HB&O Headlines - June 2019

19th June 2019


Act now to avoid missing your VAT deadline

We are approaching the end of the first VAT period where many businesses will be required to comply with Making Tax Digital. If you are liable to be registered for MTD but have not registered you will need to do so before the first VAT return (April to June 2019) which is due to be filed (ie 7th August 2019) under the MTD rules.

By not registering, you may have trouble filing the return using the existing systems, even where digital software is used.
If you submit your own returns, please make sure you register no later than two weeks before your first MTD-compliant return is due  - but no sooner than two weeks after the last non MTD VAT return has been filed to avoid complications with pre-MTD returns.
You will need to register for MTD through your online government gateway account.  If you need any help with this, please contact us.
For those businesses where HB&O submits VAT returns on your behalf, we will register you for MTD through our agent portal. This will result in an email being sent to you from HMRC asking you to verify your email address and accept electronic communications. Although we will then set you up for MTD, we would still encourage you to sign up for your own Business Tax Account.  If you need help with this, please get in touch. 
We’ve seen a very positive response from businesses switching to digital records in readiness for MTD.  For those VAT-registered businesses that are required to comply with the MTD regulations, which are not yet using MTD-compliant software, we strongly recommend you speak to a member of our team, as soon as possible, so we can talk through what your options are in this regard. 
For all MTD enquiries, please contact your HB&O contact on 01926 422292 or 02476 306029.

Audits - a thorough MOT for your business 

An audit is an official inspection of a company or organisation’s accounts, and is a core part of our work here at HB&O. Key benefits of audits include the opportunity to spot problems early and provide useful strategic insight into future pressures and needs which may affect your organisation’s future. Essentially – it’s your business MOT.

While the turnover threshold for limited companies requiring an audit is now £10.2m*, we regularly work with companies that choose to undergo the process to give them a detailed insight ‘under the bonnet’ of their business.

There are generally four stages to an audit:

  • planning and designing the audit approach
  • testing the company’s internal financial controls and evaluating the company’s recording of transactions
  • analysing or testing a company’s financial records to ensure that the numbers add up
  • producing an auditor’s report.
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Harrison Beale and Owen to complete the Yorkshire Three Peaks
Three Peaks Training
Over twenty members of staff from Harrison Beale & Owen (HB&O) will be taking on the Yorkshire Three Peaks in September to raise money for Myton Hospice. The challenge means scaling the peaks of Pen-y-Ghent, Whernside and Ingleborough located in the Yorkshire Dales National Park, covering a total of just over 24 miles and 1585m of ascent, in under 12 hours.

The walking group will include team members from both our Leamington and Coventry offices as well as our Financial Services team. The group is hoping to raise a total of £2000 and will be fundraising over the next few months through bake sales, raffles and various other activities.

Mark Ashfield, Managing Director at HB&O, said “The Yorkshire Three Peaks Challenge is a great opportunity for us to fundraise for Myton Hospice. We’ve had a fantastic response from our team. Having such a big group of walkers will be fantastic on the day for morale and to keep us going! By no means will this be an easy task but training is well underway to ensure we are prepared!”

If you have a penny or two to spare and would like to donate to support the team you can do so online.

Visit our Just Giving Page

Goods vehicle or company car? Why it matters to your tax bill

The tax implications of company vehicles can be complex, as evidenced by a recent tax case. Crew cab vehicles, a type of vehicle that is ideal for transporting both goods and people, are becoming increasingly popular for small businesses. However, although the vehicles may look like a van or be described as a van, HMRC has begged to differ, for tax purposes at least.

The distinction seems to be based on whether the vehicles were purchased primarily for the transport of goods or people, with the former being classed as a van and the latter as a car. The liability to corporation tax, through the loss of the Annual Investment Allowance, and Class 1A National Insurance Contribution (NIC) can vastly increase if a vehicle is categorised as a car, meaning costly implications for the employer. In addition, employees face much more expensive company car benefit-in-kind rates.
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Charities and not for profit organisations - is an accountant a 'nice to have' or a necessity?

Not for profit organisations are treated very differently under the law, and managing a charity’s accounts can offer some unique challenges as a result.

In recent years, charities have faced pressure through a combination of reduced investment from central government and economic uncertainty.

While more people are looking for help from charities, fewer people feel able to give. Careful accounting can help maximise every penny of your funding whilst ensuring compliance with the complex rules and regulations.

Charities are dependant on public trust, and are thus expected to be ultra-transparent. It only takes one case of fraud or financial mismanagement for faith in the entire idea of supporting charity to take a knock, and single, isolated incidents can have an effect on the industry as a whole.

Due to the complicated rules and regulations that charities must adhere to, it’s important to appoint someone to decipher the guidance and ensure compliance.

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HB&O is among the first to join the new CWConnect Portal

CW Connect
Harrison, Beale & Owen is delighted to support a new business portal designed to help businesses find new opportunities, which has been launched by the Coventry and Warwickshire Local Enterprise Partnership.HB&O is one of the first firms to sign up to www.cwconnect.co.uk - a new gateway to contract and business opportunities across the Coventry and Warwickshire for local businesses to share, publish and search for.

Steven Mugglestone, Associate Director, HB&O, said: “HB&O works closely with the Coventry and Warwickshire Local Enterprise Partnership and we are proud to support their work to promote, develop and champion businesses in Coventry and Warwickshire. CWConnect is a great example of that – a good way to help businesses find and share opportunities that bring more growth to the local area.

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HB&O Financial Services raise funds for local charity 'Guys Gift'

Over the Early May Bank Holiday, the HB&O Financial Services team took part in the Milton Keynes Marathon race weekend which included a full marathon, half marathon and superhero fun run!

The team took part to raise money for local charity ‘Guys Gift’ which is a registered charity providing support for bereaved children, young people and their families in Warwickshire following the death of a parent, sibling or other significant person in their life.

Managing Director, Jason Strain ran the full marathon, while Anthony Baynham, David Stokes,  Ian Chetwynd, Jo Barrett, Alexandra Styles and Lucy Talbot ran the half marathon. Thomas Dawe, Kerry Ruane, Robert Dimbleby, Katherine Neal, Bethany Anderson and Julie Talbot took part in the superhero fun run with their families.

A huge congratulations to those who all took part – we are pleased to announce that the team surpassed their fundraising goal of £2,000!

Read more

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