Barnett & Turner Accountants Ltd | Latest News
Chartered Accountants & Chartered Tax Advisers based in Mansfield, Nottinghamshire
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25 Aug Worried about auto-enrolment? Here’s a ten-point plan.

Don’t panic about your pension responsibilities, writes Jono Wilson of Barnett & Turner. Start planning ahead. If you’re running a small business, the chances are you will have heard from the Pensions Regulator by now about your staging date for auto-enrolment. Although SMEs have been given extra leeway, the time is now fast approaching when you’ll need to spring into action. The process starts by nominating a primary point of contact (usually a partner, director or someone else in a senior position) and a secondary contact who’ll handle the day-to-day operation of the scheme. It’s important to remember that penalties can eventually rise...

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18 Aug A holding company? There may be no reason to hold back.

If you thought the formation of a corporate group structure was just for big multinationals, it’s time to think again, suggests David Wilson of accountancy firm Barnett & Turner. It’s a serious option for much smaller businesses too. When a limited company has built up a significant amount of wealth on its balance sheet – perhaps three quarters of a million pounds or more – and it has a large value of fixed assets, the option of creating a holding company becomes something worth exploring. Although the formation of a ‘group’ is something you’d more normally associate with large, blue-chip corporations, there’s...

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11 Aug Blowing the whistle on a key employment judgement

Jonathan Wilson at accountancy firm Barnett & Turner, has a warning for employers about the consequences of a recent test case. Back in 1998, the Public Information Disclosure Act was introduced to provide comprehensive protection for whistleblowers. If someone believed their employer to be guilty of wrongdoing – theft, for instance, or a failure to comply with legislation – the idea was that they should be able to come forward without fear of victimisation. Although the statute was good in principle, it was widely felt to be ambiguous and there was a distinct lack of detailed guidance. This left a lot of...

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04 Aug How to Create a Marketing Strategy

Jono Wilson, Managing Partner at Barnett & Turner, explains the importance of marketing and how you had better take an active part or risk losing out to your competitors. What was it that drew you into your current profession? I would hazard a guess that marketing, business development or sales were not high on the list of attributes or duties you considered important. However, these key skills are now paramount in the success of your company and will become ever-more critical as time goes by. This means that if you don’t have a dedicated team or department devoted solely to this important...

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28 Jul Banking on the right decision

Jono Wilson of Barnett & Turner argues that you need heavy-hitters on your side when you approach a bank with a view to getting finance for investment. When a client needs to persuade a bank to make a substantial investment in their business, I always recommend that they get their professional advisers involved at the earliest possible stage. Unless you have your accountant on board and get some support in presenting your case, there’s a danger you may end up shooting yourself in the foot. Banks can be notoriously difficult to impress and can fall back on a tick-box mentality when it...

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21 Jul Investors: here’s some real food for thought

Jonathan Wilson, of Barnett & Turner Chartered Accountants, says that we can learn a lot about investment strategy by turning on the TV. If you have ever tuned in to MasterChef, you will know that contestants face a series of cooking challenges. There are so many things that can – and do – go wrong. From problems with low-quality ingredients through to inadequate preparation to poor implementation. I tend to think investing can be much the same. There are generally two broad approaches. The first is a traditionally active one, where managers attempt to find mispriced stocks and shares or seek to time...

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23 Jun Five ways to measure business health

Keep on top of how well your business is performing by monitoring some key indicators, writes Jono Wilson of Barnett & Turner. There’s an old adage in accountancy: turnover is vanity, profit is sanity and cash-flow is reality. It’s a way of saying that there are numerous measures you can apply when measuring the financial health of your business, but it’s often good to have a rounded picture. Too often, in a lot of smaller businesses, owners see the annual accounts process as a necessity to satisfy HMRC and possibly their bank. For that reason, it can be left to the last...

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16 Jun Back to the future (Part 2)

In the second of his articles on ‘reverse planning’ and the need to avoid end-of year surprises, Jono Wilson of Barnett & Turner turns his attention to businesses and the self-employed. If you have responsibility for staff, it really pays to be keeping track of the latest changes in the tax and NI regime. Rather than wait until the last minute, do some planning in conjunction with your accountant. You’ll find that it can reduce your levels of stress and inconvenience quite noticeably. Here’s one particular talking point from April 2015. If you employ someone who’s under 21, you will no longer...

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09 Jun Back to the future (Part 1)

Jonathan Wilson of Barnett & Turner says that the best way to avoid end-of-year panic is to think about reverse planning. Planning your tax year in reverse sounds like a strange idea, but that’s exactly what I sometimes advise my clients to do if they want to avoid unnecessary stress. Very often, they’re trying to do things at the last minute, when they really should have thought about them a lot earlier e.g. making best use of tax allowances, reliefs and exemptions. Take married couples, for example. On 6th April, new rules came into force that allow one spouse or civil partner...

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02 Jun Forget the Lamborghini. Park yourself in front of an IFA

New pension rules aren’t just about people acquiring fancy sports cars, writes independent financial adviser David Wilson of accountancy firm Barnett & Turner. They also have big implications for financial planning. Much of the coverage in the press about the new pension reforms has been a little bit caricatured. There has been a lot of focus on the ability of savers to cash in and buy a Lamborghini, which probably won’t be top on the list for most people approaching retirement. Considerably less has been said, however, about how the new rules affect financial planning. In the past, when I’ve advised clients...

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