Barnett & Turner Accountants Ltd | Latest News
Chartered Accountants & Chartered Tax Advisers based in Mansfield, Nottinghamshire
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25 Aug Keep it in the family: planning your business for the next generation

Business coverage in the press often focuses on large multinationals and publicly-listed companies, but the reality is that most firms are family owned. Although the failure rate for new enterprises can be high in the early days, once a family business has established itself, it can often become very long-lived. And that raises very important questions about succession planning. It’s sometimes difficult to envisage the circumstances in which you’d relinquish the reins of a company that you or your parents helped to found. After all the blood, sweat and tears that have been involved in building the company up, you may...

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18 Aug Commercial property transaction? Think of the pool before you jump in.

The start of 2014-15 tax year heralded a significant change which is set to have an impact on commercial property transactions. It’s always been the case that buildings will contain items classed as ‘fixtures’, on which it’s possible to claim capital allowances. Historically, however, owners of properties may not always have identified everything that can potentially be claimed. All in all, it didn’t matter too much. If you were buying, you’d employ a valuer to estimate the current replacement value of the fixtures and make a claim based on their report. HMRC thought the system was open to abuse and a potential...

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11 Aug The new tax climate that no one can avoid

Accountancy isn’t always a discipline that gets the general public talking excitedly. But there are few people who don’t have an opinion about taxation. In the Budget of 2014, the Chancellor raised a new spectre which was guaranteed to cause controversy – the proposal that HMRC would be allowed to dip into taxpayers’ bank accounts and take the monies it believes are rightfully owed to the government. We could see this announcement as just one part of a wider picture of the Revenue cracking down on tax avoidance, of course. There’s been plenty of high-profile debate about large businesses organising their affairs in...

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04 Aug Why EMI options could be exactly the right incentive for your key staff members

There are plenty of ways of measuring the success of a growing economy, but one very specific signal that things are on the up is the increased interest in Enterprise Management Incentive (EMI) options. Although they’ve been around for a few years now as a way of retaining and rewarding key staff, more and more businesses are starting to take notice. The bottom line is that EMI options are a tax-efficient way of granting shares to key employees. Critically, they qualify for Entrepreneur’s Relief under most circumstances, which means the capital value of any shares would only be taxed at 10%...

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28 Jul The dividend that comes with sensible remuneration planning

When you’re running a small business, it’s all too easy to end up paying more tax than you actually need. One of the problems, of course, is that you’re very much focused on the day-to-day priorities of the company and ensuring its success. And if your enterprise is a family concern, with joint ownership between a husband and wife, even keeping up with your cashbook accounting and VAT can sometimes be a challenge if you’re pressured for time and worrying about securing the next sale. It’s definitely worth creating a space to talk to your accountant about remuneration planning, however. Some...

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21 Jul When you’re thinking about school fees, it pays to do the maths.

  Parents understandably want to give their kids the best possible start in life and, for some, that means digging deep into their pockets for private education. At the moment, around one in every fifteen children attends a fee-paying institution, according to the Independent Schools Council (ISC), but the percentage climbs quite rapidly once you reach the post-16 age group. In fact, 18% of young people are privately educated after they’ve completed their GCSEs. If you’re thinking of sending your own son or daughter to an independent school, it’s probably a good idea to have a chat with your accountant first, as...

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14 Jul Some big news on ‘small pot’ pensions: up to £1,500 is up for grabs

This year’s budget included a few eye-catching announcements, including the decision to increase the ‘small pot’ pension fund from £2,000 to £10,000. Part of the government’s drive to make pensions more flexible, the new rule also had the effect of creating an interesting opportunity for shrewd investors. Although we’re talking about a loophole that has actually been acknowledged by HMRC, it won’t be formally addressed until April 2015. And that means you have a perfectly legitimate window in which to act, if you’re currently employed and aged between 60 and 75. Let’s take a scenario in which you open a personal...

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07 Jul £30k in tax-free income for married pensioners? It’s not a pipedream.

When we think about tax planning, it’s tempting to see it as the preserve of the wealthy. The reality, however, is that the process can be just as important – if not more so, in fact – for people on lower incomes. After all, a relatively small saving in tax can make a big difference to someone on a budget. £1,000 might be a well-deserved holiday, for instance. And there are perfectly legitimate ways of minimising your tax burden if you take some good advice at an early stage. Recent government announcements on the Personal Allowance and Starting Rate Band spell...

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30 Jun Are you sure your financial adviser is thinking long term?

If you’re looking to maximise the value of your investments, a financial adviser is an obvious port of call. It’s important to be aware, however, that once a stockbroker or IFA is helping you to manage your portfolio, you’re going to be incurring charges. And when you take these fees into account, you may end up achieving a below average financial performance. Research shows, in fact, that over time, you might be as much as 2% below the average. Some canny financial advisers are, of course, able to buck this trend by picking investments that perform well enough to outweigh the...

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23 Jun There’s a downside to every upturn, which is why it pays to think ahead.

After a turbulent few years, there are now plenty of signs of recovery in the British economy. Inflation and unemployment are falling and business confidence has picked up markedly. In theory, this paints a rosy picture for small and medium-sized enterprises, but the reality may be rather more complex. In fact, there can be a number of hidden dangers at the start of any upturn. And it’s only by working closely with your professional advisers that you can be sure of avoiding the pitfalls. The first and perhaps most obvious thing to say is that many businesses have stretched themselves to...

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