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News - 9 December 2014

ABDS December NewsLetter

A Merry Christmas and a PROSPEROUS New Year to you all
  
Welcome to the December 2014 ABDS newsletter designed to keep you informed of the latest Accounts, Tax and Business issues.
 
And don’t forget THE FINAL DATE FOR SUBMISSION OF TAX RETURNS IS 31 JANUARY 2015
 
BUT HMRC REQUIRE TAX PAYMENTS TO BE CLEARED FUNDS IN THEIR ACCOUNT BY 31 JANUARY 2015
 
ABDS RECOMMENDS YOU SEND PAYMENT TO ARRIVE WITH HMRC BY 24TH JANUARY 2015
 
If you require assistance with preparation of your tax return please do not hesitate to contact the TAX Team at ABDS.
 
 
In this edition of the ABDS NewsLetter we will be looking at:


1. The Autumn Statement
2. HMRC tackle three corporate avoidance schemes
3. Ofsted rules on Faith Schools
4. VAT exemption for catering and other services linked to education
5. 2012 to 2013 tax gap published
6. Changes to business rates could help small firms
 
 
As part of our regular features we introduce you to one of our team members, this month it is our Tax Manager Stuart Coleman
 
This month’s fact sheet is:
 
Charities: The Fit and Proper Persons Test
 
 
To request a copy Contact us now
 
To download our brochure click here
 
And we will conclude, as usual, with Joke, but this month we break with tradition and offer seasonal jokes supplied by the ABDS staff.
 
ABDS Quiz
And because this is our festive edition, we give you three quotes to ponder upon

Who said?
"I once bought my kids a set of batteries for Christmas with a note on it saying, toys not included."

And
"Christmas gives us the opportunity to pause and reflect on the important things around us - a time when we can look back on the year that has passed and prepare for the year ahead."

And
"My mother-in-law has come round to our house at Christmas seven years running. This year we're having a change. We're going to let her in."

For the answer go to the end of the NewsLetter

 

The Autumn Statement


George Osborne delivered his final Autumn Statement on 3 December 2014, the last major statement before the General Election next year. The main headlines are:....to continue

HMRC tackle three corporate avoidance schemes
 
HM Revenue and Customs’ (HMRC) have announced three new major legal victories over corporate tax avoidance schemes, protecting over £100 million of tax.
 
The first is a Court of Appeal win concerning an avoidance scheme used by a number of large businesses. The lead case was Vocalspruce Limited, and there were 43 follower cases – a combined total of £85.4 million of tax was at stake……..to continue

 
Ofsted rules on Faith Schools
 
Ofsted have issued reports on Muslim Schools in east London, revealing that pupils did not know the difference between Sharia and British law.
Schools were found to be concentrating on Islamic themes, and that pupils believed it was wrong to learn about other religions and were not taught art, music or drama….to continue
 
 

VAT exemption for catering and other services linked to education
 
HMRC have issued a Brief advising that they will not alter their current policy on the VAT educational exemption until the Court of Appeal has delivered its judgment in the Brockenhurst College case next year, although they will consider claims and interim repayments based on the Upper Tribunal's decision…..to continue


2012 to 2013 tax gap published

The Tax gap is the difference between the amount of tax due and the amount collected.
HMRC have just published the data for 2012 to 2013, the difference is shown as 6.8% of tax liabilities, or £34 billion.
 

Financial Secretary to the Treasury David Gauke said:
“Since 2010 to 2011 the percentage tax gap has stayed…..to continue


Changes to business rates could help small firms
 
The LGA says that business rates should be set by local government. Any growth in business rates income should be retained by local government and the redistribution of business rates should be taken out of central government's hands…..to continue

 
Articles from the previous ABDS Newsletter (click to open).
 
The spotlight this month falls on our Tax Manager
 
Stuart Coleman BA (Hons) FCCA
 
Stuart Coleman joined the firm in August 1999, and is the manager of ABDS’s tax department. Stuart has a degree in accountancy from Southampton Solent University and qualified as a Chartered Certified Accountant with ABDS. He has substantial practical experience with the firm’s clients.
 
Stuart supervises the tax team, undertaking the routine tax compliance and ensuring that the firm’s clients are aware of their responsibilities and comply with them on a timely basis. He also undertakes more specialised tax planning, including inheritance tax planning and tax enquiry work, as well as specialist projects such as business valuations, shareholder and partnership agreements, dispute resolution, statutory, contract and CIS regulation work
 
Stuart is especially interested in tax planning, particularly retirement and inheritance tax planning and business sale and business valuation, so as to extract the rewards of having built up a business and to retain the hard-earned nest egg for a comfortable retirement
 
Stuart has lived in Southampton all of his life. He is an avid reader and enjoys watching sport.

Great with People    Brilliant with Numbers   Clear and Precise with Words
 
 
And to prove Accountants do have a sense of humour we will conclude, as usual, with Joke, but this month we break with tradition and offer seasonal jokes supplied by the  ABDS staff.
 
We can thank Stuart for this one:

What does the Queen call her Christmas broadcast?
The One Show
  
Liz offered this contribution
 
How many letters are in the Christmas alphabet?

25. There’s "no EL"!

Christine told her favorite joke
 
What athlete is warmest in winter?

A long jumper!

Mike produced this one

I’m worried about Advent Calendars
I think their days are numbered

And, David could not help himself; he offers this as his own contribution
 
Knock, knock
Who's there?
Arthur
Arthur who?
Arthur any mince pies left?
 
Oh Dave, you must be crackers


Answer to the ABDS quiz:                  
 
Who said?
 
I once bought my kids a set of batteries for Christmas with a note on it saying, toys not included.
                        Bernard Manning

 And
 
Christmas gives us the opportunity to pause and reflect on the important things around us - a time when we can look back on the year that has passed and prepare for the year ahead.
                         David Cameron

 And

My mother-in-law has come round to our house at Christmas seven years running. This year we're having a change. We're going to let her in.
                           Les Dawson

Extra portion of Christmas pud for whoever got them all

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.
 
Kind regards and a Merry Christmas and a
PROSPEROUS New Year to you all
 
 

Lavinia and the team

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