We support local events through a range of sponsorship’s including Cobham Heritage Day. Wellden Turnbull sponsored St John’s Ambulance and gave out balloons to children. It was a wonderful family fun day enjoyed by all ages and the perfect opportunity to support our local community.
We were delighted to welcome Grace to Wellden Turnbull for a week’s work experience. Grace hopes to study Accountancy at university, before embarking on a career as an accountant.
My week on work experience
On the 10TH July 2017, I started my work experience at Wellden Turnbull Chartered Accountants. Coming into the experience, I had no idea what to expect, but was quite excited about it all.
On Monday, I spent most of my day getting to know everyone and learning where everything was. This includes my own desk, the printer and of course the kitchen. I immediately felt welcomed by everyone and was looking forward to getting to know everyone a bit more in the upcoming week. Also on that day, I had my first piece of work. This involved me using excel, which I was not too experienced on. This meant I was able to extend my knowledge, not only with more of an understanding of the business, but also skills on the computer which I will be able to use later in life.
On Tuesday, I spent my first day in one particular department. Here, I was with Ellie, working in Accounts and Audit. My first hour was spent shadowing Ellie. By doing this, I was learning exactly what it’s like being an accountant. This enabled me to gather a real understanding into what goes on, on a day to day basis within the firm. Next, Ellie gave me some work to complete in order to get some accounts started. This work was all on software called Caseware. This, to begin with, was completely alien to me, but after a quick tutorial from Ellie I was on my way to finishing the job she had planned for me. This, again, allowed me to gather knowledge into not only the business, but also the software that I may need in my future career.
The following day I was in the same department, Accounts and Audit, but instead was with Emma. Here, I was looking through spreadsheets and trying to analyse the numbers and bits of data I was given. This required an eye for detail and lots of concentration, areas I usually tend to fall on. However, this seemed more of a challenge and for that reason I actually ended up pushing myself and trying my hardest. All of which are skills I would need when it comes to working in any job, particularly those of an accountant.
Thursday came and I was moved to another department, the Tax department. On this day, I spent my day doing some work for Richard. Coming into work on Thursday, I was beginning to realise just how tiring full time work can be. But due to everyone’s friendly attitude and lively mentality I really was enjoying it. On Thursday I was given the job of looking through bank statements from a particular client of Wellden Turnbull’s and was making sure all the numbers put in, were correct. After going through pages and pages of different amounts of payments, my next step was to put all of this into a spreadsheet. However, due to a typical technical difficulty this was not possible. However, this actually made me realise what exactly can happen in an office and how this can impact the time frame in which you can complete a given task. Due to this Helen then gave me some further work regarding all the graduates who are applying for trainee positions within the firm. This gave me an insight into exactly what kind of grades I would be competing with and what types of degrees are available to me, considering I am coming very close to sending off my personal statement.
My last day arrived and it was actually quite sad to see it start coming to an end. My final day was spent with Bobbi who worked in Credit control. With her, I was working on finding and printing all the invoices which need to be sent off to any clients who currently owe the company money. This allowed me to gather an understanding to yet another piece of software, advance. I then focused on getting everything into a letter, stamped and then sent off. This was done both manually and by hand.
Overall, I have really enjoyed my work experience. My entire week has managed to set me off with skills, that are not only required in what I want my future career path to be, but also in everyday life. I have spent my week with some really lovely people who have been kind enough to spend time with me and help broaden my knowledge of the business. The experience as a whole has taught me a lot and I hope to be able to showcase some of my new skills when I head off to university.
Wellden Turnbull is committed to encouraging equality and diversity among our workforce and eliminating unlawful discrimination.
We do not discriminate against anyone on the grounds of age, colour, race, ethnic or national origin, sex, sexual orientation, religion or disability.
The organisation is also committed against unlawful discrimination of customers or the public.
Wellden Turnbull always aims to treat everyone with respect, consideration and for each employee to feel respected and able to give their best.
We have just completed our annual diversity data survey. We are pleased to confirm the results of the survey reflect our company policy on equality and diversity.
It’s that time of the year again, and you should either have submitted, or be in the process of submitting your 2015-16 self assessment tax return in time for the deadline in 15 days time (31 January 2017). Remember you need to have paid any tax that is due by the same deadline!
At Wellden Turnbull our specialist tax department is in full swing helping our clients meet their self assessment filing deadlines – so if you find yourself thinking of a creative excuse as to why your return is late, give us a call to see if we can help minimise the pain of your tax return going forward. Late tax returns and payments of tax attract penalties and interest, regularly mounting up to more than the cost of a professional preparing your tax return for you – it really is a no brainer. To find out more about our personal tax services click here.
HMRC have released the top 10 excuses used last year by tax payers for late returns – so in reverse order there they are:
As you probably know under the self assessment regime as an individual you are responsible for ensuring that your tax liability is calculated, with any tax owing paid on time. We can provide self assessment tax advice if you need help.
Tax returns are issued shortly after the end of the fiscal year. The fiscal year runs from 6 April to the following 5 April, so 2015/16 runs from 6 April 2015 to 5 April 2016.
Tax returns are issued to all those whom HMRC are aware need a return, including all those who are self employed or company directors. Those individuals who complete returns online are sent a notice advising them that a tax return is due. If a taxpayer is not issued with a tax return but has tax due they should notify HMRC who may then issue a return. A taxpayer has normally been required to file his tax return by 31 January following the end of the fiscal year. The 2015/16 return must be filed by 31 October 2016 if submitted in ‘paper’ format. Returns submitted after this date must be filed online otherwise penalties will apply.
We provide our clients with self assessment tax advice, handling all the hassle and headaches along the way.
However, for those not so fortunate (i.e. our ‘non-clients’ the prospect of late filing penalties can sometimes loom large.
Late filing penalties apply for personal tax returns as follows:
£100* penalty immediately after the due date for filing (even if there is no tax to pay or the tax due has already been paid)
* Previously the penalty could not exceed the tax due, however this cap has been removed. This means that the full penalty of £100 will always be due if your return is filed late even if there is no tax outstanding. Generally if filing by ‘paper’ the deadline is 31 October and if filing online the deadline is 31 January.
Additional penalties can be charged as follows:
Over 3 months late – a £10 daily penalty up to a maximum of £900
Over 6 months late – an additional £300 or 5% of the tax due if higher
And over 12 months late – a further £300 or a further 5% of the tax due if higher. In particularly serious cases there is a penalty of up to 100% of the tax due.
The taxpayer does have the option to ask HMRC to compute their tax liability in advance of the tax being due in which case the return must be completed and filed by 31 October following the fiscal year. This is also the statutory deadline for making a return where you require HMRC to collect any underpayment of tax through your tax code, known as ‘coding out’. However if you file your return online HMRC will extend this to 30 December. Whether you or HMRC calculate the tax liability there will be only one assessment covering all your tax liabilities for the tax year.
HMRC may correct a self assessment within nine months of the return being filed in order to correct any obvious errors or mistakes in the return. An individual may, by notice to HMRC, amend their self assessment at any time within 12 months of the filing date.
HMRC may enquire into any return by giving written notice. In most cases the time limit for HMRC is within 12 months following the filing date. If HMRC does not enquire into a return, it will be final and conclusive unless the taxpayer makes an overpayment relief claim or HMRC makes a discovery.
It should be emphasised that HMRC cannot query any entry on a tax return without starting an enquiry. The main purpose of an enquiry is to identify any errors on, or omissions from, a tax return which result in an understatement of tax due. Please note however that the opening of an enquiry does not mean that a return is incorrect. If there is an enquiry, we will also receive a letter from HMRC which will detail the information regarded as necessary by them to check the return. If such an eventuality arises we will contact you to discuss the contents of the letter.
HMRC wants to ensure that underlying records to the return exist if they decide to enquire into the return. Records are required of income, expenditure and reliefs claimed. For most types of income this means keeping the documentation given to the taxpayer by the person making the payment. If expenses are claimed records are required to support the claim.
Details of payments made for business expenses (eg receipts, credit card statements)
Share options awarded or exercised
Deductions and reliefs
Documents you have signed or which have been provided to you by someone else:
Interest and dividends
Tax deduction certificates
Dividend vouchers
Gift aid payments
Personal pension plan certificates.
Personal financial records which support any claims based on amounts paid e.g. certificates of interest paid.
Invoices, bank statements and paying-in slips
Invoices for purchases and other expenses
Details of personal drawings from cash and bank receipts
We provide extensive self assessment tax advice and can prepare your tax return on your behalf. We will advise on the appropriate tax payments to make.
Furthermore if there is an enquiry into your tax return, we will assist you in answering any queries HMRC may have.
Investors’ Relief (IR) is a new tax relief designed to attract new share capital into unlisted companies. It was announced in the 2016 Budget as an extension to Entrepreneurs Tax Relief (ER). However the potential beneficiaries of IR are different to the shareholders who are entitled to ER.
Both reliefs are similar in providing a 10% capital gains tax rate (rather than a 20% tax rate for higher rate taxpayers) for shareholdings in trading companies. They also have the same upper limit. Up to £10 million of lifetime gains can be made and be taxed at the preferential rate.
However, ER is aimed at shareholders who own at least 5% of the ordinary share capital and are also officers/ employees in that company. IR is designed for non-working investors. Late changes to the rules mean that IR may be given in some scenarios. This is where an individual (or someone connected with an individual) is an ‘unpaid director’ or becomes an employee of the company.
Having said that the new relief should be looked at by investors and companies seeking additional capital as an alternative to other schemes.
At first sight the Enterprise Investment Scheme (EIS) and the Seed Enterprise Investment Scheme (SEIS) look better from the point of view of the investor. These reliefs give income tax relief on the amount invested and a complete tax exemption from capital gains. IR gives no income tax relief and a 10% capital gains tax rate.
However IR may be far more attractive to companies seeking investment. EIS and SEIS are subject to many conditions. These include restrictions on the types of trades which qualify, the size of the company, how much can be raised and how and when the monies are invested.
There are several scenarios in which IR may be attractive to the company raising funds. These include asset backed trades which are excluded from EIS and SEIS. These include such hotels, property development and farming larger companies on the Alternative Investment Market. These companies are not regarded as ‘listed’ and so potentially qualify. Some of these companies could qualify for EIS. However EIS it’s restricted to those with gross assets of less than £15 million before a further share issue.
Please talk to us if you are interested in IR as an investor or you are seeking to raise funds.
Our team can provide expert advice. Call 01932 868444 or Contact Us Here
You may have never had an HMRC tax investigation, but given that the government continues to put HMRC under pressure to collect more tax revenues than ever before, even if you are amongst the most careful of Self-Employed MD/Owner you may come under HMRCs microscope at some point. HMRC problems, and the stress they cause will have a negative impact on you and your business.
We know that a detailed enquiry from the tax authorities, no matter what your situation is, can cause stress and anxiety. Furthermore any type of HMRC tax investigation can also take up a great deal of your time.
HMRC have significantly increased the number of tax investigations they carry out.
HMRC’s “breakthrough” computer system, a new, powerful weapon against fraud, tax evasion and avoidance, will ensure that even the most determined are caught eventually. The system is called ‘Connect’, and was designed by defence contractor BAE Systems. Although it cost HMRC £45m back in 2010, it has already delivered £1.8bn of additional tax revenues.
‘6 out of 10 tax enquiries use the Connect computer system.
Connect’ is a very appropriate name because HMRC has an unrivaled wealth of information about people living in Britain, due in part to its many connections with other databases, such as the Land Registry, Companies House and the Electoral Roll.
HMRC has more data than the British Library’.
The HMRC website is one of the world’s biggest websites at peak filing time. ‘Connect’ has access to such comprehensive data, allowing investigators to spot anomalies. It allows Tax Inspectors to build up literally dozens of connections for any one individual, creating a unique profile about that persons circumstances. It also makes it much easier for HMRC to check up on, and cross reference, an individuals’ tax returns.
Did you know that HMRC also collects information from other organisations?
The tax authority’s access to Land Registry and DVLA data means it knows how much someone has spent on their house and can see vehicles registered to each address. So, if someone has bought a high value vehicle, but lives in a modest flat, that might not fit with that individual’s financial affairs. Maybe an individual owns some properties in their name, but has not declared any income, that would be a warning sign.
HMRC can easily build up a picture of a persons financial worth through the use of ‘Connect’.
Remember, what goes ‘on the web’ stays ‘on the web!
HMRC also grabs seemingly harmless information from social networking sites such as Facebook, Twitter and LinkedIn. If someone is constantly putting up pictures of expensive holidays and flashy cars on Facebook, but is paying minimal tax, then that could trigger an investigation. HMRC also obtains information from less obvious sources, such as adverts on noticeboards, in newsagents or even stories in local newspapers. So, all media is a valuable source of information for HMRC
HMRC’s advertising campaigns are designed to make tax evaders feel rotten about cheating the Exchequer when times are hard.. Ad campaigns emphasise that “the net is closing in”, and warn tax cheats to declare all of their income “before it is too late”
There’s More….
Apart from powerful computing systems, and the ability to gather huge amounts of electronic information, the tax authorities also use these tactics:
Mystery Shoppers – Tax inspectors also now operate undercover, in disguise, and in teams to root out suspicious behaviour.
Informers and Tip Offs – Embittered divorcees and disgruntled former employees are among HMRC’s sources of useful information.
Overseas Property Owner – Higher-rate taxpayers with properties abroad are among those targeted by the 200-strong HMRC affluence unit. This affluence unit has been set a target of raising an extra £560m over the next four years.
Offshore Bank Accounts – As well as overseas property, other investigations involve commodity traders and people holding offshore accounts. In-line with the above, International borders are increasingly meaningless for tax authorities pursuit of outstanding taxes.
Property Raids – HMRC have the power to raid the homes of people they suspect of not paying tax. Raids last year were 165% up on the previous year.
Fake Numbers – The “chi squared” test is another tool sometimes used by tax inspectors to check the reliability of reported figures, including restaurants’ sales figures. This test, also known as ‘Benford’s Law’, is a means of testing the randomness of figures. If numbers are made up, or appear to have some honest anomalies, there is a very good chance that HMRC will spot it and investigate.
What could be worse ?
Maybe problems with HMRC have gone beyond the tax investigation stage. Perhaps your business is having problems when it comes to VAT, PAYE /Corporation Tax payments ?
If things have got so bad that you have been issued with an HMRC Distraint Order you clearly need help, and fast.
However all is not lost, so that’s where we come in.
We have extensive experience and expertise in helping businesses and individuals resolve these very difficult situations. We have helped many people in the past, and we can help you.
The EF1 Notice will state that HMRC will seize your possessions. They will then arrange for them to be sold at public auction. The HMRC Distraint Order gives you two stark choices:
You sign the Distraint Notice and if payment is not made within five days your possessions will be removed.
or
You decide not to sign and HMRC will take the goods immediately.
These options may seem draconian, causing you a great deal of stress. However, this does not mean there are no other options open to you. We can often resolve these seemingly impossible situations.
If you are interested in learning more about our bookkeeping and accounting services or any aspect of business finance and payments, get in contact with the experienced team at Wellden Turnbull today.
Monday mornings are not always viewed in a positive light, but that certainly was not the case this morning in our Cobham office.
There was a real buzz today as staff from Alan James & Co joined Wellden Turnbull as part of our ongoing expansion. The office certainly seemed busier than usual, with the new staff members getting to know to their new Wellden Turnbull colleagues.
It’s really positive to know that both practices share the same philosophies in terms of establishing strong relationships with individual and business clients, so Alan James & Co joining our team is a natural fit. This expansion for Wellden Turnbull is an exciting new development, and consolidates our place as a Top 100 Accountancy practice.
One of our Partners, Simon Spevack said “We are very pleased that Alan James, his colleagues and clients are joining us at an exciting time for our practice. Just like Alan’s own philosophy, the relationship and trust we develop with both our personal and business clients is very important to us. After several meetings with Alan James we decided that this development would be of mutual benefit, and allow us to continue to deliver the highest level of client service. This acquisition will also allow Wellden Turnbull to strengthen its position in the local area, as well as consolidating our position as a leading accountancy practice.”
Alan James added ““I have been looking for some time to join the practice with another, larger, partnership in the area, in order to bring the benefits of scale to my clients, and my team of staff. I am very excited to have found what I believe is our ideal partner in Wellden Turnbull”.
We are looking forward to working together, and we all feel that we’ll continue to go from strength to strength as a larger practice.
Our design team created this fun infographic offering advice for startups on growing a business. Feel free to share this graphic on your own website or blog. Simply copy and paste the code at the bottom of this post.
Historically only solicitors were allowed to offer Probate services, but since 1st November 2014, accredited accountants are now able to offer this assistance. We were amongst the first firms to gain probate accreditation.
It goes without saying that not having a will in place can have major consequences for those that are left behind as an estate may not be distributed as originally intended.
Furthermore there can be increased administration costs to the estate, with additional tax implications.
It has also been widely reported recently that problems and disputes about probate are on the rise. There are a number of probable reasons for this increase, ranging from suspected executor fraud to negligence, from executors being obstructive to disputes where a Will creates a trust and the executors are also the trustees.
Since we become accredited, and thus allowed to offer probate assistance, we have seen a gradual increase in the number of clients wishing to use these services. Dealing with probate on death is a natural extension to our services, as a clients financial information will be readily available to us.
Apart from applying for probate and acting as an executor and assisting executors, we have also been identifying the assets and liabilities of estates and dealing with all the administration.
It goes without saying that we also deal with all aspects of Inheritance tax advice, claiming all reliefs which the estate is entitled to.
We are always pro-active when it comes to structuring our clients assets for tax purposes, and we have been advising our clients on a number of areas including:
Being able to offer probate services has increased the wide range of assistance we offer, and as a result improves still further the level of service we provide to our clients.
We held our Annual Budget Seminar and Business Forum at The Cobham Curve following the 2016 Budget, and once again it was a great success judging by attendee feedback.
Our key note speaker was, Dominic Raab, MP for Esher and Walton, who outlined how measures in the Chancellors Budget would effect local people and businesses. There was also some discussion on the upcoming Euro referendum.
Wellden Turnbull Director Robin John, outlined in some detail the’ ins and outs’ of the Budget, paying particular attention to Entrepreneurs Relief, Liquidation Dividends, Non-Doms, Buy-to-let landlords and Corporation Tax as well highlighting interesting background information about how the Government spends our money!.
The key highlights of Robins presentation are available on You Tube so just CLICK HERE to view.
Julie Sebastianelli from Hurley Partners also presented details about how the Budget could influence Pensions and Investments.
We would like to thank The Cobham Curve for hosting the event, which goes from strength to strength.
As Halloween quickly approaches, most people may be worried about ghosts and ghouls, realistically individuals should be more concerned about submitting their paper self-assessment tax return.
The deadline for submission of this year’s annual paper tax return is midnight on 31 October and businesses and individuals who use this method must submit their return and all supporting evidence to HM Revenue & Customs (HMRC).
Any paper returns submitted after this date could leave a taxpayer liable to fines or investigation from HMRC.
Those that miss the paper deadline will have a second chance to return their documents in the form of an online tax return in the new year, using their unique taxpayer reference (UTR) provided by HMRC.
For more information on how we can assist you with completing and submitting your self-assessment tax return, please contact us today.
