WHAT THIS MEANS FOR YOU:

• Once delivered the content is yours to do with as you please – print, email, store, download. Just make sure you share it with your clients and prospects

• You’ll have your own library of topical and relevant business briefings that will draw attention to your services and in house experts

• Landscape clients can upload the documents to your ‘Publications Module’ and use the new ‘Mailshot’ tool to send a link to relevant users. The report tool now allows you to measure how many times it is downloaded

• Extract key information and use it on your website - then post relevant news stories / tweets / comments via Social Media sites such as Twitter.

• Store the PDF in a common place on your systems so staff can refer to it and send it

Trusted advisors, fountains of knowledge, source of news... We know your clients expect all of this from you – and more. Publishing from PracticeWEB provides a regular and reliable stream of digital marketing content that positions you as experts in your field. Digital branded monthly newsletters, budget reports, tax cards and in depth business briefings help you maintain a relationship with clients and prospects with minimal effort – leaving you more time for chargeable work.

Making the webwork for accountants.

DON’T JUST TAKE OUR WORD FOR IT:

I’ve got an almost endless supply of timely and relevant content, I’ve a minimum of three print ready documents a month if I so wish and as a marketer within a busy practice I’ve got reliable technical content which avoids me having to get a partner to proof read or check the publications for technical accuracy, freeing me up to just get on with the marketing”.

» Arram Berlyn Gardner

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Government to press ahead with new company accounts filing systemThe Treasury has decided to keep to its timetable for the introduction of a new system for the filing of company accounts. This is despite the fact that a number of tax bodies have written to the Government urging a delay.

The new system, which uses the iXBRL computer language, is due to come into effect as from 1 April 2011. Under the changes, all company tax returns sent in from April 2011 must be filed online for accounting periods ending after 31 March 2010 and in the Inline XBRL or iXBRL format. Corporation tax payments must likewise be made electronically from April 2011.

A number of leading accountancy and professional tax bodies recently wrote to David Gauke, the Exchequer Secretary, putting the case for a postponement in the implementation of the new system. In his reply, the Minister reiterated plans to continue with both the introduction and the timetable.

He did, however, promise that HM Revenue and Customs (HMRC) will take an understanding approach during the initial stages of the new system. Companies that make reasonable errors in their corporation tax submissions will not face any penalties.

Anthony Thomas, deputy president of the Chartered Institute of Taxation (CIOT), commented: “This decision will come as a blow to some businesses who are struggling with implementation due to the insufficiency of time between software arriving and the legislation commencing on 1 April 2011.

“However, I welcome the minister’s recognition that there will be a soft landing for the changes, with HMRC ‘sympathetic to any difficulties caused by lack of familiarity with new software or delays in receiving software.’ This is a positive step.”

HMRC has said that they will be particularly sympathetic in the first two years: “For returns submitted and accepted, we will not penalise missing or incorrect tagging. There is no legal provision for such a penalty unless the errors have led to a loss of tax.”

Please don’t forget that we are here to help make sure your company is able to comply with the new rules.

Directors spending even more time dealing with red tape

Getting it right when it comes to complying with the plethora of business regulations seems to be hitting directors and owners harder by the year.

According to the Institute of Directors (IoD), on average, the amount of time directors invest doing paperwork related to regulatory compliance has gone up from 13 hours a month in 2009 to 17 hours a month in 2010.

The IoD estimated that, when annualised across the number of private enterprises in the UK, the cost of such duties was £36.8 billion in 2010, up from £28.2 billion in the previous year.

The business group is urging the Government to speed up its commitment to reduce business regulation, especially in the area of employment law.

Miles Templeman, the director-general of the IoD, said: “Instead of building up their businesses and creating new jobs, the UK’s entrepreneurs are spending over a month each year handling Government red tape. Significant deregulation of employment law must be on the agenda.”

One way of reducing the level of admin your business may be facing is to outsource some of the work connected with PAYE. We have the expertise to help ease the burden in this area.

Fuel duty stabiliser can work, says business group

Rising fuel costs have long been a real concern for both firms and families. The recent hike in VAT and the threat of a further increase in fuel duty have only added to the worries.

One possible solution is the introduction of a fuel duty stabiliser, but some critics have doubted whether such a system would be workable. However, the Federation of Small Businesses (FSB) has argued that a stabiliser, far from being complicated and unwieldy, would be simple and affordable.

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Basing the stabiliser on the oil price cycle would enable the level of fuel duty to be calculated against a trend price for oil. This would then be adjusted at regularly timed intervals following changes in the oil price cycle, the FSB report claimed. Fuel duty would, therefore, be x pence per litre minus a proportion of the difference between the current oil and trend oil price.

FSB research has shown that the rise in fuel duty and uncertainty over fuel prices will have a significant impact on small businesses.

John Walker, the FSB’s national chairman, commented: “Critics have said that the fuel duty stabiliser is too difficult to introduce. The FSB does not agree. A fuel duty stabiliser would give the UK’s five million small businesses the certainty and stability they need to factor in fuel costs to their business plans.”

If you feel your business would like expert advice on managing its finances, don’t hesitate to give us a call.

Higher rate taxes to scoop up more people

As many as 750,000 income taxpayers could find themselves in a higher tax bracket this April, a new study has claimed. According to the Institute for Fiscal Studies (IFS), three-quarters of a million will see some of their earnings lifted into the 40p in the pound tax band come 6 April.

The threshold at which people start to pay the 40 per cent tax rate is to drop from £43,875 to £42,475 from that date. As a result, once the rise in the personal allowance is taken into account, the higher 40 per cent rate will apply to incomes above £35,001.

IFS calculations pointed out that the best-off 10 per cent of households will, on average, shed 3 per cent of their net income as from April compared with an average of 1 per cent for the rest of the country.

James Browne, a senior research economist at the IFS who authored the report, warned that the number of higher-rate taxpayers could go on rising when the tax-free personal allowance is raised towards the £10,000 mark.

He said: “The way that the government has increased the personal allowance to ensure that higher rate taxpayers don’t gain will increase the number of higher rate taxpayers by 750,000. We calculate that a further 850,000 would be brought into this higher rate bracket by 2014-15 if the government reaches its ambition of a £10,000 allowance in the same way.”

With several changes planned for the tax system, now may be a good time to look at your own personal tax planning. We are here to make sure that you pay no more tax than you should be paying.

Is HMRC clamping down on Time to Pay requests?

HMRC refused a growing number of requests to defer business tax payments under the Time to Pay scheme last year.

Figures have revealed that HMRC turned down 5.8 per cent of all applications from firms, struggling with cash flow problems, to reschedule their VAT, PAYE and corporation tax payments. In 2009, the refusal rate was 2.7 per cent.

Time to Pay agreements allow businesses that are finding it difficult to manage their tax liabilities, as a result of the economic downturn, to arrange a new tax payment timetable with HMRC.

There have been concerns that HMRC is winding down the scheme. But a spokesman for the tax authority said: “Time to Pay continues to be available to help companies address short term cash flow difficulties that result in an inability to pay their tax in full and on time. HMRC’s criteria for agreeing arrangements have not changed in any way.”

If your firm is encountering cash flow problems, we are only a phone call away.

Changes to the unfair dismissal tribunal system

Many firms feel that the employment law regime is weighted against them. So a new government announcement on the way that claims for unfair dismissal are made may come as welcome news.

The Government has said that it wants to see the qualifying time for bringing a claim for unfair dismissal raised from one to two years of employment. Any employee making a claim may also be obliged to lodge a fee before the case can proceed.

A government spokesman explained: “We’ve heard loud and clear the concerns from businesses up and down the country that the system has become too costly, takes too much time, and that it is too easy to make vexatious claims.”

It is hoped that, by doubling the qualifying period for unfair dismissal claims, the number of cases going to tribunal will be reduced.

Other proposals include first-stage compulsory mediation stage for workplace disputes through the Advisory, Conciliation and Arbitration Service (Acas).

However, the plans only extend to claims for unfair dismissal and not to other issues, such as discrimination, for which employers can be taken to an employment tribunal.

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• Special issues of the active Business Essentials – topical issue supplements)

• Year End Tax Guide

• Tax Rates and allowances

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The Active Business Series 05 2011

The Active Business Series 2011

In these financially precarious times businesses are constantly looking for ways to streamline operations and cut unnecessary expenditure while at the same time seeking to improve profitability, increase (or at least preserve) market share, and lay the foundations for future growth.And marketing sits uneasily in the midst of these deliberations. On the one hand it is often the target for economies with the marketing budget frequently being the first to be cut; yet on the other there are persuasive voices arguing that the last thing you should do during financially stringent times is to cut back on marketing. This could result in reduced sales and declining brand awareness in the short term and run the risk of leaving the business weakened in the market place and vulnerable to predatory competitors once the financial outlook begins to improve.

And even if it is agreed, albeit reluctantly, that the marketing budget will need to be scaled back there are often no clear criteria by which to determine which campaigns should be curtailed or shelved and which should be maintained or perhaps even extended.

MArkeTIng dOes nOT hAve TO be An InexAcT scIence

In our experience when helping clients with budgeting and financial planning the root of the problem appears to be that marketing is regarded as an inexact science with vague, often distant, objectives and very little supporting data by which to measure its effectiveness.

but while it might be difficult to attain the same degree of precision with marketing as can be achieved with other aspects of the business, it is possible, indeed highly desirable, for marketing to have clear, measurable objectives with reliable procedures for monitoring and assessing its effectiveness.

MArkeTIng As An InvesTMenT

In other words businesses should strive to measure their return on marketing investment (rOMI) and use this as a basis for making decisions about committing or withdrawing resources. businesses that do this soon come to see marketing as an investment and not just a cost centre, and approach it as they would any other investment.

MeAsurAble gOAls

The key to measuring the effectiveness of marketing is to set clear, measurable goals for each campaign. broadly speaking, most marketing activity is aimed at one or more of the following:

• Increased sales

• Improved brand awareness

• Increased market share

• Improved customer retention

When considering a new campaign it is important to be clear what the specific objective is and to determine ways in which progress towards that objective can be quantified and measured.

cAlculATIng rOMI

suppose, for example, a particular campaign is aimed at improving sales. If it is a business to customer (b2c) campaign you would expect to see an increase in sales revenue across the life of the campaign. When measuring this it is important to distinguish base revenue (what you would expect to earn over that period without the campaign) from incremental revenue that can be attributed to the campaign.

Measuring your return on marketing investment

And there are less tangible elements to consider such as brand awareness, brand consideration, and customer retention. These can also be marketing objectives and though they are less tangible than, for example, incremental sales revenue, they can be quantified and measured over time.

evAluATIng busIness TO busIness cAMpAIgns

These considerations are particularly relevant to business to business (b2b) campaigns, where the purchasing decision is usually a much more protracted process that needs to be skilfully managed and guided by the marketing and sales teams.

In such cases the work of the marketing department is to capture the attention of prospects, increase their interest in the product or service, and help them through the early stages of the purchasing decision by anticipating questions and/or objections and providing relevant information.

In other words, their job is to deliver qualified sales leads; and if they are doing their job well not only will there be an increase in the number of leads but the prospects will be better informed making sales meetings shorter and more efficient and resulting in a higher number of conversions. The number of leads generated, the rate of conversion, and the duration of sales meetings are all elements that can be measured and used to assess the effectiveness of such marketing activities.

OnlIne MArkeTIng

These days more and more businesses are turning to online marketing to complement, and in some cases replace, more conventional offline forms of marketing. Most of what has been said above applies as much to online marketing as it does to offline marketing, with one noticeable difference.

Online marketing offers a remarkable array of tools for data capture, campaign tracking, conversion measurement, and much more, making it even easier to measure and assess the effectiveness of your marketing efforts. A detailed discussion of these is beyond the scope of this present guide, but we would be happy to advise if you want to contact us.

hOW We cAn help

If you would like to know more about this subject or would like help in setting up mechanisms to measure and evaluate the effectiveness of your marketing activities, please do not hesitate to contact us.

The Active Business Series 2011

To calculate the gross profit contribution from a particular marketing campaign you can use the following formula:

(incremental revenue) - (cost of sales) - (cost of campaign) = gross profit contribution

Then to calculate the rOI for that campaign (rOMI) simply use this formula: gross profit contribution / cost of campaign * 100 = rOMI %

Whereas normally rOI would be calculated over a longer period, usually a year, rOMI can be calculated over much shorter periods, campaign by campaign, making it easier to gather and interpret the data.

cApTurIng dATA

It is advisable when planning campaigns to consider how you will capture data that will help you measure its effectiveness. You might for example use different telephone numbers, e-mail addresses, vouchers or codes for different campaigns. Whatever methods you use, it is important to use them consistently so that you can accurately compare the effectiveness of one campaign with another.

Once you start to measure the effectiveness of your campaigns in this way and begin to accumulate data you will be able to project the outcome of campaigns with greater accuracy and make increasingly more informed decisions about your marketing spend.

WIder cOnsIderATIOns

The scenario above is based on a b2c campaign, which usually can be expected to generate a short term increase in sales revenue. It is unlikely that you will be able to identify the incremental revenue that can be attributed directly to a campaign with a high degree of precision but you will usually be able to make a fairly accurate estimate - sufficient to be able to evaluate the relative effectiveness of different campaigns.

Of course, it would be simplistic to assume there is a one-to-one correlation between marketing spend and sales revenue. not all purchasing decisions are made on impulse, or even within the life of a specific campaign. As marketers know all too well such decisions are often a culmination of a ‘drip drip’ of awareness-raising activities. Moreover, it is important to consider the interplay between various elements of the marketing mix in precipitating a purchasing decision. life is rarely so black and white that a sale can be attributed solely to one specific campaign.

The Active Business Series 05 2011

MARKETING YOUR WAY -PRINT, STORE, EMAIL, DOWNLOAD

Call 0117 915 0420Email more@practiceweb.co.ukOnline www.practiceweb.co.uk/publishing

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Does the Bribery Act affect you?

The principles of the Act are:

• Proportionality is the key to ensuring compliance

• Top-level commitment to a zero-tolerance on bribery and communication of this to staff, customers, suppliers etc. Further a senior executive of the firm should be appointed to have responsibility for bribery prevention

• Regular risk-assessment of the nature and extent of exposure to potential external and internal bribery risks

• Due diligence – a thorough examination of third parties acting on the organisation’s behalf and their trading partners

• Communication of these measures – including training so that bribery prevention policies and procedures are understood throughout the organisation, and the likelihood that all types of employment contracts will need amending to refer to bribery in the context of gross misconduct/termination

• Monitoring and review all of the above principles regularly.

In order to minimise the risk of being on the wrong side of the Act, companies should put in place:

• Whistle-blowing procedures (setting out how staff raise concerns about bribery and request advice and support)

• Prevention policies to cover financial and commercial controls (invoices, remuneration)

• Prevention policies to cover rules on gifts, hospitality (a reasonable amount of corporate hospitality is still permitted), promotional spend/sponsorship (including charitable donations)

• Procedures on recruitment (including work experience) and discipline/grievance that include anti-bribery measures

• Details of how anti-bribery measures will be enforced.

Autumn HR UPDATE

The legislation targets the prevention of the cases of large scale corruption and bribery, involving large multinational organisations that occasionally appear in newspaper headlines and at times lead to custodial sentences for top executives. The Act goes further as it also aims to stamp out facilitation payments that are often paid to low ranking officers (particularly in developing countries) to facilitate the smooth and expedient processing of a service. This is something that has implications for any organisation that operates overseas.

The challenge is enhanced by the fact that an organisation may be liable for bribes paid by its agents and joint venture partners, even if made without the company’s knowledge.

However, even if your business is entirely focused within the UK caution is required. Corporate hospitality is not affected so long as it is proportionate and reasonable.

The Bribery Act 2010 came into force on the 1st July 2011 making it a criminal offence for an individual or commercial organisation to offer or receive a bribe to bring about or reward the improper performance of a function or activity.

48 - 52 Baldwin StreetBristol BS1 1QB0117 915 9600

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OCTOBER 2011

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Employers should also set limits and expectations for the use of social media and clearly define the consequences of misuse. Any restrictions in use imposed by the employer must, however, be proportionate and realistic to ensure good employment relations are fostered.

Furthermore there needs to be a balance struck between monitoring employees’ use of social networking and respecting their right to privacy.

An issue currently gaining attention with social media is the ownership of client and contact lists. Many employees build their personal social media presence during the course of their employment. The fact that these contacts are formed in the employee’s own name can prove problematic in terms of their ownership

Case StudyWhen can Indirect Religious Discrimination be Objectively Justified?

Cherfi v G4S Security Services Ltd

First and foremost, indirect discrimination occurs whenever a working condition or rule which, whilst applying to all employees equally, has the effect of disadvantaging one group of people more than another. Indirect discrimination is unlawful, whether or not it is done on purpose. Unlike direct discrimination, which can never be justified, indirect discrimination may be permissible it is necessary for the way the business works, and there is no other way of achieving it.

In this case, the employer, G4S Security Services refused to allow a security guard, Cherfi to leave a client’s site to attend a mosque on Friday lunchtimes. The employer was contractually obliged to ensure that a specific number of security guards were present throughout operating hours so did not want Mr Cherfi to be absent for any reason during those hours. There was, however, a prayer room on site, which the claimant was free to use and they did offer to change his contract to a

once the employment relationship ends, as employees can easily retain their former employer’s clients and contacts on their own personal social media sites. Employers and employees will have different views on the ownership of this data.

This situation is further complicated when a former employee updates his/her profile to show contacts including former employee clients that he/she is now working for a possible competitor.

In the absence of clear contractual provisions an employee may claim the rights to act in this manner. It therefore becomes increasingly imperative for employers to ensure that the use of social media is covered in both HR policies and employee contractors.

Monday to Thursday pattern with the option of Saturday or Sunday work. Mr Cherfi did not; however want to work over weekends so refused this working arrangement. He stopped working Fridays, taking them off as sick leave, annual leave or unauthorised unpaid leave. When his employer told him that this could not continue, Mr Cherfi brought a claim at an employment tribunal. He alleged that the requirement for security guards to be on site at Friday lunchtimes placed Muslims at a particular disadvantage and was therefore indirectly discriminatory on the grounds of his religion.

The Employment Appeals Tribunal (EAT) held that the requirement was objectively justified and therefore not discriminatory. This was largely on the basis that the employer would suffer financial penalties and be at risk of losing the client contract if it failed to ensure that the requisite number of guards were on site. The EAT also took into account that the employer had made a prayer room available and had offered Mr Cherfi weekend work so that he would not suffer financially if he chose not to work on Fridays.

Minimum Wage IncreasesThe national minimum wage rates with effect from 1 October 2011 are as follows:

The new hourly rates will be:

• Workers aged 21 and over, £6.08 from £5.93

• Workers aged between 18 and 20, £4.98 from £4.92

• Workers aged 16-17, £3.68 from £3.64

• Apprentices aged under 19 or over 19 and in the first year of their

apprenticeship, £2.60 from £2.50

Statutory Payments increasesThe rates of statutory sick pay and statutory maternity, paternity and adoption pay were increased on 11 April 2011. The new levels are:

• Statutory sick pay £81.60 per week

• Statutory maternity, paternity and adoption pay £128.73 per week.

The Legal Implications of Social MediaSocial media is increasingly becoming a topic of conversation in Human Resources, as sites including Facebook, LinkedIn, Twitter and My Space are used by employees for both personal and business purposes.

Employers should now be accustomed to providing members of staff with a social media policy in addition to the terms included in their contracts of employment.

Such policies should recognise that whilst the internet, in particular social media sites, provide unique opportunities for sharing information and getting involved in interactive discussions, care must be taken to ensure that the employer’s reputation is not damaged and that confidential and proprietary information is not put at risk.

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Successful Retirement Planning

be filled. A review of your state pension entitlement will also indicate what you may expect to receive as state second pension, SERPS and graduated pension.

The state retirement age is also changing with the state retirement age for women rising in stages from 60 to 66 between 2010 and 2020. This will not affect women born on or before 5 April 1950, who can still claim their state pension at 60. Women born after 5 March 1954 will have a state pension age of 66.

The state retirement age for men is changing between 6 March 2019 and 6 March 2020. This will not affect men born before 6 December 1953 who can still claim their state pension at 65. Men born after 5 March 1954 will have a state pension age of 66.

The state pension age may be further increased after 2020 based on life expectancy.

In 2010, the new coalition government announced that the state pension will in future increase by the highest of price inflation, earnings inflation and 2.5 per cent.

According to Government estimates, the gap between how much people are saving and how much they need to save to ensure a comfortable retirement is over £57 billion. It believes that 13 million people - nearly half the working population - are not saving enough for their retirement.

Will the state pension suffice?Even if it is not currently top of your agenda, being able to retire when and how you would like, is sooner or later likely to be one of your most important financial objectives. But achieving this goal takes planning and perseverance. You could spend a third of your life in retirement. Will you find those years the golden times we all dream of, or a constant struggle to pay the bills?

Your state pension is worth about £5,300 at current rates, assuming you have a full national insurance record. For those reaching state retirement age from 6 April 2010, this requires 30 years’ contributions. If you have not yet retired, we can help you check your record and see if any gaps can

Many people spend time thinking about what retirement might look like financially, and this is particularly important now, especially given the current state of the markets, the economy and interest rates. Pension funds have been depleted by higher tax charges, reduced capital values, diminished rates of return and increased longevity. It is important to look at how much you need to save to secure your desired income and how your saving can be optimised for tax purposes. Time for a review? The applicable laws and tax regime change over time, as do economic circumstances and market-based solutions. Retirement plans should be reviewed periodically to check their adequacy.

“Taking into account the impact of the recent financial crisis, no one’s retirement planning looks the same as it did a few years ago.”

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If you would like us to evaluate your retirement planning please contact us.

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result of this investment flexibility. Subject to approval by the SIPP provider, SIPP investors can choose what assets are bought, leased and sold, and when those assets are acquired or disposed (although certain items, like classic cars and residential property are inadvisable because they are subject to heavy tax penalties). The investor may also enjoy ownership of the assets via an individual trust, so long as the provider or administrator is listed as a co-trustee. Potentially, SIPPS can even borrow 50 per cent of the net value of the pension fund to invest in further assets. We are happy to discuss this option with you.

The capping of the lifetime allowanceThe lifetime allowance of pension contributions is now capped at £1.8 million until 5 April 2012 when it reduces to £1.5 million. (The government had previously announced that the lifetime allowance would remain at £1.8 million until 2016.)

This reduction in the lifetime allowance does not affect the upper limit of trivial pension. Before 6 April 2011, the trivial pension limit was 1% of the lifetime allowance. From 6 April 2011, it is fixed at £18,000.

Retirement investing alternatives?For those who want an alternative to pensions, or not to rely on them entirely, the alternatives are almost unlimited. Common savings and investment vehicles include ISAs, equities, bonds, insurance policies, property portfolios and fine art or other valuables. However innovative or unusual your retirement planning, it should stand the ‘reality and adequacy test’. Each of these alternatives have differing tax treatments so taking tax into account is an important aspect.

Top-slice relief and the Investment BondInvestment bonds remain much underused in retirement planning, despite having been around since the early 1970s. Some see them as complex, but they offer unique opportunities to aspiring retirees. Because they are offered by life assurance companies, the investment bond is considered a life policy and is not subject to capital gains tax, instead, a tax liability arises on a chargeable event, such as the death of the owner or maturity. You

can take a 5 per cent tax-free withdrawal every year, and excepting the events just mentioned, this can be carried forward for up to 20 years.

It should be noted that this arrangement is a deferment of tax, not an exemption from tax. There is a tax advantage if you reasonably believe that you will be paying income tax at a lower rate at the end of the 20-year period.

A higher-rate taxpayer would pay 20 per cent of the total gain (or 20 per cent on withdrawals above 5 per cent) with an additional rate taxpayer bearing 30 per cent instead, but there is no further tax liability over and above this. With foresight, a taxpayer bearing either 40 per cent or 50 per cent tax on income could enjoy 5 per cent tax-free withdrawals while working, and then on retirement, if in a lower tax bracket, use top-slicing relief to withdraw large sums without incurring a tax liability.

Further, a policyholder in a higher tax bracket can transfer ownership of the bond to a lower tax-paying spouse. Because this transfer is made by deed of assignment, it is not a chargeable event. Sound advice is key to long-term Investment Bond planning.

How much capital will your business realise?

Many expect their business to provide a substantial injection of capital into their retirement pot. However, before you bank the proceeds from sale there may well be capital gains tax to consider. Entrepreneurs’ relief reduces some or all of the business gain so that the net tax payable is only 10 per cent of the chargeable gain. Entrepreneurs’ relief provides a reduction in capital gains tax on the disposal of an interest in a business or business asset(s) up to a maximum of £1,800,000. Advantageously for some, it has no minimum age requirement, and the business need only meet the qualifying conditions for one year. It replaced indexation allowance and taper relief, and now has a maximum lifetime allowance for gains of £10 million.

PensionsLarge contributionsThere has been a significant change in the rules relating to large donations to pension funds. The new rule imposes an annual contribution limit of £50,000 to a pension fund with effect from 6 April 2011. This is a massive reduction from the previous rate of £255,000.

In occupational schemes, the limit applies to both the employer’s and employee’s contributions. For final salary or defined benefit schemes, the contribution limit applies to the increase in the value of the member’s pension entitlement value during the year. In such an employment, a significant pay rise can result in a significant increase in such entitlement value which could be caught by these new provisions.

If you make a contribution above £50,000 or otherwise have your pension entitlement value increase by this amount, it may be possible to claim further relief under a transitional provision or by using an unused deemed allowance from one of the three previous years.

If you do make a pension contribution above the limit, you will still get tax relief on the whole contribution at your highest rate of income tax. But you will also incur a tax charge on the amount of the excess.

This large reduction in the annual limit replaces the previously announced provisions of restricting tax relief for those who earn more than £130,000. That provision has now been abandoned.

Salary sacrificeSalary sacrifice has been much in the press these last few years, but this remains a tax-efficient way of providing for your future. This approach saves both the employer and employee money through reducing national insurance contributions. This can save the employee income tax too. Even so, taking a reduction in take-home salary now in exchange for a longer-term benefit is not everyone’s first choice and should only be used in conjunction with proper financial planning. This technique may not be effective for high income individuals.

Self-Invested Personal Pensions (SIPPS)SIPPS allow the freedom to select the allocation of your pension fund investments. This pension vehicle is regarded as attractive to many as a

If your retirement will coincide with the disposal of business assets and your planning has not yet taken into account the tax impact, please discuss this relief and your tax planning with us.

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OCT

Autumn is beginning to set in, and so too are growing fears over the UK economy. Interest rates remain at record lows, inflation remains much higher than target, and growth forecasts are being rewritten.

At times like these it is more important than ever to make sure you stay on top of your finances. This month’s Insider brings you updates, as well as ideas that you may want to consider during times of economic instability.

Autumn Statement

The Chancellor will deliver his Autumn statement on 29 November this year. An update on the UK’s economy, featuring a new economic forecast is expected, but because this replaces the previous Governments’ Pre-Budget Report, there may well be announcements regarding tax, business and investment initiatives and regulatory changes.

We will be keeping you up to date on any announcements made, and a summary of the statement will be available from us shortly after the Chancellor has concluded his speech.

Self-assessment tax return reminder

The self-assessment tax return deadline is approaching. The paper filing deadline is 31 October 2011, while online returns can be filed until 31 January 2012.

New penalties have been launched for 2010/11 tax returns, which make filing on time more important than ever before. The initial £100 fixed penalty for late returns will now apply

even if there is no tax to pay. The penalty will also increase after three months with additional penalties of £10 a day, up to a maximum of £900. After six months, a further penalty of the greatest of 5 per cent of the tax due or £300 will be charged, meaning that you could be charged as much as £1,300 for being six months behind with your tax return.

Keeping on top of your debtors

When businesses run into cash flow difficulties, delaying payments to suppliers can become a problem. Make sure you keep on top of your debtors, and your cashflow by implementing a debt collection policy.

An example of a typical debt collection policy:

If your terms state that payment must be received 30 days after invoicing, you should…

�� Invoice at the earliest opportunity, stating the payment terms clearly on the invoice

�� 15 days after invoicing, telephone the customer. Thank them for their business and ask if they are satisfied with your work or product

�� If no payment has been received after 30 days, send a reminder and call the customer to inform them that you are initiating collection efforts.

www.adderwhite.co.uk

Contact us if we are not instructed by you to complete your tax return.

SAMPLEwww.adderwhite.co.uk

�� Telephone the customer every two or three days. Slow paying debtors rely on the negligence of their creditors. Continual calling will let them know you are aware of the debt and show them that you are willing to take action.

�� If there is a query or payment problem, arrange a new settlement date by telephone. Confirm this date in writing and state clearly that if payment is not made by this date, the matter will be referred to either:

�� A debt collection agency

�� A firm of solicitors, or

�� The county court small claims department

�� If the debt is still due after this, keep your word and take action.

We can help you to establish an appropriate debt collection policy – contact us for more information.

YOur mOneYAre you saving enough for your retirement?

The latest Pension Trends survey from the Office for National Statistics (ONS) reports that the recession caused pension contributions to tumble.

Meanwhile, life expectancy continues to grow, and the state pension age is creeping up as a result. The longer we are expected to live, the more we will have to save for retirement, and as the state pension amounts to just over £5,300 a year, it is clear we cannot depend on it.

Important tax allowances and reliefs make saving into a pension for your retirement attractive, but you may also want to consider other avenues. The amount that you need to save in order to retain your preferred standard of living will depend on a number of factors including:

�� Your age

�� Your income

�� Your outgoings

We would be happy to help you to prepare for your retirement. Read our Active Practice Update on Successful Retirement Planning for more information, or contact us to find out how we can help.

Interest rates remain at record lows – how could you make the most of your savings?

Interest rates remained at 0.5 per cent in September, and as the economy remains sluggish, there are no signs of an increase on the cards. But while interest rates remain at rock bottom, how could you make the most of your savings?

�� Use your ISA allowance – no income tax liability means that the real return on any money saved in an ISA is higher

�� Shop around – there are so many savings accounts available it is always best to compare what is available to make sure you are getting the best value

�� Consider whether you need a fixed rate or instant access – the difference in the rate you receive can be considerable.

SAMPLE

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insideroct2011-c2

INSIDERAutumn is beginning to set in, and so too are growing fears over the UK economy. Interest rates remain at record lows, inflation remains much higher than target, and growth forecasts are being rewritten.

At times like these it is more important than ever to make sure you stay on top of your finances. This month’s Insider brings you updates, as well as ideas that you may want to consider during times of economic instability.

Autumn Statement

The Chancellor will deliver his Autumn statement on 29 November this year. An update on the UK’s economy, featuring a new economic forecast is expected, but because this replaces the previous Governments’ Pre-Budget Report, there may well be announcements regarding tax, business and investment initiatives and regulatory changes.

We will be keeping you up to date on any announcements made, and a summary of the statement will be available from us shortly after the Chancellor has concluded his speech.

Self-assessment tax return reminder

The self-assessment tax return deadline is approaching. The paper filing deadline is 31 October 2011, while online returns can be filed until 31 January 2012.

New penalties have been launched for 2010/11 tax returns, which make filing on time more important than ever before. The initial £100 fixed penalty for late returns will

now apply even if there is no tax to pay. The penalty will also increase after three months with additional penalties of £10 a day, up to a maximum of £900. After six months, a further penalty of the greatest of 5 per cent of the tax due or £300 will be charged, meaning that you could be charged as much as £1,300 for being six months behind with your tax return.

Keeping on top of your debtors

When businesses run into cash flow difficulties, delaying payments to suppliers can become a problem. Make sure you keep on top of your debtors, and your cashflow by implementing a debt collection policy.

An example of a typical debt collection policy:

If your terms state that payment must be received 30 days after invoicing, you should…

�� Invoice at the earliest opportunity, stating the payment terms clearly on the invoice

�� 15 days after invoicing, telephone the customer. Thank them for their business and ask if they are satisfied with your work or product

�� If no payment has been received after 30 days, send a reminder and call the customer to inform them that you are initiating collection efforts.

�� Telephone the customer every two or three days. Slow paying debtors rely on the negligence of their creditors. Continual calling will let them know you are aware of the debt and show them that you are willing to take action.

48 - 52 Baldwin StreetBristol BS1 1QB

011 7 915 9600

www.adderwhite.co.uk

OCt2011

Contact us if we are not instructed by you to complete your tax return.

SAMPLEYour moneYAre you saving enough for your retirement?

The latest Pension Trends survey from the Office for National Statistics (ONS) reports that the recession caused pension contributions to tumble.

Meanwhile, life expectancy continues to grow, and the state pension age is creeping up as a result. The longer we are expected to live, the more we will have to save for retirement, and as the state pension amounts to just over £5,300 a year, it is clear we cannot depend on it.

Important tax allowances and reliefs make saving into a pension for your retirement attractive, but you may also want to consider other avenues. The amount that you need to save in order to retain your preferred standard of living will depend on a number of factors including:

�� Your age

�� Your income

�� Your outgoings

We would be happy to help you to prepare for your retirement. Read our Active Practice Update on Successful Retirement Planning for more information, or contact us to find out how we can help.

�� If there is a query or payment problem, arrange a new settlement date by telephone. Confirm this date in writing and state clearly that if payment is not made by this date, the matter will be referred to either:

�� A debt collection agency

�� A firm of solicitors, or

�� The county court small claims department

�� If the debt is still due after this, keep your word and take action.

Interest rates remain at record lows – how could you make the most of your savings?

Interest rates remained at 0.5 per cent in September, and as the economy remains sluggish, there are no signs of an increase on the cards. But while interest rates remain at rock bottom, how could you make the most of your savings?

�� Use your ISA allowance – no income tax liability means that the real return on any money saved in an ISA is higher

�� Shop around – there are so many savings accounts available it is always best to compare what is available to make sure you are getting the best value

�� Consider whether you need a fixed rate or instant access – the difference in the rate you receive can be considerable.

www.adderwhite.co.uk

We can help you to establish an appropriate debt collection policy – contact us for more information.

SAMPLE48 - 52 Baldwin StreetBristol BS1 1QB0117 915 9600

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SAMPLEAutumn Statement

The Chancellor will deliver his Autumn statement on 29 November this year. An update on the UK’s economy, featuring a new economic forecast is expected, but because this replaces the previous Governments’ Pre-Budget Report, there may well be announcements regarding tax, business and investment initiatives and regulatory changes.

We will be keeping you up to date on any announcements made, and a summary of the statement will be available from us shortly after the Chancellor has concluded his speech

Self-assessment tax return reminder

The self-assessment tax return deadline is approaching. The paper filing deadline is 31 October 2011, while online returns can be filed until 31 January 2012.

New penalties have been launched for 2010/11 tax returns, which make filing on time more important than ever before. The initial £100 fixed penalty for late returns will now apply even if there is no tax to pay. The penalty will also increase after three months with additional penalties of £10 a day, up to a maximum of £900. After six months, a further penalty of the greatest of 5 per cent of the tax due or £300 will be charged, meaning that you could be charged as much as £1,300 for being six months behind with your tax return.

INSIDEROCTOBER 2011

Autumn is beginning to set in, and so too are growing fears over the UK economy. Interest rates remain at record lows, inflation remains much higher than target, and growth forecasts are being rewritten.

At times like these it is more important than ever to make sure you stay on top of your finances. This month’s Insider brings you updates, as well as ideas that you may want to consider during times of economic instability.

Keeping on top of your debtors

When businesses run into cash flow difficulties, delaying payments to suppliers can become a problem. Make sure you keep on top of your debtors, and your cashflow by implementing a debt collection policy.

An example of a typical debt collection policy:

If your terms state that payment must be received 30 days after invoicing, you should…

�� Invoice at the earliest opportunity, stating the payment terms clearly on the invoice

�� 15 days after invoicing, telephone the customer. Thank them for their business and ask if they are satisfied with your work or product

�� If no payment has been received after 30 days, send a reminder and call the customer to inform them that you are initiating collection efforts.

�� Telephone the customer every two or three days. Slow paying debtors rely on the negligence of their creditors. Continual calling will let them know you are aware of the debt and show them that you are willing to take action.

�� If there is a query or payment problem, arrange a new settlement date by telephone. Confirm this date in writing and state clearly that if payment is not made by this date, the matter will be referred to either:

�� A debt collection agency

�� A firm of solicitors, or

�� The county court small claims department

�� If the debt is still due after this, keep your word and take action.

Contact us if we are not instructed by you to complete your tax return.

We can help you to establish an appropriate debt collection policy – contact us for more information.

SAMPLEwww.adderwhite.co.uk

Your money

Are you saving enough for your retirement?

The latest Pension Trends survey from the Office for National Statistics (ONS) reports that the recession caused pension contributions to tumble.

Meanwhile, life expectancy continues to grow, and the state pension age is creeping up as a result. The longer we are expected to live, the more we will have to save for retirement, and as the state pension amounts to just over £5,300 a year, it is clear we cannot depend on it.

Important tax allowances and reliefs make saving into a pension for your retirement attractive, but you may also want to consider other avenues. The amount that you need to save in order to retain your preferred standard of living will depend on a number of factors including:

�� Your age

�� Your income

�� Your outgoings

We would be happy to help you to prepare for your retirement. Read our Active Practice Update on Successful Retirement Planning for more information, or contact us to find out how we can help.

Interest rates remain at record lows – how could you make the most of your savings?

Interest rates remained at 0.5 per cent in September, and as the economy remains sluggish, there are no signs of an increase on the cards. But while interest rates remain at rock bottom, how could you make the most of your savings?

�� Use your ISA allowance – no income tax liability means that the real return on any money saved in an ISA is higher

�� Shop around – there are so many savings accounts available it is always best to compare what is available to make sure you are getting the best value

�� Consider whether you need a fixed rate or instant access – the difference in the rate you receive can be considerable.

2011

Contact us if you think we can help with any aspects featured in this insider.

SAMPLE

INSIDER

OCTOBER 2011

NEWS

SAMPLEAutumn is beginning to set in, And so too Are growing feArs over the uK economy. interest rAtes remAin At record lows, inflAtion remAins much higher thAn tArget, And growth forecAsts Are being rewritten.

At times like these it is more important than ever to make sure you stay on top of your finances. this month’s insider brings you updates, as well as ideas that you may want to consider during times of economic instability.

Autumn stAtementThe Chancellor will deliver his Autumn statement on 29 November this year. An update on the UK’s economy, featuring a new economic forecast

is expected, but because this replaces the previous Governments’ Pre-Budget Report, there may well be announcements regarding tax,

business and investment initiatives and regulatory changes.

We will be keeping you up to date on any announcements made, and a summary of the

statement will be available from us shortly after the Chancellor has concluded his

speech.

self-Assessment tAx return reminderThe self-assessment tax return deadline is approaching. The paper filing deadline is 31 October 2011, while online returns can be filed until 31 January 2012.

New penalties have been launched for 2010/11 tax returns, which make filing on time more important than ever before. The initial £100 fixed penalty for late returns will now apply even if there is no tax to pay. The penalty will also increase after three months with additional penalties of £10 a day, up to a maximum of £900. After six months, a further penalty of the greatest of 5 per cent of the tax due or £300 will be charged, meaning that you could be charged as much as £1,300 for being six months behind with your tax return.

Keeping on top of your debtorsWhen businesses run into cash flow difficulties, delaying payments to suppliers can become a problem. Make sure you keep on top of your debtors, and your cashflow by implementing a debt collection policy.

An example of a typical debt collection policy:

If your terms state that payment must be received 30 days after invoicing, you should…

�� Invoice at the earliest opportunity, stating the payment terms clearly on the invoice

�� 15 days after invoicing, telephone the customer. Thank them for their business and ask if they are satisfied with your work or product

�� If no payment has been received after 30 days, send a reminder and call the customer to inform them that you are initiating collection efforts.

48 - 52 Baldwin StreetBristol BS1 1QB0117 915 9600 www.adderwhite.co.uk

contact us if we are not instructed by you to complete your tax return.

SAMPLESAMPLE

www.adderwhite.co.uk

your moneyAre you sAving enough for your retirement?The latest Pension Trends survey from the Office for National Statistics (ONS) reports that the recession caused pension contributions to tumble.

Meanwhile, life expectancy continues to grow, and the state pension age is creeping up as a result. The longer we are expected to live, the more we will have to save for retirement, and as the state pension amounts to just over £5,300 a year, it is clear we cannot depend on it.

Important tax allowances and reliefs make saving into a pension for your retirement attractive, but you may also want to consider other avenues. The amount that you need to save in order to retain your preferred standard of living will depend on a number of factors including:

�� Your age

�� Your income

�� Your outgoings

We would be happy to help you to prepare for your retirement. Read our Active Practice Update on Successful

Retirement Planning for more information, or contact us to find out how we can help.

interest rAtes remAin At record lows – how could you mAKe the most of your sAvings? Interest rates remained at 0.5 per cent in September, and as the economy remains sluggish, there are no signs of an increase on the cards. But while interest rates remain at rock bottom, how could you make the most of your savings?

�� Use your ISA allowance – no income tax liability means that the real return on any money saved in an ISA is higher

�� Shop around – there are so many savings accounts available it is always best to compare what is available to make sure you are getting the best value

�� Consider whether you need a fixed rate or instant access – the difference in the rate you receive can be considerable.

�� Telephone the customer every two or three days. Slow paying debtors rely on the negligence of their creditors. Continual calling will let them know you are aware of the debt and show them that you are willing to take action.

�� If there is a query or payment problem, arrange a new settlement date by telephone. Confirm this date in writing and state clearly that if payment is not made by this date, the matter will be referred to either:

�� A debt collection agency

�� A firm of solicitors, or

�� The county court small claims department

�� If the debt is still due after this, keep your word and take action.

we can help you to establish an appropriate debt collection policy – contact us for more information.