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News - 1 March 2012

March 2012 ABDS newsLetter

Welcome to the March 2012 ABDS news letter

In this edition we will be looking at:

  • HMRC sending out penalty notices,
  • Court decision on partnership dispute
  • Taxman cracks down on employers who deliberatly cheat
  • HMRC anounce its new decision on Smart Phones
  • Fuel campaigners welcome fuel report findings
  • and Cash flow is the biggest problem facing SMEs

As part of our regular features we  introduce you to one of our team members, this month it is Oliver Reeve of our Payroll Department

This months Fact Sheet is on Payroll and PAYE To request a copy Contact us now

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

HMRC sending out penalty notices

HMRC will start sending out around 850,000 penalty notices for failing to file 2010/11 Self Assessment returns on time. Errant taxpayers will start receiving the notices ..................

The rest of the article

Court decision on partnership dispute

A recent Court of Appeal decision involving a law firm and a former partner clarifies the employment status of fixed share equity partners following a notice from HMRC on share of profits in partnership disputes.

Read the full article

Taxman cracks down on employers who deliberatly cheat

Employers with a track record of avoiding PAYE and National Insurance (NI) payments will have to make an upfront security payment from April, under a new scheme unveiled by HM Revenue & Customs (HMRC)..........

To continue

HMRC anounce its new decision on Smart Phones

HMRC have announced that it has changed its interpretation of the legal definition of “telephone apparatus” to include mobile phones and smartphones. As a result, employers.........

Read the full article

Fuel campaigners welcome fuel report findings

A major report to be published this week by the Centre for Economics and Business Research which shows that a fuel duty cut of 2.5p per litre would create 180,000 jobs in the first year at no net tax loss. In addition, it would boost GDP by 0.33%..........

To continue

Cash flow is the biggest problem facing SMEs

Despite government pledges to improve the business landscape for SME’s the economic reality remains difficult. The Institute of Credit Management recently described late payment of trade debt........

The rest of the article

The spotlight this month falls on Oliver (Ollie) Reeve of the Payroll Department

Ollie graduated with a 2:1 in Economics and Philosophy from Sussex University.

He spent the next three years in a variety of roles in the retail cycle (one of his main hobbies) sector culminating in managing a shop and gaining invaluable first hand experience of local traders and their problems.

He joined ABDS in 2010 in the Accounts Department where his friendly attitude and experience in small businesses and customer service has made him very popular with his clients (you’ve probably met him in his capacity as organiser of the payroll department) and the ABDS Team.

Ollie has been studying for his ACCA since 2009 and hopes to become a Chartered Accountant within the next two years.

Outside of the office he enjoys cycling, photography, music, travel and motor bikes. His red Yamaha can often be heard on his way to and from clients.

If you would like advice on any of the above issues, please call a member of the Team to arrange a meeting so that we can gain a clear understanding of the scope of your requirements and deadlines.

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

A businessman received notice from the Inland Revenue that he was being audited.
The Taxman showed up at the appointed time and began looking over all of his financial records.
The Businessman sat for what seemed like hours as the taxman pored over them.
Finally the taxman looked up and commented,
 “You must have been a tremendous fan of Sir Arthur Conan Doyle.”
“Why would you say that?” wondered the Businessman.
 “Because you’ve made more brilliant deductions on your last three tax returns than Sherlock Holmes made in his entire career.”



Kind regards

Lavinia and the team

Tel: 023 8083 6900

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