Barnett & Turner Accountants Ltd | Business Planning
Chartered Accountants & Chartered Tax Advisers based in Mansfield, Nottinghamshire
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Business Planning

29 Aug What’s your status? It may be complicated.

Providing consultancy for a local authority many not be as straightforward as you imagine, writes Jono Wilson of Barnett & Turner. If you’re running a limited company and are offered a contract to provide consultancy to a council, the supply of those services is covered by the ‘intermediaries legislation’ – also known as IR35. This means that if it is decided that you are actually an employee, the company’s income could be taxed as employment income and subject to PAYE and national insurance. How should you approach the issue? First of all, you should have a contract with the council about your arrangement...

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15 Aug We all gain from thinking before selling shares

Jono Wilson of Barnett & Turner gives some valuable advice if you’re planning on realising the value of your shares. Whenever you sell or dispose of certain types of asset, you may find that you owe Capital Gains Tax (CGT). The tax is based on the ‘chargeable gain’ – or, in simple terms, the difference between your proceeds and the original cost. CGT is payable on the disposal of property which isn’t your main home. It’s also charged on company shares. You can, however, make a gain of up to £11,100 before you reach the threshold at which you have to pay...

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10 Jan Sole trader or limited company? Some points to consider.

Changes in legislation make the choice more complex today, argues Jonathan Wilson, Chartered Tax Adviser at accountancy firm Barnett & Turner. If you’re setting up a business for the first time, one of the key choices you’ll make is over how you choose to structure it. The simplest option is often to become a sole trader or, if there are two or more individuals in business together, a partnership. Many businesses start life in this way. Alternatively, some might set-up in business as a limited company, appointing themselves as company director. There is no right or wrong answer here, but the way...

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03 Jan Getting the best price for your business takes preparation

Jono Wilson of accountancy firm Barnett & Turner gives his top five tips for selling your company. If you’re thinking of selling your business, it really pays to plan ahead. In my experience, you’ll never get the best price if you’re reactive or rushed. You need to prepare properly as a vendor. Here are my top tips: SEEK ADVICE You need a realistic expectation of value, so take the advice of experienced individuals, such as your accountant or corporate finance adviser. If you have a figure in mind, but it turns out to be badly wrong, you’ll have a nasty shock waiting around...

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06 Dec Why the year-end chat should start well in advance

Jono Wilson of accountancy firm Barnett & Turner always aims to be proactive in the advice given to clients. That way tax planning becomes so much easier. An important part of my job is to ensure that clients are informed of the tax efficient planning opportunities available to them in advance of the year end date in order to allow them sufficient time to assess each of the options available to them and decide whether these opportunities are right for them. In order to provide clients with enough time to make informed decisions in relation tax planning, these conversations need to...

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22 Nov Greater visibility: how management accounts help you to plan

Jono Wilson of Barnett & Turner answers some of your questions about management accounts and how they can assist in making your company more efficient and potentially more profitable. I recently visited a client who has been using his traditional accounting methods since he started in business many years ago. As an owner, he is heavily dependent on his finance team and book-keeping staff for information and they were using outdated software. Much of the data the business relied on was entered manually and many records were still in paper form, sitting in filing cabinets. Whilst it is of course key...

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08 Nov Direct answers on the role of directors

Some frequently asked questions about the responsibilities of company directors. And some straightforward responses from Jonathan Wilson of Barnett & Turner. How do you set up a limited company? It’s an easy online process which can be done for as little as a £15 fee. The company will be registered within 24 hours, although often it makes sense to instruct a formation agent to ensure the new company’s statutory books are completed with relevant and correct information from the beginning of the company’s life. This will result in a greater fee than above but it is often money well spent. Does a company...

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24 Oct Your annual return to Companies House? It’s now a thing of the past.

The requirement to send an annual return to Companies House has come to an end says Sam Fisher of Barnett & Turner.  From 30 June 2016, your company now files a confirmation statement instead. What is the Confirmation Statement? The Confirmation Statement (Form CS01) provides similar information to the annual return, but if no changes have taken place, you can make a declaration to this effect. This means that the process is much simpler. When you file a CS01 for the first time, there are five parts of the confirmation statement you need to complete. The most fundamental change is the requirement to...

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30 Aug A significant change to company registration

Jonathan Wilson of Accountants Barnett & Turner examines the recent requirement for UK companies to keep a Register of People with Significant Control… Under new rules, which came into effect on 6 April 2016, companies and Limited Liability Partnerships (LLPs) must now compile and keep an up-to-date Register of People with Significant Control (PSC). The aim of this register is to help increase transparency about who ultimately controls UK companies. Who counts as a PSC? First of all, a person qualifies as a PSC if they own 25% or more of shares in a company or own 25% or more of voting rights....

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17 May Start your business by the book

You’ve launched a new business and are optimistic about the future. Perhaps you want to focus on the development of your product or service, or on marketing it to prospective customers. Unfortunately, however, day-to-day book-keeping is an essential part of every successful start-up. You ignore it at your peril argues Jonathan Wilson of Midlands accountancy firm Barnett & Turner. If you’re a budding entrepreneur with big ambitions – or simply someone who has decided to branch out with your own micro-business – the chances are that you will have some kind of particular skill or talent. Perhaps you’re an expert consultant,...

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