Barnett & Turner Accountants Ltd | Latest News
Chartered Accountants & Chartered Tax Advisers based in Mansfield, Nottinghamshire
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10 Nov Own a second home? The taxman may be ringing the doorbell.

Don’t assume that the Revenue won’t investigate you for the profit on your rented property, writes Jonathan Wilson, Partner at Barnett & Turner. A new campaign is under way and it’s time to take action. According to HMRC, landlords may owe more than £500m in unpaid tax from the profit they make on renting out homes. Although there are 1.4m people who let property in the UK, half a million of them aren’t even registered with the taxman. It’s figures like these which have led to the creation of the Let Property campaign, in which the Revenue may investigate as many...

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03 Nov Opening up in the UK: a guide for overseas businesses

With the right professional advice, you can feel much more confident about setting up a business in the UK, argues David Wilson of Barnett & Turner: Imagine you are setting up a business in an overseas territory. You may be establishing the venture to undertake a specific contract, or you may just be dipping your toes into new territorial waters. Either way, would you want to go to all the expense and hassle of trying to recruit a finance team overseas, when you don’t know anything about the local labour market or culture? Similarly, without the knowledge of the local legal,...

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20 Oct Business planning tips you can tap into

Jo Tye of my own firm, Nottinghamshire-based accountants and tax advisers, Barnett & Turner offers her five top recommendations for businesses looking to capitalise on the economic upturn. As we’ve moved out of recession over the past year or two and new opportunities are now presenting themselves for many businesses, it’s a good time to take stock of how your company is shaping up. Here are some suggestions for issues you might want to address, although it’s often good to seek out the advice of your accountants and discuss your plans together: Rate your business as it is today An obvious starting...

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13 Oct Ringing the changes in the world of audit

The more independent your auditor, the better the service you get. This week I have a guest article from, Detlev Anderson, a partner in accountancy firm Ryecroft Glenton, who offers his perspective on an important issue for clients. Many businesses and charities value long-term relationships with auditors, seeing them as trusted and knowledgeable advisers, who are able to comment on a wide range of business topics. These professionals are also in a unique position to provide independent assurance to stakeholders. If a firm has been working with you for ten, or even twenty years, why would you necessarily want to change? Surely...

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06 Oct There’s great value to a proper valuation

Although valuation isn’t always an exact science, writes Barnett & Turner’s Jono Wilson, it can be an essential part of your long-term business planning. In my experience, clients can have any number of reasons to look for a valuation of their business. Sometimes it can be a personal matter – they’re going through a divorce, for instance, and need help with litigation. On the other hand, they may be thinking about changing the ownership or structure. We may, of course, need to value a business after death. And then there’s perhaps the most obvious reason of all: a valuation with a...

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29 Sep Key Person Insurance

A player hits the floor and they’re not faking. Is your business ready for the consequences? Jono Wilson of Barnett & Turner explores the world of key person insurance. With the new football season under way, we’re bound to be treated to some spectacular dives from players claiming injury. Amazingly, most will manage to dust themselves down and be back in action within a few minutes after their temporary histrionics. But sometimes the player isn’t faking. Career-changing injuries really do happen. Players can find themselves out of action for six months or a whole season. The same is true in any business, of...

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22 Sep Head for figures in the cloud

No more software updates. Automatic back-ups. And instant access for your professional adviser too. No wonder David Wilson of chartered accountants and chartered tax advisers Barnett & Turner has become a convert to the ‘cloud’. We accountants are not exactly renowned for being at the cutting edge of new information technology. The stereotype is probably of a cautious or boring bunch. Certainly not people who are known for taking risks. It’s therefore something of a surprise to see accounting firms jumping on the cloud accounting bandwagon. Those who have started to use the software, however, haven’t looked back. So what is it...

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15 Sep Think you’ve sorted auto-enrolment? Think again…

Many businesses and their employees are aware of the legislation surrounding auto-enrolment for pensions. Indeed, the ‘staging’ dates for bigger companies have already come and gone, so quite a few lessons have been picked up along the way. Perhaps your own date still lies ahead, but you’ve talked to your IFA and identified a provider? It would be easy to think you’d done the hard work. But actually, the real issues may still lie ahead. Data compliance, processing and communication are all potential headaches for businesses. After assessing your existing pension and selecting a new scheme, you need to identify your...

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08 Sep To get on top of the issues, it’s important to be in touch.

Why it pays for clients and their accountants to have regular meetings and reviews. I was recently phoned by a prospective client who was looking for help in preparing his accounts. He ran a small limited company with a turnover of around £300k, which had a history of losses in the early years. The business had been kept afloat by finance introduced by the proprietor. Although there were many issues that his current accountant might have chosen to explore with him – including business pricing, development and the repayment of personal loans – it seemed that none of this was actually happening....

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01 Sep Realtime collaboration: the sky’s the limit with Cloud computing

Whether we’re simply storing music and photos, checking our bank account or working on more advanced business applications, most of us will have some experience of using the ‘Cloud’. Rather than storing data on PCs in our home or office, we send it to remote servers, from which we can access it at any time. Accountancy may not have been one of the first and most obvious areas to benefit from Cloud computing, but firms and their clients are increasingly adopting this new way of working – finding it to be extremely flexible and versatile. The main advantage is that professional advisers...

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