Xero Accounting

We’ve done it!.  We have transferred all our accounting systems to Xero Accounting in the Cloud. As certified advisers we can help you do the same. Interested in learning the benefits, call Paul on 0161 962 1855.

Until October 2013, those with 50 or fewer employees get more time to report to HMRC

HMRC has today announced a relaxation of Real Time Information (RTI) reporting arrangements for small businesses in the first six months of the new system.

HMRC says: “Until 5 October 2013, employers with fewer than 50 employees, who find it difficult to report every payment to employees at the time of payment, may send information to HMRC on the date of their regular payroll run but no later than the end of the tax month (5th).”

XERO – ONLINE ACCOUNTING – WWW.XERO.COM

SOMETHING TO SHOUT ABOUT!!! – IT’S GOING TO CHANGE THE WORLD
WE’VE CONVERTED FROM SAGE, HAVE YOU? – IT’S BEAUTIFUL, IN THE CLOUD, SO EASY AND IT STARTS AT £10/MONTH!!!

LET US CONVERT YOU FOR FREE ( from your desktop version of SAGE AND QUICKBOOKS ) AND YOU WILL BE UP AND RUNNING IN THE NEW AGE WITHIN DAYS
Here are a summary of the massive benefits

• Run your business and access your accounts from work, home or on the go.
• Invite others to view your accounts and provide valuable real-time advice.
• Your data is completely secure even if your computer is lost or stolen.
• Collaborate online
• Work together as a team on financials. Collaborate with your accountant and bookkeeper to get the advice you need, when you need it. Invite an unlimited number of people for free. You control what each person can see.
• You can work on any system – Mac, Windows or Linux. Plus, there’s a mobile version designed for smartphones like iPhone, Android and Blackberry.
• Always up-to-date
• All your invited users have access to the latest version of your financial data. You never need to worry about installing software or files getting corrupted and being out-of-date.
• Your data has never been safer. We operate multiple redundant servers at tier-one data centres, guarded 24/7/365 and we run database backups every 10 minutes.
• Software updates are free and automatically available when you login. Every 3-6 weeks we release innovative new features and enhancements based on ideas from our customers.

call paul at A&C Chartered Accountants on 0161 962 1855 for a free demo. and get ready to see the future!!!

As the marketplace has expanded, business techniques have evolved to include dynamic media like the internet. However, referral marketing remains a basic yet powerful strategy. Though all companies and entrepreneurs understand the importance of this technique, many are unsure about how to maximise the potential of market referrals. Here are some top tips to help you make the best of such opportunities for your business:

The most important aspect of any business venture is that the clients should be happy with your products and services. The happier your clients are, the more likely they are to recommend your business to others. The most important step is to actively urge clients to send referrals, by saying, “thank you for your business, we are glad to be of service and we are always keen for more business”.

You must ensure that your clients are aware of the full range of services and products provided by your firm. The majority of clients will not purchase every product or service your business offers. However, providing your clients with knowledge about everything your company offers may lead them to refer your business

Finally, focus on quality. If you provide a quality service with a focus on delivering value for your clients, you will inevitably have happy customers. If you ask a happy customer for a referral, they will generally oblige!

In my next life I want to live my life backwards. You start out dead and get that out of the way. Then you wake up in an old people’s home feeling better every day. You get kicked out for being too healthy, go collect your pension, and then when you start work, you get a gold watch and a party on your first day. You work for 40 years until you’re young enough to enjoy your retirement. You party, drink alcohol, and are generally promiscuous, then you are ready for high school. You then go to primary school, you become a kid, you play. You have no responsibilities, you become a baby until you are born. And then you spend your last 9 months floating in luxurious spa-like conditions with central heating and room service on tap, larger quarters every day and then Voila! You finish off as an orgasm!”  courtesy of Woody Allen

Employee Benefit Trusts tax case – Rangers 1 HMRC 0

A first-tier tribunal has ruled that payments made to players and staff at Rangers Football Club in a tax scheme were not illegal.

The scheme was in place between 2001 and 2010 to pay substantial sums to players and staff. It argued that the payments were loans rather than actual earnings and not subject to tax.

Following a challenge from HMRC the club appealed its use of Employee Benefit Trusts (EBTs), arguing that the payments were loans which can be repaid.

The ruling [TC02372] said: “The majority view reflects the argument that the controversial monies received by the employees were not paid to them as their absolute entitlement. The legal effect of the trust/loan structure is sufficient to preclude this. Thus the payments are loans, not earnings, and so are recoverable from the employee or his estate.”

HMRC is now considering an appeal.

Accounts and tax is easy, if you have the knowledge. Most people can gain the knowledge but knowing how and when to use it is all about being different. One important lesson I learned from the master was to be ‘forever vigilant’, that is to identify opportunities and apply your knowledge for the benefit of your client. This is just one of our differentiating skills.

As an example of this, whenever we take on new clients we always carry out a prior year tax review. For instance, we were recently engaged to solely prepare capital gains tax computations and a tax return for a client. We took it upon ourselves to review his tax affairs for the past four years and from this we expect to secure a personal tax refund by identifying a claim that he had not made which should net him in the region of £7,000!!!. Want to know how we did this and how we could do the same for you?, then ring paul at a&c chartered accountants on 0161 962 1855

A&C Chartered Accountants have recently helped a manufacturing company in Scarborough to claim R&D tax credits of £20,000+. Find out how by calling 0161 962 1855