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News - 1 June 2014

ABDS June 2014 NewsLetter
Welcome to the June 2014 ABDS newsletter designed to keep you informed of the latest Accounts, Tax and Business issues.
 
In this edition we are looking at:
 
1. HMRC Investigations yields record £23.9bn
2. Are HMRC about to launch a task force against the entertainment industry?
3. How does HMRC select tax returns for enquiry?
4. Residential property and pensions
5. UK Businesses More Focused
6. New partnership arrangements
7. Enterprise Finance Guarantee
8. Small businesses not using Funding Incentives
 
 
This month’s fact sheet is:
ABDS Tax Investigations Service.
  
To request a copy Contact us now
 
The ABDS Quiz
 
Who said?
 
When I was young I thought that money was the most important thing in life; now that I am old I know that it is.
 
and
 
 An investment in knowledge pays the best interest
 
and
 
Man does not control his own fate. The women in his life do that for him.
 
For the answers go to the end of the NewsLetter
 
And we will conclude, as usual, with a Joke, from our resident comedian David Nelson
.
 
HMRC Investigations yields record £23.9bn
 
HM Revenue and Customs (HMRC) have released the latest figures regarding their ongoing investigations into tax avoidance. 
 
They have raised a record £23.9bn in additional tax for the year to the end of March, which is almost £1bn higher than the target set by Chancellor George Osborne in the Autumn Statement.
 
Stuart Coleman, Manager of the Tax Department of ABDS comments:
“The government's tax body said that the upsurge in unpaid tax revenues….To continue
 
 
Are HMRC about to launch a task force against the entertainment industry?
 
Last summer, the HMRC Risk and Intelligence Service based in Cardiff wrote to entertainment agents and warned that a statutory information notice was going to be issued, requiring the submission of details surrounding payments they received on behalf of their clients. 
 
The information requested applied to all payments…… To continue
 
 
How does HMRC select tax returns for enquiry?
 
We asked our resident tax experts how and why HMRC tax investigations occur.
 
Stuart Coleman, Manager of the Tax Department of ABDS comments:
“When the Inland Revenue and Customs and Excise merged in 2005, the newly created HM Revenue & Customs (HMRC) was left with a series of fraud detection systems containing huge amounts of raw data. The systems were not integrated, information was unmatched and it took hours, sometimes days, for HMRC investigators to bring all the details together and profile potential enquiry cases.  Since then, however, the department has made significant progress in organising and analysing the…….. To continue
 
 
Residential property and pensions
 
“In April 2007 the change in pension regulations led to speculation that buying residential property in a pension fund would be permitted. However, this was not the case, with the reason of causing a massive house price bubble being given.
 
However, the Land Registry has reported a 5.3% national rise in property values in the year…. To continue
 
 
UK Businesses More Focused
 
The third annual Barometer on Change report, commissioned by consultancy firm Moorhouse, reveals 69% of fast-growth organisations expecting growth of 6% in the next three years, but slower growth companies still focused on cost reduction……. To continue
 
 
New partnership arrangements
 
The Finance Bill 2014 issued a series of changes affecting partnerships, but although this is still subject to receiving Royal Assent in the summer, it is expected to remain without any significant alteration.
 
The rules apply to all types of mixed partners, and secondly, to all salaried members of LLPs……. To continue
 
 
Enterprise Finance Guarantee
 
We asked Tonmoy Kumar, Manager of the Accounts Department of ABDS to comment on how your business may be eligible for the Enterprise Finance Guarantee
 
“The Enterprise Finance Guarantee (EFG) was introduced in 2009 and was designed to enable businesses with insufficient security………. To continue
 
 
Small businesses not using Funding Incentives
 
In a report conducted by insurance firm AXA, data revealed that whilst 12% of small and mid-sized businesses accessed funding in 2013; only 5% used funding and lending schemes, with only 7% making use of government loans and 6% getting financial aid by means of Enterprise Investment Schemes (EIS) or Seed Enterprise Investment Schemes (SEIS). These numbers contrast with……….. To continue
 
 
Articles from the previous ABDS Newsletter (click to open).
 
 
And to prove Accountants do have a sense of humour we conclude with this month’s joke supplied by David Nelson.
 
An accountant banker and solicitor were called in to see an important client
"I am dying and i want to take it all with me" he said
”You will each take one of these envelopes containing £1m and put it
in my coffin just before they screw down the lid.”
 
They all agreed to comply.
 
The client died and at the funeral they all put their envelopes in the coffin and the man was duly buried.
 
At the wake in the pub the three found themselves in a corner
 
The banker said "As we're on our own I have a confession to make
Old Barard was a skinflint who never said thank you for all i did for him so before I put the envelope in I took out £10,000.
 
"I'm glad you said that "said the solicitor” I agree he was a mean old *** and I took £20,000 out to cover my pain and under recoveries on scale"
 
They looked at the accountant who smiled and said "I am surprised at you both I put a cheque in for the full amount"
 
Answer to the ABDS quiz:                 
 
When I was young I thought that money was the most important thing in life; now that I am old I know that it is.
                                          Oscar Wilde
 
and
An investment in knowledge pays the best interest.
                                           Benjamin Franklin
 
and
Man does not control his own fate. The women in his life do that for him.
                                            Groucho Marx
 
 
 
We hope you have enjoyed reading our newsletter. We are here to help you so pleasecontact 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.

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