Tag Archive for '2012'

Penalties increasing for late filing of 2012 tax returns.

Published on May 1, 2013 in Paying Tax and Straight from the Boss. 0 Comments Tags: , , , , , , .

Individual taxpayers who are yet to submit their 2011/12 self-assessment tax return are reminded that they will be hit by increasing penalties from next month.

The online deadline for filing self-assessment returns for the 2011/12 tax year was 31 January. Individuals that missed this deadline will have already received an initial £100 late-filing penalty.

From 1 May, there will be an additional daily £10 penalty for each day the online return is late, up to a maximum of 90 days.

For paper returns, which were due by the 31 October deadline, daily penalties began on 1 February.

Further penalties of at least £300 – or five per cent of the tax due, whichever is the greater – will then be issued for returns that are six and 12 months late.

So if you have still to file your 2011/12 self assessment tax return then you need to take action as quickly as possible because in this instance time definitely means money!!!!!!

This article was compiled by Ashley Barrowclough, Partner at Balance Accountants.

Kirklees Business Conference 2012

Published on September 13, 2012 in Staff and Practice News. 0 Comments Tags: , , , , , , , , .

It’s the Kirklees Business Conference 2012 on 27th September and we are pleased to say that we will be attending once more.  The event is to be held at The John Smith’s Stadium (formerly The Galpharm Stadium).  The conference itself lasts for the one day but is supported throughout the week by various seminars and workshops laid on by local businesses.

Last year was the first time that we exhibited at the conference, organised by Hillrich Limited.  We enjoyed getting out to meet our local business community and decided that it was must for 2012 also.  We made a great splash with our new display panels last year, designed by our branding agents, The Engine Room.  We are looking forward to putting the stand on display again on 27th.

Final decisions on who will be manning the stand haven’t been made as yet, but we can definitely tell you that we will be there to tell you about our products and services including our new packages for business start-ups, our Boardview Service, our Payroll Bureau, not to mention dazzle you with our charm and wit, and dish out the old-styley sweety bags (all other sweetie bags are copies :0)).

So, if you haven’t thought about it already, please take a look at the conference website and then come along and meet us.  You’ll be wowed by our very yellow stand, and it will be great to talk to you.

Our Sweety Bags

This article was compiled by Deborah Bradley, on behalf of The Balance Team.

Minimum Wage Increase from 1 October 2012

Published on August 9, 2012 in Employee/Employer Issues and Uncategorized. 0 Comments Tags: , , , .

New national minimum wage rates come into force on 1 October 2012.

  • The adult rate will increase by 11p to £6.19 an hour.
  • The rate for apprentices will increase by 5p to £2.65 an hour.

Business secretary Vince Cable agreed with the Low Pay Commission’s recommendation that there would be no benefit in increasing the rate for 16 – 20 year olds as this would make it more difficult for young people to find emplyment, therefore, there has been no change in the following rates:

  • The rate for 18-20 year olds will remain at £4.98 an hour.
  • The rate for 16-17 year olds will remain at £3.68 an hour.

Extract taken from our 2012 Spring edition Tax newsletter – if you would like to subscribe please leave your details here.

Our Countdown to Calderdale Business Conference 2012

Published on May 21, 2012 in Staff and Practice News. 0 Comments Tags: , , , , , .

Well, all plans are in place to ensure that we have successful visit to the Calderdale Business Conference, being held at The Shay, Halifax on Thursday 24th May.

We attended the Kirklees Business Conference last year at The Galpharm Stadium, and found that we really enjoy getting out there and meeting our local business community.  So when the organisers of that conference contacted us with details of another 5 such exhibitions that are being introduced in 2012, we thought we’d have a bit of that too.

We opted to pitch our stall in Halifax, a town that some of our staff have worked in before, and also live in.

Besides a room full of businesses vying for your attention, the conference has many quality seminars on too, unusually this time round the whole line up is made up of business women.  It will be interesting to hear what they have to say about their experiences on the way up.  Balance is also putting on an all female show, with our stand being ‘manned’ on Thursday by Linda Jacobs, one of our Accountants, and myself, Deborah Bradley, one of our 4 Client Managers.

So tomorrow we will be packing up the the newly printed brochures and business cards and the lovingly prepared bags of sweeties that seem to go down extreeeemely well with people (takes you on a trip down memory lane – in fact you should get yourself a packet and eat the contents whilst watching that new Halford’s advert).  We’ll be rolling out our superb stand that always turns heads, and Linda and myself will even be sporting our new Balance tops – seriously, we’re so co-ordinated you’ll wonder how you’ll manage without us.

So, joking aside, please come and introduce yourselves to us on Thursday. You can’t miss our stand, we’re very yellow.  We would love to make your acquaintance and listen to how we could help you and your business achieve the success you deserve.

This post was compiled by Deborah Bradley on behalf of The Balance Team

Significant Changes to Capital Allowances

Published on January 24, 2012 in Capital Allowances and Straight from the Boss. 0 Comments Tags: , , , , , .

The capital allowances regime will change significantly on 1 April 2012 for limited companies and on 6 April 2012 for soletraders and partnerships.

Currently, there is an annual investment allowance of £100,000 per annum which means that expenditure on plant & machinery, including vans, is fully tax deductible in the year of acquisition up to £100,000 of total expenditure.  From 1/6 April 2012 this annual allowance will fall to £25,000 per annum.  Any amounts in excess of the £25,000 will only qualify for annual writing down allowances of 18% of cost (20% prior to 1/6 April 2012).

For any business with a 31 March year end therefore, there will be a significant benefit in incurring any major plant and machinery investment before the year end when the higher rate of annual investment allowance will apply.

However the position becomes more complicated where the business year end spans 1/6 April 2012.  In this case, any expenditure incurred prior to 1/6 April will get a proportionate amount of the £100,000 annual investment allowance, whilst any expenditure after 1/6 April 2012 will get a proportionate amount of the £25,000 annual investment allowance but none of the £100,000 annual investment allowance.

For example, a business with a year end of 31 May:

If expenditure on plant and machinery is incurred before 1/6 April 2012 then it will attract a maximum of 10/12 of the £100,000 (i.e. 10 months out of 12) which amounts to a maximum of £83,000.

If expenditure is incurred in April or May, however, then it will not attract any of the £100,000 allowance and will only be eligible for a maximum of 2/12 of the £25,000 allowance which is a measly £4,166.

Confused?????? – we certainly were – so if you are thinking of acquiring plant and machinery in the next six months or so, and want some advice on the best timimg, please do not hesitate to give us a call.

This article was compiled by Ashley Barrowclough on behalf of the Balance Team

Find out the best time to buy if planning on significant additions/replacements to you plant and equipment

Take Control of Your Business in 2012.

Published on January 20, 2012 in Miscellaneous and Straight from the Boss. 0 Comments Tags: , , , , .

For business owners, the Christmas break is often a time to reflect on their business.  For many there will be the realisation that their business could be much better than it is.  They may be working long difficult hours for little or low profits: dealing with difficult customers and staff, struggling with cashflow and declining sales.  And for many business owners, the prospect of returning at the start of the new year can be depressing and demoralising.

But it doesn’t have to be like this.  Remember when you first started in business? You were excited, motivated and looking forward to the freedom and wealth that business ownership could bring.  Isn’t it time to regain control of your business and get back to those exciting times when you first started?

Could we give you a helping hand?

The starting point has to be the creation of a working business plan which you can refer to on a regular basis and adapt as circumstances change.  A plan which involves getting rid of poor customers and getting more of your ideal customer, creating a successful team that are as inspired as you, delegating unnecessary tasks, creating time to work on your business rather than in it, devising new marketing strategies, creating an exceptional customer care programme.  In short, creating that business that you dreamed of when you first ventured into business ownership.

Taking the first steps can be daunting and it is often difficult to know where to start.  So why not work with a business mentor—someone who has already experienced all of this.  At Balance Accountants we perform this role for about 10% of our clients—we could do it for your business as well!!!

Feel free to give us a ring to find out more.

This article was compiled by Ashley Barrowclough.

Leave comments below, if you wish.

Good Bye 2011, Hello 2012

Published on January 10, 2012 in Staff and Practice News. 0 Comments Tags: , , , , , .

To all our clients and friends, hello to 2012!  We hope you had a great Christmas and are looking forward to a prosperous and happy new year.

We recently had our annual Christmas party at Bagden Hall where we were treated to a delicious turkey dinner and a spot of dancing.  Although we have always enjoyed our previous parties, we thought a slight twist on our usual plans could make for quite an entertaining evening – we were not disappointed!  Dressed in Christmas inspired fancy dress, the Balance gang certainly made a lasting impression on the other party goers.  Have a look at some of our pictures below and see if you can identify the staff member.

The Balance Team

Santa has gone back to the North Pole

The Christmas Tree has been de-tinselled

The Christmas pudding has been eaten

The Christmas cracker has been pulled

The Elf, with the cheeky shoes, has gone back to the workshop

Jesus has ascended into Heaven

The Snowman has melted

The Ice Queen has gone back to reign over Narnia and the Christmas Angel has been summoned back to Heaven

Jack Frost has run out of frost and ice

It was a very memorable way to end the year and I’m sure it will be talked about amongst staff for years to come!  Once again, from all at Balance Accountants, we wish you a very happy new year!

This article was compiled by Leticia Johnson on behalf of the Balance Team.

Please leave any comments below.