveyed reported an increase in the average number of days beyond the payment deadline that payments were made. Almost one in five experienced an increase in both …………To continue
 
 
Labour calls for new School Standards Tsar
 
Former education secretary David Blunkett has published a report calling for all state schools to be co-ordinated under local control with "Directors of School Standards" to monitor schools.
The government argues that free schools and academies are already held more rigorously to account than council-run schools - but is in the process of introducing its own regional school commissioners to monitor academies' performance.…………To continue
 
 
Workers to explain their jobs to Primary School pupils
 
Primary Futures is a scheme developed by the head teachers' union NAHT which aims to send up to 100,000 people, "from apprentices to chief executives", into schools in England to talk about their jobs.
"It's about raising and broadening horizons," said Russell Hobby, the union's general secretary.…………To continue
 
 
 The Education Funding Agency report highlights concerns
 
The Education Funding Agency report has found "highly unusual" financial practices following their investigation into the Education Fellowship Trust.
It questions governors' expenses of £45,000, a trip to New York and unadvertised jobs for family members.
The chief executive has since stepped down and the report notes that the new chief is "committed to improving the performance of the academies".…………To continue
 
 
Small and Medium-Sized Firms are suffering 
 
Figures from the Q1 Red Flag Alert survey finds that more than 200,000 small and medium-sized enterprises are in ‘significant’ financial distress, despite the improving economic climate. This is a 22% increase compared with the equivalent period last year, in contrast to the 14% decline in distress levels suffered by larger firms.…………To continue
 
 
IHT planning Idea from HMRC
 
We asked Stuart and TK about HMRC and anti-avoidance rules potentially affecting Inheritance Tax Planning.
Various IHT saving schemes and arrangements have evolved over the years. Many of them have subsequently been blocked by IHT anti-avoidance rules (and even a special income tax charge on ‘pre-owned assets’). One such IHT anti-avoidance rule concerns unpaid liabilities at the time of death. 
 
IHT is charged on death as if the deceased had made a transfer equal to the value of his or her estate immediately before death. As a general rule, a liability may be taken into account in valuing a person’s estate if it is legally enforceable, and is imposed by law or incurred for consideration in money or money’s worth (IHTA 1984, s 5(5)).…………To continue
 
 
 
Articles from the previous ABDS Newsletter (click to open).
 
 
The spotlight this month falls on our Audit Director, Peter Ham
 
.Peter Ham BSc FCA CTA
 
 
He is responsible for Audit planning and completion, and presenting the finalised audit and any subsequent recommendations.  He trained with Deloitte Haskins & Sells and qualified as FCA and CTA and with a practicing certificate. Prior to joining the team at ABDS is, he work for RH Jeff & Rowe where 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.
 
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 personal tax.
 
 
Contact  Peter to arrange a no obligation initial consultation, and see how ABDS 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 David Nelson.
 
A Chartered Accountant, a Certified Accountant and Chartered Tax Advisor have all been doing some "borderline" tax planning. Being on the run from HM Revenue & Customs they decide to hide in a barn and each climb into a sack.
 
The taxman bursts in, and walks over to the first sack with the ACA in. He gives it firm kick and the ACA shouts 'Woof'. The taxman says to himself there's just a dog in there and moves on.
 
He walks over to the second sack and gives that a good boot as well. The ACCA shouts "Meeeooow" and again the taxman shrugs his shoulders and moves on.
 
He arrives at the third sack. Again he puts the boot in. The CTA shouts "Potatoes!!!!".
 
Answer to the ABDS quiz:                 
 
Under capitalism, man exploits man. Under communism, it's just the opposite.
                                         John Kenneth Galbraith
and
 
 The avoidance of tax is the only intellectual pursuit that still carries any reward
                                          John Maynard Keynes                                          
and
 
All I ask is the chance to prove that money can’t make me happy
                                          Spike Milligan
 
 
 
We hope you have enjoyed reading our newsletter. We are here to help you so pleasecontact 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

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