Barnett & Turner Accountants Ltd | Latest News
Chartered Accountants & Chartered Tax Advisers based in Mansfield, Nottinghamshire
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27 Oct Some great ideas to help your grandchildren

There are a number of steps grandparents can take to help their grandchildren financially, argues Jonathan Wilson of Barnett & Turner. In fact, they may be in a stronger position in this respect than the kids’ parents. Everyone wants to do the very best they can for their children. It may be, however, that grandparents are in the strongest position to help when it comes to finances. Some of the basic options are really simple. Every individual can make a £3,000 gift each year, free from inheritance tax, for instance. This won’t form part of the sums considered for the seven-year exclusion...

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24 Oct Your annual return to Companies House? It’s now a thing of the past.

The requirement to send an annual return to Companies House has come to an end says Sam Fisher of Barnett & Turner.  From 30 June 2016, your company now files a confirmation statement instead. What is the Confirmation Statement? The Confirmation Statement (Form CS01) provides similar information to the annual return, but if no changes have taken place, you can make a declaration to this effect. This means that the process is much simpler. When you file a CS01 for the first time, there are five parts of the confirmation statement you need to complete. The most fundamental change is the requirement to...

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18 Oct Brexit:  What will it mean for UK taxes?

In the historic referendum of 23 June 2016, the UK public voted to leave the European Union (EU).  The following period has been filled with political and financial uncertainty, as the country contemplates its future outside the EU.  However, one thing seems to be certain: in the words of our new Prime Minister, Theresa May, “Brexit means Brexit”. The precise impact of the decision on UK taxes will depend on the new terms negotiated with the EU.  The most likely options for a post-Brexit UK, however, appear to include: The UK joining the European Free Trade Association and the European Economic Area,...

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20 Sep Tax relief for innovative corporate businesses

Jonathan Wilson of Barnett & Turner reminds company directors to consider whether they are eligible for the R&D Tax Reliefs. Research and Development (R&D) tax relief is a company tax relief which applies to all UK companies and can either reduce a company’s tax bill or – for some small or medium-sized companies – provide a cash sum (tax credits). In both cases, this comes in the form of an enhanced expenditure relief for R&D expenditure that provides genuine incentives for small and medium sized enterprises (SMEs) to conduct R&D. The 2014 Finance Act increased the tax credit arising on R&D relief...

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13 Sep Invest some time to understand tax changes

Jono Wilson of Barnett & Turner Chartered Accountants and Chartered Tax Advisers examines recent changes to the treatment of investment income. “I have investment income. I am aware things have changed. I am just not sure what has changed and how it affects me…” Tax legislation is increasingly complex and features many ‘moving targets’, so here is a brief summary of recent changes which may affect you. Some of these points may be things that are worth discussing with your tax advisor: Dividend Allowance From 6 April 2016, the first £5,000 of your annual dividend income is tax free. This allowance applies irrespective...

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06 Sep Are we ready for tax to go digital?

A digital tax revolution is on its way, writes Jono Wilson of Barnett & Turner. But what will the impact be on small businesses? The way in which everyone files tax returns is set to change dramatically and it’s going to have a massive impact on businesses – particularly the smallest ones. The Government has stated its intention to move over to a completely digital system and quarterly reporting of tax to HMRC. There’s a consultation under way on the scope of digital reporting, but right now there’s very little detail of how everything will actually work in practice. So what impact can...

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30 Aug A significant change to company registration

Jonathan Wilson of Accountants Barnett & Turner examines the recent requirement for UK companies to keep a Register of People with Significant Control… Under new rules, which came into effect on 6 April 2016, companies and Limited Liability Partnerships (LLPs) must now compile and keep an up-to-date Register of People with Significant Control (PSC). The aim of this register is to help increase transparency about who ultimately controls UK companies. Who counts as a PSC? First of all, a person qualifies as a PSC if they own 25% or more of shares in a company or own 25% or more of voting rights....

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23 Aug Private landlord? Don’t wait for a knock on the door.

Are you a private landlord letting out a residential property? If so, you may want to take advantage of a scheme operated by HMRC, writes Tracy Henson of Barnett & Turner. The HMRC Let Property Campaign was launched at the end of 2013 with the aim of allowing landlords to bring their tax affairs up to date. Think of it as a way of rewarding you for coming forward and admitting that you have tax to pay. The idea is that if you make a voluntary declaration of undisclosed income and underpaid tax, you’ll be treated more leniently than if HMRC discover...

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16 Aug Insight into the inside threat

The biggest threat to your IT may actually come from within, argues Debbie Birkett – Office Manager at accountancy firm Barnett & Turner, so it’s time to think about security measures. Although we’re often hearing about the threat of cyber crime and the risk posed by external hackers, we sometimes neglect the danger that can lie within. We’re living in a climate in which more and more business is done in the cloud. This means that people will not only have their username and password they use internally, but have at least another log-in as well. Multiple sets of credentials rather than...

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