Investing in training excellence

George Hay’s training partner, Toni Hunter is delighted to announce that First Intuition in Cambridge, the firm’s chosen accountancy training provider, have topped off an incredible three years of operations by winning UK College of the Year for 2012.

This follows on from Gareth John (Managing Director) winning UK Lecturer of the Year in 2011, and First Intuition winning UK College of the Year in 2010. The close relationship between George Hay and First Intuition reinforces our commitment to staff development and skills in the workplace (and the exam hall) that helps the team to deliver a top quality service to our clients.

Toni Hunter said “We currently have three team members progressing through their professional training with First Intuition and I’m not surprised by their recent successes.  Their staff are friendly, professional and approachable, they provide me with regular progress reports and one-to-one guidance to our students who are achieving great results – all of which makes my job so much easier”

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Business record checks suspended

HM Revenue and Customs (HMRC) has now suspended its Business Record Checks (BRCs) programme while it carries out further consultation.

HMRC first launched the pilot scheme in April 2011 and has already checked the records of around 2,500 businesses, finding bookkeeping issues in 28 per cent of cases while 11 per cent required follow-up visits.

However, the programme came under heavy criticism amid claims that it was ‘heavy handed’ and increased the compliance burden on smaller businesses.

Keith Middleton, partner at George Hay said: “HMRC has now agreed to suspend the BRC scheme while it consults further with the aim of relaunching the programme early in the new tax year.

“Until then, however, we would advise all business owners to ensure that their records are in order to avoid being caught out when the checks resume. If in any doubt, it is always best to seek professional advice as soon as possible.”

For further information, please contact us.

 

Source: Abbey Tax Protection news alert.

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HMRC attack construction industry again

HMRC revealed today that they will be targeting those in ‘home improvement trades’ such as builders, roofers and bricklayers, as well as those who make money from direct selling through hand-delivered home catalogues or ‘party plans’ sales. The Revenue also reaffirmed previously announced plans to launch campaigns targeted at electricians and those who trade on e-marketplaces such as e-bay, both of which they intend to launch before the end of March. These are in addition to campaigns targeting tutors and coaches, currently in progress, and plumbers, medics and offshore bank account holders, which have been completed.

Source: CIOT  For full article click here

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New Agency Worker Regulations

New Regulations introduced in respect of agency workers have received little publicity despite their potential impact.  The Regulations, which are effective from 1 October 2011, mean that workers supplied to a company, or to any other entity, by an agency will become entitled to receive pay and basic working conditions equivalent to any directly employed employees after a 12 week qualifying period.

If you make use of agency workers in your business you may begin to see some changes in your dealings with the agencies in the coming weeks.  You may also see some increases in their charges.  In order to help you assess the possible impact of these Regulations we are pleased to provide a summary.

For your complimentary copy, please call Gill on 01767 315010 or email gill.hallybone@georgehay.co.uk with your contact details.

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cheaper finance for SME’s

Small businesses are set to be able to access equity finance more cheaply and effectively with early changes to European regulatory measures.

Two amendments to the EU Prospectus Directive have been brought into effect a year early by the UK, allowing businesses to take advantage of the measures from 1 August 2011.

Click Here for full story

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local support

By taking part in a market research survey, I raised £100 for a great organisation

Magpas say “thank you”

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International Friends

A message from our exchange student Laura who is working with our team at Huntingdon over the summer months.

I came to England through a New Generations Exchange, a program from Rotary International.
I was ready for new experiences, to learn about the culture and enjoy work experience.
I never imagined how useful it would be for my University “Business Management” Career to have the opportunity to work in a Chartered accountants office such as George Hay.
During these short two weeks I have spent here so far, I realised that two countries can be separated by thousands of miles and have an ocean in between and still have many things in common.
I am applying most of what I have learned during my studies and I have improved my business and accountancy vocabulary.
Everyone at George Hay has been extremely kind with me, they help me all the time to keep learning, developing my skills and a have nice time during my stay in this beautiful country.

All I have are grateful thoughts for them and Rotary for giving me such valuable opportunity.

Laura Benzoni
Buenos Aires, Argentina

Dear Barry

I want to put on record Rotary’s appreciation to you and your colleagues for hosting Laura as an Intern in your office during the past weeks.

I know from Laura that she felt she gained appreciations on several levels: the professional aspects and role of accountancy in a consultancy environment, the client relationship from the opposite end to that she knows in her own country in her role at Pharmacity over several years while working there in between her University studies and, finally, she has learned about the UK culture relating to office roles and relationships in a professional office, all completely new and different for her.

I can imagine that breaking her in to a UK professional workplace. as well as helping her to comprehend the differences in accounting and linguistic terms, may have been time consuming but then reflection is often described as the best way to learn as well as to teach!

So thank you and your team for accepting Laura in to your office. She looked forward to each day at Huntingdon and the visits out to Biggleswade were icing on the cake.

Thank you again,

Colin Yarwood, District Youth Exchange Chair, Rotary International.

 

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European Patent Imminent

UK businesses are set to save millions of pounds a year as a single European patent came a step closer following agreements by ministers at a meeting of the Competitiveness Council in Luxembourg.

Click here for full story

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HMRC phase out NI cards to save costs

HM Revenue & Customs (HMRC) has introduced the latest stage of its move to phase out National Insurance cards.

Last year, as part of a drive to reduce costs, it was announced that HMRC would stop issuing plastic cards and send letters instead, saving £820,000 a year.

For full story click here

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VAT rule-breakers targeted

HM Revenue & Customs (HMRC) have announced an new campaign focusing on individuals and businesses that are trading above the VAT threshold and have yet to register for VAT.

HMRC’s Director of Risk and Intelligence said “Our aim is to get as much input as possible into our future campaigns so that the views and experience of people and organisations outside the department play a fuller part in what we design for customers.”

“We are already in contact with a number of interested parties and I expect many more to contact us with their views before we finalise the design of the VAT initiative.”

“This will be the model for all our future campaigns and we look forward to being even more open about the compliance activity HMRC is undertaking to ensure we reduce the tax gap and help customers pay what they owe.”

The VAT threshold is currently £73,000 turnover on a rolling annual basis. This means that traders should be reviewing their position at least monthly.

HMRC always encourage voluntary disclosure with penalties being far less severe.

Please contact us, if you would like to discuss this or any other taxation issues, we have experts on hand to deal with your circumstances in the most favourable way.

 

Disclaimer: This article is for general guidance only. All taxation planning should only be undertaken after appropriate professional advice. George Hay Chartered Accountants are registered to carry on audit work and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales.

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