HB&O Headlines - January 2018

26th February 2019

HB&O expands senior team with appointment of new director
Harrison Beale & Owen has promoted corporate finance specialist, Greg Philp, to the Board of Directors. The promotion follows continuous growth in our corporate finance service under Greg’s leadership. Greg joined HB&O in 2007, and has been responsible for the development of specialist corporate finance expertise at the firm over the last 10 years.

HB&O formally launched its Corporate Finance brand in 2014, with Greg appointed as Associate Director at that time to lead the new service. Mark Ashfield, Managing Director, HB&O, said: “Thanks to Greg’s direction and the skills of our growing team, we also offer Corporate Finance as a standalone service, often working in partnership with other firms who do not have the specialist skills in house to take on this type of work. Greg is a very knowledgeable and diligent advisor who has demonstrated exceptional commitment to our clients. I am delighted to announce Greg’s promotion to Corporate Finance Director and look forward to the additional value he will bring to the business in his new role.”

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Get 2019 off to a strong start with these top tips
Top Tips
January is an ideal time to evaluate how your business is currently doing and plan for the year ahead. Despite continuing uncertainty over the impact of Brexit, there are plenty of things you can do now to help your business make the most of opportunities in 2019.

To get you started, we have put together ten tips to get 2019 off to a strong start, from managing cashflow and investing wisely to updating your business plan, reviewing your costs and switching to cloud accounting software.
 
For the full details of our top tips, visit our website.

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Making Tax Digitial launch less than 3 months away

MTD
The Making Tax Digital (MTD) deadline is fast approaching and from this April, VAT-registered businesses will be required to submit digital VAT returns using software that complies with HMRC’s new legislation.
However, despite concerns in the press about the burden on businesses, there are some positives to MTD – done correctly, it could mean a bit of short term pain for long term gain.

Join us at one of our ‘cloud accounting essentials’ workshops where our Virtual Finance Office Manager, Hannah Roe, will show you the options available when it comes to digital software, the benefits of opting for cloud-based accounting and a hands-on demonstration of Xero digital accounting software.
 
Our workshops will be held every Thursday at 10am and 2pm and will run at both our Coventry and Leamington offices. To register your interest for one of our workshops, choose a date and time from the dropdown on the right, register with your contact details and we will be in touch to book you in.

Register for a workshop
 

Apply now for Brexit funding

Brexit training
HMRC has announced that businesses can apply for a grant to help fund training and IT improvements for those that are involved/or will be involved in the completion and submission of Customs Declarations, as part of the preparations for the UK leaving the European Union. But you need to act fast.
This funding is particularly important if your business has only ever traded with suppliers/customers in the EU. Post Brexit, it is expected that trade with the EU will be treated in same way as trade with the rest of the world, which for many will mean adhering to new trading procedures and regulations. Businesses that will have to complete customs declarations for the first time may need to source additional training and or invest in IT improvements.
 
HMRC has set aside £8 million worth of funding that businesses can apply for to help with these preparations. Grants will be awarded on a first come first served basis and there is a finite amount of money to go around.
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HB&O Financial Services launches new website

HBO FS
HB&O Financial Services is proud to announce the launch of its new website, revealing a sleek new design and easy navigation. The website offers current and prospective clients details of all the services offered by HB&O FS, along with a brand new ‘resources’ section, providing access to personal finance magazines and financial guides which are full of informative and relevant financial news.

Managing Director of HB&O FS, Jason Strain said: ‘Our goal for the new website is to provide visitors with an easier experience to learn about HB&O FS, the services we offer and our team as well as offering access to resources which have been specially created to help our clients. Our aim was to create a website that clearly demonstrates who we are, our values as a firm and how we help our clients - we look forward to hearing your feedback.’

See the new website
 

Thousands file tax returns over Christmas - have you submitted yours?

More than 10,000 people filed their self-assessment tax returns over Christmas 2018, ahead of the 31 January 2019 deadline. According to figures from HMRC, a total of 2,616 people filed their self-assessment tax return on Christmas Day, with 231 sent between 1pm and 2pm.
A further 8,465 returns were submitted on Boxing Day. More than 11 million taxpayers are expected to complete self-assessment for 2017/18, before the deadline at the end of January 2019. 
 
Neil Allcroft, Senior Tax Manager, HB&O said: “We’ve already filed the majority of self assessment forms on behalf of our clients but there are still some outstanding. If you miss the deadline, you can face a hefty fine so don’t delay. Our team is on hand to help with any queries you may have but the sooner you get in touch, the better.”
 
HB&O makes it as easy as possible for clients to approve their tax returns, with many now able to approve them online using HB&O’s secure online portal - Iris Openspace. If you don’t already have an Iris Openspace account and would like to know more, please contact your adviser or email us at advice@hboltd.co.uk.
               
Read our Active Practice Update to find out what you need to know before filing your self-assessment for 2017/18, or contact our tax team for further assistance.
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Landlord Tax - what you need to know

Landlord
Buying properties with the sole purpose of renting it out has widely become a popular source of income, but what are the tax implications of buying property to let? Tax rules have changed considerably in recent years, and it’s easy to get caught out without the right advice.
Having the most up to date information at your fingertips is vital in helping you decide whether becoming a landlord or expanding your property portfolio is right for you.
 
In his latest blog, Neil Allcroft answers some of the common questions surrounding landlord tax and buy-to-let mortgages, including what you should consider when buying a property to let from a mortgage perspective as well as what you need to tell HMRC and when.
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All non-refunded deposits to fall within scope of VAT from March 

From 1st March 2019, HMRC is changing the way VAT is accounted for when deposits are paid but the supply is not fulfilled. Instead of seeing retained deposits as compensation for a supplier when the potential customer pulls out of the transaction, these will now be accounted for in the same way as other services, with VAT payable.
Currently, where a payment is made in advance of a supply, but the supply is unfulfilled and the deposit is retained by the supplier, the company in question has been able to treat this income as outside the scope of VAT, therefore retaining the 20% VAT paid by the customer. 
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Outsourcing payroll - does it make sense for your business?

Around 1.4 million businesses in the UK employed members of staff in 2018, and all of them shared one thing in common: the legal requirement to run payroll. This task consumes a large amount of time each month, with multiple processes to complete in order to comply with legislation and pay workers on time.
Most of the 35,000 medium-sized firms and 7,500 large businesses in the UK have their own in-house teams to handle payroll. Apart from anything else, failing to pay staff on time can have a catastrophic effect on morale, and have knock-on effects in employees’ lives.
 
But for almost 97% of the other businesses with employees in the UK, classed as small firms with 49 or fewer workers, the burden of payroll is patently clear – both in terms of time and the resources it takes up.
 
So, does outsourcing your payroll make sense for your business?
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The Bottom Line Autumn 2018
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