Subject: Practice News
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Newsletter
August 2009 |
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As the
holiday season continues we have updated you this month on a change to employment
law, an article which offers advice on tax relief available for capital
purchases in 2009-10, an important announcement if you claim Child Tax
Credits and finally two VAT updates from HMRC. Our next
newsletter will be published on Tuesday 8 September 2009. |
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Introduction |
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As always
TurnerWarran are dedicated to providing our clients with the finest level of
service possible. We are totally committed to the success of our client's
businesses and regard their success as the measure of our own accomplishment.
We cater
for all sizes of businesses from a start up business to much larger
companies. Our services include accounting, auditing, bookkeeping,
company secretarial, websites and IT and computer system advice. We have an
in-house independent IFA who listens to clients needs and offers clear advice
on the most appropriate financial products. We also
help our clients with business planning and advise them on any number of
concerns they may have. Our extensive experience at reducing our clients tax
burden helps our clients make more, keep more and pay less. We manage
a payroll bureau to non-accounting clients and accounting clients alike and
provide an additional complete health and safety, HR and employment law
support service to help protect businesses in every legal aspect. We are
teamed up with a number of reputable local businesses to provide our clients
with the best possible service for all their business needs. Should you
require any of the following services then please give us a call. Insurance
Quotes - Commercial or Personal IT
Services Computer
Installation, Networks or Software Supply Mortgages
- Commercial or Residential Websites We would
be delighted to meet you to discuss any of the above or any queries you have regarding
financial or business matters, consultations are free and we are always happy
to help. Just call the number below and a meeting can be arranged straight
away. As a
service business, a high number of our clients are from referrals from
clients and from other businesses. If you know of anyone else who might
benefit from our services, please let us know - we are always looking for new
clients. We network and make referrals on a regular basis for our clients and
we could do the same for you. You will
find us conveniently located at Glanford House on Bridge Street
in Brigg and at 26-28
Laneham Street in Scunthorpe with plenty of free parking. If you
would like any further details regarding TurnerWarran and the ways we can help
your business then please get in touch. Back to top |
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Lincolnshire
Show 2009 Award Winner |
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Following
our successful two days at the Lincolnshire Show this year, we are pleased to
announce that Andy Clayton of Andy Clayton Electrical won the prize draw for
one years financial accounts being prepared and became the latest
TurnerWarran client. This is a
very positive move for Andy as he only started up in business in April and
forming a relationship with an award winning accountant will be an important
part of his future success. Kevin
Turner, managing partner of TurnerWarran, added "Whilst we work with all
sizes of business, start up businesses are particularly important to us as
they can experience many pitfalls in their early years and we are very
experienced in keeping new businesses going" If you
entered our draw but were not successful, don’t forget you can still arrange
a no obligation meeting with us and receive a 20% discount on all your fees. If you
want to know more about our services or to book an appointment, call us on
01652 650 112 or email info@turnerwarran.co.uk Back to top |
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Updated
Email and Website Service |
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We
are proud to announce an additional service offered to clients and non
clients. Starting at £299 for the first year you can have your very own
website. This
includes an exclusive domain name for your company and up to 50 email
addresses that can be accessed from anywhere. This can really give your
business and website that unique edge and looks extremely impressive
compared to having a Hotmail, BT or other personal email address for
your business. £99 for each year afterwards will help us to maintain the site
and let you update it when you want to. This will also allow us to keep
you on our hosting and keep your domain name and email addresses. For
just £299, you have a variety of templates to choose from with 3 pages each.
The first page is a ‘Home’ page to include what you do as a business and
the products or services that you sell. The second is an ‘About Us’ page
where you include information about yourself and who you are, for example
your qualifications and work experience. The third page is a ‘Contact
Us’ page where you will include your contact details such as address, email
address and telephone number. More
advanced options are available including the chance to design the website
yourself or have a complete online system tailored to your exact needs. Alternatively,
if you aren’t ready to have a website just yet but want professional email
addresses then we can arrange that for £199 for the first year. This
is an amazing opportunity for start up and existing businesses, for more
information please contact William Hall on 01652 650112 or email websites@turnerwarran.co.uk Back to top |
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Links
to our clients! |
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As part of
our effort to help our clients grow their business, we have launched a page
on our website for any client to list their service including a link
to their own site, although we are happy to list you even if you don't
have a website. If you
wish to make any special offers to our other clients to encourage them to use
you, please do so. There is no requirement to link back to us, although if
you do it is always very much appreciated. To have
your link added please log in to your client area on the website and complete
the link request form or contact William Hall on 01652 650112 or william.hall@turnerwarran.co.uk for
more information. Back to top |
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Free
Financial Health Check Available |
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We are pleased to
announce an additional service to our clients and non clients. Eddie Strengiel
is an Independent Financial Adviser with over 20 years experience in
Financial Services. He has access to a wide range of products and services
available throughout the United Kingdom. Eddie can advise
you on the following: · Investments · Retirement Planning · Mortgages · Protection · Private Medical
Insurance · Home Insurance · Travel Insurance If
you would like more information on the above and a free financial health check
then please call us today on 01652 650112 to make an appointment Back to top |
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Vetting
and Barring Scheme |
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Changes to
employment law are underway. From the 12 October 2009 new measures are being
introduced to vet the suitability of persons working with children or
vulnerable adults. It is to be
called the Vetting and Barring Scheme (VBS) and will be administered by a new
public body to be called the Independent Safeguarding Authority (ISA). From July
2010 all new employees can register with the ISA. From
November 2010 all new employees and volunteers must register before they
start work. Until they have registered they cannot be legally employed. Failure to
comply with the new registration demands could possibly result in custodial
sentences for the employee and the employer! A range of
useful online tools, posters and leaflets can be downloaded from the ISA web
site at www.isa-gov.org.uk/toolkit or call 0300 123 1111. Click here for a call back from our office
regarding this article. |
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Making
the most of Capital Allowances 2009-10 |
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If you are
thinking of investing in assets that qualify for the Annual Investment
Allowance (AIA) during 2009-10 it is worth bearing in mind the additional
relief you can claim to take advantage of the 40% First Year Allowance (FYA)
that is available for one year to 5 April 2010 (1 April 2010 if you trade as
a company.) For most
businesses the only assets that do not qualify for the AIA or the FYA are
motor cars. Although don't forget that if you buy a car with CO2 emissions
under 110g/km a special 100% allowance can be claimed. The AIA
allows you to write off 100% of qualifying expenditure during 2009-10 up to a
total spend of £50,000. But what
happens if you spend more than £50,000? Let's say you invested £80,000 during
2009-10 in assets that qualify for the AIA and FYA. You would be eligible to
claim the maximum £50,000 AIA and a 40% FYA on the excess. This would make
your potential, combined claim £62,000, or an overall 78% tax write down in
one year. Even if the
claims created net tax losses in 2009-10 this may enable your business to
recover some of the tax paid in the previous three years. Please call
if you need more information on this topic, particularly, does your intended
investment in new equipment qualify for these reliefs? Click here for a call back from our office
regarding this article. |
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Changes
to the Childcare Approval Scheme |
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In order to
qualify for Child Tax Credits (CTC's) the person responsible for taking care
of your children (child) needs to be registered with the Childcare Approval
Scheme. From 18
July 2009 the Childcare Approval Scheme will no longer exist and all
childcare providers approved under this scheme (for example a nanny or foster
carer working as a childminder) must either become registered with Ofsted or
they will become unregistered providers. It is no
longer possible to claim tax credits unless the childcare provider is
registered with Ofsted from 18 July 2009. If a
childcare provider does not intend to register with Ofsted, an alternative
registered provider would need to be used in order to be able to claim or
continue claiming the childcare element of tax credits. Click here for a call back from our office
regarding this article. |
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VAT
Updates from HMRC |
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VAT
number verification The
European Commission have enhanced their on-line service which allows
taxpayers to check if a quoted VAT number is valid. The on-line
service has been updated to allow taxpayers to obtain a certificate to prove
that they checked that a VAT registration number was valid at a given time
and date. This system has been designed primarily to protect taxpayers
who become innocently involved in a chain of fraudulent transactions such as
carousel fraud. The
certificate will provide valuable evidence for a taxpayer to prove that they
acted in good faith should HMRC challenge input tax recovery or seek payment
of lost VAT. The new
on-line system will also be useful to businesses who zero-rate sales to
businesses in other EU countries. Specifically in meeting one of the
conditions for zero-rating which states that your customer must be VAT
registered. The on-line
service is available at the following address: http://ec.europa.eu/taxation_customs/vies/vieshome.do?selectedLanguage=EN
HMRC’s bank
account details for VAT payments have changed with effect from 8 July 2009.
This is part of an ongoing exercise by HMRC which involves moving its banking
arrangements from the Bank of England to commercial banks. HMRC is now
using Citi Bank for electronic payments by BACS Direct, Internet/telephone
banking and CHAPS. HMRC’s new
bank details are as follows: Account
name: HMRC VAT Account
number: 11963155 Sort
code:
08 32 00 Whilst HMRC
is working closely with banks to implement the new account details some banks
may be unable to make the payment using the new account details. HMRC will
continue to process payments made using the old bank details for the time
being. Taxpayers using the new banking details should ensure that all
templates and instructions for online banking payments are updated for the
change. Bank Giro
payments will also be changing and for the time being transactions will be
handled by Natwest Bank. New Bank Giro books will be printed in due course.
In the meantime, payments should be made as normal. Click here for a call back from our office
regarding this article. |
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Tax Diary
August/September 2009 |
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1
August 2009
- Due date for corporation tax due for the year ended 31 October 2008. 19
August 2009
- PAYE and NIC deductions due for month ended 5 August 2009. (If you pay your
tax electronically the due date is 22 August 2009) 19
August 2009
- Filing deadline for the CIS300 monthly return for the month ended 5 August
2009. 19
August 2009
- CIS tax deducted for the month ended 5 August 2009 is payable by today.
19
September 2009
- PAYE and NIC deductions due for month ended 5 September 2009. (If you pay
your tax electronically the due date is 22 September 2009) 19
September 2009
- Filing deadline for the CIS300 monthly return for the month ended 5
September 2009. 19
September 2009
- CIS tax deducted for the month ended 5 September 2009 is payable by today. Click here for a call back from our office
regarding this article. |
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DISCLAIMER
- PLEASE NOTE:
The ideas shared with you in this email are intended to inform rather than advise.
Taxpayers circumstances do vary and if you feel that tax strategies we have
outlined may be beneficial it is important that you contact us before
implementation. If you do or do not take action as a result of reading this
newsletter, before receiving our written endorsement, we will accept no
responsibility for any financial loss incurred. |
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TurnerWarran Glanford
House, Bridge Street, Brigg, North Lincolnshire, DN20 8NF Tel: 01652
650112 Fax: 01652 652212 26-28 Laneham
Street, Scunthorpe, North Lincolnshire, DN15 6PB Tel: 01724
842448 Fax: 01724 845185 TurnerWarran is
a limited liability company registered for VAT under reference
737862984 Partners
of the firm are members of the Institute of Chartered Accountants of England
and Wales (ICAEW) and the Association of Chartered Certified Accountants
(ACCA). This body has its headquarters in the UK and its rules of
professional conduct can be obtained from their web site. TurnerWarran
(Scunthorpe) Ltd is authorised to act as statutory by ICAEW/ACCA. |
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