UK Accountant News

Accountant Now upgrades its value to accountancy practices

admin — Thu, 26 Jan 2012 17:08:45 +0000

Accountant Now’s new admin system went live at the end of January 2012 aiming to deliver more choice and flexibility to its clients, prospective clients and non customers alike.

It has brought its client referral system more in line with industry standards, and offers chartered certified accountants and all accountancy professionals the chance to choose to opt in or opt out of a specific accounting referral.

However the real benefits for chartered accountants are the ongoing advantages of acquiring new clients. Read more information for accountants

FA ruling expenditure must not exceed revenue. Government To Step In If Accountants Don’t

admin — Mon, 23 Jan 2012 10:22:56 +0000

Income tax rate suit you? VAT at 20 per cent, you OK with that? Bailing out the banks? Student loans, immigration, overseas aid, NHS dentists – no problems there?

The FA has been given until February 29 to overhaul its board and bring in a new licensing system for clubs.

The game’s governance, Robertson said,

has failed to keep up with the modern game. If football proves unable to sort this out itself, then the government may have to legislate.

We need to be clear what the charge is. That goes back to a Select Committee which looked at the finances of the professional game and didn’t like what it saw.

According to the respected Deloitte report for the 2009-10 season, the 92 league clubs lost £600m in total. Their collective debt as of June 2011 stood at £3.5bn or, to put it brutally, £3,500,000,000. In simple terms, from season 2013-14 expenditure must not exceed revenue. Problem solved? Let’s hope so.

Clubs who can afford the most expensive lawyers and the most creative accountants. Check the debit column in next year’s figures for expenditure on midnight oil.
Prudent premiership football clubs such as Stoke City will have less to worry about than some, as their accountants in Stoke will testify.

UK Recovering Or Back In Recession Question Accountants

admin — Thu, 19 Jan 2012 16:51:16 +0000

Political uncertainty in the Eurozone has paralysed the UK recovery, according to the latest quarterly forecast from the Ernst & Young ITEM Club, with UK GDP expected to flatline for the rest of year. The report forecasts UK GDP of 0.2% this year before increasing to 1.8% in 2013 and 2.8% in 2014.

Professor Peter Spencer, chief economic advisor to the Ernst & Young ITEM Club explains: “Figures for the last quarter of 2011 and the first quarter of this year are likely to show that we are back in recession and we are going to have to wait until this summer before there are any signs of improvement. But it’s not going to be a repeat of 2009; we are not going to see a serious double dip.

The labour market outlook also remains bleak. According to the report, sluggish levels of private sector recruitment will be unable to offset job losses in the public sector. ITEM says that unemployment will be just shy of the 3 million mark in the first half of 2013, representing 9.3% of the UK’s labour force.

Accountants And Financiers Affected By Jobs Crunch?

admin — Thu, 19 Jan 2012 16:30:48 +0000

With the job crunch at an all-time high, recruiters figures show less demand for all sectors, including accountancy, but Accountants are feeling confident after an impressive start to 2012.

Recruitment consultants signalled a further drop in the number of people placed in permanent jobs in December, with Accounting & Financial Services in particular seeing a drop-off in demand for both temp and perm staff for the second consecutive month, according to the Report on Jobs published earlier this week by the REC and KPMG.

“Recruiters should work closely with clients to identify key skills shortages that might be holding back further growth – find the right candidate and a portion of those growing incomes will surely be diverted to the recruitment budget.”

Tax Advice Needed. EU VAT rate change proposal could cost consumers thousands of pounds

admin — Sat, 14 Jan 2012 11:17:16 +0000

Neil Faulkner of leading financial expertise website, Motley Fool, article “VAT rate change could cost you thousands”. He believes he has come across a report concerning a proposed flat rate of VAT on all goods in the EU, and he calculates that if true it could hit UK consumers and business hard. This stems from the European Commission’s consideration and proposed recommendation of the abolition of VAT-free or reduced VAT goods across the EC, in favour of using the standard VAT rate on all goods and services.

Tax advice for small and medium sized businesses encompasses many aspects of business tax, including VAT and the inpact on your business (customers, suppliers, cashflow, accounting, tax strategy etc).

He makes 2 lists, one where products and services are zero rated, and one list for where there is a lower VAT rate, currently 5%.

Examples quoted:

Goods and services – ZERO Rated for VAT purposes

Most foods (not including alcohol & snacks)
Books, magazines and newspapers
Physical education and sports activities
Admission charges to museums, zoos and art exhibitions
Antiques and works of art
Charities
Expenses for disabled or blind people
Burial or cremation of people, or burial at sea
Medical treatment and dispensing of prescriptions
Education services
Residential water and sewerage services
Construction and sale of new domestic buildings
Residential parking
Transport in a vehicle, boat or aircraft carrying ten or more passengers
Children’s clothes
Insurance

Can you name me one social group who are major users of the above products and servioces who will not complain and strongly resent any tax changes to the above?

The subsidised or lower VAT rate (5%) including

Gas, electricity and heating oil
Energy saving materials permanently installed in your home, home heating systems, and renewable technology.
Mobility aids for the elderly.

Stoke Accountant, Denise Coates, oversees £93.7million Yearly Profit

admin — Wed, 04 Jan 2012 16:15:15 +0000

Stoke-based business, Bet365, is the largest private employer in Stoke, employing more than 1,700 people and showing profit last year of £93.7 million. Peter Coates founded the company in 2003, with his accountant daughter Denise. Peter Coates is also the chairman of Stoke City FC which he bought for £6m (2006).

Bet365 online community now boasts over 6 million customers in 200 countries across the world, which makes it more popular than giants William Hill and Ladbrokes put together.

The business continues to be run as a family operation with Denise Coates and her brother John, the Joint Chief Executives, and their father Peter the Chairman.

Manchester Accountants HURST Nominate Seashell Trust For Charity Of The Year

admin — Fri, 30 Dec 2011 16:55:27 +0000

Seashell Trust in Cheadle Hulme was delighted to accept a cheque for £3,850 from the team at Manchester Accountants HURST, who nominated them as their charity of the year in 2011. HURST said that they love the way the charity gets involved with the local businesses and would reccomend them to anyone looking for a charity to support. Seashell Trust are extremely greatful for the money recieved and the promotion for the charity, and say that the money will be put to excellent use.

Bradford Accountants Encourage Tax Appeal

admin — Wed, 21 Dec 2011 13:35:35 +0000

Bradford accountants firm Watson Buckle claim that appealing against a late filing penalty on VAT or other taxes may actually be very worth it. Recent figures show that of the people who appeal, over 50% prove successful.

HMRC have recently changed the way they review the claims, which is proving to be beneficial for the consumer. All disputes should now be handled by a trained review officer, who has not previously been involved in the case and should therefore be able to take a more unbiased view.

Birmingham Accountants Investment Firm Buyout From Assura Group

admin — Tue, 20 Dec 2011 16:47:19 +0000

Directors of Birmingham investment firm, Assura LIFT Holdings, have completed an MBO for an undisclosed sum from parent Assura Group. The structure of the MBO, led by managing director Elaine Siew and development director David Acklam, comprises 100 per cent of the operational and consultancy businesses, together with 25 per cent of the investments. Assura LIFT Holdings is one of the country’s leading investors of Local Improvement Finance Trusts.

“Whilst continuing to concentrate on the LIFT end of our business, we are looking to expand our property development and consulting activities, focusing on the public sector and the opportunities that will continue to emerge from estate rationalisation.”

KPMG Accountants To Find New Blacks Leisure Buyer

admin — Tue, 20 Dec 2011 14:35:24 +0000

Blacks put itself up for sale in December, and had announced that Sports Direct was interested in buying it. The sports goods retailer already owns 22.5% of Blacks, whose shares have fallen 95% since January. Mike Ashley, owner of Newcastle United FC, is the main shareholder for Sports Direct Ltd, and he has now said that he is not going to make a bid for the company.

KPMG Newcastle Accountants have now been assigned responsibility to find interested buyers, but with the recent figures released by blacks, showing a total bank debt of £36million, this might be easier said than done.