By Katie Business News • Startups 0 Comments

Thought Leadership

Thought leadership can be a very effective marketing tool but successfully implementing a thought leadership strategy is a lot harder that it sounds.

A thought leader is someone who, based on their expertise and perspective of an industry, offers unique guidance, inspires innovation and influences others. Their views on a particular subject are taken to be authoritative.

To become recognised as a thought leader by your peers, you are going to have to write, speak, produce content such as video, be interviewed and produce original ideas about the topic you want to specialise in. You need to be passionate about your topic or you are unlikely to succeed in becoming a thought leader in that area. Focus on a niche area – if your topic is too broad or is already covered by lots of other industry experts, you risk getting lost in all the noise.

Once you have identified your topic, consider the angle. Are you going to challenge conventional thinking? Have you got an original idea that helps you to stand out? Go beyond just collecting and disseminating existing information into useable chunks for your audience. Look at your target market – what challenges do they face in their business or personal lives. Perhaps there is a gap where your firm’s product or service can help? Consider how you could go about educating your target audience in a way that adds value for them. Social media makes it easier than ever to disseminate thought leadership material. Start by producing a blog on LinkedIn. Set yourself a target to update your LinkedIn blog once a month, focussing on expressing and articulating your thoughts on your chosen topic in way that is relevant to your target audience.

Carry out research that relates to your topic, you could perhaps create your own online survey. Use that research to substantiate your point of view. Draw on your own customer data and use this to develop your thinking and report on your results. Over time, you will start to gain some recognition among your target audience. As your reputation builds, expand your range of communication channels to include articles for industry magazines, e-news updates, newsletters and posts on your company website.

Make yourself available to speak at industry conferences and be open to responding to enquiries from the media and trade press. The more you put yourself, your content and your views out there, the more your reputation will grow and develop. Make a point of sitting down at least once a year to create, review and update a rolling thought leadership plan. Consider what it is that you are trying to achieve and set out your objectives for your thought leadership in order to support your overall goals.

Need more information?

We offer a wide range of services tailored to suit your business needs. Our accountants work with companies of all sizes from all sectors. The team work hard to ensure they create smart and effective tax-efficient solutions for start-ups to optimise growth and help them succeed. If you want to learn more about how the team can help or simply want some start-up advice from a trusted accountant do hesitate to contact us. For more information please do hesitate to contact us on 0161 962 1855. Alternatively you can email us using the form below and we will contact you as soon as possible.

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    By Katie Business News • Tax News 0 Comments

    Diary of main tax events – October/November 2019

    Diary of main tax events for October/November 2019. If you need any help please do not hesitate to get in touch with our dedicated tax accountants.

    Date What’s Due
    1/10 Corporation tax for year to 31/12/18, unless quarterly installments apply
    5/10 Deadline for notifying HMRC of chargeability for 2018/19 if not within Self-Assessment and  receive income or gains on which tax is due
    19/10 PAYE & NIC deductions, and CIS return and tax, for month to 5/10/19 (due 22/10 if you pay electronically)
    1/11 Corporation tax for year to 31/01/19, unless quarterly installments apply
    19/11 PAYE & NIC deductions, and CIS return and tax, for month to 5/11/19 (due 22/11 if you pay electronically)

    Need more information?

    It is important as a business to keep up to date and be aware of all the latest tax dates and events. Our team are here to help you along the way. We offer a wide range of services which are unique to businesses who are just getting going! The team work hard to ensure they create smart and effective tax-efficient solutions for start-ups to optimise growth and help them succeed. If you want to learn more about how the team can help or simply want some start-up advice from a trusted accountant do hesitate to contact us. For more information please do hesitate to contact us on 0161 962 1855. Alternatively you can email us using the form below and we will contact you as soon as possible.

    Our fantastic team at A&C Chartered Accountants are here to help.

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      By Katie Business News • Tax News 0 Comments

      Get ready for the “off-payroll” working rules

      Where large or medium-sized organisations are paying workers via personal service companies or agencies they will need to operate new procedures from 6 April 2020.

      The new rules will apply to partnerships, LLPs and larger charities as well as limited companies. Only those organisations that would be classed as “small” under the Companies Act criteria will be outside of the new rules.

      From 6 April 2020 the end user organisation will be required to determine whether or not the worker would be an employee of the organisation if directly engaged. That determination will need to be communicated to the agency supplying the worker so that income tax and national insurance is deducted from any payments.

      The end user organisation should use the Check Employment Status for Tax (CEST) software on the HMRC website to carry out the determination. A copy of the determination should also be given directly to the worker.

      WHAT IF THE WORKER DISAGREES?

      Where the worker disagrees with the employment status determination they should contact the end user straight away setting out their grounds for disagreement.

      The end user must provide a response within 45 days of receiving the disagreement. During this time they should continue to apply the rules in line with the original determination.

      Need more information?

      Do you need any help with your tax? We offer a wide range of services which are unique to your business. Our accountants have a wealth of experience in all sectors between our team. From restaurants, fashion brands, fitness centres and many creatives start their business correctly and ensure they are staying tax compliant. The team work hard to ensure they create smart and effective tax-efficient solutions for start-ups to optimise growth and help them succeed. If you want to learn more about how the team can help or simply want some start-up advice from a trusted accountant do hesitate to contact us. For more information please do hesitate to contact us on 0161 962 1855. Alternatively you can email us using the form below and we will contact you as soon as possible.

      Our fantastic team at A&C Chartered Accountants are here to help.

      Contact us below

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        By Katie Business News • Tax News 0 Comments

        Delivering Customer Value

        Understanding what your customers really value can help you to market your products and services more effectively.

        Customer value is the perception of what a product or service is worth to the customer.  Customers don’t buy features – they buy benefits. Your customers will buy your product or service because of the benefits that they get.  If you take the time to understand what your customers value and what they are willing to pay for, you will be able to market your business more effectively. You may also be able to win new customers from your competitors.

        Most businesses make the mistake of thinking about value purely in terms of money. They create special offers to promote their products and services, but all they are doing is cutting their profit margin in a race to the bottom. Sure, there is a place in most markets for a lowest priced competitor but this doesn’t work for everyone. Take the airline industry – there isn’t room for more than a handful of low cost airlines and that is why many of them are in financial difficulty – their costs have gone up, but there is downward pressure on pricing.

        Value is about much more than just money. Put yourself in your customer’s shoes – your customers think of value in terms of goals, benefits and results. They are seeking an outcome and this is what drives their purchasing decision. For example, an accountant might save a customer £6,000 on their tax bill and charges the customer £2,000 for doing the tax work. The monetary value to the customer is therefore £4,000. But what if this is only the beginning? What if the customer wants to grow their business over the next 5 years. The accountant could add value by providing advisory services to the customer over the next 5 years, to help them to achieve that goal. The customer would be willing to pay for that additional service because it helps them to achieve their goal.

        The overall perception of value is, from a customer’s perspective, also influenced by experience. If the accountant in our example is difficult to deal with and the customer has to regularly drive to their offices to sign paperwork, have face to face meetings, etc. the customer will not think that the service is great and may question whether it is worth the money. Conversely, if the accountant offers meetings over Skype, at a time convenient for the customer and provides documents by email with e-signature capability, the customer may value the convenience and efficient service to the extent that they may even be willing to pay more for that service.

        Amazon.com is a great example. The high street is struggling yet the world’s largest online retailer continues to grow. Why? Because its customers value the convenience, the vast range of product choices on offer and the ease of purchasing. Amazon has aligned its business model with the values of its customers and that is why it continues to succeed.

        Need more information?

        We love nothing more than learning about new start-ups and helping you get off on the right foot! We offer a wide range of services which are unique to businesses who are just getting going! As start-up accountants we have a wealth of experience in all sectors between our team. From restaurants, fashion brands, fitness centres and many creatives start their business correctly and ensure they are staying tax compliant. The team work hard to ensure they create smart and effective tax-efficient solutions for start-ups to optimise growth and help them succeed. If you want to learn more about how the team can help or simply want some start-up advice from a trusted accountant do hesitate to contact us. For more information please do hesitate to contact us on 0161 962 1855. Alternatively you can email us using the form below and we will contact you as soon as possible.

        Our fantastic team at A&C Chartered Accountants are here to help.

        Contact us below

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          construction workers
          By Katie Construction Industry News • Tax News 0 Comments

          VAT changes for Construction Industry – now delayed until 1 October 2020

          construction workers

          Following our recent news regarding VAT changes for the construction industry, specifically the VAT Construction Scheme Domestic Reverse Charge, HMRC have now announced it will be delayed for 12 months.

          The new date for the VAT reverse charge will be 1st October 2020. From this date, VAT-registered firms who are reporting under the Construction Industry Scheme (CIS) will see a major change to the way VAT is collected. The customer receiving the service will now have to pay the VAT due to HMRC instead of paying the supplier.

          HMRC have provided a brief that explains that the introduction of the domestic reverse charge for construction services.

          The charge has been set into place to help remove the scope for fraudsters to steal the VAT due to HMRC and follows similar measures introduced in response to criminal threats for telecommunication services and renewable energy certificates. There has been a long lead-in time ahead of the anti-fraud measure coming into force.

          The long lead-in time, which was first introduced by the government in the Autumn Budget 2019, was to allow for potential cash-flow and administrative impacts the change could have on businesses.

          Businesses need to adapt their accounting systems for dealing with the VAT changes and there will be a negative impact on the cash-flows for many affected businesses, as they will no longer get VAT payments from customers for services where the reverse charge applies. Our team of chartered accountants at A&C can offer this service to all our existing and new clients.

           Explanation of the change

          HMRC have provided an explanation of the change, explaining that some businesses in the construction sector are not ready to implement the VAT changes according to Industry representatives.

          Therefore, HMRC have confirmed that they are prepared to help these businesses by delaying the change for 12 months. They have also highlighted that this will avoid the changes coinciding with Brexit.

          It is important to note that HMRC remain committed to the introduction of the reverse charge and has already increased compliance resource. From the new proposed date, HMRC will focus additional resource on identifying and tackling existing perpetrators of the fraud. It will also work closely with the sector to raise awareness and provide additional guidance and support to make sure all businesses will be ready for the new implementation date.

          What happens if your business has already made the necessary changes?

          HMRC are aware that there are businesses who have already changed their invoices to coincide with the new changes and will not have to change them back. Thankfully HMRC will take this into account.

          For those businesses who have opted for monthly VAT returns ahead of the 1 October 2019 implementation date can reverse this by using the appropriate stagger option on the HMRC website.

          Need more information?

          HMRC will update the reverse charge guidance to reflect the change in the implementation date.

          For further information about this announcement contact: indirecttax.vatsncfteam@hmrc.gov.uk.

          Our dedicated Construction sector team have already implemented these changes for our clients. Those clients can rest assured that our team have already spent the morning working hard to put the changes back to how they were prior to the new rules. If any of our clients do have these concerns, please contact us on 0161 962 1855.

          A&C Chartered Accountants offer a wide range of services which are unique to your business needs. Our team of specialist construction industry accountants have a wealth of experience in the most effective tax-efficient solutions for your business to optimise growth. If you want to learn more about how the team can help or simply want advice from a trusted accountant do hesitate to contact us.

          For more information please do hesitate to contact us on 0161 962 1855. Alternatively, you can email us using the form below and we will contact you as soon as possible.

          Our fantastic team at A&C Chartered Accountants are here to help.

          Contact us below

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            diary
            By Katie Construction Industry News • Tax News 0 Comments

            Diary of main tax events September / October 2019

             

            Date What’s Due
            1 September Corporation tax for year to 30/11/18 unless pay by quarterly instalments
            19 September PAYE & NIC deductions, and CIS return and tax, for month to 5/9/19 (due 22 September if you pay electronically)
            1 October Corporation tax for year to 31/12/18 unless pay by quarterly instalments
            5 October Deadline for notifying HMRC of chargeability for 2018/19 if not within Self-Assessment and  receive income or gains on which tax is due
            19 October PAYE & NIC deductions, and CIS return and tax, for month to 5/10/19 (due 22 October if you pay electronically)

            Need more information?

            A&C Chartered Accountants specialise in the Construction Industry sector. Our team are experts in helping clients from the construction and property industry with CIS Returns. We offer a wide range of services which are unique to your construction business and thorough CIS advice. Our dedicated team of chartered accountants have over 40 years of combined experience, providing full accounting services to help your construction business stay financially healthy. Our aim is to take the stress away from you to keep you doing what you do best, whilst we ensure your business complies in accordance with HMRC Guidelines.

            The team work hard to ensure they create smart and effective tax-efficient solutions for your business to optimise growth and help them succeed. If you want to learn more about how the team can help or simply want some sector advice from a trusted construction accountant do hesitate to contact us. For more information please do hesitate to contact us on 0161 962 1855. Alternatively, you can email us using the form below and we will contact you as soon as possible.

            Our fantastic team at A&C Chartered Accountants are here to help. If you require more information on deadlines and CIS returns please do get in touch with us.

            Contact us below

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              vw kombi van
              By Katie Business Advice • Business News • Tax News 0 Comments

              When is a van not a van?

              vw kombi van

              HMRC are being urged to provide clarity and consistency on the tax treatment of commercial vehicles such as VW Kombi Vans marketed as goods vehicles. The need for clarity follows the ruling in an important tax tribunal case involving “vans” provided to employees of Coca Cola.

              The court has upheld the HMRC view that certain vehicles are not goods vehicles but motor cars for benefit in kind purposes. Consequently, the income tax and national insurance payable by employee and employer is significantly higher than if the vehicles had been classified as goods vehicles.

              Certain vans are exempt from income tax

              There is no benefit in kind where the van is only used for business journeys or the private use of the vehicle is insignificant. Examples would include making a slight detour to pick up a newspaper on the way to work or taking an old mattress or other rubbish to the tip once or twice a year.

              Income tax definition of “goods vehicle”

              The income tax legislation defines a “goods vehicle” as “a vehicle of a construction primarily suited for the conveyance of goods or burden of any description…”

              Although the VW Kombi vans failed this test the Tribunal held that Vauxhall Vivaro vans provided by Coca Cola did fall within the definition of goods vehicles!

              It is understood that this case is due to be heard at the Court of Appeal which will provide legal precedent over the tax treatment. Until then it gives employers a dilemma as to how to report such vehicles on employees’ form P11d and also whether the position in earlier years should be rectified. The tribunal had to seek evidence from automotive industry experts so how are employers expected to interpret the rules!

              What is also particularly confusing, and thus difficult for businesses to deal with, is that the benefit in kind rules are not the same as the rules for capital allowances and VAT.

              Capital allowances definition of “motor car”

              The definition of a “motor car” for plant and machinery allowances purposes is a mechanically propelled vehicle except a vehicle:

              1. constructed in such a way that it is primarily suited for transporting goods of any sort, or
              2. of a type which is not commonly used as a private vehicle and is not suitable for use as a private vehicle.

              VAT definition of “motor car”

              For VAT purposes the definition of a motor car has been amended several times over the years. The current definition states: “Motor car” means any motor vehicle of a kind normally used on public roads which has three or more wheels and either:

              1. a) is constructed or adapted solely or mainly for the carriage of passengers; or
              2. b) has to the rear of the driver’s seat roofed accommodation which is fitted with side windows or which is constructed or adapted for the fitting of side windows;

              There are several exceptions to this rule notably vehicles constructed to carry a payload of one tonne or more. A common example would be a “double cab” pick-up such as a Mitsubishi L200 or Toyota Hilux.

              Need more information?

              A&C Chartered Accountants offer a wide range of services which are unique to your business needs. As chartered accountants we have a wealth of experience in all sectors and business vehicles. The team work hard to ensure they create smart and effective tax-efficient solutions for your business to optimise growth and help them succeed. If you want to learn more about how the team can help or simply want advice from a trusted accountant do hesitate to contact us. For more information please do hesitate to contact us on 0161 962 1855. Alternatively, you can email us using the form below and we will contact you as soon as possible.

              Our fantastic team at A&C Chartered Accountants are here to help.

              Contact us below

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                By Katie Business News • Making Tax Digital • Tax News 0 Comments

                No VAT penalty if you missed the first quarterly MTD deadline

                If you pay your VAT quarterly by direct debit the sign-up window has closed for the 7 August (30 June quarter) submission. Do not worry as HMRC have announced that you will not be penalised this time so you may file the old way and come back when the direct debit has been collected to sign up in time to file the next return.

                Although HMRC will not penalise you, they will send a letter telling you that you missed the deadline and asking you to take action.

                Making Tax Digital for Business

                Making Tax Digital was introduced in the 2015 Spring Budget. The government’s ‘Making Tax Easier’ document was published shortly after and outlined plans for the ‘end of the tax return’. It also set out the government’s vision to modernise the UK’s tax system, with digital tax accounts set to replace tax returns for businesses.

                Making Tax Digital for VAT

                From 1 April 2019, businesses are mandated to use the Making Tax Digital for Business system to meet their VAT obligations. Under the new rules, businesses with a turnover above the VAT threshold (currently £85,000) must keep digital records for VAT purposes and provide their VAT return information to HMRC using MTD functional compatible software.

                Company officers jointly and severally liable for VAT penalty

                The decision in a recent tax tribunal case reminds us that directors and other company officers may be personally liable for VAT penalties of their company. The recent case involved a penalty for late registration for VAT where the threshold had been exceeded.
                Three conditions must be satisfied before the liability for a penalty payable by the company can be imposed on an individual:

                1) A penalty must be payable by the company for a deliberate failure.

                2) The individual on whom HMRC seek to impose liability must be an “officer” of the company

                3) The deliberate failure must be attributable to that officer.

                Our dedicated team of chartered accountants have over 40 years of combined experience, providing full VAT and tax services to ensure your business complies in accordance with HMRC Guidelines. A&C are experienced with the new Making Tax Digital scheme. We have already helped many clients old and new get their accounts set up and ready for the switch. Our dedicated Making Tax Digital experts ensure this is done without affecting your business in any way and a smooth transition is key to the successful implementation.

                A&C Chartered Accountants are at the forefront of the best cloud accounting software to ensure the most efficient technology fits perfectly for your business. Through extensive research and training our team use Xero and Sage Business Cloud to help submit your tax returns online. Your dedicated business account manager will provide free cloud accounting training and offer unlimited support whenever you need it.

                For more information please do hesitate to contact us on 0161 962 1855. Alternatively, you can email us using the form below and one of our dedicated accountants will contact you back as soon as possible.

                Need more information?

                We love nothing more than learning about new start-ups and helping you get off on the right foot! We offer a wide range of services which are unique to businesses who are just getting going! As start-up accountants we have a wealth of experience in all sectors between our team. From restaurants, fashion brands, fitness centres and many creatives start their business correctly and ensure they are staying tax compliant. The team work hard to ensure they create smart and effective tax-efficient solutions for start-ups to optimise growth and help them succeed. If you want to learn more about how the team can help or simply want some start-up advice from a trusted accountant do hesitate to contact us. For more information please do hesitate to contact us on 0161 962 1855. Alternatively you can email us using the form below and we will contact you as soon as possible.

                Our fantastic team at A&C Chartered Accountants are here to help.

                Contact us below

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                  doctor at work
                  By Katie Business News • Tax News 0 Comments

                  Government U-turn on pension tax for doctors

                  Prior to this update, we reported that hospital doctors and GPs were lobbying the government to amend the pension tax rules as the current system of restricting tax relief on pension contributions means many doctors paying almost all of the extra salary back in tax if they take on additional responsibilities or work additional shifts.

                  doctor at work

                  In earlier newsletters we reported that hospital doctors and GPs were lobbying the government to amend the pension tax rules as the current system of restricting tax relief on pension contributions means many doctors paying almost all of the extra salary back in tax if they take on additional responsibilities or work additional shifts.

                  This issue does not just affect doctors. From 2016/17 those taxpayers with ‘adjusted income’ over £150,000 and ‘threshold income’ over £110,000 receive a tapered annual allowance.  This taper potentially reduces the normal annual pension allowance from £40,000 down to a minimum of £10,000 which may result in tax payable on excess contributions. As mentioned in earlier newsletters we can assist you in computing the potential liability.

                  The government have recently announced that it would consult on allowing senior NHS staff to select their level of pension accrual at the start of the year, to give them more pension capacity to take on additional work without breaching their annual allowance.

                  The Treasury has also agreed to reconsider the “taper”, which restricts pension tax relief, not just for NHS workers but across the public sector. But what about the private sector!  Look out for possible changes to pension tax relief in the Autumn Budget.

                  If you run or are involved within a clinic or surgery then you will understand that your operation needs to be as slick as possible with information at hand and ready at your earliest convenience.  It is because the clinic/surgery is so busy with a constant flow of patients from opening to close each and every day that you require software that is able to allow you to have customer notes easily to hand.  This allows the clinic/surgery to ensure they have everything available at the touch of a finger and allow the smooth running of the clinic/surgery.  Add to that the obvious requirement for quick and efficient accounting systems that allow invoices to be produced pretty much as soon as the patients treatment is complete and you will soon begin to understand exactly where Xero Cloud Accounting can fit in and improve your practice.

                  Our team have a wealth of experience working with doctors and those within the clinical sector. We work with you to provide the best possible tax efficient solutions whilst ensuring you are compliant in accordance with HMRC guidelines.

                  A&C Chartered Accountants are at the forefront of the best cloud accounting software to ensure the most efficient technology fits perfectly for you. We use the smartest solutions to ensure you have the right tools to maximise productivity and cashflow. Your dedicated chartered accountant offers you free cloud accounting training and ensures you are on the correct and most efficient platform for your unique business.

                  For more information please do hesitate to contact us on 0161 962 1855. Alternatively, you can email us using the form below and we will contact you as soon as possible. Our proactive team at A&C Chartered Accountants are here to help.

                  Need more information?

                  Contact us below

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