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

28 Nov Businesses prepare for tightening of data rules writes Jono Wilson of Barnett & Turner Chartered Accountants.

Next year’s General Data Protection Regulation (GDPR), which comes into effect on 25th May 2018, is causing quite a lot of angst among IT professionals, marketers and other business people. And the UK’s exit from the EU isn’t necessarily going to change things. Whatever your personal view on Brexit, you might be forgiven for thinking that British businesses are no longer going to have to worry too much about EU regulations. The reality, however, is that directives from Brussels are still going to be a fact of life until the point of formal departure. There is a further reason, however, to take note...

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07 Nov Could your generosity end up costing you? – Make sure you don’t lose out writes Jono Wilson of Barnett & Turner.

If you’ve given some money or household items to a charity recently, the chances are you’ve been asked whether you’d like to ‘Gift Aid’ your donation. The representative of the charity will have told you that this claim increases your gift by 25%.  So, for every £80 donated, the charity receives £100 – made up of your own donation of £80 and £20 of tax reclaimed from HMRC. On the face of it, the Gift Aid option may seem like an obvious choice, but there is a potential downside.  If you have not paid sufficient income tax or capital gains tax during...

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10 Oct Prepare to go public: the gender pay gap under scrutiny

From April 2017, the Government expected companies to be open about the pay gap that exists between male and female workers says Jonathan Wilson of Barnett & Turner. The move is a response to a large body of evidence, collected over many years, which shows men tend to get the better deal when it comes to salary. And that’s despite the fact that the Equal Pay Act (now largely superseded by the Equality Act) was introduced as far back as 1970. According to the Office for National Statistics, the gender pay gap for full-time employees in 2016 was 9.4%. The gap for...

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03 Oct Do all the government’s noughts and ones add up?

PETER WILKINSON of Barnett & Turner’s Associate firm, Langtons has been closely involved in discussions of the government’s plans to digitise the tax reporting system. Here he gives his own perspective on a number of the questions accountants and their clients are asking. Is the whole ‘Making Tax Digital’ project actually going ahead? Yes. A number of related consultations were launched in November last year, but it’s pretty clear the plans will proceed, albeit with a few fairly minor concessions. We were hoping to get the final shape of it in the Finance Bill. However, this is light on detail and it...

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26 Sep Connecting the farmhouse: the challenges of technology in rural areas

When you live in a rural community, it’s not always possible to access the services city-dwellers take for granted, writes Jonathan Wilson of Barnett & Turner, Chartered Accountants. If you’re based in a big town or city, you tend to take access to the internet for granted. It’s one of those services that you expect to find alongside water, gas, electricity and other utilities. Travel out into the rural heartlands and you’ll see a rather different picture though. In farming country, some of the properties are just too remote for BT (which has a near monopoly on the installation of fibre connections around...

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19 Sep How an Association can work for you

Jono Wilson of Barnett & Turner in Mansfield, Notts, explains the benefits of choosing an accountancy partner that is well connected. If you’re a business owner, selecting the right accountancy firm can often be a daunting prospect. Is there any real way of distinguishing one from another? What criteria can you use to make an informed choice? And if you’re running an SME, your instincts might well be to go with a small, independent partner. They will, after all, have an intuitive understanding of some of the issues you face, while also offering a level of personal service you might assume a...

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17 Aug Has flat rate fallen flat?

Accountant Jonathan Wilson of Barnett & Turner explains why the new flat rate regime may have effectively spelt the end of the flat-rate scheme for many small businesses. For a number of years now, many businesses with a turnover of less than £150k have opted to make use of the flat-rate VAT scheme.  Rather than balance the VAT they charge with the VAT they incur through purchases, they are given a percentage figure to apply to the gross sales over a three-month period. This rate will depend on the industry they are in and can vary quite considerably. In compensation for...

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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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29 Nov Have they paid us? The critical question every business needs to ask.

The most important task for any business is making sure that they get paid for their work. Here are some top tips from Jono Wilson of accountancy firm Barnett & Turner on how to ensure that the cash flows in. GET YOUR INVOICE IN QUICKLY It’s easy to forget to invoice clients in a timely fashion, but it inevitably will lead to a delay in the ultimate payment date. So be prompt and don’t let things slip. This can be a particular issue if you’re an owner-manager, who gets bogged down in the day-to-day work. USE TECHNOLOGY If you invoice electronically, use software which...

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01 Nov Why honesty is always the best policy

Preventing bribery should be the concern of every business, writes David Wilson of Barnett & Turner. It’s also a legal requirement. It may well be that you’re familiar with rules regarding money laundering, which apply to businesses in a number of specific sectors. There’s an associated set of rules, however, connected with the 2010 Bribery Act. In my experience, people tend to be less aware of them, but they are just as important. Essentially, the Act covers situations in which your staff might be induced or coerced into doing something which is fraudulent, illegal or unethical in return for an incentive.   This...

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