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News - 1 August 2012

August 2012 NewsLetter

Welcome to the August 2012 ABDS newsletter designed to keep you informed of the latest tax and business issues. We hope you enjoy reading the newsletter and remember, we are here to help you so please contact us if you need further information on any Financial topics such as tax  planning, returns or compliance, bookkeeping, payroll, retirement planning, business consultancy on purchase, sale or start up, and not to forget management accounts.

ABDS – the one stop shop for your business.

In this edition we will be looking at:

  • Light at the end of the tunnel.
  • Academies can hire unqualified teachers.
  • Deadline day looms for Electricians Tax Safe Plan (ETSP)
  • Government launches Funding for Lending bank Scheme (FLS)
  • Cash Flow and late Payments hit SMEs
  • Government gets tough on Tax Avoidance
  • and HMRC’s Tax Return Initiative

We also have Part Three of our series: Financial Glossary
This month its E to G
Go to glossary

As part of our regular features we introduce you to one of our team members, this month it is our Accounts Manager, Tonmoy (TK) Kumar

This months Fact Sheet is on Outsourcing Accountancy Functions
To request a copy Contact us now

And we will conclude, as usual, with an accountancy joke supplied by our resident comedian David Nelson.

Light at the end of the tunnel.

According to a special report by the ITEM Club, changes to the personal tax system and falling inflation will bolster the wallets of the average earner by £482 this year and £624 in 2013, which will feed through to a steady pick-up in spending on the UK’s high streets……………..
To continue

Academies can hire unqualified teachers

The Government has announced that all Academy Schools can hire, as teachers, people who do not possess qualified teacher status (QTS). They say this will enable Academies to employ professionals such as scientists, engineers, musicians, linguists and business people who can bring their own expertise to bear…………
To continue

Deadline day looms for Electricians Tax Safe Plan (ETSP)

The ETSP began in February 2012 and builds on HMRC's plumbers' campaign and gives an opportunity for electricians to come forward and declare unpaid tax. Considering that the Tax Safe Plan has so far generated an additional £1.98million, with more expected once the final disclosures are made, it is no surprise that HMRC are utilising similar tactics for their latest campaigns…….

To continue

Government launches Funding for Lending bank Scheme (FLS)

The Bank of England and HM Treasury have launched the Funding for Lending Scheme (FLS) designed to boost lending to households and businesses.  It works by allowing banks and building societies…………..

To continue

Cash Flow and late Payments hit SMEs

According to research by BACS Payment Schemes Ltd Britain's small and medium-sized businesses are owed debts of £35.3 billion……..

To continue

Government gets tough on Tax Avoidance.

The government has announced new proposals to crack down on the promoters of contrived and aggressive tax avoidance schemes………..

To continue

HMRC’s Tax Return Initiative

The initiative, which was announced on 19 June 2012, runs from 3 July until 2 October 2012, and will target higher-rate taxpayers who should be completing tax return but aren’t…………

To continue

Articles from the ABDS July Newsletter

The spotlight this month falls on TK

Tonmoy Kumar B Com. ACA (India) FCCA.
Accounts Manager

TK originally qualified as a Member of the Institute of Chartered Accountants at a top Indian firm in 1998, and afterwards gained further extensive commercial and financial experience and his UK ACCA qualification in London.

TK joined ABDS as the Manager of the Accounts Department in 2006, where he brings his specialist knowledge and advice to clients on VAT on exports and sales to the EU, tax compliance and UK tax planning.

As well as keeping abreast of the Hampshire business community while living in Southampton with his wife and young son, his major passion outside home and work is football, in particular Manchester United but I’m sure we can forgive him that.

If you are looking for your accounts to be prepared accurately and on time, if you are looking for proactive business advice on how to grow your business, if you are looking for an accountant who prides himself on gaining a clear understanding of your business requirements and deadlines, then call TK now.

If you would like advice on any of the above issues, to arrange a no obligation initial consultation, please Call a member of the Team to arrange a no obligation consultation for you to see how ABDS can make a difference to your business.


As promised we conclude with an accountancy joke supplied by our resident comedian David Nelson.

An accountant was walking along a beach and stumbled across an old lamp. He picked it up, rubbed it and out popped a genie.
The genie said "You released me from the lamp, blah, blah, blah. This is the fourth time this month and I'm getting a little sick of these wishes so you can forget about three. You only get one wish!"
The accountant sat and thought about it for a while and said, "I've always wanted to go to Canary Islands but I'm scared to fly and I get very seasick.
"Could you build me a bridge to Tenerife so I can drive over there to visit?"
The genie laughed and said, "That's impossible! Think of the logistics of that! How would the supports ever reach the bottom of the Atlantic? Think of how much concrete! How much steel! The miles of tarmac to reach the coast of North Africa! You're going to have to think of another wish."
The Accountant agreed, and tried to think of a really good wish. Finally, he said, "I don't understand how banks have managed to package so many bad mortgages and sell them to other, supposedly astute, banks, can you explain it to me please."
The genie paused for a while and said, "How many lanes do you want on that bridge?"


Kind regards

Lavinia and the team

Tel: 023 8083 6900
email: abds@netaccountants.net

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