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News - 1 July 2014

The ABDS July 2014 NewsLetter

 Welcome to the July 2014 ABDS newsletter designed to keep you informed of the latest Accounts, Tax and Business issues.

 
In this edition we are looking at:
  • Warning over scam emails
  • Shake-up of vocational education in England
  • The productivity gap puzzles the Bank of England.
  • Fines may rise by 300%
  • MP's Warn Of 'Taxpayer Risks'
  • Osborne pledges action against banks and traders.
  • The 'fair education' alliance
  • UK Businesses Not Prepared for Rise in Bank Interest Rates
As part of our regular features we introduce you to one of our team members, this month it is our Accounts Manager TONMOY KUMAR - TK.
 
 
This month’s fact sheet is:
Why Cloud Accounting is good for business.
  
To request a copy Contact us now
 
The ABDS Quiz
 
Who said?
 
"Education is the most powerful weapon you can use to change the world"     
 
and
 
"The secret of business is to know something that nobody else knows."
 
and
 
"Education is an admirable thing, but it is well to remember from time to time that nothing that is worth knowing can be taught."
 
 
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
.
Warning over scam emails
 
HMRC has issued a warning to anyone who claims tax credits. In the run-up to the tax credit renewal deadline on 31 July, they expect a surge in the number of scam emails from criminals using this as an opportunity to steal your money and your personal details.
 
Stuart Coleman, Data Protection Officer at ABDS comments:
“Apparently during last year's tax credits renewal period, which runs from April to July, almost 25,000 phishing emails were reported to HMRC. This year that figure could be more than double ..…….To continue
 
 
Shake-up of vocational education in England
 
From September 2015, 14- to 16-year-olds would be able to take Technical Awards alongside GCSEs, as new practical courses in subjects such as electronics and textiles will be available next year as part of a shake-up of vocational education in England, ministers have said.
 
The Department for Education (DfE) said the new Technical Awards would give young people..…… To continue
 
 
The productivity gap puzzles the Bank of England.
  
In The Bank of England’s latest quarterly bulletin, productivity is said to be 16% below its pre-crisis trend - but says it is at a loss to understand why.
 
Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
“Measures of productivity, essentially the quantity of goods and services produced per worker or per hour, can be used to inform estimates of an economy's ability to grow without generating too much inflation. Yet even though the UK has seen an improvement in output…….. To continue
 
 
Fines may rise by 300%
 
Under new proposals for England and Wales, maximum fines imposed by magistrates are set to rise dramatically, with the top level which includes motorway speeding, could increase from £2,500 to £10,000.
 
Justice Minister Jeremy Wright said financial penalties "set at the right level" were an effective punishment for offenders….…. To continue
 
 
MP's Warn Of 'Taxpayer Risks'
 
The Public Accounts Committee have said that the government's Help To Buy scheme, designed to boost the housing market, creates "medium and long-term risks to the taxpayer", and has questioned whether it represented value for money for the taxpayer.
 
The Public Accounts Committee (PAC) said the policy - under which Government equity loans finance as much as 20% of the purchase price of homes worth up to.……. To continue
 
 
Osborne pledges action against banks and traders.
 
In his annual Mansion House speech, Mr Osborne will pledge the extension of legislation used to clean up after the Libor interest rate-fixing scandal.
 
As well as bringing the foreign currency market under this legislation, it will be extended to those who trade in commodities, and also to the fixed income market.……. To continue
 
 
The 'fair education' alliance
  
A campaign to tackle educational inequality is being launched by an alliance of employers, teachers' organisations and children's charities.
 
The Fair Education Alliance, as it will be called, will set goals such as narrowing the gap in literacy and maths between rich and poor and in different parts of England.
 
Founder members also include the National Children's Bureau, National Literacy Trust, National Numeracy, the Prince's Trust, Achievement for All and Save the Children .…….To continue
 
 
UK Businesses Not Prepared for Rise in Bank Interest Rates
 
A report, commissioned by Company Watch and consisting of 500 UK businesses, revealed that of those businesses that have factored interest rate rises; the biggest group at 40% are prepared for an increase of just .25%, followed by 30% who are predicting a .75% rise and finally 25% are factoring a .5% rise in their business’ financial plan....….. To continue
 
 
Articles from the previous ABDS Newsletter (click to open).
 
 
The spotlight this month falls on our Accounts Manager  TONMOY KUMAR - TK.
 
TONMOY KUMAR  B Com. ACA (India) FCCA.
 
Tonmoy Kumar, or as we all know him as 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.
 
TK is also a huge advocate of Cloud Accountancy Software, and sees this as one of the major innovations in modern accountancy methods in not only assisting clients to understand and have “real time” financial information but in enabling him, as your accountant, to offer advice and assistance in a proactive and positive way. 
 
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, and if you want to know more about how Xero cloud software can help in your business, then call TK now.
.
 
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 David Nelson.
 
Sam walks into his boss’s office. “Sir, I’ll be straight with you, I know the economy isn't great, but I have three companies after me, and I would like to respectfully ask for a rise.”
 
After a few minutes of haggling the boss finally agrees to a 5% raise, and Sam happily gets up to leave.  
 
“By the way”, asks the boss as Sam is getting up, “which three companies are after you?”
 
 “The electric company, gas company, and phone company”, Sam replied.
 
 
Answer to the ABDS quiz:                 
 
"Education is the most powerful weapon you can use to change the world"     
                                          Nelson Mandela
 
and
"The secret of business is to know something that nobody else knows."
                                           Aristotle Onassis
 
and
"Education is an admirable thing, but it is well to remember from time to time that nothing that is worth knowing can be taught."
                                            Oscar Wilde
 
 
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
  
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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