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News - 1 October 2014

ABDS newsletter October 2014

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

  • National Minimum Wage rates from 1st October 2014
  • August public borrowing figures released.
  •  55% Pension Death Tax To Be Abolished
  • New reforms to Intellectual Property laws
  • Growth predicted by the majority of small businesses
  • Failure to prevent financial crime could be a new offence
  • New set of standards for teaching assistants
  •  HMRC to improve bereavement service.

As part of our regular features we introduce you to one of our team members, this month it is our Business Support David Nelson


This month’s fact sheet is:
Why Cloud Accounting is good for business.
 
To request a copy Contact us now
 
The ABDS Quiz

Who said?

"The philosophy of the school room in one generation will be the philosophy of government in the next."
   
and

"The problem is not that people are taxed too little, the problem is that government spends too much."

and

"When you are courting a nice girl an hour seems like a second. When you sit on a red-hot cinder a second seems like an hour. That's relativity."

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,who also features in our regular  meet a team member area
.
National Minimum Wage rates from 1st October 2014

The National Minimum Wage is the minimum pay per hour almost all workers are entitled to by law. It doesn’t matter how small an employer is, they still have to pay the minimum wage.
The minimum wage rate depends on a worker’s age and if they’re an apprentice….. To continue

August public borrowing figures released.

The Office of National Statistics (ONS) said public sector net borrowing stood at £11.6bn last month, high enough to hamper the chancellor's efforts to reduce the public deficit…… To continue

55% Pension Death Tax To Be Abolished

In accordance with the pension reforms outlined in the budget, the government is to abolish the 55% pensions death tax charge which will come into force in April 2015…. To continue

New reforms to Intellectual Property laws

New measures that will modernise the intellectual property framework came into force on 1 October 2014.
 
It is estimated that the package of reforms to copyright exceptions will contribute £500 million to the UK economy over the next 10 years…… To continue
 
Growth predicted by the majority of small businesses

The latest data from the Office for National Statistics (ONS), shows that confidence among the small business sector continues to grow, with 69% of companies predicting growth of approximately 26% in 2015; however 42% are concerned about their ability to manage their progression…… To continue

Failure to prevent financial crime could be a new offence

Attorney general, Jeremy Wright, speaking recently at a Cambridge symposium on economic crime, said the government was considering making it an offence for a company to fail to prevent economic crime……To continue
 
New set of standards for teaching assistants

The government has announced the introduction of a new set of standards for teaching assistants in England's state schools
The review was welcomed by Mary Bousted, general secretary of the Association of Teachers and Lecturers.
"Teaching assistants are important members of the education team and ….. To continue
 
HMRC to improve bereavement service.

In 2012, HMRC gave a commitment to improve their bereavement service, we asked the ABDS Tax Manager, Stuart Coleman to explain
 
There have been significant changes made in the last two years, one of the main modifications is around form R27 ‘Reclaiming tax or paying tax when someone die…To continue

 

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

The spotlight this month falls on David Nelson MAAT from our Business Support Team

David Nelson joined the firm in March 2010 leaving behind a career in retail.
 
He focuses mainly on bookkeeping, including remedial bookkeeping where necessary. David has A-levels in Law, Politics and Business & Economics.
 
David is currently studying for his ACCA qualification having recently qualified as a full member of the  AAT
 
David’s career in retail spanned 16 years inclusive of his part-time work while studying his A-levels.  During this time he worked across various retail departments and gained supervisory experience in most of these, most notably administration and compliance monitoring in the food department of a well-known high street name, which, being a perfectionist, a requisite quality for all accountants, stands David in good stead for the future.
 

David has lived in Southampton for 13 years, unlucky for some, and intends to stay here for the foreseeable future.  David believes that life should not be taken seriously (see jokes below).  He is an avid reader of fantasy novels, watcher of football (he says Liverpool are the best team in the world), and plays chess for Southampton in the Southampton League.  He drinks real ale and is addicted to Jaffa Cakes.

.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 jokes supplied by David Nelson.

Mother wakes up her son in the morning, but he insists that he doesn't want to go to school.
 
Mother asks him to tell her two reasons why he shouldn't go
“The kids all hate me, and all the teachers hate me as well.” answers son.

Then son then asks his mother for two reasons why he should go.
Mother answers: “Because you’re 50 years old and the headmaster.”

and

A wife turns to her husband as they watch their young son playing:
 
"He's such a sensitive child.” She says.” Let's wait until he's older before we tell him you're an accountant."


Answer to the ABDS quiz:                

The philosophy of the school room in one generation will be the philosophy of government in the next.

Abraham Lincoln

and

The problem is not that people are taxed too little, the problem is that government spends too much.
                                                  
Ronald Reagan

and

When you are courting a nice girl an hour seems like a second. When you sit on a red-hot cinder a second seems like an hour. That's relativity
 

Albert Einstein

 

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

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