TurnerWarran

Newsletter June 2009

Our newsletter this month includes articles on the new car scrappage scheme, P11D deadline reminder, announcement of a new tax amnesty and finally notice of changes to car tax benefits.

The next issue of our newsletter will be published on 7 July 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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Nominated for Northern Lincolnshire Business Awards

We have been recognised by the Hull and Humber Chamber of Commerce for being an outstanding business by being nominated for two awards in this years’ Northern Lincolnshire Business Awards.

The North Lincolnshire Enterprise Award for New Business nominees 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 has been 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 “these awards go a long way towards showing our dedication to being a successful business, not only for ourselves but for our clients too”

If you would like to know more about TurnerWarrans range of services, call on 01652 650112 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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Car scrappage scheme starts 18 May 2009

In exchange for scrapping your old vehicle and buying a new one the Government and most car manufacturers will contribute a total of £2,000 towards the purchase of a new vehicle - the scheme will run from 18 May 2009

The scheme will be available to the first 300,000 eligible claimants or until 28 February 2010, whichever is sooner.

To qualify the vehicle you are trading in must:

• Be a car or small van weighing up to 3,500 kilograms (kg)
• Have been first registered in the UK on or before 31 August 1999
• Either have a current tax disc, or have a current tax disc and a current Hackney Carriage Licence, or an MOT certificate which expired no earlier than 14 days before the date of the contract between the Purchaser and the Dealer for the acquisition of title to the vehicle by the Purchaser
• Have been registered to you continuously for 12 calendar months before the order date of the new vehicle
• Have a UK address on the registration certificate (V5C) in the same name as the new vehicle
• Have a current MOT test certificate before date of order for the new vehicle

The new vehicle you want to buy must be:

• A car or small van weighing up to 3,500 kg
• First registered in the UK on or after 18 May 2009
• Declared new at first registration in the UK with no former keepers

The allowance is funded by a £1,000 subsidy from the Department for Business, Enterprise and Regulatory Reform (BERR) and a further £1,000 discount paid for by the manufacturer. 

In most cases, VAT cannot be reclaimed on a car purchase even by VAT registered businesses so the discount will only have the effect of reducing the car's purchase price. However, certain VAT registered customers may have to reduce their input tax in respect of the manufacturers' discount. This will only be the case where VAT can be reclaimed on the purchase of a car such as for the purchase of a taxi or a driving instructor's car.

If you are buying a business vehicle under this scheme please note the following points regarding a future claim for capital allowances.

1.     The £2000 discount reduces the capital cost of the vehicle.

2.     The vehicle you part exchange, or scrap, is considered to be written off for tax purposes and the £2000 discount will not be treated as taxable proceeds of sale.

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P11D filing deadline approaches

Employers should be aware that the filing dates for 2008-9 P11D and P11D(b) is 6 July 2009.  Those employers who filed a paper P11D(b) form last year are currently being sent new paper forms and a payslip.

All relevant businesses should receive these forms by 15 June 2009.

Businesses who submitted online forms last year are being sent a payslip and an online reminder to file the form before the deadline.

This year, a new quality standard for the P11D forms has been introduced.  This means that paper forms that are not properly completed will be returned and online submissions must be fully complete before submission is possible. The quality standards are designed to check that the employer reference is included, that employees' names and National Insurance numbers are completed and that the list price of any car provided to an employee is shown on the form etc.

Businesses filing online can file the forms using commercial payroll software or HMRC’s online facility.

If you need help completing individual forms, or filing returns, please contact us soon as the deadline is fast approaching.

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Updates from HMRC

Tax Amnesty

HMRC have announced a second offshore tax amnesty for holders of overseas bank accounts. It will be referred to as the New Disclosure Opportunity and will close March 2010.

Text messages from HMRC

HMRC are currently exploring new ways of making contact with taxpayers.  This includes HMRC leaving an automated voicemail or sending a text message.  Both of these methods are currently only being used to ask taxpayers to call HMRC rather than to provide any other specific advice or information.

If you receive an automated voicemail message or a text message claiming to be from HMRC asking you to contact them use the number for your local office or the telephone numbers on the official HMRC web site at www.hmrc.gov.uk.

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Car benefit changes

A number of changes to the tax calculations for company cars have been announced over the last few months and during the Budget. 

For the current 2009/10 tax year please note the following changes:

• Disabled drivers who are required to drive an automatic car as their company car will be allowed to use the list price of an equivalent manual car when calculating the company car tax benefit.
• The requirement for a new P46 (car) form is withdrawn where an employee’s car is returned and replaced with another car.

From 2010/11 the lower threshold for CO2 emissions figure will be reduced to 130g/km (from 135g/km).

From 2011/12 the lower threshold for CO2 emissions figure will be reduced to 125g/km.  In addition, the current £80,000 list price cap used to calculate the company car tax will be abolished and current discounts given to cars using alternative fuels (such as bio-fuels and bioethanol) will be removed.

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Tax Diary June/July 2009

1 June 2009 - Due date for corporation tax due for the year ended 31 August 2008.

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

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

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

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.

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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: 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.