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Newsletter
November 2008 |
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The
financial press continues to be dominated by the threat of recession and
the fall out from the banking crisis. This is potentially of concern to
all of us. Accordingly the newsletter this month takes a look at a number
of tax issues that could become more relevant if the economic downturn
continues. Firstly
an article on the tax fall out from letting all or part of your own home,
the entrance qualifications for tax credits, an outline of tax-free bike
schemes and finally a VAT pointer if you are considering the purchase of a
business. Our
next newsletter will be published on the 3rd December
2008. |
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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. Our
services include Auditing, Accounting, Business Planning, Consultancy
Services, Company Secretarial, Payroll and Taxation Advice. We now have an
in house Independent Financial Adviser offering free financial health
checks. We cater for all sizes of businesses from a start up business to a
larger company. 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 straightaway. 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. You
will find us conveniently located at Glanford House, Bridge Street, Brigg
with plenty of free parking. We offer complete tax and accounting
services and very friendly and efficient staff. If you
would like any further details regarding TurnerWarran and the ways we can
help your business then please get in touch. Back to
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Support
Our 2008 Charity Christmas Tree Appeal |
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We are
spreading Christmas cheer early this year with the launch of our Charity
Christmas Tree Appeal. Support a charity and promote your business at the
same time. This years
chosen charity are local Special Schools St Lukes Primary and St Hugh’s
Secondary in Scunthorpe. Our Charity Christmas Tree appeal will see a
magnificent 20ft Christmas tree erected in front of our offices in
Brigg. Clients and
local contacts are invited to join in with the appeal and sponsor a bauble
or gift tag that will have their name or company logo on to decorate the
Christmas tree. Sponsor a Gift
Tag with Name or Company Name for £20 each Sponsor a
Bauble with Name or Company Logo for £50 each Sponsor the
Star at the top of our tree with Name or Company Logo for £100 You will be
asked to complete a sponsor’s form, return this together with a copy of
your company logo (Bauble sponsors and Star Sponsor only) and we will
arrange the rest. You will receive a VIP invitation to attend our festive
charity appeal launch event where you will be presented with your
sponsored tag / bauble or star to place on our tree. There will also be
the opportunity to network with other local sponsors whilst enjoying some
entertainment along with a mince pie and a glass of mulled wine
too. Your decoration
will remain in place for passers by and visitors to our offices to see
throughout the duration of the Christmas period. We will also be running a
series of press releases, e-newsletters and other campaign promotion where
sponsors will be mentioned. Kevin Turner,
Managing Partner for TurnerWarran, said, “We hope that this year’s appeal
is a success. We made the decision to run with this particular campaign to
firstly raise funds for St Lukes and St Hugh’s but as business advisers we
also wanted something that would give our clients and contacts the
opportunity to promote themselves in a fun and upbeat way.” “The schools
provide fantastic facilities for children with disabilities that also have
the same needs and interests as all children, we hope that this years
appeal goes a little way towards helping to provide funding for further
enhancement of these facilities.” Sponsor tags
and baubles are limited, and obviously there can only be one star, so be
one of the first to support this year’s appeal. For further information
about our appeal please call Sharon Hope on 01652 650112. Back to
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TurnerWarran
Staff Recognised for Effort and Enthusiasm |
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A
Brigg company has notched up a double success after two of its employees
were recognised for their dedication and loyalty in a prestigious national
award scheme. Sharon
Hope and Ben Walker, who work for TurnerWarran accountants and business
advisers in Bridge Street, were nominated by their colleague Sophie Cook
for their effort and enthusiasm in the workplace. Sharon, the
company’s human resources and payroll manager, is one of just four
regional winners who will now go through to the national final of the
fifth annual Recognition Awards scheme later this month. Ben, a
trainee accountant, was commended for his important contribution to team
building. Sharon,
who has worked for TurnerWarran for 15 years, was praised for her
‘outstanding’ work and her willingness to help other members of staff,
both in and out of the workplace. “Her
opinions are always valued and she is admired for her bubbly personality,
which guarantees to cheer anyone up after a hard day at work,” said
Sophie. “Everyone would agree that without Sharon’s complete commitment to
the company and staff, TurnerWarran would most definitely not be the
same.” The
Recognition Awards 2008 were designed specifically to acknowledge the
contribution and dedication of staff in small businesses or organisations.
Now in their fifth year, the Awards were created by Recognition Express
Ltd, a specialist supplier of corporate recognition products, and focused
on people who went the extra mile and could always be relied on to do more
than is expected. Team
player Ben, who has worked for the company for two years, was acknowledged
for his commitment to going not one, but two, extra miles in terms of
effort and involvement. “During
his time here, Ben has made a huge difference to the company,” said
Sophie. “He makes the team feel like a family and organises fantastic team
building activities for the staff to enjoy. “TurnerWarran
would be lost without him as Ben not only goes that extra mile, he goes
two,” she added. Alan
John, owner of Recognition Express Eastern based in nearby Grimsby,
presented Sharon and Ben with their awards. Back to
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Be
part of the WWW |
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We are
proud to announce an additional service offered to clients and non
clients. For £299 for the first year you can have your very own website
and domain name. £99 for each
year afterwards will help to maintain the site and update it when
required. This will allow us to keep you on our hosting and keep your
domain name and email forwarding. You have a variety of templates to
choose from with 3 pages each. These consist of a ‘Home’ page to include
what you do as a company/individual and the products/services you sell. An
‘About Us’ page where you include information about yourself and who you
are, for example your qualifications, work experience etc. The third page
is a ‘Contact Us’ page where you will include your address, email address,
telephone number etc. The set up
price of £299 includes an exclusive domain name for your company including
an email address that will direct all your company emails to your outlook
or other email account. This can really give your website that unique edge
and looks extremely impressive compared to having another
servers email address. This is an
amazing opportunity for start up and existing businesses, for more
information please contact William Hall on 01652 650112 or email
william.hall@turnerwarran.co.uk Back to
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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 for
more information. Back to
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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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Letting
your own home |
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It has
been some time since we were given tax breaks for owning our own homes -
remember MIRAS? (Mortgage interest relief at source - tax relief at basic
rate, up to certain limits, was deducted from the mortgage interest we
paid). As a
consequence we have to fund both interest and capital repayments out of
our taxed income. For
instance you would need to earn over £1,000 per month as a 20% tax payer,
or more than £1,300 per month as a higher rate tax payer, to pay £800 per
month of mortgage interest. As
recession starts to bite and taking into account the difficult property
market, we may consider letting either part or all of our homes. This
article sets out a number of the tax considerations you will need to
consider. Rent-a-room
relief At
present you can elect to claim this relief if you let out a room in your
home. The following rules should be considered. 1.
If you don't
make such an election you will be taxed on the difference between the
rents you charge and directly attributable costs (such as a proportion of
gas, electricity, water and general rates, repairs and of course mortgage
interest). 2.
If you do make
such an election you will be taxed on the difference between the total
rents you receive and £4,250. Expenses are ignored. (If
your property is owned jointly the £4,250 will be shared between the
partners, as will the rents.) In most
cases it will be necessary to work out the tax charge using both methods
to see which is more beneficial. If the
rents received from letting a room are less than £4,250 per annum (£354.17
per month) the income is entirely tax free! Letting your
home If you
decide to move from your home and let the whole property the following
points should be considered.
You
should also be mindful in both these situations that letting or part
letting of the property may be prohibited by your mortgage
lender. Click here for a
call back from our office regarding this
article. |
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Tax
credits - when do you qualify? |
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You may
be eligible for tax credits if you fit into the following
criteria:
In both
cases the amount of your claim will depend on your
income. As
always there is a minefield of small print to negotiate before you can
establish if you have a valid claim. Generally
speaking you may qualify for some element of tax credit if the following
circumstances apply: 1.
You will need to
live and work in the UK 2.
Be aged 16 years
or over 3.
If you don't
have children and you are under 25, you probably don't qualify for tax
credits unless your partner is 25 or over and they normally work over 30
hours a week. Your
household income must not exceed £58,000 per year. Household income means
money you (and your partner if you have one) have coming in each year
including:
It does
not include money that other members of your household have coming
in. If your
income starts to fall as a result of the current slow-down you may become
eligible to claim tax credits. Contact us if you feel this is the
case. Click here for a
call back from our office regarding this
article. |
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Biking
tax free! |
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There
are a number of formal "tax-free bike schemes" which have been developed
in response to the Government's "Green Transport
Plan". Basically your
employer buys a bike and hires it to you until you have paid back its full
cost. The tax
break is facilitated because you pay for the bike by agreeing to reduce
your monthly/weekly salary, before tax and NIC is deducted. Paying in this
way you can meet your repayments out of your pre-tax rather than post
taxed income. This
can translate to almost a 50% cash discount on the price of a new bike.
Higher rate tax payers will benefit more from the
scheme. The
scheme only applies to employees, if you are self-employed the bike could
probably be claimed as a business expense, if you use it for business
purposes. Click here for a
call back from our office regarding this
article. |
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VAT
- buying and selling a business |
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If you
buy a business as a going concern, in other words if you continue with the
existing trade in place of the seller, you do not have to pay VAT on the
transfer of the trading assets. But
beware. The reason you do not need to pay VAT is that the transfer of a
business is considered to be outside the scope of VAT. If the seller is
advised to adopt a broad brush approach and just charge VAT because he
cannot decide if a bona fide sale as a going concern applies, you may be
denied recovery of the VAT added! It is
therefore important to clarify whether the sale is a sale as a going
concern or not. Purchasing
property Further
complications can arise if you purchase a business property which has an
existing option to tax applied. This means that all income generated by
the property is a standard rated output. It also means that a seller may
be required to add VAT to the sale price. However
the seller can avoid this VAT add-on if one of two specific circumstances
apply:
In both
cases there are prescribed forms to fill in and
file. Click here for a
call back from our office regarding this
article. |
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Tax
Diary November/December 2008 |
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1 November
2008 - Due date for
corporation tax due for the year ended 31 January
2008. 19 November
2008 - PAYE and NIC
deductions due for month ended 5 November 2008. (If you pay your tax
electronically the due date is 22 November 2008) 19 November
2008 - Filing
deadline for the CIS300 monthly return for the month ended 5 November
2008. 19 November
2008 - CIS tax
deducted for the month ended 5 November 2008 is payable by
today. 1 December
2008 - Due date for
corporation tax due for the year ended 28 February
2008. 19 December
2008 - PAYE and NIC
deductions due for month ended 5 December 2008. (If you pay your tax
electronically the due date is 22 December 2008) 19 December
2008 - Filing
deadline for the CIS300 monthly return for the month ended 5 December 2008
19 December
2008 - CIS tax
deducted for the month ended 5 October 2008 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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