Three
Years of Uncertainty Over for Small Businesses |
| December 2005 |
Family run businesses across Bristol
will be breathing a sigh of relief this
week according to local accountants Barnes
Hunter, following the latest development
in a landmark tax case.
Bristol based Barnes Hunter has welcomed
the news that Arctic Systems has won
its tax case against HM Revenue and Customs,
a decision that could allow 'husband-and-wife'
businesses to share their tax burdens
instead of facing a huge tax bill.
|
How
Will Your Business Be Affected By The Slow
Economy? |
| December 2005 |
The
abolishment of the zero per cent tax rate
for small companies and dramatic changes
to the promised relaxation of the investment
rules for personal pension plans could
have a huge financial impact upon local
small businesses and investors, warns Bristol
based business advisers Barnes Hunter,
following the pre-budget report.
|
Company
Law Reform |
| December 2005 |
The
long awaited Company Law Reform Bill was
published at the beginning of November
and runs to 552 pages. The Bill contains
changes designed to simplify and improve
company law especially for small companies.
|
Employees
Working From Home |
| December 2005 |
The
Revenue have issued revised guidance on
tax relief for unreimbursed homeworking
expenses for employees who work at home.
The details are in Tax Bulletin issue 79.
The Bulletin considers the circumstances
of employees who might be eligible for
tax relief and explains the criteria which
the Revenue apply in deciding. However
many do not agree with the Revenue’s
revised views.
|
Working
Time Regulations |
| December 2005 |
The
Work and Families Bill was published several
weeks ago and has elicited a variety of
responses. One of the measures introduced
by the Bill is an increase in the minimum
number of paid holiday days an employer
must grant to their staff from 20 to 28
per year.
|
Civil
Partnerships - What You Need to Know |
| December 2005 |
The
Civil Partnership Act (CPA) takes effect
in the very near future on 5 December 2005.
The Act allows same-sex couples to make
a formal legal commitment to each other
by entering into a civil partnership through
a registration process. A range of important
rights and responsibilities will flow from
this including legal rights and protections.
With effect from 5 December 2005 registered
same-sex couples will be treated in the
same way as married couples for tax purposes.
|
Legislative
Changes |
| November 2005 |
Now
that many legislative changes are confined
to April and October each year, 1 October
2005 has seen the introduction of a number
of changes.
The National Minimum Wage rates have
been increased with the rate for workers
aged 22 and over rising to £5.05
per hour.
|
Small
Firms Loan Guarantee |
| November 2005 |
The
Small Firms Loan Guarantee (SFLG) was introduced
in 1981. It is designed to help SMEs with
viable business propositions but without
the necessary security to access debt finance.
Loans are currently available for periods
of between two and ten years on sums from £5,000
to £100,000 (or £250,000 if
the business has been trading for more
than two years). The SFLG covers 75% of
the lender’s exposure with the borrower
paying a 2% premium to the government.
|
Proposals
to Extend Paternity Leave |
| November 2005 |
Businesses have reacted adversely to
the publication of the Work and Families
Bill. New measures in the Bill include:
- extending statutory maternity pay
to nine months from April 2007
- a power to introduce new paternity
leave and statutory pay for fathers
if the mother returns to work after
six months but before the end of her
maternity leave period
- extending the period of notice for
return from maternity leave to two
months enabling employees and employers
to better plan for the return to work.
|
News from Barnes Hunter Clients |
| September 2005 |
News from Artichoke, a Barnes Hunter client, as featured in the Telegraph
(Microsoft Word document - file size: 3.37MB)
|
Double exam success at Barnes Hunter |
| September 2005 |
It’s not only GCSE and A Level students who have been holding their breaths recently while awaiting important exam results, but also two trainees at Bristol based accountancy firm Barnes Hunter. However all the hard work and anticipation has paid off for the two accountants.
|
Goodwill On Incorporation |
| September 2005 |
In recent years many businesses have incorporated, at least partly, to take advantage of the zero per cent rate of corporation tax applying to the first £10,000 of profits generated by smaller companies.
The Revenue are now looking closely at the value of goodwill attaching to the unincorporated business which was in many cases ‘sold’ to the new company for a one-off tax-free windfall. In turn this has been possible because of the way the capital gains tax rules operate.
|
Diesel Company Cars |
| September 2005 |
Since April 2002, company cars have been taxed according to their list price and the CO2 emissions of the car. A percentage of the list price (generally between 15% and 35%) is taxed dependant on the level of CO2 emissions.
|
Firms urged to be wary of rip-off insurers |
| September 2005 |
SMALL and medium-sized companies are being urged to demand that their insurance brokers reveal in full what commission payments they receive.
The Association of Risk Managers (Airmic), which represents big corporate buyers of insurance, is concerned controversial contingent commissions could still be influencing where brokers place their clients' business.
|
Nine to five, then eBay time |
| September 2005 |
PART-time entrepreneurs are on the increase with more than a quarter of employees moonlighting from home after the day job.
The internet has opened up business opportunities to all and 28% of employees sell goods or services in the evenings or at weekends. Laptops and home computers with fast broadband connections are giving business amateurs the chance to develop profitable sidelines, according to research by pollster YouGov and Microsoft.
|
No
Haven from this warning - European Savings Directive |
| July 2005 |
Bristol based accountants and business advisors
Barnes Hunter are warning both businesses
and individuals to be aware of the new European
Savings Directive.
The introduction of the new legislation,
which came into effect on 1st July 2005, will
tighten the net around all citizens of the
EU who have investments held discretely offshore.
|
Barnes
Hunter represent Bristol in Europe |
| July 2005 |
Bristol based chartered accountants Barnes
Hunter were delighted to represent the region
recently at a European conference.
As Bristol representatives of Integra International,
an interactive global network of independent
accounting firms dedicated to exchanging information
and advising businesses, Barnes Hunter attended
the Integra 2005 European Conference in Amsterdam.
|
The
Real Dragons’ Den |
| July 2005 |
The widely acclaimed BBC2 series Dragons’
Den conveys the impression that all an entrepreneur
has to do to raise informal equity funding
is get himself in front of a panel of rich
people, and shout about how good his project
is. The reality is different. The entrepreneur
needs to produce a quality business plan to
prepare himself for investors due diligence.
And then, where it usually all falls down,
he has to find the investors.
|
Labour
policies hit small businesses |
| July 2005 |
Tony Blair must prove early on his historic
third term that Labour is committed to supporting
small businesses, the backbone of the UK economy.
As Nick Goulding, Chief Executive of the
Forum of Private Business, which represents
25,000 small-to-medium sized firms said: “The
next five years are going to be extremely
tough for small businesses if Labour decides
to keep increasing national insurance contributions,
the minimum wage and fuel duty.
|
Local
Bristol Accountants Seminar is a Success |
| June 2005 |
Charity specialists Barnes Hunter accountants
have recently held a seminar at their offices
in Bristol to explain the recent changes in
the SORP legislation, (Statement of Recommended
Practice) and what this will mean for charities
and trustees.
|
New
threat from ID thieves |
| June 2005 |
Small Businesses are wide open to a dangerous
new form of identity fraud. Few safeguards
are in place to prevent criminals running
up thousands of pounds of debt in their name.
|
Barnes
Hunter gives young tennis players the advantage |
| June 2005 |
While Roger Federer and Maria Sharapova make
last minute preparations before defending
their titles at Wimbledon, budding young tennis
stars from across Bristol are competing for
their own prizes thanks to a little help from
Barnes Hunter.
|
Rate
Relief Scheme could save you thousands |
| May 2005 |
Bristol based accountants Barnes Hunter has
welcomed a new relief scheme aimed to support
small businesses in the area. However the
firm is also reminding businesses that in
order to benefit they need to reapply every
year.
|
Free
advice for potential investors |
| May 2005 |
In response to the increasing number of people
investing in property as part of their long
term financial planning, Bristol based accountants
Barnes Hunter are holding a free to attend
seminar.
The event, being held on Tuesday 17th May
2005 at Barnes Hunter’s offices in the
city centre.
|
Cheque
Fraud Warning Following Chip and Pin Success |
| May 2005 |
Bristol based accountants Barnes Hunter,
are warning businesses and consumers across
the region to be aware of a predicted increase
in cheque fraud, following the launch of chip
and pin technology.
|
Could
you face a huge tax bill? |
| May 2005 |
Family run businesses across Bristol are
being advised by local accountants Barnes
Hunter, to consider their tax position very
carefully, following the recent landmark ruling
in the Arctic Systems appeal.
|
Free
accounting tips for charities |
| April 2005 |
Local charities across Bristol are being
invited to attend a free workshop to help
them get to grips with accounting issues.
The workshop, which is being run by city
centre based Barnes Hunter Chartered Accountants
on 26th April, is ideal for managers and trustees
looking to improve their accounting techniques
|
The
Budget 2005 |
| March 2005 |
Gordon Brown presented
his ninth Budget on Wednesday 16 March 2005.
At under an hour it certainly fell well short
of the longest continuous Budget speech ever.
That was delivered by William Gladstone on
18 April 1853 and ran to four hours and 45
minutes!
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