Barnett & Turner Accountants Ltd | Latest News
Chartered Accountants & Chartered Tax Advisers based in Mansfield, Nottinghamshire
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17 Feb Thinking ahead on VAT compliance

Before the inspectors come calling, it pays to give your business a VAT healthcheck. David Wilson of Barnett & Turner talks us through the process. An annual VAT healthcheck is essentially a review of the VAT practices of a business – something akin to a mock VAT inspection but with added benefits. Many people in accountancy firms who provide this kind of service may be ex-VAT officers themselves, so they’ll know exactly the kinds of issues that are likely to raise concerns with HMRC. For you, a healthcheck is a reassurance that your VAT affairs are in order, which will give you...

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10 Feb Your accountant as your new best friend – part 2

In the second part of a two-part blog (part one is here), Jono Wilson of Barnett & Turner, explains the role that accountants can play in offering their clients business advice. I’ve already outlined how important accountants can be to a business owner or manager when the company is just getting started. As your enterprise grows, however, there are plenty more opportunities for your accountant to act as a trusted and influential adviser. Critically, they will be able to ask you questions and challenge your strategy from an impartial perspective. Most straightforwardly, there will be those regular meetings in which you review...

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03 Feb Is your accountant your new best friend?

Accountants aren’t just there to look at the numbers, argues Jono Wilson of Barnett & Turner. They act as a useful of source of general business advice too. In the first segment of a two-part blog, he outlines the specific ways they can help your company to prosper. If you think that accountancy is all about compliance work – tax returns and the preparation of formal accounts – then you’re probably underestimating the degree of help that your professional adviser can give you. It’s worth remembering that accountants are typically dealing with a number of different businesses of varying sizes. These companies...

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27 Jan Converting to limited company status? The choices just got harder.

Following changes to the rules around partnership and LLP structures, many businesses have been looking to convert to limited company status, writes Jonathan Wilson of Barnett & Turner. But the announcement in the Chancellor’s Autumn Statement on goodwill has now left people scratching their heads. When the Chancellor announced changes to entrepreneurs’ relief in the Autumn Statement, it came as something of a bolt out of the blue. With more and more clients in partnerships and LLPs looking to convert to limited company status, the news that relief would no longer be granted on the sale of goodwill caused many owners...

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23 Dec Being up front about the new tax challenges

As Accelerated Payment Notices start putting the brakes on tax avoidance schemes, Jono Wilson and Tracy Henson of Barnett & Turner look at the complex implications for accountants, as well as their clients. One of the key planks of the Revenue’s attempts to crack down on tax avoidance is the new regime of Accelerated Payment Notices (APNs). In a nutshell, if a particular DOTAS scheme is under enquiry, HMRC can issue an APN to an individual or company requiring them to pay the tax up front that would have been owed if the DOTAS weren’t in operation. There’s a penalty of...

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16 Dec A mentor could be a motor for your business

Forward-thinking businesses will often recognise the need to offer their FDs and senior executives independent advice and guidance, writes Jono Wilson of Barnett & Turner. And it may be that accountancy firms are uniquely placed to step into the role of mentor. Let’s imagine a scenario in which someone has newly been appointed as Finance Director of a business, perhaps after a number of years as an accountant. The company sees their potential and knows they’re ready for a new leadership role, but it’s not always a straightforward transition to make. The advice of an impartial mentor can be a great...

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09 Dec The new world of converging standards

1st January 2015 will see the introduction of new accounting standards in the UK (FRS 101, FRS 102 and FRS 103), which may well change the way your professional adviser deals with your company figures. Jono Wilson of Mansfield-based accountants Barnett & Turner explains what the new rules mean. We’ve been talking about new accounting standards for a number of years and some accountancy firms have already chosen to adopt them for their clients. By the beginning of 2015, it will no longer be optional. Everyone will need to comply. Put simply, figures are going to be calculated in different ways to...

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02 Dec Even when you act global, you can think local.

If you’re an international business, you might imagine you need to employ a large, global accountancy practice. There are, however, other options, writes Jonathan Wilson of Barnett & Turner. One of the Big Four accountancy firms may seem like an obvious port of call if you’re running a sizeable business internationally. Surely, so the argument goes, you’ll need a firm which has a presence across the different jurisdictions in which you operate? Actually, there’s an alternative solution which can prove to be just as effective and, in many cases, can suit you better. In a nutshell, you find a firm which is...

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24 Nov Changes To Taxation Of Pensions On Death

Hot on the heels of the relaxation of the rules on pension drawdown earlier this year, the Chancellor announced at Party conference that he intends to abolish the 55% tax charged in certain circumstances on the balance of undrawn pension funds at death. This creates further flexibility in pension planning which should now be given greater priority in your financial plan. At present a pension fund can only be passed down tax free on death if the individual has not drawn anything from it, including the tax free sum, and is aged under 75 on death, otherwise there is a 55%...

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17 Nov Property ownership: a talking point for husbands and wives

The way in which you share ownership of property with your spouse can have big financial implications, writes Tracy Henson of accountants Barnett & Turner. When a husband and wife buy a house together, they are usually ‘joint tenants’, which means they have equal rights to the property. In the event that one of them dies, the home will automatically pass to the other partner, but it’s only possible to sell or remortgage with the other’s consent. A good analogy is to think of the property as a bowl of soup. It’s not possible to cut it in half. If you’d prefer...

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