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News - 3 March 2014

March 2014 ABDS newsletter

Welcome to the March 2014 ABDS newsletter designed to keep you informed of the latest Accounts, Tax and Business issues.
In this edition we are looking at:

  • Elderly care choices are confusing relatives
  • E-Act chain loses control of 10 academy schools
  • Offshore account holders are the latest HMRC targets.
  • Bridge is a game and not a sport rules tribunal
  • HMRC continue to attack UK tax gap
  • Tax Tip: Salary Sacrifice Arrangements.
  • HMRC Taskforce: transfer pricing arrangements
  • Childcare costs more than a mortgage
  • Good news for manufacturing
  • CBI wants more help for growing firms.

As part of our regular features we introduce you to our birthday girl for March, our founder, LAVINIA NEWMAN
This month’s fact sheet is:
Strategic Planning and Business Consultancy.
To request a copy Contact us now

Who said?

I'm spending a year dead for tax reasons.
The difference between tax avoidance and tax evasion is the thickness of a prison wall.
Tax cuts should be for life, not just for Christmas.

For the answers go to the end of the NewsLetter

And we will conclude, as usual, with a Joke, but in a break from tradition, this month it will be from our Tax Manager, Stuart Coleman.
Elderly care choices are confusing relatives
According to research by the consumer group Which? 60 per cent of those aged 40-60 with both children and dependent elderly relatives, the so-called ‘sandwich generation’, are not confident in making decisions over care homes and sheltered housing. …. To continue.

 E-Act chain loses control of 10 academy schools
Following a report made by Ofsted inspectors that raised serious concerns about the performance of one of the largest chains of academies in England is to be stripped of the control of 10 of its 34 schools…. To continue.

 Offshore account holders are the latest HMRC targets.
As G20 ministers welcome a new global standard to automatic tax information exchange and call on the governments of financial centres to sign up to new international tax information sharing agreements, the Chancellor of the Exchequer George Osborne has launched a new campaign targeting taxpayers with money hidden in offshore accounts. ….. To continue

Bridge is a game and not a sport rules tribunal
The English Bridge Union (EBU) failed in its bid to reclaim VAT on £631,000 of tournament fees after a lower tier tax tribunal ruled that bridge was a game rather than a sport.
They went to tribunal to appeal against HMRC’s refusal to repay VAT on competition entry fees….. To continue

HMRC continue to attack UK tax gap 
Figures released by HMRC in January this year state that the UK ‘tax gap’ for 2011/12 has increased by £1 billion and now stands at an estimated £35 billion a year.  However, estimates from Tax Research UK believe that the actual figure should be much higher….. To continue

 Tax Tip: Salary Sacrifice Arrangements.
A salary sacrifice happens when an employee gives up the right to part of the cash remuneration due under his or her contract of employment. Usually, the sacrifice is made in return ….. To cont

HMRC Taskforce: transfer pricing arrangements
In the last year, HMRC’s local compliance teams’ investigations of the transfer pricing arrangements of medium-sized firms has brought in a record breaking £235m of extra tax. . …. To continue

Childcare costs more than a mortgage
The annual report by the Family and Childcare Trust says that the average fees for one child in part-time nursery and another in an after-school club are £7,549 per year.
In contrast, the average annual UK mortgage costs an estimated £7,207 last year. …. To continue
To continue

Good news for manufacturing
The latest Markit/CIPS Manufacturing Purchasing Managers' Index (PMI) shows that UK manufacturing grew faster than expected in February, with employment in the sector expanding at its fastest pace in almost three years…. To continue
CBI wants more help for growing firms.
The Confederation of British Industry (CBI) has called on the Chancellor George Osborne to support growing small and medium-sized firms in this year's Budget. They highlight two distinctive areas where help is required…. To continue

Articles from the previous ABDS Newsletter (click to open).
As part of our regular features we introduce you to our birthday girl for March, our founder, 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.

And to prove Accountants do have a sense of humour we conclude with this month’s jokes supplied by our Tax Manager Stuart Coleman.
An Auditor goes into John Lewis electrical department and asks an assistant "Can someone sell me a kettle."
The assistant said "Kenwood."
The auditor replies, " OK where is he?"
An Auditor's dog goes missing and he is inconsolable.
His wife says to him, "why don't you put an ad in the paper to get him back".
The Auditor does this, but after two weeks, no phone calls, the dog is still missing.
"What did you write in the paper?" asked his wife.
"Here boy," said the auditor

Answer to the ABDS quiz:               
Who said?
I'm spending a year dead for tax reasons.
Douglas Adams
The difference between tax avoidance and tax evasion is the thickness of a prison wall.
Denis Healey
Tax cuts should be for life, not just for Christmas.
George Osborne

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

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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