Barnett & Turner Accountants Ltd | Latest News
Chartered Accountants & Chartered Tax Advisers based in Mansfield, Nottinghamshire
accountants mansfield, accountants nottingham, accountants nottinghamshire, accountants, tax adviser mansfield, tax adviser nottinghamshire, tax accountant mansfield, tax accountant nottinghamshire, chartered accountant mansfield, chartered accountant nottinghamshire, accountancy mansfield, accountancy nottinghamshire
9897
blog,paged,paged-2,ajax_fade,page_not_loaded,,qode-title-hidden,qode-theme-ver-7.8,wpb-js-composer js-comp-ver-4.8.1,vc_responsive

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...

Read More

12 Sep Are you active or passive?

Jonathan Wilson of Barnett & Turner explains two fundamentally different approaches to fund management The world of investment funds can often seem confusing, but a few simple pointers can give you a head start. Perhaps the most important issue you need to take into account is whether any fund is ‘active’ or ‘passive’. An actively managed fund is run by a fund manager or investment team. These professionals are responsible for all of the fund’s investment decisions, including when to buy or sell assets. Passive funds are often run by computer software, which tracks or replicates a market or index and includes tracker...

Read More

05 Sep Making sure a break-up doesn’t break the bank

Divorce can be very painful at many levels. That’s why you don’t want the additional burden of being unnecessarily penalised by Capital Gains Tax (CGT), writes Jonathan Wilson of accountancy firm Barnett & Turner.  During the emotional upheaval of a divorce, tax considerations are generally the last thing on your mind.  By taking advice early in the process though, you may be able to avoid unnecessary tax liabilities. The general rule is that a married couple (or civil partners), who are living together, can transfer assets between each other without paying capital gains tax, until the end of the tax year following...

Read More

29 Aug What’s your status? It may be complicated.

Providing consultancy for a local authority many not be as straightforward as you imagine, writes Jono Wilson of Barnett & Turner. If you’re running a limited company and are offered a contract to provide consultancy to a council, the supply of those services is covered by the ‘intermediaries legislation’ – also known as IR35. This means that if it is decided that you are actually an employee, the company’s income could be taxed as employment income and subject to PAYE and national insurance. How should you approach the issue? First of all, you should have a contract with the council about your arrangement...

Read More

22 Aug Glimpsing a post-Brexit world of R&D

Jonathan Wilson of Barnett & Turner explains the current system for tax credits and thinks business may benefit eventually from a more relaxed regime. There’s little doubt that Brexit has created a great deal of uncertainty. But whatever your view about the likely impact on business overall, there’s speculation that the decision to leave the EU might be good news from the point of view of R&D tax credits. Under the state-aid rules drawn up by Europe, there are limits to how far governments can support industries with tax breaks. Some people glimpse a world of greater freedom and generosity once ties...

Read More

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...

Read More

15 Aug We all gain from thinking before selling shares

Jono Wilson of Barnett & Turner gives some valuable advice if you’re planning on realising the value of your shares. Whenever you sell or dispose of certain types of asset, you may find that you owe Capital Gains Tax (CGT). The tax is based on the ‘chargeable gain’ – or, in simple terms, the difference between your proceeds and the original cost. CGT is payable on the disposal of property which isn’t your main home. It’s also charged on company shares. You can, however, make a gain of up to £11,100 before you reach the threshold at which you have to pay...

Read More

10 Aug Tougher penalties for tax avoiders – summary of the new ‘STAR’ by Jonathan Wilson of Barnett & Turner.

In the 2016 Budget, the then Chancellor, George Osborne, signalled an intention to introduce harsher penalties for those who take part in tax avoidance schemes. As part of this the Government confirmed that clarification would be given on the definition of ‘reasonable care’ in relation to the penalty provisions where a person uses tax avoidance arrangements which HMRC later defeats. The Finance Act 2016 introduced a new ‘Serial Tax Avoidance Regime’ (STAR). Whilst the legislation uses the word ‘serial’, it is not only aimed at frequent users of avoidance schemes, but also includes any taxpayer who has used any scheme which is later...

Read More

08 Aug A streamlined new system for employee benefits

Tracy Henson of Barnett & Turner explains how the world of taxable benefits has changed since April 2016. As accountants & tax advisers, one of our many jobs is to prepare P11D forms on behalf of clients. It’s the way in which we inform HMRC about the taxable benefits to employees that go beyond their salary. At the start of the 2016-17 tax year, a number of changes came into force, which in theory make the process a little more streamlined. First, the distinction between the P90 form and the P11D has been removed. The P90 existed for lower-paid employees, but it’s been...

Read More

04 Aug Island life beckons if you’re an entrepreneur or investor…

Are you a non-EU resident? If so, it may be that you haven’t previously considered the option of moving to the Isle of Man. PHAEDRA BIRD of Barnett & Turner’s Associates, Crowe Clarke Whitehill reveals the ‘Enterprise Isle’ initiatives that are designed to boost inward investment. Have you ever considered becoming a resident in the Isle of Man? New tax incentives and changes in financial regulation certainly make it an attractive option. But what practicalities are involved? There are two types of residence visas you can potentially obtain from outside the EU. The first is the Tier 1 Entrepreneur Visa, which you can...

Read More