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News - 1 September 2013

ABDS September NewsLetter

Welcome to the September 2013 ABDS newsletter designed to keep you informed of the latest Accounts, Tax and Business issues.

In this edition we are looking at:

  • Economic Affairs Committee: UK corporation tax system is 'too complex'
  • Inheritance Tax: some information that may surprise you.
  • Three-quarters of free schools 'good or outstanding'
  • First-time home buying at six year high.
  • A-level results 2013
  • GCSEs 2013: The results are in.
  • CBI: Service Sector confidence rising
  • New Enterprise Allowance Scheme (NEA) helps create 26,000 new businesses.
  • HMRC: New most-wanted Tax Evaders
  • Recent changes to VAT.


As part of our regular features we introduce you to one of our team members, this month it is our Founder and Principal LAVINIA NEWMAN.

This month’s fact sheet is:
VAT: What is it?

To request a copy Contact us now

To download our brochure click here

And we will conclude, as usual, with a Joke, but in a break from tradition, this month it will be from our Marketing Manager, Mike Twomey.


Economic Affairs Committee: UK corporation tax system is 'too complex'

The House of Lords Economic Affairs Committee has said the UK corporation tax system does 'not work' and 'urgently needs reform'.

A report from the cross party committee of peers found that the current system is overly complex and encourages tax avoidance………..To continue


Inheritance Tax: some information that may surprise you.

According to figures from the Office for National Statistics (ONS), 259,989 estates went through probate - the process of legally distributing a person's estate after their death - in 2010-11, accounting for nearly half of all deaths. Of these, 15,584 were liable for inheritance tax.

A recovery in property prices and HMRC's drive to collect the tax has resulted in an annual inheritance tax collection that comes close to the record £3.8 billion collected in 2007/08…………………………..To continue


Three-quarters of free schools 'good or outstanding'

Inspections of England's first 24 free schools show they are performing in line with other state schools, with 75% rated good or outstanding by Ofsted. Four were considered outstanding, 14 were good, five required improvement and one was deemed inadequate.

Ofsted data shows that, on 31 March, 79% of all state schools in England were good or outstanding, 19% required improvement and 3% were inadequate………………………………………………………………..To continue


First-time home buying at six year high.

According to recently released figures from the Council of Mortgage Lenders (CML), 68,200 purchases were made by new homeowners in the second quarter of 2013, its highest quarterly total since 2007.

Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
“This increase, along with growth in lending to home movers, has resulted in a jump in total house purchase lending. The amount borrowed by first time buyers has also increased from an average of £112,500 in May to £117,000 in June.” …………………………………………………………..To continue


A-level results 2013

After years of steady increases there has been a fall in the proportion of A-levels awarded top grades for the second year in a row.

Just over a quarter of exam entries - 26.3% - were given A or A* grades, a slight fall on 2012's figure of 26.6%.

The national breakdown of results shows the overall…………….To continue


GCSEs 2013: The results are in.

For the second consecutive year, there has been a drop in the proportion of GCSE exam entries awarded top grades.
More than 600,000 teenagers in England, Wales and Northern Ireland received their results, about two-thirds of exam entries were graded between an A* and a C - a fall on last year.

And the proportion getting an A* or an A fell from 22.4% to 21.3%.........To continue


CBI: Service Sector confidence rising

Business activity and confidence in the UK service sector has grown strongly, according to the CBI's latest survey which covered the three months to August which  adds to recent data pointing to improvements in the UK economy.

Business and professional services saw a particularly sharp turnaround in business volumes, and activity in consumer services - such as travel, food and drink - grew at its highest level since August   2007………..To continue

New Enterprise Allowance Scheme (NEA) helps create 26,000 new businesses.

New figures published on 21 August 2013 show that Entrepreneurial jobseekers have set up more than 26,000 new businesses thanks to a government scheme that helps unemployed people turn their dreams of becoming their own boss into a reality.

Lavinia Newman, founder of ABDS comments:
“There are a wide range of new and exciting enterprises being set up from gourmet chocolate companies to internet games designers, since the NEA was introduced in 2011, with the most recent statistics showing around 2,000 new businesses being set up every month.” ……………….To continue

HMRC: New most-wanted Tax Evaders

One year ago HMRC released details of the UK's 20 most sought-after tax criminals, they have now added ten more names and photographs to their “Rogues Gallery.”

Those on the list are being pursued for a range of crimes, including VAT fraud, tax evasion and money laundering, all together, their crimes have cost the taxpayer close to £720m.

Among the new names on the list are Michael "Arthur" Fearon, who is wanted in connection with evasion of excise duty on nearly £8.4m of……………………To continue


Recent changes to VAT.

HMRC has issued Business Brief 21/13 VAT: withdrawal of the VAT exemption for supplies of research between eligible bodies.

Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
“This latest HMRC brief relates to the transitional arrangements for supplies of business research where the written contract was entered into before 1 August 2013, whether or not work has already commenced. The exemption will continue to apply to services within the scope of the contract. It also discusses the withdrawal of the exemption for all new contracts.”……………………………………………………………………To continue

 

Articles from the previous ABDS Newsletter (click to open).

ABDS Quiz

It has been announced recently that HMRC has new powers to tackle tax evasion that will enable them to gain access to what type of data?

a) Paper records of cash transactions
b) Details of all business bank accounts
c) Data on all credit and debit card payments to UK businesses
d) all personal expenses receipts

For the answer click here


The spotlight this month falls on our Founder and Principal LAVINIA NEWMAN

Lavinia founded ABDS in 1987, and it is now one of Hampshire’s leading experts on the accounting and business development issues of small and growing, owner-managed businesses.

With Lavinia’s knowledge and background, she is able to bring a wealth of commercial experience and understanding to the firm’s clients and she is able to offer advice across a wide number of Hampshire’s industry sectors. She also has an understanding of international issues, and currently acts for clients in France, Canada and Poland.

Lavinia’s specialties:

• Strategic business planning
• Share buy backs and valuation
• Business purchase and disposal
• Inheritance tax planning
• Management accounts and business planning
• Business consultancy

Under Lavinia’s guidance, ABDS have been able to achieve the highest standards through the utilisation of best practices. ABDS has been awarded the Investors in People accreditation and, more recently, ISO 9001 and the Quality Assurance checkmark accreditation from the ACCA.

As well as her busy schedule with her clients, Lavinia also undertakes a variety of charity work including:

• Treasurer of the Netley Marsh Neighbourhood Watch.
• Trustee and Treasurer of Southampton Counselling.
• Counsellor for Eastleigh Bereavement Services.

Recently, Lavinia has set up “Wise Owl Counselling and Coaching”, in response for demand for business stress related issues and performance improvement within the business community as a result of the current economic climate.

Lavinia has lived in Hampshire for the last 27 years and is married to a doctor. They have grown-up children. In her spare time, Lavinia enjoys walking her two dogs in the forest.

As Lavinia likes to say:
Not just another firm of accountants - ABDS is a trusted business colleague.

Contact Lavinia or any member of The Team to arrange a no obligation initial consultation, and see how ABDS can make a difference.


Great with People    Brilliant with Numbers   Clear and Precise with Words


And to prove Accountants do have a sense of humour we conclude with this month’s joke supplied by our Marketing Manager Mike Twomey.

An accountant’s car was in a traffic accident while returning from a client visit.

The paramedics arrived on the scene and found him bleeding profusely from the head. They immediately whisked him away by ambulance to the hospital, but en route, they noticed the accountant’s right ear was missing, so they contacted the police at the scene of the accident in the hope they could retrieve the ear .

Just as the Doctor was examining the accountant at the hospital, a Policeman came rushing in shouting “I’ve got the ear.”

The accountant looked at the ear the policeman was carrying and exclaimed that it was not his.

“How do you know that” asked the puzzled Doctor?

“Easy” said the accountant

“My ear had a pencil behind it.”

 

We hope you have enjoyed reading our newsletter. We are here to help you so please contact us if you need further information on any financial topics such as: Audit, Accounts, Bookkeeping, Vat, Payroll, Tax planning returns and compliance and Business Strategy, including planning, coaching and mentoring. We are acquiring new clients who are interested in strategy for growth and selling their business at retirement so please do not hesitate to call us and discuss how we can assist you.


Lavinia and the team

 

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


Great with People    Brilliant with Numbers   Clear and Precise with Words

Accountants for Business Development and Solution can cater for all your financial and business needs.

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