December 2007
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November 2007
Inheritance Tax Change Welcomed
Chancellor Alistair Darling announced in his Pre-Budget speech a change to the way in which the inheritance tax (IHT) nil rate band of £300,000 can be used for married couples and civil partners.
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Article
November
2007
Capital Gains Tax Taper Relief To Be Abolished
The Pre-Budget speech also included the shock announcement that taper relief for capital gains tax (CGT) will be abolished from 6 April 2008. This announcement took everyone by surprise and it is still unclear in some circumstances how these rules will be applied. There is also much speculation that the proposed changes may not be implemented or may be deferred.
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Article
Question – did those year end accounts improve your business in any way other than ensuring you met the statutory filing deadlines to avoid a penalty?
Answer – probably not! - But wouldn’t it be even better to let us help you in the following areas where we have developed structured advice sessions:
Click on the A4G logo for more information
November 2007
Saving Time, Improving Results
Setting up a documented set of systems in your organisation can be a long and laborious task.
The benefits will be huge and will start the moment you take your first steps down this road. You will find things out about your business that you didn’t know. Ways in which the role of one member of staff can impact on another in ways that even they did not realise.
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Article
October
2007
NMW Rates Set To Rise
National Minimum Wage (NMW) rates are set to rise again from 1 October 2007.
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Article
October
2007
24 Days Annual Holiday Entitlement
Employees minimum annual holiday entitlement is increasing from 1 October 2007. The holiday entitlement will increase to 4.8 weeks (24 days if employees work a five day week) from 1 October 2007 and to 5.6 weeks (28 days if employees work a five day week) from 1 April 2009.
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Article
Question – did those year end accounts improve your business in any way other than ensuring you met the statutory filing deadlines to avoid a penalty?
Answer – probably not! - But wouldn’t it be even better to let us help you in the following areas where we have developed structured advice sessions:
Click on the A4G logo for more information
October
2007
Accounting for Growth
Annual accounts are such a chore. Corporation Tax to pay, Companies House deadlines to satisfy and if your turnover is big enough the burden of an audit to worry about. What’s more, despite having worked harder and harder all year the accounts seem to indicate that very little profit has been made. As for the accountant, well you didn’t understand a word he said.
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Article
October
2007
Pre-Budget 2007 Report
With Gordon Brown now in the top seat, the eyes of the nation were on Alistair Darling as he delivered his first pre-budget report. The will-they-won’t-they speculation surrounding the election, plus some tax cuts promises from the opposition meant that Darling had to deliver some potentially vote-winning changes.
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Article
September
2007
Test Case Issue to Resolve Bank Charges Debate
The Office of Fair Trading (OFT) is taking a case to the High Court to decide whether or not the level of unauthorised overdraft charges made by banks are legal. According to the OFT, tens of thousands of complaints that these charges are unfair have been received by the County Courts and the Financial Ombudsman Service.
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Article
September
2007
VAT Change for Invoices
HMRC have issued guidance on changes to the rules regarding the information to be shown on invoices issued from 1 October 2007. Some of the changes are very minor and reflect current normal business practice. However some businesses will need to amend their current invoices to comply with the guidance.
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Article
Question – did those year end accounts improve your business in any way other than ensuring you met the statutory filing deadlines to avoid a penalty?
Answer – probably not! - But wouldn’t it be even better to let us help you in the following areas where we have developed structured advice sessions:
Click on the A4G logo for more information
September
2007
Spotting Trends
It is said that there are four stages to a business: new, growing, maturity and decline.
In the first two stages, each set of annual accounts might be barely recognisable from the previous years. Turnover is increasing as are overheads and new products and services can have dramatic effects not to mention the effects of the occasional bad decision.
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Article
August
2007
Arctic Systems – The Verdict
The long running saga of Geoff and Diana Jones and their company, Arctic Systems Limited, has recently been back to the courts for the final time to the House of Lords.
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Article
August
2007
HMRC to Target Bank Accounts
HMRC have started a consultation on the way in which they pursue individuals who do not pay their tax liabilities on time.
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Article
Question – did those year end accounts improve your business in any way other than ensuring you met the statutory filing deadlines to avoid a penalty?
Answer – probably not! - But wouldn’t it be even better to let us help you in the following areas where we have developed structured advice sessions:
Click on the A4G logo for more information
August
2007
Profit is Sanity
What if?
What if we were to increase our prices by 10%? How much business could we afford to lose before we actually had less profit than before?
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Article
July
2007
Arctic Systems Decision
The long running saga of Geoff and Diana Jones and their company Arctic Systems Limited has been back to the courts last week, this time to the House of Lords.
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Article
July 2007
28 Days Holiday Entitlement – But Not Yet
A couple of months ago we reported on the government’s proposal to increase the minimum statutory holiday entitlement from the current 20 days (including bank holidays) to 28 days (bank holidays inclusive). The 28 days equates to 5.6 weeks for an employee working a five day week.
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Article
Question – did those year end accounts improve your business in any way other than ensuring you met the statutory filing deadlines to avoid a penalty?
Answer – probably not! - But wouldn’t it be even better to let us help you in the following areas where we have developed structured advice sessions:
Click on the A4G logo for more information.
July 2007
The Silent Salesman
So things are looking bad; the order book is empty and the company is losing money. The accountant says “sack the salesman and slash the advertising budget”. The sales director disagrees and says that it’s only extra sales that will get the company out of trouble.
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Article
July 2007
Creating Mailshot Not Junk Mail
The industry success rate for mailshots is less than one third of 1% and getting a response may take more than five or six attempts. Only by maintaining that contact will someone gain confidence about using your services. With today’s technology the costs of this approach will be more than outweighed by the benefits provided you organise your approach properly.
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Article
June 2007
Additional Paid Paternity Leave
The rules for maternity pay and leave are complex and things may be set to become more complicated for employers and more generous for employees.
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Article
June 2007
New Cash Declaration Rules
HMRC have announced new rules applying to people coming to or leaving the UK. From 15 June 2007, people travelling to or from a country outside the European Union (EU) will need to declare any sums of cash of 10,000 Euros or more (or the equivalent in another currency) to HMRC. There is no requirement to declare cash if travel is to or from another EU country.
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Article
Question – did those year end accounts improve your business in any way other than ensuring you met the statutory filing deadlines to avoid a penalty?
Answer – probably not! - But wouldn’t it be even better to let us help you in the following areas where we have developed structured advice sessions:
Click on the A4G logo for more information.
June
2007
Are You A Prisoner of Your Business?
True Story: “Life’s not much fun these days” said the businessman to his accountant surveying his latest annual figures. The accountant tried to sympathise as he focussed on the profit figure, which exceeded £200,000. “I haven’t got time to do anything here and our social life is non-existent”. His wife scowled across their half-decorated living room.
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Article
June
2007
Working On Rather Than In Your Business
If you want to improve and grow your business read on. If not, then we understand. You have far too much to do and no one suitably qualified to take the workload from you.
The day-to-day reality for most people running small businesses is that they spend most of their time working in the business rather than on the business.
But what has all this got to do with the comedian Harry Hill?
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Article
June
2007
Saving Time, Improving Results
Setting up a documented set of systems in your organisation can be a long and laborious task.
The benefits will be huge and will start the
moment you take your first steps down this road.
You will find things out about your business
that you didn’t know. Ways in which the
role of one member of staff can impact on another
in ways that even they did not realise.
View
Article
May
2007
Minimum Holiday Entitlement to Rise
A few months ago we reported on the proposal by the Department for Trade and Industry (DTI) to increase the minimum statutory holiday entitlement from the current 20 days (including bank holidays) to 28 days (bank holidays inclusive).
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Article
May
2007
Penalty Notices for Employers
HMRC have recently issued a considerable number of penalty notices to employers for not submitting their 2005/06 employer annual and contractor returns, which were due for submission by 19 May 2006.
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Article
Question – did those year end accounts improve your business in any way other than ensuring you met the statutory filing deadlines to avoid a penalty?
Answer – probably not! - But wouldn’t it be even better to let us help you in the following areas where we have developed structured advice sessions:
Click on the A4G logo for more information.
May
2007
Getting the Right People
“If you want something doing right, you’ve got to do it yourself”. We’ve all heard people saying this and those that run their own business seem to say it more often than most. If you say it regularly, are you a perfectionist or is it just a case of “can’t get the staff”?
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Article
May
2007
Horses for Courses
Once you have got the right people in your team, the trick is to make sure they are in the right roles.
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Article
May
2007
Be Professional
We’ve all heard the horror stories about serial litigants and the outcomes of employment tribunals.
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Article
April
2007
Corporation Tax Changes
The Chancellor has moved to discourage small businesses from incorporating for tax reasons by increasing the tax they will pay on profits up to £300,000, from 19% to 20% with effect from 1 April 2007. The small companies rate will further increase 21% in 2008 and to 22% in 2009.
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Article
April
2007
Income Tax Rates
There has been a lot of publicity about the announcement that the government propose to reduce the basic rate of income tax from 22% to 20%. This change is due to take effect from 2008/09 and not from 6 April 2007.
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Article
Question – did those year end accounts improve your business in any way other than ensuring you met the statutory filing deadlines to avoid a penalty?
Answer – probably not! - But wouldn’t it be even better to let us help you in the following areas where we have developed structured advice sessions:
Click on the A4G logo for more information.
April
2007
Paying the legal minimum
Whatever your circumstances, it is important to get the right advice on your tax affairs. Advice comes at a price but if we can’t save you more than we charge you we will refund your fee.
April
2007
Keeping your tax liabilities to the legal
minimum
Sadly there are no legal magic tax solutions. There are some people that pay less tax on what they earn than others though and critical to a good tax planning strategy is ensuring that as little tax as possible is taken from profits that are on their way from company to individual.
April
2007
Slaughtering the sacred pension cow
If you wish to save for your long-term future the best way to do it is to make contributions into a pension scheme. But is it? Owner directors of limited companies have opportunities to limit their overall tax liabilities that can be ruined by making contributions to a personal pension scheme.
April
2007
Getting the Green Light on Your Tax Affairs
With so many tax-planning options available to small businesses, it is crucial that owners and managers seek professional advice. As a result, Shepshed based accountants Marlow Associates has launched a brand new programme of tax planning to ensure that nothing is overlooked.
April
2007
Should You Audit Your Audit Procedures?
A firm of Shepshed based accountants is advising local businesses to consider whether they really need an audit after the publication of an industry report showed that many directors are confused over the issue.
March
2007
Budget 2007 Report
Gordon Brown has delivered his eleventh, and what is expected to be his final, Budget. This year’s measures contained a few shocks, with the Chancellor’s tax cut provoking an uproarious reaction from Labour and Conservative benches alike. The Budget has been described as ‘substantial’, no surprise if Mr Brown has his eye firmly on Number Ten.
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Article
March
2007
Cash Accounting Limit Raised
HMRC have announced that the threshold for the Cash Accounting Scheme will be more than doubled from £660,000 to £1,350,000 from 1 April 2007.
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Article
March
2007
Use of Computers
Before 6 April 2006 the first £500 of the benefit in kind charge arising on the private use of employer provided computer equipment was exempt from tax. As the ‘annual value’ benefit in kind on the use of an asset is calculated as 20% of the market value of the asset when first used to provide the benefit, this exemption generally covered any potential benefit in kind.
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Article
The production of your latest year-end accounts is where most firms of accountants stop – but at Marlow’s this is where WE really just get started!!
Question – did those year end accounts improve your business in any way other than ensuring you met the statutory filing deadlines to avoid a penalty?
Answer – probably not! - But wouldn’t it be even better to let us help you in the following areas where we have developed structured advice sessions:
Click on the A4G logo for more information
March
2007
Paying the Legal Minimum
Whatever your circumstances, it is important to get the right advice on your tax affairs. Advice comes at a price but if we can’t save you more than we charge you we will refund your fee.
View
Article
March
2007
Keeping Your Tax Liabilities to the Legal Minimum
Sadly there are no legal magic tax solutions. There are some people that pay less tax on what they earn than others though and critical to a good tax planning strategy is ensuring that as little tax as possible is taken from profits that are on their way from company to individual.
View
Article
March
2007
Slaughtering the Sacred Pension Cow
If you wish to save for your long-term future the best way to do it is to make contributions into a pension scheme. But is it? Owner directors of limited companies have opportunities to limit their overall tax liabilities that can be ruined by making contributions to a personal pension scheme.
View
Article
February
2007
Tax Inspectors to Receive Bonuses
HMRC have revised their guidance on the deductibility of household expenses for those people who work from home on a self employed basis. This has always been a complex area and case law has meant that the rules were at least very confusing!
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Article
February
2007
Homeworking Costs for the Self Employed
HMRC have revised their guidance on the deductibility of household expenses for those people who work from home on a self employed basis. This has always been a complex area and case law has meant that the rules were at least very confusing!
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Article
The production of your latest year-end accounts is where most firms of accountants stop – but at Marlow’s this is where WE really just get started!!
Question – did those year end accounts improve your business in any way other than ensuring you met the statutory filing deadlines to avoid a penalty?
Answer – probably not! - But wouldn’t it be even better to let us help you in the following areas where we have developed structured advice sessions:
Click on the A4G logo for more information
February
2007
Turning on the lights
It’s a familiar situation. Small or medium sized business with an experienced and knowledgeable owner and director who had the good sense to employ a reasonable bookkeeper. The accountant isn’t bad either. Only sees him once a year but at least he knows the end of year accounts are fine. Don’t want any trouble with the Inland Revenue.
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Article
February
2007
Setting Targets
Management accounts should not just be about assessing how well you have done. They should also include some form of budgeting facility.
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Article
February
2007
If You Can Measure it, You Can Manage it
Not everyone in management understands accounting information. It seems that there is always an element of accounting knowledge required to understand. For this reason, many good business people ignore information available to them and rely on gut instinct. Often this works but sometimes it can have disastrous consequences.
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Article
January
2007
Is Your Self Assessment Too Taxing
The Christmas rush may be over but for many that means the start of the self assessment rush. The January 31st self-assessment deadline is often approached with dread, however, completing your tax return form within the given time constraints can be achieved with the right amount of preparation and some simple, solid, professional advice, advises Shepshed based accountancy practice Marlow Associates.
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Article
January
2007
HMRC Email Scam
HMRC have issued a warning to taxpayers about an email scam which is a ‘phishing exercise’ that uses bogus emails and websites to trick people into supplying confidential or personal information.
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Article
January
2007
Employer Late Filing Penalties for 2005/06
HMRC have announced that they have started sending out late filing penalty notices to those employers who they believed sent in their 2005/06 employer’s annual return forms P35 and CIS36 late. The due date for the 2005/06 returns was 19 May 2006 and fixed penalties are charged where the employer’s original return was received after 29 May 2006.
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Article
The production of your latest year-end accounts is where most firms of accountants stop – but at Marlow’s this is where WE really just get started!!
Question – did those year end accounts improve your business in any way other than ensuring you met the statutory filing deadlines to avoid a penalty?
Answer – probably not! - But wouldn’t it be even better to let us help you in the following areas where we have developed structured advice sessions:
Click on the A4G logo for more information
January
2007
The Tail on the Dog
Tax is the tail on the business dog. If you don’t make any money, you are unlikely to be paying much tax.
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Article
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