HMRC
HMRC are in the final stages of testing 3 new pieces of online software for tax payers. These are due to be released in June/July. 1 in 2 VAT penalties levied against businesses are incorrect!! (source http://www.uhy-uk.com/resources/news/1-in-2-hmrc-vat-fines-against-businesses-ruled-incorrect/)
Team News
Beth, our New Media Manager has just finished her final exam towards her degree. Well done for ‘staying the course’ Beth! You can now relax a little!
How would YOU spend the money you save at Numbers?
Andy met with a new client last week and identified tax savings of £2,000, and also completed the first set of accounts for another client who implemented some of our planning last year, the resulting tax savings exceeded £9,000.
Business Training
Steve presented to a group of students at Plymouth City College last week, on how to set up a small business. Interesting questions asked by some participants. If you want the slides, or to book Steve to talk to a group, get in touch. In addition, Steve identified two great, free, workshops in Cornwall for a new client, just setting up in business.
Team Training
We had a brilliant Team Training Day last Wednesday! The main topics included: Strategy Excellent Service Pricing and cash management Team working Strategic partnerships Doing good Developing Systems Measuring the right things (Basically, everything you need to be a success in business!)
Money Saving
Andy secured a VAT refund of £2,800 for a client last week. Knowing the opportunities, plus our systematic approach to even the “mundane” made sure Ian was delighted! Annual fees covered for another two years!
Congratulations!
Congratulations to our client Elixel, who won the ‘Young Business of the Year’ at the Plymouth Shopper 10th birthday celebrations at the Duke of Cornwall Hotel on Wednesday.
Mixed partnerships – a thing of the past?
Introduction Mixed partnerships have been a good way in which to retain the benefits of self-employed status for business owners, while reducing the tax burden on businesses. While there have been some attempts to limit the benefits (e.g. the ban on mixed partnerships getting the 100% AIA for plant and machinery investment), HMRC have been unable to upset the arrangements. Until now….. It was announced in the 2013 Autumn statement, and draft legislation issued shortly thereafter, to close down what HMRC describe as a structural weakness that has allowed businesses to artificially reduce their tax liabilities. However, there are some very good reasons for having a mixed partnership. For example, retaining post-tax profits in a partnership will have incurred income tax and NIC if taken from the individual partners own profit share. This could reduce the available capital by up to 25% compared to funding it from a corporate partner’s…
Team News
Congratulations to Priscilla – and her husband Paul – who celebrate their Silver wedding anniversary on 15th April. Twenty five years of wedded bliss! We hope they have a lovely day celebrating.