Barnett & Turner Accountants Ltd

Barnett & Turner Accountants Ltd | Latest News

Chartered Accountants & Chartered Tax Advisers based in Mansfield, Nottinghamshire

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

Posted at 13:26h in Business, General

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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...

21 Nov HOW TO AVOID A POST-PARTY HANGOVER

Posted at 08:25h in Employment, General, Tax

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Jono Wilson of Barnett & Turner looks at the tax implications of the Summer or Christmas bash you hold at your workplace. If you’re looking to the summer and planning a party for your employees, it’s worth bearing in mind the potential tax implications. The good news is that, unlike entertaining customers, the costs of entertaining employees are generally allowable against the profits of the business. But what about the consequences for the employees themselves? Will they have to pay tax on the benefit? The general rule is that as long as the total costs of all employee annual functions in a tax...

14 Nov Build up your funds for future generations

Posted at 13:23h in Financial Planning, General, Tax

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Barnett & Turner partner Jonathan Wilson considers how life insurance can become an investment. For a number of years, we have had the option of using what are called “Whole of Life” insurance policies to help to fund potential inheritance tax (IHT) liabilities. Put simply, these policies are a form of insurance where annual premiums are paid in return for a guaranteed payment on death. They are structured in such a way that the proceeds do not form part of the deceased’s estate and therefore escape IHT. In reality, this means the IHT liability is potentially reduced to the total cost of the...

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

Posted at 08:22h in Business, General, Tax

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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...

31 Oct TEN TIPS TO SAVE YOU TAX

Posted at 15:18h in General, Tax

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Whatever the level of your tax liability, there are some simple ways you can minimise the pain. Here are 10 suggestions from Jonathan Wilson of Barnett & Turner, Chartered Accountants & Chartered Tax Advisers, for making your next bill slightly more manageable. Check your tax code each year. Your tax code is used by your employer or pension provider to work out how much income tax to deduct from your pay. If your code is wrong, you may be paying too much (or too little) tax. Your tax code can be found on your payslip and a breakdown of how...

24 Oct When is a van not a benefit?

Posted at 13:16h in Employment, Tax

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Many employers provide company vans to their employees for work purposes, but whether a van benefit in kind charge arises depends on the private use element says Tracy Henson of Barnett & Turner, Chartered Accountants & Chartered Tax Advisers. Where no van benefit is declared on a Form P11D or processed via payrolling of benefits, HMRC’s 2016 guidance includes a new paragraph, not included in previous versions of the same guidance, which states that employers must be able to demonstrate that there has been no significant private use in theory and in practice. It has always been difficult to get HMRC to...

17 Oct Have you DONE enough to get a full state pension?

Posted at 08:15h in Financial Planning, Pensions, Retirement

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Tracy Henson of accountancy firm Barnett & Turner does the sums. We all joke that by the time we reach retirement age, the state pension won’t be worth having. But let’s not give up on it just yet. I’m still looking forward to getting my own pension and I know what I should get, but do you? And do you know how to make your position better if you find that you haven’t already done enough to qualify for the full amount? Whether, and to what extent, you qualify for a state pension is determined by reference to your work history or,...

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

Posted at 13:14h in Business, Employment, General

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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...

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

Posted at 08:45h in Business, Tax

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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...

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

Posted at 09:30h in Business, General

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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...