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News - 1 November 2014

ABDS November 2014 newsletter

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

  • New EU VAT register.
  • HMRC blunder: Five million UK workers face wrongly calculated tax bills
  • Heads believe pupils are given wrong grades
  • Teachers workload must be addressed says NUT
  • New accounting procedures for charities
  •  PM calls for wider plans of intervention for failing schools
  • Inflation at a five year low
  • House building is leading the growth in the SME construction sector.
  •  

As part of our regular features we introduce you to one of our team members, this month it is our newest member of staff, Liz Kennett.

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?

" People ask the difference between a leader and a boss. The leader leads, and the boss drives."
   
and

"Finance is a gun. Politics is knowing when to pull the trigger."

and

"Get your facts first, then you can distort them as you please."


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.


New EU VAT register.
 
Businesses supplying digital services across the European Union will be able to register for a new online VAT service from 20 October.
 
Stuart Coleman, Manager of the Tax Department of ABDS comments:
“This will mean that they do not have to register VAT separately in each country where they do business It is estimated that it will significantly help 34,000 or so small-to-medium-sized enterprises (SMEs) affected by the changes, including ……………to continue


HMRC blunder: Five million UK workers face wrongly calculated tax bills
 
More than five million British workers face uncertainty after leaked emails revealed that their tax bills for last year may have been wrongly calculated.
 
Four months ago, HM Revenue & Customs admitted it had collected the wrong amount of tax from more than five million people in the 12 months to April 2014. Since then, the taxman has sent those affected notification letters explaining how it would claw back  ……………to continue


Heads believe pupils are given wrong grades
 
According to a report by the exam regulator, Ofqual, four out of five headteachers are convinced some GCSE students are given the wrong grades
 
Of the 230 headteachers who took part in the survey by Ofqual, 46% said they felt marking accuracy had fallen over the last year; there was also concern that grade boundaries were not being properly set.
 
A clear majority, 79%, said they did not believe all GCSE students were given the right grade. On A-levels, 67% said they thought some candidates were wrongly graded.
More than 40% of heads thought Ofqual was ineffective ……………to continue


Teachers workload must be addressed says NUT
 
The National Union of Teachers has threatened more strike action unless the education secretary, Nicky Morgan, reduces teachers' workloads in England.
 
Mrs Morgan is due to make her maiden speech at the Conservative Party Conference as education secretary this week.……………to continue


New accounting procedures for charities
 
SORP is a framework for reporting standards and accounting procedures which is used by charities.

The new SORP was published in draft form in July 2014, and will be fully effective from 1st January 2015. It applies to charities preparing their accounts in accordance with Financial Reporting Standard (FRS 102).
 
There are certain implications of the new Charities SORP on issues such as operating a charity shop, receiving government grants and different forms of social investment……………to continue


PM calls for wider plans of intervention for failing schools
 
Wider and more rapid powers of intervention to improve failing schools in England are being proposed by the Prime Minister David Cameron, which will give stronger powers for regional chiefs to make changes in struggling schools.
 
There will also be a "National Teaching Service" to deploy the best staff to support weaker schools. However……………to continue


Inflation at a five year low
 
The Office for National Statistics (ONS) has produced their latest inflation figures as measured by the Consumer Prices Index, which show that UK inflation fell to a five-year low of 1.2% in September from 1.5% the month before.

The ONS cited lower energy and food prices and also cheaper transport costs as factors in the drop.
The Retail Prices Index measure of inflation fell to 2.3% from 2.4% in August ……………to continue


House building is leading the growth in the SME construction sector.
 
According to the latest research from the Federation of Master Builders (FMB), house building is leading the growth in the SME construction sector but the industry has a long way to go to recover to pre-recession levels.
 
Results from the FMB’s State of Trade Survey for Q3 2014 show SME workloads growing ……………to continue


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

The spotlight this month falls on the newest member of our team Liz Kennett BSc (Hons) ACA

Liz Kennett joins ABDS as the new Audit and Accounts Manager.

Liz joins ABDS after a career break to look after her young family.  Previous to this she was an audit and assurance partner at Deloitte Southampton

She is a chartered accountant and a member of the ICAEW, with over 15 years’ experience of auditing and advising clients across many industry sectors and of varying size from small start-ups to large plcs.

Liz is passionate about understanding her clients’ businesses and ensuring our advice is timely, relevant and adds value.

She started her career in Birmingham working with many traditional manufacturing businesses.  On moving to Reading she looked after a portfolio of small hi tech businesses, pharmaceutical companies, service organisations and IT businesses.

In Southampton her clients included many well-known local businesses across many sectors. As well as corporate clients she also has experience of charity and pension fund audits.  Liz has also spent time working in the Czech Republic.

She is a treasurer of two local charities and a trustee of a large Winchester charity.  She spends most of her spare time providing a taxi service to her children but also enjoys walking, swimming, cycling, singing and cooking.

Lavinia and the Team welcome Liz on board and look forward to sampling any of her 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.

Einstein dies and goes to heaven only to be informed that his room is not yet ready. "I hope you will not mind waiting in a dormitory. We are very sorry, but it's the best we can do and you will have to share the room with others" he is told by the doorman.
 
Einstein says that this is no problem at all and that there is no need to make such a great fuss. So the doorman leads him to the dorm. They enter and Albert is introduced to all of the present inhabitants.
 
"See, here is your first room mate. He has an IQ of 180!"
"That's wonderful!" says Albert. "We can discuss mathematics!"
 
"And here is your second room mate. His IQ is 150!"
"That's wonderful!" says Albert. "We can discuss physics!"
 
"And here is your third room mate. His IQ is 100!"
"That's wonderful! We can discuss the latest plays at the theatre!"
 
Just then another man moves out to capture Albert's hand and shake it. "I'm your last room mate and I'm sorry, but my IQ is only 80."

Albert smiles back at him and says, "So, where do you think interest rates are headed?"


Answer to the ABDS quiz:                

" People ask the difference between a leader and a boss. The leader leads, and the boss drives."

Theodore Roosevelt
and

"Finance is a gun. Politics is knowing when to pull the trigger."
                                                  
Mario Puzo
and

"Get you facts first, then you can distort them as you please."

Mark Twain

 

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

Brilliant with numbers              
Great with people        
Clear and precise with advice
Timely and cost effective       
In touch with issues that face our clients and mindful of their long term strategic goals  

Helping Your Business is Our Business

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

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