TurnerWarran

Newsletter September 2008

As we near the end of the summer season, or is it the monsoon season, we are including information in the newsletter this month to highlight:

• Changes to PAYE tax codes 7th September 2008
• State Benefits that are tax free
• Two important consequences of the new Annual Investment Allowance, and
• Postal and payment changes.

Our October newsletter will be published on 6 October 2008.

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.

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.

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Be part of the WWW

We are proud to announce an additional service offered to clients and non clients. For £199 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 8 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 £199 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

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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 for more information.

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TurnerWarran Networking Events

We would like to thank everyone who attended our networking event in July. The event was extremely successful with informative and interesting presentations from Andy Beale of Yorkshire Bank and Stuart Carson of Andrew Jackson Solicitors.

Networking Seminars provide both the opportunity to learn and also to network with like-minded business professionals. 

Our next event will be in September with date and destination to be confirmed.

If you are interested in attending our next event or would like to sponsor a future event then please call Sharon Hope on 01652 650112.

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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 our new in house 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 arrange an appointment.

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Exam Success Once Again

TurnerWarran are celebrating once again due to exam success from the accountancy staff.  

Congratulations to Bilkiss Atchia who is now ACCA qualified.

Also to Chris Warrillow who is now an ACCA finalist and Ben Walker who is now an AAT finalist.

All staff at TurnerWarran are either ACCA qualified or are working towards this goal. This will only enhance the service to our customers as we continue to strive to be the best firm in the area.

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TurnerWarran Welcomes New IT Consultant

William Hall is the newest member of staff to be welcomed into the family of TurnerWarran.

William has just finished his 3 year degree at the University of Lincoln where he studied BSc Computing and received an Upper Second Class Honors.

He will be on hand to deal with any computer queries clients or non clients have.

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TurnerWarran Achieve Platinum Approved Employer Status

TurnerWarran Brigg and Scunthorpe have recently received the Platinum Approved Employer with regards to trainee development, which is the highest level achievable. The Brigg office has also received the ACCA Approved Employer with regards to the Professional Development and the Scunthorpe office has also been registered as an ACCA Approved Employer with regards to practicing certificate development (audit) status. This enables the office to train both ACCA trainees and members towards an ACCA practicing certificate and audit qualification.

This follows on from TurnerWarran achieving the Investors in People (IIP) standard back in May this year. Because of the comprehensive nature of the IIP assessment system, ACCA recognised the IIP standard as meeting the requirements for the Approved Employer award. This means TurnerWarran automatically meet ACCA approved standards for the professional stream.

Kevin Turner says, "We are committed as a practice to provide the best working conditions and training environment possible to help our staff achieve their own and our goals, which is to be the best regional practice.”

This status is a significant accolade for TurnerWarran. It reflects the dedication and continued support Kevin Turner has for his members of staff. They now work within the highest ACCA status available which will contribute to the highest level of service possible for clients. 

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Changes to tax codes

For those who have not received the HM Revenue & Customs (HMRC) employers letter we have reproduced below changes to tax codes which need to be made from 7 September 2008.

The changes were introduced to soften the effects on some lower paid persons who were adversely affected by the scrapping of the 10% starting rate band for income tax on 6 April 2008. As well as changes to tax codes you should also have received new tax tables or changes to your payroll software that accommodate the lowering of the basic rate band for income tax purposes; from £36,000 to £34,800.

Changes to Tax Codes:

L codes - Add 60 to the existing code. For example 543L becomes 603L.

T codes - No change unless you receive P6 from tax office.

P,V or Y codes - No change unless you receive P6 from tax office.

A or H codes - These codes are no longer in use, seek advice from HMRC immediately if you are still using codes with these suffixes.

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State Benefits that are tax free

Please ensure that you take account of the following notes when you declare benefits on your tax return.

The State Retirement Pension

Your state pension is taxable but do not include either the Winter Fuel Payment or the Christmas Bonus as both of these latter payments are tax-free.

Incapacity Benefit (IB)

• Short term IB paid at the lower rates is not taxable for the first 28 weeks, after 28 weeks it becomes taxable.
• Short term IB paid at the higher rates is taxable.
• Long term IB paid at the higher rates is taxable unless benefit commenced before 13 April 1995.

The new Employment and Support Allowance

This new benefit is being introduced from October 2008. It will replace the existing Incapacity Benefit and Income Support for all new claimants.

• If the payment of this allowance is contribution based it will be taxable.
• If the payment is income based it will be tax-free.

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Annual Investment Allowance personal considerations

From the 6 April 2008 sole traders and partners can claim up to £50,000 a year as a direct write off against their profits if they invest in certain qualifying assets; plant and equipment, vans and so on. Small and medium sized companies can also claim (from 1 April 2008). This article alerts individuals claiming the allowance of two other matters they should consider before making a claim.

First the good news!

Tax credits

If the claim you make reduces your income sufficiently you may be eligible for tax credits.

The problem is that until the current tax year's earnings are quantified, you will not know for certain that you are eligible to claim - a pity as you can only back date claims for three months!

A possible solution may be to make a protective tax credit claim now. Your initial claim may show £nil but when adjusted for your actual post AIA claim the actual claim achieved may be much higher.

And now the bad news!

Mortgage applications

Many lenders now ask for taxable income rather than trading profits when they consider if you are eligible for a loan. If your trading profits of £50,000 are covered by an AIA claim of £50,000, zero income is not going to qualify for much of a loan. Hopefully lenders will take into account the reason for the dip in your taxable income - but some may not!

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HMRC further online incentive

From 1 October 2008 HMRC will no longer send taxpayers a postage paid envelope to use when paying their tax or filing/paying their VAT returns.

This apparently is a signal to us all to make returns and payments online.

To ease the payment process HMRC are also about to make it easier to pay our tax by allowing us to use our credit card. Legislation has just been passed that will allow them to recover the credit card charges. HMRC will charge you 0.91% for the privilege.

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Tax Diary September/October 2008

1 September 2008 - Due date for corporation tax due for the year ended 30 November 2007.

19 September 2008 - PAYE and NIC deductions due for month ended 5 September 2008. (If you pay your tax electronically the due date is 22 September 2008)

19 September 2008 - Filing deadline for the CIS300 monthly return for the month ended 5 September 2008.

19 September 2008 - CIS tax deducted for the month ended 5 September 2008 is payable by today.

1 October 2008 - Due date for corporation tax due for the year ended 31 December 2007.

19 October 2008 - PAYE and NIC deductions due for month ended 5 October 2008. (If you pay your tax electronically the due date is 22 October 2008)

19 October 2008 - Filing deadline for the CIS300 monthly return for the month ended 5 October 2008.

19 October 2008 - CIS tax deducted for the month ended 5 October 2008 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.