TurnerWarran

Newsletter July 2009

Our newsletter this month highlights the deferral of plans to extend paternity leave, changes to the HMRC bank accounts, changes to company car advisory fuel rates and heads up on the Government's activity to clamp down on the use of overseas tax havens.

The next newsletter will be published Thursday 6 August 2009.

Introduction

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.

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Runners up in Northern Lincolnshire Business Awards

TurnerWarran have been recognised by the Hull and Humber Chamber of Commerce for being an outstanding business by being runners up for two awards in this years’ Northern Lincolnshire Business Awards recently held at the Grimsby Auditorium.

TurnerWarran & Co LLP were nominated for ‘The North Lincolnshire Enterprise Award for New Business’ nominees being businesses that have made significant progress as a new business. The positive development and implementation of a business plan when TurnerWarran started just over a year ago has helped shape the business, keeping it moving forwards and facilitating success.

Additionally, HR Manager Sharon Hope was nominated for The Grimsby Institute “SME” Manager of the Year award. This award goes to individuals who go the extra mile to boost the self-esteem of fellow staff and managers who influence the successful management of the workforce to the benefit of the company.

Kevin Turner, Managing Partner, added “our success at the Northern Lincolnshire Business Awards proves that we are a successful business and dedicated to our employees and clients too”

If you would like to know more about TurnerWarrans range of services, call on 01652 650 112 or email info@turnerwarran.co.uk

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Updated Email and Website Service

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Links to our clients!

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.

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Free Financial Health Check Available

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.

Independent Financial Advisers differ from Company Representatives or Direct Salesmen who only advise on products from the company they represent.

As such, the value to you is that Eddie reviews the whole market and provides up-to-date and impartial advice.

Here at TurnerWarran, it is our aim to help you prioritise your future financial planning and to recommend solutions to your changing needs. Eddie will listen to your needs and offer clear advice on the most appropriate financial products for your personal circumstances.

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

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Paternity leave extension deferred

The UK Government had planned to give fathers the right to claim up to 6 months paternity leave from April 2010.  Because of the economic slowdown, they have decided not to bring the changes in that soon.  As a result fathers are still only entitled to two weeks leave which is usually taken immediately after the baby is born.
 
The legislation is already in place to give the extra leave but it will not be implemented until the economy can cope.
 
Mothers and adopters were also going to have the right to additional statutory pay (up from 9 to 12 months) but it looks as though this is also on hold.

The legislation in more detail:

The Work and Families Act 2006 already allows regulations to be made that would permit working fathers to take up to 26 weeks of paternity leave, some of which can be paid, if the mother returns to work before the end of the one-year maternity leave period to which she is entitled. 

The new provision would be available during the second six months of the child’s life, so in effect, fathers would be able to ‘share’ some of the maternity leave which is currently only preserved for the mother. The entitlement would also extend to couples who are adopting and to partners and civil partners of mothers. 

A Government spokesman has now said that the Department for Business Enterprise and Regulatory Reform is continuing to review the appropriateness of all new regulations due to come into force in the current economic climate and as a result, a date has not yet been announced for extending paternity rights.

At the same time, the Government had proposed to extend statutory maternity pay and statutory adoption pay from nine to 12 months (to coincide with the period of maternity and adoption leave) and it looks as if this is also on hold.

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HMRC changed bank account details

Taxpayers who currently make bank payments direct to the Accounts Office at Shipley and Cumbernauld should note the following bank account change.

The new bank account details are:

Accounts Office Shipley

Account Name: HMRC Shipley
Sort Code: 08 32 10
Account Number: 12001020

Accounts Office Cumbernauld

Account Name: HMRC Cumbernauld
Sort Code: 08 32 10
Account Number 12001039

If you use online banking and have stored templates to make payments to Shipley or Cumbernauld, make sure you change them to include the new account details set out above.

Full details of the change can be found on the HMRC website www.hmrc.gov.uk/payinghmrc.

There is also a cryptic one step forwards, one step back note on the HMRC web site; it reads:

 "HMRC is aware that some customers are experiencing problems making payments from their banks to the new HMRC bank accounts. We are working to resolve this with the banks involved as quickly as possible. If this affects you, you can continue to use the old HMRC account details to make your payments. We apologise for any inconvenience this may have caused you."

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Company cars - new advisory fuel rates

Changes have been announced to the company car advisory fuel rates with effect from 1 July 2009.

These are the rates you would use to calculate the petrol cost of your private motoring, if you pay this back to your employer to avoid the fuel based benefit in kind charge. Employers can also use the figure to isolate the petrol cost of car mileage claims in order to recover an appropriate amount of VAT - businesses still need to retain fuel receipts.

Some of the rates have been reduced in light of slightly lower fuel prices at the pumps. The figures are arranged as engine size first, followed by three rates (pence per mile), for Petrol, Diesel and LPG.

1400cc or less: 10p, 10p, 7p

1401cc to 2000cc: 12p, 10p, 8p

Over 2000cc: 18p, 13p, 12p

Petrol hybrid cars are treated as petrol cars for this purpose.

The fuel rates are usually reviewed twice a year effective 1 January and 1 July although may change more often where there is significant fluctuation in fuel prices

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Clampdown on overseas tax havens

As evidence that our Government are serious about clamping down on the use of overseas tax havens to avoid UK tax, readers may be interested in the following information regarding the Cayman Islands.

A new Double Taxation Arrangement (DTA) between the UK and the Cayman Islands was recently signed in London. 

The new DTA has been drafted to deal with the avoidance of double taxation and the exchange of information necessary to prevent fraud.  The arrangement will apply to taxpayers who are resident in either the UK, Cayman Islands or both jurisdictions.  In the UK the agreement will apply to income tax, corporation tax, capital gains tax (in relation to the exchange of information), inheritance tax and VAT. 

The exchange of information provisions meets the OECD standards and it is expected this new DTA will help combat tax avoidance and money laundering involving both countries.

The DTA will take effect once both countries have finalised the legislative procedures needed to give the arrangement the force of law in both countries.

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Tax Diary July/August 2009

1 July 2009 - Due date for corporation tax due for the year ended 30 September 2008.

6 July 2009 - Complete and submit forms P11D return of benefits and expenses and P11D(b) return of Class 1A NIC's.

6 July 2009 - Deadline for submission of new Tax Credit application for 2009-2010, if you want to secure a full years claim.

19 July 2009 - Pay Class 1A NIC's (by the 22 July 2009 if paid electronically).

19 July 2009 - PAYE and NIC deductions due for month ended 5 July 2009. (If you pay your tax electronically the due date is 22 July 2009)

19 July 2009 - Filing deadline for the CIS300 monthly return for the month ended 5 July 2009.

19 July 2009 - CIS tax deducted for the month ended 5 July 2009 is payable by today.

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.

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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.

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

Web: MailScanner has detected a possible fraud attempt from "www.aprobinson.net" claiming to be www.turnerwarran.co.uk

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.