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-3,ajax_fade,page_not_loaded,,qode-title-hidden,qode-theme-ver-7.8,wpb-js-composer js-comp-ver-4.8.1,vc_responsive

10 Jan Sole trader or limited company? Some points to consider.

Changes in legislation make the choice more complex today, argues Jonathan Wilson, Chartered Tax Adviser at accountancy firm Barnett & Turner. If you’re setting up a business for the first time, one of the key choices you’ll make is over how you choose to structure it. The simplest option is often to become a sole trader or, if there are two or more individuals in business together, a partnership. Many businesses start life in this way. Alternatively, some might set-up in business as a limited company, appointing themselves as company director. There is no right or wrong answer here, but the way...

Read More

03 Jan Getting the best price for your business takes preparation

Jono Wilson of accountancy firm Barnett & Turner gives his top five tips for selling your company. If you’re thinking of selling your business, it really pays to plan ahead. In my experience, you’ll never get the best price if you’re reactive or rushed. You need to prepare properly as a vendor. Here are my top tips: SEEK ADVICE You need a realistic expectation of value, so take the advice of experienced individuals, such as your accountant or corporate finance adviser. If you have a figure in mind, but it turns out to be badly wrong, you’ll have a nasty shock waiting around...

Read More

20 Dec Four ways married couples and civil partners can reduce their tax burden

David Wilson of Barnett & Turner mentions four ways married couples and civil partners can reduce their tax burden If you’re married or have entered into a civil partnership, you certainly benefit from tax breaks that other people can’t claim. In this short discussion of family tax planning, we’ll use the word ‘spouse’ as a generic to cover husbands, wives and civil partners. Essentially you are looking to make sure that you use all available exemptions and allowances and – where appropriate have income or capital gains in the hands of a spouse, where it may be taxed at the lowest...

Read More

13 Dec Profit averaging for farmers: harvesting the benefit

Although farming businesses have had a tough time in recent years, there may be some relief in sight, writes Andrew Williams, Tax Manager at Barnett & Turner. Farmers have in the past benefited from two-year averaging of their profits for tax purposes, which may have been helpful to some, but was still fairly restrictive. Many have therefore welcomed the extension of the averaging period to five years. In the months since the EU referendum, farm gate prices have increased a little, but there are still a number of problems facing the agricultural sector. Subsidies are lower and trading conditions are generally poor....

Read More

06 Dec Why the year-end chat should start well in advance

Jono Wilson of accountancy firm Barnett & Turner always aims to be proactive in the advice given to clients. That way tax planning becomes so much easier. An important part of my job is to ensure that clients are informed of the tax efficient planning opportunities available to them in advance of the year end date in order to allow them sufficient time to assess each of the options available to them and decide whether these opportunities are right for them. In order to provide clients with enough time to make informed decisions in relation tax planning, these conversations need to...

Read More

29 Nov Have they paid us? The critical question every business needs to ask.

The most important task for any business is making sure that they get paid for their work. Here are some top tips from Jono Wilson of accountancy firm Barnett & Turner on how to ensure that the cash flows in. GET YOUR INVOICE IN QUICKLY It’s easy to forget to invoice clients in a timely fashion, but it inevitably will lead to a delay in the ultimate payment date. So be prompt and don’t let things slip. This can be a particular issue if you’re an owner-manager, who gets bogged down in the day-to-day work. USE TECHNOLOGY If you invoice electronically, use software which...

Read More

22 Nov Greater visibility: how management accounts help you to plan

Jono Wilson of Barnett & Turner answers some of your questions about management accounts and how they can assist in making your company more efficient and potentially more profitable. I recently visited a client who has been using his traditional accounting methods since he started in business many years ago. As an owner, he is heavily dependent on his finance team and book-keeping staff for information and they were using outdated software. Much of the data the business relied on was entered manually and many records were still in paper form, sitting in filing cabinets. Whilst it is of course key...

Read More

15 Nov Earning commission on holiday? That would be the perfect break.

There have been a number of recent court decisions surrounding entitlement to holiday pay says Jonathan Wilson of Barnett & Turner. Specifically they have been considering whether overtime, commission and work-related travel should be factored into holiday pay calculations. A court judgement 18 months ago found that contractual (but not voluntary) overtime must be included in holiday pay calculations.  This decision was followed earlier this year by another which confirmed that a worker who received performance related commission was entitled to have this taken into account when his holiday pay was calculated. It sounds straightforward enough, but unfortunately the court did not...

Read More

08 Nov Direct answers on the role of directors

Some frequently asked questions about the responsibilities of company directors. And some straightforward responses from Jonathan Wilson of Barnett & Turner. How do you set up a limited company? It’s an easy online process which can be done for as little as a £15 fee. The company will be registered within 24 hours, although often it makes sense to instruct a formation agent to ensure the new company’s statutory books are completed with relevant and correct information from the beginning of the company’s life. This will result in a greater fee than above but it is often money well spent. Does a company...

Read More

01 Nov Why honesty is always the best policy

Preventing bribery should be the concern of every business, writes David Wilson of Barnett & Turner. It’s also a legal requirement. It may well be that you’re familiar with rules regarding money laundering, which apply to businesses in a number of specific sectors. There’s an associated set of rules, however, connected with the 2010 Bribery Act. In my experience, people tend to be less aware of them, but they are just as important. Essentially, the Act covers situations in which your staff might be induced or coerced into doing something which is fraudulent, illegal or unethical in return for an incentive.   This...

Read More