Latest Updates - Archive

01 Nov 2009
Some Compulsary Moves to Filing Online

In recent years, there has been a move to more online filing. Last year saw different filing deadlines for self-assessment returns filed on paper (31 October following the end of the tax year) and those filed online (31 January following the end of the tax year).

HM Revenue & Customs (HMRC) have offered tax free incentives to small employers (those with less than 50 employees) as an encouragement to file year end payroll forms (P35 and P14) online.

However, from April 2010 there will be some areas where it will become COMPULSORY to file online. These are:

End-of-year and in-year PAYE forms for Employers
The next end-of-year form (P35 and P14s) must be filed online. This means that for the year ended 5 April 2010 paper end-of-year forms will not be issued or accepted. If you relied on the paper form arriving as a prompt to deal with it then you will need to mark up your calendar to remind you of the following:

19 April 2010 – pay Month 12 PAYE (and all other PAYE still due for the year)
19 May 2010 – file end-of-year forms (beware – this is a Saturday)

An in-year form is the collective term for forms P45 and the various types of P46. Filing these forms online will be compulsory as from 6 April 2011.

If you currently operate your payroll manually, you will need to have a re-think about your procedures. HMRC do send every employer a CD-Rom each year and there is software you can use on this CD and it will file online if your computer has an internet connection. Or these changes may make you think about giving up operating your own payroll altogether!

If you need any help or would like to discuss your options, do call Leigh our payroll manager.

VAT Returns and payments
As from 1 April 2010 all businesses with a turnover in excess of £100,000 MUST file their VAT returns online AND pay their vat bill by electronic payment. Electronic payment can mean making a telephone payment.

Even if your turnover is less than £100,000 per annum but your business is registered for VAT, you should consider registering to file online in case your turnover accidentally goes over the online threshold. One less elephant trap to avoid!

How the new deadine will work is that if your VAT period commences on or after 1 April 2010 you will need to file that quarter’s return online. For a normal quarterly return this will mean that the quarter ended 30 June, 31 July or 31 August will be the first online return. If you complete monthly returns then the April 2010 return will be filed online.

Here is the HMRC link to VAT and online services and it tells you how to go about registering to file VAT returns online.

http://www.hmrc.gov.uk/vat/start/register/signup-online.htm

At the time of writing this newsletter, the actual HMRC web page entitled Register and enrol to use VAT Online services was not even working. We redict trouble ahead!

Again, as with PAYE, you may need to reconsider your bookkeeping methods to be able to deal with this. Please give us a call if you would like some advice on this topic.

VAT registrations
As from 1 April 2010 all businesses that need to register for VAT, irrespective of anticipated turnover must register online. However, you try looking for a paper application on the web site now. It’s already disappeared!

Corporation tax returns
For corporation tax returns due after 31 March 2011, these returns will need to be filed online and all supporting documentation will need to be in Extensible Business Reporting Language (XBRL). Naturally, we will be taking care of this for all of our corporate clients but we do know of a few cases where people take care of their own returns (particularly if the company is dormant).

15 Oct 2009
Companies Act 2006 - A Few Things You Need To Know

Company Law has just gone through a major updating and consolidation with the introduction of the Companies Act 2006. The final changes came into force on 1 October 2009.

There are many changes but here is a round up of some of the points that will have a wider impact.

• Filing deadlines – the time allowed to file private limited company accounts at Companies House has now been shortened by one month to nine months. A quick way of remembering the new deadline is that you will need to pay your corporation tax at the same time as the Companies House filing deadline. Previously, there was a one-month time lag. This rule takes effect from accounting periods that start after 6 April 2008. This means that if you normally prepare your accounts to 30 April, then the 2009 accounts will need to be filed by the end of January 2010 instead of the end of February 2010. Accounts for years that end on 31 March 2009 still have a 10 months filing deadline to the end of January 2010.

• Increase in late filing penalties – as from 1 February 2009 the late filing penalty for failing to get accounts to Companies House on time has increased. The new penalties are as follows:
  
  
  - Not more than one month late - £150
  - More than one but less than three months late - £375
  - Between three and six months late - £750
  - Between six and 12 months late - £1,500
  - More than 12 months late - £1,500

The category of “between one and three months late” is a new one. Previously accounts up to three months late attracted a flat rate penalty of £100.

The new rules operate on a “double jeopardy” method in that if you are late two years in succession then the penalties are doubled in the second year.

• Changes to the Annual Return – for the first Annual Return that you need to complete for your company after 1 October 2009, you will notice some changes. These changes are:
  
  - You now need to show a country (such as UK) in the directors’ addresses. England or Great Britain (but not Cornwall!) are allowed as countries for address purposes. A practical tip – if dealing with the Annual Return online, the system will think that by adding the country (as you are supposed to do) is making a change to the whole of the director’s address and it will automatically generate a Change of Director’s Details (CH01) form as well.
  
  - The section about share capital has changed so that you now need to complete a section about the rights attached to shares. This needs a bit of understanding about Company Law to get it right and do ask us if you need help with this section of your Annual Return, as and when you complete your return. The box will accept any text and we know of one case where someone put “need to come back to this” in the box and this has been accepted by Companies House and is now showing on record as being the rights attached to their shares. This is not a good idea since it reflects badly on the company as well as probably breaching some rules.
  
  - Law changes – there have been many law changes, particularly to Articles of Association; share allotments have been made easier, a company no longer needs to have an authorised share capital and lots of other changes. You may have seen various articles in the press and in other newsletters stating that companies formed prior to 1 October 2009 should update their Articles of Association to take account of all the new changes. At the risk of brickbats from our solicitor friends, not every company needs to do this but there are some cases where it may make good sense to do so. This may include where a company may be making changes to its share capital, have really old articles (although we know of some people who are proud of their very old articles) or possibly may be thinking of selling the company at some future point.
  
  - Privacy for directors’ usual residential addresses – it is now possible for directors to use a service address instead of their residential address for Companies House forms. We understand that the company’s Registered Office address is acceptable to use as a service address.
  
  - All new forms – all the forms and their numbers are new. The Annual Return is now the AR01. The form to appoint a new director is the AP01. The new numbering system is supposed to be easy and logical and reflect what the form does. No old form will be accepted at Companies House after 1 October 2009 (unless you are filing an Annual Return that was due prior to 30 September 2009). So if you held a couple of spare forms in case you needed them – bin them!
  
  - Company secretaries – a company no longer has to have a company secretary. If you consider that you no longer require one, you can ask them to resign. A couple of practical points – do ask for a formal resignation letter stating that the retiring company secretary has no claims against the company. Also check your articles of association to ensure that you will not be in breach of the articles by not having a company secretary.

If you have any other queries on how the changes to the Companies Act 2006, please contact either Phil, Sue or William.

06 Oct 2009
Full Steam Ahead For Marine Company

Plymouth Marine electronics company Waypoint 1 has expanded its presence across the South West coastline by opening a new office in Brixham after taking advantage of a Government backed fund to assist lending to small businesses in the current economic climate.

The £1.3bn Enterprise Finance Guarantee (EFG) fund was introduced earlier this year to support bank lending to viable businesses to ensure they get working capital and investment that they need.

In the case of Waypoint 1 it has meant a further investment in staff and premises for the sale, installation and servicing of marine navigation and control equipment, air conditioning and heating systems. The Queen Anne’s Battery based company now employs five staff will celebrate 10 years in business early next year.

“The opportunity to expand during such a difficult time was one not to be missed,” said Waypoint 1’s Jonna Oatridge. She explained, “Increasing the size and reach of our business will undoubtedly mean that not only will we survive the recession but we will be able to emerge from it as a stronger business providing a greater service to our customers throughout the South West.”

Waypoint 1 was advised on the EFG application by their accountant Phil Soutter at Wills Accountants and bank manager Jon Keeping at NatWest.

Phil Soutter of Wills Accountants said:”We are delighted that Waypoint 1 has expanded its operation in the region. In completing another successful EFG application we all look forward to seeing our client celebrate a decade in business and move ahead with security and confidence.”

Jon Keeping of NatWest commented:” This funding for Waypoint 1 is great news for everybody involved with the company. To date, NatWest and RBS have advised on over £228 million of EFG funding agreed or in the pipeline – nearly half of all loans drawn down in the UK. This coupled with making an additional £250 million of funding available to SMEs in the South West, means that we are able to offer real support to local businesses, as Waypoint 1 have found out.”

Photo: (left to right) Phil Soutter (Wills Accountants), Jon Keeping (NatWest), Martin and Jonna Oatridge (Waypoint 1)

19 Sept 2009
Wills Sponsor Atlantic Freedom Ocean Rowing Team

We are delighted to be supporting Mark Story and his Atlantic Freedom ocean rowing team for their epic 3000 mile journey from the Canaries to the Caribbean starting on 6 December 2009. 

Their courageous attempt is in aid of Ellie’s Haven for which they are trying to raise £100,000.  To find out more about the attempt, how much has been raised so far and more on Ellie’s Haven please visit: www.atlanticfreedom.co.uk

23 Feb 2009
Wills Accountants Newsletter now Online !

> Download the February 2009 Wills Accountants Newsletter [PDF 2.76MB]

Local accountancy firm Wills Accountants Limited has had its Investor in People (IIP) status renewed after passing a recent inspection with flying colours.

The company, based at The Crescent, first gained the accreditation in 1999 and has used the nationally recognised quality standard to continuously improve its services to clients and careers for staff.

The latest inspection reported that the firm has, “a cohesive team who are very positive about their working experience,” with the IIP assessor, “impressed by the amount of positive feedback by staff.”

The company’s approach to training and development attracted particular praise: “Many staff are being supported through their professional qualifications and are encouraged to keep their learning updated;”

And “the firm has a tighter tracking system than I ever seen before in monitoring the amount of in-house development provided from one director colleague to another;”

Whilst describing Wills Accountants investment in staff development as; “a very significant amount.” This investment in people means that; “staff are unanimous in their praise for the management they receive from all senior staff.”

William Wills, Managing Director of Wills Accountants commented: “As a business we are committed to investing in our staff to ensure they reach their potential. This approach ensures that our clients across the Westcountry benefit from quality advice from motivated professionals.”

Earlier this year Wills Accountants celebrated its 10 th anniversary. The company was formed when husband and wife team William and Susan Wills joined up with Phillip Soutter, a former colleague from Ernst & Young, to deliver tailored accounting and tax advice to owner managed businesses, charities and individuals in the region .

28 Feb 2008
Ten Years and Counting...

Plymouth based Wills Accountants celebrated their 10 th anniversary with a difference at clients Plymouth Music Zone’s (PMZ) award winning centre in Devonport.

Guitars and bongo drums mixed with wine and canapés in the company of PMZ’s music leaders ensured guests had a good time to mark the firm’s decade in business.

“It was absolutely fantastic to hold our special occasion at PMZ in the company of so many clients and contacts who have helped us along the way,” said William Wills, Managing Director of Wills Accountants.

Commenting on 10 years in business, William observed: “Over the past decade we have witnessed many changes in the profession. Some for the better, such as the move to a more efficient electronic delivery of service and some not so good, such as the increase in red tape and outsourcing overseas. For us, the one thing that doesn’t change is our commitment and accessibility to clients. We look forward to continuing our work with them and developing stronger relationships in the future,” he concluded.

“The guys at Wills Accountants already do a great job of demystifying accounting to such an extent that we actually wait with baited breath for the results (well nearly). It was their great idea to celebrate their 10 th anniversary in style by supporting PMZ in the process and we are very grateful to them. Guests from the business community certainly enjoyed themselves and now know that they can use our facilities with all the revenue being reinvested in the work we do with some of the most vulnerable and disadvantaged young people in Plymouth ,” said Debbie Geraghty, Development Director at Plymouth Music Zone.

Wills Accountants, started up in 1998 after husband and wife team William and Susan Wills joined up with Phillip Soutter, a former colleague from Ernst & Young, to deliver tailored accounting and tax advice to owner managed businesses, charities and individuals in the region . Since then, they have grown to 12 staff, gained the Investors In People accreditation and represented the South West in the Investors in People Champions Scheme.

16 Jan 2008
Wills Accountants Newsletter now Online !

> Download the latest Wills Accountants Newsletter [PDF 2.31MB]