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  1. joan is set to carve out a new career!

    December 26, 2011 by Shirley1

    Photo of Joan Fosten with McBrides PartnersFor many people, the word retirement means taking a well-earned rest, putting your feet up – or pottering in the garden.

    Not for 68-year young Joan Fosten, who leaves McBrides Chartered Accountants on December 31 2011, as one of the firm’s longest-serving employees.

    For Joan, retirement means the chance to get to grips with her long-standing love of carpentry – and knuckle down to some serious joinery and DIY!

    Said Joan: “Although I have really loved my job and will miss work and all the staff, I always thought I chose the wrong career. In my day, girls went to work in a shop or an office. Today, they have such a wide choice. 

    “I’ve always enjoyed putting up cupboards and shelves and, given my time again, I’d like to have tried my hand at carpentry!”

    Already an enthusiastic DIY-er, Joan is more likely to be found in the aisles of B&Q than H&M – and when she’s not busy wielding her power tools and paintbrush, Joan spends quality time with her eight-year old grandson Jeremy – or writing poetry.

    Rather than relaxing in front of the TV, Joan enjoys writing funny ditties, sometimes gently lampooning her colleagues at McBrides. One was deemed so good it was featured on a company Valentine card!

    Joan said: “I like to keep busy and I’m conscious that I will need to keep my mind and body active once I leave work, so I have lots of ideas lined up.”

    Joan is looking forward to spending more time with her friends and three brothers and sister but stressed: “I won’t be a lady who lunches!”

    The sprightly sexagenarian, who lives in Blackfen, joined McBrides, based at Nexus House, Sidcup, back in 1988, whilst raising her only son Paul.

    She has worked as a secretary and PA to numerous members of staff, latterly acting as PA to Staff Partner John Eldridge.

    During her 23 years service, she has seen staff come and go – and the advent of calculators, computers and a whole host of other office technology!

    She said: “I am looking forward to abandoning the 6.00 am alarm call each morning, and the rush to get the bus to Sidcup Morrisons and back within my lunch hour.  I will miss all my friends at McBrides very much – it has been a great pleasure working here for 23 years and, although there have been changes in the company over the years, the quality of work ethic has remained constant and the relationship between partners and staff has always been friendly and helpful.  My best wishes go to the Partners for continuing success in the future.”

    John Eldridge said “Joan has been with us through “thick and thin”, and you will not find a more loyal and trustworthy employee.  She has kept pace with so many technological changes over the last 23 years it’s a credit to her and shows her willingness to keep at the top of her game.  Whilst she will be sorely missed, we are delighted that she will now have the time to pursue her other interests outside of work and we wish her a long and happy retirement”.

    Joan was presented with a WII fit, tickets to see War of the Worlds at the O2 in 2012 and vouchers on behalf of all her colleagues and friends at McBrides, at the firm’s Christmas Party, held at Brands Hatch Place.


  2. deadline looming for self assessment tax return

    December 23, 2011 by Shirley1

    31 January 2012 marks the deadline for filing the 2011 Self Assessment Tax Return with HM Revenue & Customs (HMRC).
     
    Those taxpayers failing to file their Return online by midnight on Tuesday 31 January will be subject to an automatic penalty of £100. This applies even if there is no tax to pay, or the tax is paid on time.
     
    Tax Returns which are not filed after a further three months will be subject to daily penalties, and additional penalties will apply to Returns which are remain unfiled after six and 12 months, adding up to a potential penalty of £1,600 or more.
     
    Penalties and interest charges also apply for the late payment of tax, and these will continue to be applied until HMRC receives payment.

    We can help with all your tax planning needs, including filing your Tax Return – please contact us for further assistance.


  3. mps criticise hmrc’s ‘cosy relationships’ with big business

    December 22, 2011 by Shirley1

    HM Revenue & Customs (HMRC) has been accused of enjoying ‘unduly cosy’ relationships with big businesses, following the revelation that there remains more than £25 billion worth of unresolved tax issues with major companies.

    In a new report, the Public Accounts Committee said it had ‘serious concerns’ about how some large settlements were reached and singled out Dave Hartnett, permanent secretary for tax, for his role in negotiations with big firms.

    The MPs claim that some big companies have been let off billions of pounds in tax payments because they were receiving ‘preferential treatment’ from the tax authority.

    Margaret Hodge, the former Labour minister who chairs the committee, said: ‘This report is a damning indictment of HMRC and the way its senior officials handle tax disputes with large corporations. We uncovered both specific and systemic failures which must be addressed.’

    However, HMRC rejected the committee’s conclusions. ‘The report is based on partial information, inaccurate opinion and some misunderstanding of facts,’ a spokesman said.

    ‘Senior HMRC officials sought to be co-operative by providing as much information as possible within the legal constraints of taxpayer confidentiality.’


  4. employment tribunal fees ‘will boost business’

    by Shirley1

    The Government has launched a consultation on its proposals to introduce a system of fees for individuals who wish to raise a case in an employment tribunal.

    Two alternative options for the new fee system have been put forward, which involve either:

    • An initial fee of £150-£250 to enable an employee to raise a claim, with an additional fee of between £250 and £1250 if the claim goes to a hearing, and no maximum limit to the award; or
    • A single fee of £200-£600, with the maximum award capped at £30,000. Those seeking awards above this threshold would be given the option of paying an additional fee of £1,750.

    The stated aim of the proposals is to encourage both parties to work through their issues before reaching the employment tribunal stage, and to discourage weak or ‘vexatious’ claims.

    Commenting on the launch, Justice Minister Jonathan Djanogly said, ‘Currently, the UK taxpayer bears the entire £84 million cost per year of resolving other people’s employment disputes at tribunals. This is not sustainable’.

    Fee waivers will be available to those on low incomes, and the tribunal will have the power to order the unsuccessful party to reimburse the fees of the successful party.

    The British Chambers of Commerce (BCC) has welcomed the proposals, arguing that they will boost employers’ confidence and encourage them to take on staff.

    Adam Marshall, Director of Policy at the BCC, said, ‘The average cost for an employer to defend themselves at tribunal is £8,500. However three-fifths of tribunal claims are settled due to high costs, with the average settlement at £5,400. According to BCC research, one in five businesses has been threatened with a tribunal in the last three years’.

    However, the TUC has raised its concerns over the likely impact of the new system on lower paid workers.

    The TUC’s Brendan Barber commented, ‘Employment tribunals are a key way of enabling workers to enforce their rights. Government proposals to introduce a fee to lodge an initial claim – and then possibly a further charge for a full hearing – will effectively prevent the poorest and most vulnerable workers from ever being able to get justice’.

    ‘Because the fees will be paid upfront and only refunded if a claim succeeds, the poorest workers and those without union backing will struggle to pay these costs. They are also the most likely to be deterred from pursuing a claim.’

    The consultation will run until 6 March 2012.


  5. new taskforce seeks to ‘diversify business finance’

    by Shirley1

    Business groups have welcomed the introduction of a new industry-led Taskforce which will seek to boost the finance options accessible to UK firms.

    Announced as part of the credit easing package in the Autumn Statement, the Taskforce will focus on diversifying the range of finance options available, from corporate bonds to ‘crowd-funding’.

    The Confederation of British Industry (CBI), which had been campaigning for the initiative, has applauded the move. ‘Government has grasped the nettle in supporting industry to develop new and viable financing solutions for small and medium sized companies,’ said CBI Director-General, John Cridland.

    His comments were echoed by the chairman of the Federation of Small Businesses (FSB), John Walker. ‘Funding for small businesses is heavily reliant on the major high street banks, so the Federation of Small Businesses welcomes this group to explore viable alternatives that are much needed.

    ‘Small firms need an environment where they can explore funding options that are only usually open to large businesses, or the scale of alternative lenders is smaller than in our competitor nations,’ he added.

    On Wednesday the Business Secretary Vince Cable revealed that the new body will be led by the Legal and General chief executive and current chairman of the Association of British Insurers, Tim Breedon.

    The Taskforce is due to report to the Government ahead of the 2012 Budget statement.


  6. kent company helping to test drive hmrc’s new payroll system

    December 16, 2011 by Shirley1

    A leading Kent accountancy firm is helping Her Majesty’s Revenue and Customs (HMRC) to pilot a new scheme which could see sweeping changes to the tax system within two years.

    The Payroll Bureau of McBrides Accountants LLP, who are based in Sidcup, is one of 100 medium sized schemes to take part in the nationwide pilot of the new Real Time Information (RTI) PAYE system.

    Starting next year, it will take part in the pilot alongside 99 other firms, and feed back its findings to HMRC to ensure that the RTI PAYE system works and is ready to be rolled out nationally.

    It is expected that, from April 2013, it will be mandatory for all employers to submit their PAYE and NIC information online to HMRC for every pay period, whether that is weekly, fortnightly or monthly.

    This will mean the end to manual submissions of information to HMRC – and employers could face financial penalties if they do not comply with the strict new guidelines proposed.

    As well as assisting with the pilot, McBrides Payroll Bureau will adapt its services to help clients of all sizes to comply with the RTI system when it comes into play, allowing them to sidestep the threat of potentially hefty fines.

    “We urge all South East businesses to act fast and begin preparing for the new HMRC rules now to avert the threat of fines and avoid providing inaccurate information once it has gone live,” said Keith Utton, Practice Manager at McBrides.

    “As the new system will affect all employers, it will have a major impact on the way in which businesses process their payroll.

    “RTI relies on very accurate employee information and employers will need to have gathered all the data in advance and set each employee up on their payroll system before they can process their pay periods.

    “It is a very different system to what we have been used to and as such, businesses may no longer be able to manage their payroll processes – something that is often done in-house. Any employer which currently uses a manual payroll system will no longer be able to do so once RTI has been introduced.”

    McBrides, based at Nexus House, Sidcup, just off the A20, provides a fully comprehensive payroll service with fixed fees and no hidden extras, making budgeting and cost management easier for clients of all sizes. 

    They also offer a BACS Bureau service which means they are able to pay wages direct to employees of all clients and make PAYE/NIC payments direct to HMRC, as well as pay pension deductions direct to pension providers.

    For further information on the proposed payroll changes or information about McBrides’ payroll services, please contact Keith Utton on keith.utton@mcbridesllp.com.


  7. tutors and coaches urged to disclose unpaid tax

    December 15, 2011 by Shirley1

    HM Revenue & Customs (HMRC) has issued a reminder to individuals wishing to take part in its new Tax Catch Up Plan.

    Private tutors and coaches have until 6 January 2012 to disclose details of any unpaid tax as part of the Government’s latest campaign to tackle what it sees as tax avoidance.

    Earlier this year, HMRC announced its intention to scrutinise the tax affairs of private tutors and coaches who are able to earn either a main or secondary income from their expertise.

    The campaign covers people providing private lessons, regardless of whether they have a teaching qualification, and could include, for example, fitness/dance/ lifestyle coaches through to national curriculum subject tutors and others.

    The Tax Catch Up Plan has two stages:

    • by 6 January 2012, tutors/coaches/instructors must register with HMRC to ‘notify’ that they plan to make a voluntary tax disclosure
    • by 31 March 2012, those who have registered to notify must tell HMRC what they owe and pay the tax, interest and penalties due.

    Commenting, Marian Wilson, Head of HMRC Campaigns, said: ‘Tutors and coaches who have notified us of their intention to disclose unpaid tax will have until 31 March to tell us what they owe and make arrangements to pay.

    ‘From January we will use the information at our disposal to investigate tutors and coaches who have not declared their full income. I therefore strongly urge anyone in this group who thinks they may have outstanding income tax liabilities to get in touch with HMRC and get their tax affairs in order.

    ‘This is the first step for those with undisclosed income or gains to avoid a full tax investigation and much higher penalties. Contact us before we contact you.’

    We can help you with all your tax requirements, including HMRC tax investigations - please contact us for further assistance.


  8. revenue confirms all businesses must file vat online

    by Shirley1

    HM Revenue & Customs (HMRC) has confirmed that with effect from 1 April 2012, all VAT-registered businesses must file their VAT returns online and make payments electronically.

    Up until that date, only newly registered businesses and those with turnovers of £100,000 or more have had to file their returns and pay their VAT online.

    VAT is chargeable on most goods and services supplied in the UK, by businesses whose turnover exceeds the VAT threshold (currently £73,000).

    Businesses are being advised to sign up to the online service in advance of the April deadline.

    We can help with all your VAT requirements, including registering for VAT and submitting your VAT return on your behalf – please contact us for further assistance.


  9. small business group calls for ‘adequate broadband access for all’

    by Shirley1

    The Federation of Small Businesses (FSB) is calling on the Government to ensure that its broadband policy will allow all small firms access to adequate broadband facilities.

    The call follows a recent report from the business group, which reveals that many small firms rely on internet trading to find new customers abroad.

    According to the survey, four out of ten businesses that trade online do business with other countries in the European Economic Area, while a third trade online with North America and Canada, and a quarter with Australasia.

    The FSB has highlighted a number of barriers faced by small businesses, the biggest of which is a lack of access to high speed broadband. In addition, the organisation believes that small businesses are being put off online trading as a result of poor postal delivery services, concerns about online payment fraud, and a lack of knowledge.

    A quarter of businesses reported that they only have access to broadband speeds of up to 2Mbps. Meanwhile, 9% of small firms reported that current generation broadband, of up to 24Mbps, is not available across any of their websites, and a further 22% said that it is not available for at least one of their websites.

    In the 2011 Autumn Statement, Chancellor George Osborne announced further funding of £100m for up to 10 ‘super connected cities’, together with a £20m Rural Community Broadband Fund (RCBF) for remote rural areas. However, the FSB believes that the RCBF will not do enough to solve the problem of the ‘digital divide’ between urban and rural areas.

    John Walker, FSB National Chairman, said, ‘Online trading has helped to empower small businesses to find new markets, sell new products, try new models and compete on an equal footing with larger businesses. Online trade has great potential for small businesses but it still has its barriers. These must be removed’.


  10. reasons to hang on to your pennies – and not over-paye…

    December 14, 2011 by Shirley1

    The taxman has always been blamed for being quicker at taking your hard-earned cash than he is at handing it back.

    Following recent news that HM Revenue & Customs have owned up to a huge raft of errors in personal tax calculations, another batch of refunds could soon be on their way to individual taxpayers.

    However, don’t hold your breath if you’re a business which has erroneously overpaid PAYE and NIC.

    The fact that HMRC recognise you have overpaid, doesn’t mean you’ll necessarily get a speedy refund, according to Keith Utton, Practice Manager at Sidcup-based accountants McBrides Accountants LLP.

    Keith said: “ You might well get one of those familiar little blue notifications soon after the end of the tax year if you have indeed made an overpayment – and if it’s by £50 or £75, that probably means you didn’t offset the online filing incentives against your PAYE payments.

    “However, more worrying are the bigger errors – some of which can run to thousands of pounds and date back a number of years – which often slip through the net.”

    Even when overpayments are picked up, most employers are under the false impression that any surplus indicated on the Employer End of Year Return (P35) will automatically be refunded.

    Not so, says Keith. “Unless you write and formally request a refund, nothing will happen. Even when you do write, it could be some time before you see a glimmer of your money on the horizon.”

    HMRC have admitted that processing correspondence can take up to three months and, when your letter is dealt with, you will most likely receive a form quoting the P35 figures and total receipts in the year, with a request that you explain how the overpayment occurred.

    Keith said: “If your reason proves unsatisfactory, correspondence can be drawn out even further and, with all calls having to go through the HMRC Help Desk rather than your own tax office, matters can become even more tortuous. Finally, when agreement is reached, the odds are you’ll still have to wait another four weeks before receiving your money!”

    So, what can be done to avoid all this angst?

    • Firstly, ensure you pay the correct Tax and NIC to HMRC each month. (This may seem obvious but not offsetting your recoverable Statutory Maternity Pay or Statutory Sick Pay  is the most common error.)
    • Always keep detailed records of PAYE due and amounts paid to HMRC, with a monthly reconciliation.
    • If you do discover an error during the year, increase or decrease your next payment to put things back into line.
    • If you discover the error after the year end, submit your claim for a refund as soon as possible.

    Better still, put matters in the hand of an accountant who should be able to take a whole lot more than just the weight off your mind!

    If you think you might have overpaid HMRC and need further advice, contact Keith Utton by completing and submitting the form on the left-hand side of this page.


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