Whilst you are enjoying all of the good London offers to us during summer, we would just like to remind you of a few deadlines: 

P11d & P11d(b) forms

This is just a friendly reminder that all P11d & P11d(b) forms (Employee Benefit & Expense Forms for Ltd Companies) are due for submission by the 6^th of July. If you need any assistance in completing this, or clarification as to whether you are required to complete this, please feel free to contact us.

Provisional Tax Payments/Payment on Account

We would also just like to remind you that all provision tax payments / payments on account relating to your personal tax are due at HMRC by the 31^st of July. Please feel free to contact us with any queries relating to this.

We will also recommend completing your 09/10 personal tax return as soon as possible, as the due date is looming on the 31 Jan 2011, however avoiding those last minute rushes will ensure it is an “enjoyable” process. Please contact us if you would like assistance in completing your personal tax return, or if you would like to obtain a quote to complete this.

Enjoy the sunshine & the sport!

Chancellor of the Exchequer George Osborne said the following about his program: “pays for the past and plans for the future…”

The key news from yesterday’s Budget:  

Taxes:

- VAT rises to 20% from 17.5% from 4 January 2011

- Food, children’s clothing and other VAT-free items remain exempt from VAT for current Parliament

- Capital gains tax (CGT) for higher-rate taxpayers to 28% from midnight last night

- Capital gains tax to remain at 18% for basic-rate taxpayers

- CGT exempt amount remains at £10,100 this year

- Personal income tax allowance increased by £1,000 in April 2011 to £7,475

- Higher rate income tax rate remains frozen to 2013/14

- National Insurance threshold rises by £21 next year

 Sin taxes:

- No new increase on alcohol, tobacco or fuel

- Planned increase in cider duty to 10% above inflation scrapped from end of June

Business:

Mr Osborne announced the following measures which will affect companies:

-Corporation tax cut to 27% next year

-Corporation tax cut by 1% point a year for next three years to 24%

- Small companies tax rate cut to 20%

-10% CGT rate for entrepreneurs extended to first £5m of qualifying gains

Taxation of non-domiciled individuals:

The Chancellor has announced that the Government will review the taxation of non-domiciled individuals. This reiterates a statement made previously in the Coalition Agreement.

The Chancellor called the measures in this historic budget “unavoidable,” and announced a raft of changes to tax and spending.

Our Part-Time FD service is headed up by Ashley Deakin (ACA).

Spring Cleaning – A part-time FD perhaps?

Spring is in the air, so it’s time for a spring clean…

Not only do we provide bookkeeping & accounting services ensuring your statutory obligations are met, we also assist in moving your business forward  & looking to the future with our Part-Time FD service. We have been helping many of our clients with our part-time Financial Director service as part of their spring cleaning process coming out of the recession.  Everyone can benefit from the input of a part-time FD… from our “one man bands” right up to the larger businesses. Some of our FD projects have included: assisting clients with valuing their businesses for potential investors, establishing  more profitable and industry aligned charging structures, introducing financial management processes to enable more informed decision making, reviewing current business structures, cash flow and variance analysis and general streamlining of the financial function.

Clients have indicated that they wished they had experienced the input of a part-time FD years ago, now that they can see the benefits.  If you would like to find out more about how you could benefit from the input of a part-time FD, please feel free to give us a call and we will be happy to tell you more about this service.

BUDGET HIGHLIGHTS  

BUDGET 2010 at a glance:  

* Personal Allowance unchanged at £6,475  

* National Insurance rates unchanged at 11% and 12.8%  

* Corporation Tax unchanged at 21%  

* Capital Gains tax unchanged at 18%    

* VAT remains unchanged at  17.5%  

* VAT threshold increased from £68,000 to £70,000 from 1 April  

* From this April, a new 50% rate of tax will apply to incomes above £150,000  

* A freeze in the inheritance tax (IHT) allowance of £325,000 in 2010-11 

* Doubling the Annual Investment Allowance to £100,000, allowing more capital expenditure to be offset against taxable profits  

* Entrepreneurial relief lifetime limit increased to £2m

* 2 year stamp duty relief for purchases up to £250,000  

* Inheritance tax threshold of £325,000 frozen until 2014

* Beer, wine and spirits duty up by 2%

HAPPY VALENTINE’S!

2010 is now with us and brings with it much more optimism than last year, which is great to hear! We firmly believe that if you are implementing the right strategy you can navigate through a downturn and emerge the other side fitter and stronger.

‘Our News!’

 We are very pleased to announce a few more reasons to be cheerful:  

1. The Finance Division is on the move, both in terms of location and service provision. We have 2 new directors onboard, both Chartered Accountants - Reg Bamford and Ashley Deakin, who bring with them a wealth of experience. Together with Lauren they are keen to improve our service offering even further. We will continue doing what we have always done, on an independent basis, with the same brand & staff, providing our bespoke personal service, but now with a much more solid infrastructure behind us in terms of systems, support and expert resource. We aim to add even more value. The staff with whom you have been accustomed to dealing will continue to work with you & be available as usual to help you at no addtional cost. 

So it’s business as usual, we have just got BETTER! Our message to you is and will remain  “big enough to cope, small enough to care!“

2. And our 2nd bit of exciting news - Lauren is now a Mrs! She got married on the 28th of December back in sunny Cape Town on a lovely winefarm surrounded by mountains and vineyards and is now a very happy Mrs Conroy! 

Important Reminder – VAT   

Happy Valentine’s Weekend!

We would like to wish all of our Clients & Friends a Happy New Year, may it bring with it new beginnings and new opportunities!

Here are a couple of important reminders for January 2010…
 
-  VAT standard rate is returning to 17.5% from the 1st of Jan 2010!  -  There will also be new rules, procedures & timescales for UK VAT registered business trading with overseas businesses.
- All businesses with an annual (VAT excl.) turnover of £100k or more will have to file their VAT returns online from 1 April 2010.
 -  The deadline for the submission of your 08/09 personal tax return will be 31 January 2010. If you have not yet completed this, ensure to action this as soon as possible to avoid any penalties.
 
If you would like any advice on the above, please feel free to contact us and we will be happy to assist.

May all your troubles last as long as your New Year’s resolutions!

 - Joey Adams

• CASH IS KING!!!
• Credit control is extremely important 
• Monthly Management Accounts
• Review each client’s contribution towards turnover & profitability
• Review expenditure & costs per project
• If you have outstanding tax payments to HMRC & your current cashflow situation doesn’t allow you to settle these, then contact their Business Payment Support Service on 0845 302 1435 to arrange additional time to pay.
• It is vital to keep marketing during these times!

The above is purely a taster of all the useful tips and advice our team can assist you with.

• If you are not asked to complete a tax return, it remains your responsibility to advise HMRC if there is a source of untaxed income or capital profit that could lead to a tax liability.

• Remember to keep all tax related documents such as interest statements, dividend vouchers, pay certificate form (P60) etc. Place everything in a folder throughout the year as it is received, to hand to your accountant to prepare your self assessment return.

• If you are feeling charitable, remember that a contribution to charity under the Gift Aid scheme benefits from tax relief.

• Many couples with children who are entitled to a tax credit do not receive it because they fail to apply.

• If you are unsure about your tax code & are anxious not to end the tax year under or overpaid, then you should have it checked.

• Contributions by an employer to a registered pension scheme are tax and NIC free. This may be far better than any other perk. You may want to sacrifice some of your ‘normal’ salary to do this.

• If you are paid less than the statutory rates to use your car for business purposes remember to claim a deduction on your return or write to HMRC to make your claim.

If you have any questions on any of the above & require assistance with your tax return please feel free to contact us.

Spring is here & yesterday was the beginning of the new UK personal tax year! Now is the time for spring cleaning & re-assessing… another year has passed which means it’s self-assessment time again, a new payroll year begins & summer is on its way!

The new payroll year brings the opportunity to review company payroll processes! During these times one needs to focus as much energy & resource as possible on core strategy, marketing and growing your business… and therefore the option to outsource payroll can simplify back-office administrative responsibilities  significantly. We are always happy to assist employers & employees with any questions they may have.

Please feel free to visit www.thepayrolldivision.com for more information.

Company Formations
In the current economic climate, more and more individuals are setting up their own businesses – contact us for advice on how to form / structure / fund a new venture and we will be happy to assist.

Budget Speech
Will take place on the 22nd of April – contact us if you have any queries regarding it. Following the announcement, you may wish to contact one of our accountants to discuss how best to structure your tax position.

Deadlines coming up:
19 May – P35 & P14 Submission deadline
30 May – P60’s to be issued to employees
19 July – P11d Submission deadline
31 Oct – Deadline for Self-Assessment for 08/09 if paper return

We thought we would let you know a little bit more about our sister company, The PA Division!

Some of you are already benefiting from these fabulous services, but to enlighten those who haven’t heard yet…

In addition to the bookkeeping & accounting services (being an end-to-end outsourced accounting solution) offered by The Finance Division, The PA Division offers a Lifestyle Management service for the busy individual & an outsourced Corporate PA service for businesses.

Essentially, it’s not ’services’ The PA Division is providing, it’s TIME and that’s something we could all do with more of!