Business News

Ward Goodman & WordPress - A Winning Combination?

2011-02-11T12:03:00.002Z

Small businesses should have as much right as larger companies to compete and win business on the internet. However, more often than not we are working with business owners who are hampered by the costs and technical knowledge associated with creating and maintaining effective websites.

Thankfully, there is now an application called WordPress which is helping businesses overcome some of these difficulties.

What is WordPress?

In our experience we have found that WordPress is an excellent piece of open source free to use blog publishing software that can be easily modified to power traditional (static) websites. Principal benefits of WordPress include:

Simple but effective administration system that provide users with a full content management system. For example, users can create, edit and delete new webpages and articles
Search engine friendly features that allow user to create unique meta data (keywords, descriptions, page titles etc) for each individual webpage or blog posts
Full integration of news pages, image galleries and social media tools, such as Twitter, Facebook, LinkedIn and YouTube
Ability to support e-commerce and email marketing programs

Why are business owners choosing it?

According to WordPress.com they grew by over 6 million new blogs in 2010 which highlights its increasing popularity within the blogging and business community. A number of businesses have already embraced WordPress as a credible platform to build their company’s website. Large brands like PlayStation, Yahoo, Samsung and Blackberry are all using WordPress to create and manage their company’s blog.

We believe the main benefits of using the WordPress application are that it empowers businesses and cuts costs. Users are able to update content on a regular basis without the need to know HTML coding or to pay webmasters every time they need to update their content. With its one-click installation and support from thousands of WordPress developers, setting up a WordPress based website is easy and if you encounter any problems support is only ever a few clicks away.

We particularly like WordPress’ ability to support numerous free applications and the simple tools it provide for search engine optimisation. Free extensions and applications created by WordPress developers such as WordTwit an integrated Twitter platform, Zopim Live chat and WP osCommerce for online retail, have been created to allow users to build professional, user-friendly websites. WordPress’ SEO tools endorsed by Google themselves, ‘WordPress is made to do SEO well,’ allow users to create search engine friendly content with ease.

What are some of the results Ward Goodman Marketing have had?

The Ward Goodman Marketing team have created and continue to manage a number of websites using the WordPress platform, including the company’s own website. Since embracing the technology, Ward Goodman’s Marketing Team has experienced a number of successful results for themselves and their clients.
Examples include:

An average growth across all managed websites of at least 30% in website visitors.
60% Increase in online enquires for Commercial Recycling Ltd.
A cost saving of £1080 per year for Ward Goodman by managing the website internally using WordPress.
78% increase in news articles and blog posts on www.wardgoodman.co.uk.
35% increase in email update followers

If you feel your business could benefit from a WordPress based website or any of the online services offered by Ward Goodman Marketing, please contact Carl Wilson on 01202 875900.

To find out more about any of these stories or Ward Goodman please contact 01202 875900

New Year.......thinking of a new business?

2011-02-11T12:01:00.001Z

Before making the leap into self-employment, you must make sure you aren’t caught out by red tape or miss out on grants and loans. We have a wealth of experience helping entrepreneurs starting a business. Here are a few pointers to get you started.

1 - Make claims if you buy equipment for your business, you may be able to get tax relief in the form of capital allowances. These allowances are for equipment, which you buy to keep and use in your business, such as vehicles, tools, computers and business furniture.

2 - Update your employment status register with HM Revenue & Customs online, and the website will walk you through the process. Make sure you do register as self-employed, because if you don’t you will face a fine.

3 - Prepare your finances remember “cash is king.” Having efficient cash control in place is essential to ensure the smooth running of any new business. Efficient cash flow is vital as expenditure has to be committed and systems need to be in place to ensure that money is coming into the business, as well as going out. It is important that the business is properly funded from the start.

4 - Be organised no-one goes into business to be an accountant (who would!!) but you must keep score. Keeping full and accurate records from the start will make it easier to work out what you owe in terms of tax and National Insurance. All records must be kept for six years – both business and private. Failure to keep records could lead to paying too much tax or a fine of up to £3,000.

5 - Keep the taxman happy as a self-employed individual you will also be responsible for making your own National Insurance contributions; this includes remitting your contributions on a quarterly basis. It is important to take care of your National Insurance for two reasons: firstly, you may end up contributing too much, and secondly, you will lose out on state benefits that are related to the amount of National Insurance contributions you have made.

Being self-employed requires you to complete and submit your tax returns. If you want to speed things up then you can submit a full tax return online – not only does this save on process time, but it automatically calculates your tax when you file your return online. Whether you submit your return online or offline, make sure you check your tax calculation once you have received it, as this will form the basis of your payment.

6 – Finally .........Don’t wing it

Experienced professional advice can bring essential financial management procedures to your business and help save tax, allowing you to concentrate on what you do best, so if you would like help in getting your business started then please contact Richard Dare.

To find out more about any of these stories or Ward Goodman please contact 01202 875900

Deciding whether to grow

2011-02-11T11:47:00.002Z

Small businesses have had it tough in that last two years and 2011 will be another year of operating in a challenging economic environment. After any spell of contraction, business owners are likely to continue to find it difficult long after the 'crisis point' has passed.

To help stabilise and strengthen your business, it's important to make sure the basics are being done efficiently and effectively, i.e. customer retention through levels of service.

It is true to say if your business is finding it tough in a particular sector then your competitors will be too. But you need to be ready for when the economic environment becomes more favourable, and you will then face:

• more competition or fewer customers
• greater pressure on prices as customers look for “a deal”
• reduced workforce - you will have cut costs and now need to maintain the level of service with fewer people
• reduced funding – working capital is less readily available so you need a solution
• reduced cashflow - due to customers taking longer to pay or bad debts being incurred

The key issue here, once things have improved, is not to grab every piece of business as there will be the danger of “overtrading.” Remember the old adage, “turnover is vanity, profit is sanity and cash is king.” So if your business has got through the tough times and needs to be ready for the upturn then please contact Richard Dare on 01202 8975900 and ensure that you have the right strategies in place to be ahead of your competitors.

To find out more about any of these stories or Ward Goodman please contact 01202 875900

So you want to be self employed?

2011-02-11T11:21:00.003Z

Why start in business? Maybe you think you have a great idea and you want to exploit the opportunity to make lots of money. Maybe you are currently working for someone and you feel you could do better yourself. Maybe it’s a lifestyle decision.

Whatever your reason for starting a new business it can be a very rewarding process but it usually takes a great deal of commitment, positive attitude and family and financial support particularly in the early days and a bit of ‘luck’ to make a success of it .

To some extent you can create your own ‘luck’ and this article aims to give some pointers to think about before starting out on your own.

1. Are you ready? Can you deal with the potential personal sacrifices, financial insecurity and loss of company perks? Are your close relationships able to take the pressure of self-employment, and can you live with the loneliness of making all of the decisions on your own?

2. Do you have the motivation, self-confidence and judgement to start your own business? It takes drive and perseverance to build a successful business.

3. Do you have the relevant skills to understand how to develop your products or services; do you have a basic understanding of the financial implications of running a business?

4. Have you researched the market you will be selling to, is there a market for your product or service?

5. Do you have enough financial reserves to last for several months without income; will you need financial help from the bank?

6. Have you completed a business plan setting out how you will succeed including forecasts of profit, and cashflow?

7. Have you set some business milestones for you to gauge the success of your business?

8. Have you chosen the right advisers for your business; are you going to get the right advice?

Starting a business can be a huge commitment in time and emotion and, while not exhaustive, by answering the questions above you may make the process a little smoother. Good luck!

Roger Duckworth is a Director of Ward Goodman and has been helping small business achieve their goals for over ten years. For more information in getting started in business call him on 01202 875900 or email him at roger.duckworth@wardgoodman.co.uk.

To find out more about any of these stories or Ward Goodman please contact 01202 875900

IT key to cutting costs for small businesses

2010-12-17T10:53:00.002Z

At Ward Goodman our IT team has worked with numerous companies to help set up or improve their IT facilities. The following article taken from smallbusinessnewz discusses how cutting the costs of IT for small business will be a key area in 2011. If you would like any help with your businesses IT please contact one of our IT specialists on 01202 875900.

Nearly three-quarters of small businesses consider IT to be a key driver in helping reduce the costs of operations, according to research firm Techaisle.

Does Information Technology help you to save money for your business? Let us know in the comments.

The top three IT initiatives for small businesses are:

* Migrating from older technologies

* Maintaining and improving current IT infrastructure

* Developing and implementing new IT applications

In terms of implementing new IT applications, these small businesses are increasingly moving towards virtualization, business intelligence and collaboration. Over 30% of small businesses are either actively investigating or investing in these technologies.

Improving workforce productivity and improving effectiveness of sales and marketing are also on the agenda of small businesses to address increased competitiveness, slow economy, and uncertainty. To improve effectiveness of sales and marketing, nearly 36% of small businesses are investing in improved email campaigns, 28% are looking at Google Adwords and 21% are looking at Facebook advertising.

"Vendors who focus on IT as driver for operational savings will succeed as operating costs reduction is what SBs want from IT," said Anurag Agrawal, Techaisle.

"Small businesses are the prime candidates for the Consumerization of IT where they are pushing increased automation through pervasive computing, improved productivity through collaboration, and efficient sales and marketing using latest social media capabilities."

To find out more about any of these stories or Ward Goodman please contact 01202 875900

Can Bing Take on Google With These New Features?

2010-12-17T10:34:00.005Z

At Ward Goodman our marketing team have a good understanding of how to implement search engine optimisation techniques to improve the organic search rankings of a website. The following article taken from webpronews discusses how Bing is trying to take on Google by introducing a number of new features. If you would like help optimising your website or any other online or offline marketing contact Ward Goodman Marketing on 01202 875900.

Bing Makes Real Use of that Facebook Data (and Much More)

Bing introduced a handful of new features today. The one that will likely catch the most interest is the extension of its recent announcement regarding Facebook. Now, Bing will start showing you which of your Facebook friends have liked search results as they appear in your searches.

Are "likes" from your friends sprinkled into search results enough to get you to use Bing? Let us know.

Social (Facebook)

"Starting today, if your search results include a specific link that has also been 'liked' by someone in your Facebook network the link will be highlighted as 'Liked' within Bing," Microsoft's Bing team explains. "This gets especially interesting for a query like 'Xbox' where my friend 'Liked' the 'Kinect' site and while our algorithms didn't feel it was relevant enough to make it the 'answer' we reference above, we are still able to indicate that my friend liked that link that happened to show up within the results."

This will be one clear advantage that Bing has over Google in terms of regular web search. Google has done a lot involving delivering social results, but Facebook data are THE social results that matter most - at least as long as Facebook is the dominant social site that it is today. With people constantly "liking" content all over the web, this can be a great indicator of relevance on a personalized level. It's going to catch your attention when you notice your friend appear in the search results.

Bing has been running a similar feature in search results for several weeks, including likes from places like CitySearch, but there should be a much more broad set of potential results that will include "like" info now. It appears the feature may still be rolling out, so if you don't see the "liked" results, you're not the only one. I do get a message about it when I search with Bing, but after some testing, I'm clearly not getting these results.

For example, as illustrated by Bing here, I should see when my friend has "liked" a movie on IMDB underneath the IMDB result for that movie on Bing. I have tested this with a specific movie that I made sure one of my friends had "liked" and that "like" did not appear under the result.

Sports Tickets

Bing has also added sports ticket info from FanSnap directly into the search experience, so users can view ticket results from 57 ticket companies, see ticket selection and price ranges, find the best ticket prices, and access a "view-from-seat" feature.

Image Search

Bing has also made changes to how it presents and organizes image search results. "The first thing you will notice is our new Instant Answer that organizes a rich collage of images directly into the main results page," Bing explains. "Once you click through to the 'images' page you will notice that we've populated the tabs with the most common search queries associated with a given image."

"Instead of making you qualify that you're looking for (Casablanca, Morocco or Casablanca, the movie), we have organized the tabs so that one simple click gets you to what you’re looking for," Bing adds.

Local

For local search, Bing has added interior views, enhanced OpenTable integration for restaurants, real-time transit and Streetside for Mobile. Bing has partnered with EveryScape Eats, which provides imagery of restaurant interiors. These can be accessed by clicking "step inside" on Bing Local details pages (it utilizes Microsoft's Silverlight). For now, it includes about 5,000 restaurants, mostly in Boston, but the company will add locations and cities over time. We'll see if they expand beyond restaurants. Google has already been experimenting with taking pictures inside businesses.

Additionally, Bing users can access local details pages for restaurants that are signed up with OpenTable and search for available reservations from Bing itself.

Bing Mobile on the iPhone now has "up-to-the-minute" data for transit agencies (in Seattle, Boston, and San Francisco so far), and Streetside - Bing's equivalent of Google's Streetview is available on Bing Mobile now. Bing has also made adjustments to its map style and a bunch of other updates to its iPhone and Andriod apps.

Will This All Help Bing Increase Its Market Share?

As we've discussed in the past, Bing has a lot of things that could work in its favour in terms of helping it grow its search market share, and some of these new features (namely the Facebook likes) won't hurt. The company also introduced some Facebook sharing features for Shopping Search a couple weeks ago.

To find out more about any of these stories or Ward Goodman please contact 01202 875900

Ward Goodman help manufacturers consider growth in 2011 with free seminar

2010-12-16T10:45:00.001Z

On the 14^th December 2010 Ward Goodman Chartered Accountants teamed up with manufacturing specialist Nigel Jones of the Manufacturing Advisory Service to host a free lunchtime seminar to clients and manufacturing businesses in the local area. With the manufacturing recovery gathering pace and predictions being made for this to continue in 2011, the timing of the seminar was perfect for local manufacturers looking for ideas and guidance on how to prepare for the growth of their businesses in 2011.

Ward Goodman believes in taking a proactive approach to helping clients and local businesses. Seminars and workshops, similar to this one, is an important way to get business leaders within the same industry in a forum where they can get information and discuss issues and opportunities within their sector. These hour long seminars which are dedicated to certain sectors or topics are designed to present specific information in a short period of time without interrupting the working day. The latest manufacturing seminar discussed how companies can prepare for growth in 2011 by looking at their current processes and the importance of management information when planning growth strategies. Ward Goodman plans to host further seminars in 2011 which will have a different focus to accommodate different industries and businesses.

Attendees of the seminar commented that they found the information presented extremely useful and it gave them a different perspective to consider in their growth strategies, with one attendee saying, “I am always sceptical about attending free seminars, but this was definitely worth taking the time out of my day to ensure that I choose the right growth strategy for my business in 2011.”

Ward Goodman Managing Director Graham Ball commented, “We are always looking for new ways to help clients. By hosting industry specific seminars, clients and local businesses are given relevant, useful information and tools that will make a real difference to their business.”

To find out more about any of these stories or Ward Goodman please contact 01202 875900

Investment Trusts – Alive and Kicking

2010-12-15T12:19:00.001Z

An investment trust is a type of collective vehicle, investing in a portfolio of shares and securities. An investment trust works by pooling together investors’ money and delegating responsibility to a professional fund manager to invest in the stocks and shares of a wide range of companies, supplemented by other securities.

This enables individuals with relatively small amounts of money to gain exposure to a diversified and expertly managed portfolio of investments.

The first Investment Trust, Foreign & Colonial, was launched in London in 1868 to invest in foreign government bonds or fixed interest stocks. Since then investment trusts have been involved in some of the most significant industrial trends and investment opportunities. As at 30 June 2009, there were over 430 investment trusts with £75 billion under management (Source: Association of Investment Companies).

In September 2009 the cash flowing into investment trusts was a mere £73.6 million; fast-forward to September 2010 and this figure is significantly more impressive at £1.88 billion (an increase of over 2500%).

The launch of Anthony Bolton’s Fidelity China Special Situations as a closed-end fund alone raised £460m in April this year. Even when we take this out of the equation, that still leaves another £1.4 billion that has been invested in the sector in the last 12 months.

This highlights the sector is very much alive and kicking and seeing a well-deserved resurgence of interest.

Importantly, investment trusts don’t pay commission and therefore the commission hungry adviser, which still accounts for a good 50% of the market, is unlikely to recommend such an investment. But, as advisers are forced to move to a fee basis for their remuneration by 2012, something Ward Goodman Financial Services have offered for some years now, this sector is more likely to be opened up to the wider investor market.

Ward Goodman Financial Services have been, where appropriate, recommending Investment Trusts as part of a balanced portfolio for a number of years and will continue to do so. It is important to remember that past performance is no guarantee to future performance but the performance of Investment Trusts has in a number of areas been better than the Unit Trust/Open Ended Investment Company equivalent.

This document does not constitute specific financial advice and only provides our company views.

Before taking any action you should seek advice from an appropriately qualified financial adviser.

To find out more about any of these stories or Ward Goodman please contact 01202 875900

Key concerns for SMEs

2010-12-15T12:12:00.001Z

At Ward Goodman we deal with a large number of clients in the SME sector. It is our view that the following are some of the key issues facing business in the next 12 months

Employment remains tough; we expect to see an increase in the proportion of SMEs reducing staff pay or hours to manage costs.

Similarly, the proportion reducing temporary staff numbers is likely to increase, and the number reducing permanent staff is likely to increase too

Unsurprisingly, maintaining cash flow tops the list of SME concerns for 2011

Declining sales and the increase in the VAT rate is a concern particularly for the retail market

The biggest driver for businesses moving into 2011, as they attempt to remain in profit, is the ability to diversify their products and services

It is clear that Christmas is a crucial trading period, even more so with the VAT rise in early January. The Governments proposed “austerity measures” hang ominously over consumer spending for the year ahead.

We know that small businesses are a resilient community but it looks as though the coming months will test them to the limit.

We think the keys to success over the next 12 months are;-

1. Be creative

2. Be entrepreneurial

3. Practice good, solid business skills.

4. Plan and prepare. Revisit your business plans regularly to make sure you know how your business is performing.

5. Make sure you keep your staff informed and look to them for inspiration.

6. Keep yourself informed too and make use of the wealth of specialist advice that is available

If you want to review the position of your business and ensure you are doing all you can to achieve success in 2011 – then please contact Richard Dare on 01202 875900.

To find out more about any of these stories or Ward Goodman please contact 01202 875900

Default Retirement Age – Do you need to take Action Now!!

2010-12-15T12:09:00.001Z

As everyone will be aware the Government has announced that the Default Retirement Age (DRA) is to be abolished with effect from 1^st October 2011. Some employers welcome the idea because it retains skilled and experienced employees in the business; others are worried because these employees may not be as robust and effective as those below the DRA.

So what does this mean to the employer?

Most importantly after that date you will no longer be able to issue a Compulsory Retirement Notice and to terminate the employment of an employee because they are 65 years old or over will be unfair. All terminations of employment have to be done fairly, which means that if you wish to terminate the employment of someone over 65 you will need to go through a full consultation process and show that the employee is no longer capable of doing the job and that there is a sound Business reason for your decision.

It is essential that all employers follow a fair procedure. Failure to do so could put you in breach of the Equality Act and result in a claim of unfair dismissal.

We are now in a transitional period the current legislation requires that employers will consult with employees who are approaching the DRA. This must be done at least six months before they reach 65, therefore if you are currently employing people over 65 or who will be 65 on or before 1^st October next year you must begin consultation no later than 31^st March 2011 if it is your intention to enforce the DRA. Failure to do so and to enforce retirement will be Unfair Dismissal on the grounds of Age Discrimination.Default Retirement Age – Do you need to take Action Now!!

Employers should not avoid facing up to these changes. If you have any concerns or wish to seek advice contact Bob Cox, Ward Goodman’s HR Consultant at bob.cox@wardgoodman.co.uk or call him on 01202 875900.

To find out more about any of these stories or Ward Goodman please contact 01202 875900

Ward Goodman congratulates Double H Nurseries Ltd on double New Forest Business Partnership Awards

2010-12-15T11:58:00.002Z

One of Ward Goodman’s newest clients, Double H Nurseries Ltd were delighted to win not one but two awards at the fifth annual awards scheme for New Forest based businesses. The event hosted by The New Forest Business Partnership (NFBP) aims to celebrate the achievements of local business and highlight good practice.

This year’s award ceremony was divided up into six categories, with the winner from each receiving an award commissioned by a local crafts person and a year’s free membership to the NFBP. Award categories included; Innovation & Entrepreneurship, Best New Business, Best Use of Online Technology, Training and Development, Sustainable Business and Outstanding Customer Service with one of the businesses who win a category award being named The NFBP Business of the Year.

Double H Nurseries Ltd Directors and Staff were delighted that all their hardwork throughout 2010 meant that they had received a nomination from clients and local businesses for The New Forest National Park Authority Green Leaf Sustainable Business Award. The New Milton based Nursery grows and supplies flowering houseplants to the major supermarkets including Marks & Spencer, Sainsbury and Tesco. The business works closely with the Carbon Trust and has introduced a significant number of initiatives in recent times to improve the sustainability of the business environmentally, economically and socially.

Double H’s dedication to reducing their carbon footprint and looking at new ways to ensure their business is sustainable was rightfully recognised with The New Forest National Park Authority awarding them with The Green Leaf Sustainable Business Award. Paul Mincham and Charlotte Lowcock, who represented Double H Nurseries at the award ceremony, were delighted to receive the award on their company’s behalf and the elation continued when it was announced that they had also won The New Forest Business Partnership Business of the year award.

Ward Goodman who act for Double H Nurseries Ltd and were recently appointed audit and tax advisers are delighted for their client and would like to congratulate them on this fantastic achievement. Ian Rodd, Audit Director said “It is important that the success of local businesses is recognised in this way and the event has showcased yet another well run business with roots in the local community. This award will be a great encouragement to the owners and employees to continue to develop their green credentials”.

With the ever expanding success of their business, new initiatives planned for the long term sustainability of the business due for launch in 2011 and the NFBP awards driving them forward the future looks bright for Double H. Ward Goodman plans to help them identify, understand and claim the tax breaks available for green initiatives to help them blossom as a business.

If you feel that your business could benefit from any of the business services offered by Ward Goodman please contact Ian Rodd on 01202 875900.

To find out more about any of these stories or Ward Goodman please contact 01202 875900

Case Study – Matt Peacock Star Tech Limited, by Roger Duckworth, Director at Ward Goodman

2010-12-15T11:43:00.002Z

I first met Matt in November 2007 when he was running Star Tech, an independent Mercedes Benz garage based in Poole. He was trading as an unincorporated business which, it is fair to say, had not yet produced trading results that reflected its true potential.

Star Tech had been using a separate bookkeeper and accountant and Matt felt he was not receiving the financial information or advice he needed to make informed decisions about the business. Matt realised that in order to understand his business finances better he would have to change, and having spoken to a number of business owners, he chose Ward Goodman Chartered Accountants and Business Advisors.

I initially discussed with Matt what was important to him and together we worked out what we thought would be required to help Star Tech grow as a business. Matt knew what he wanted to achieve overall and so we were able to tailor a plan and deliver a fixed fee quote which gave him the confidence to move forward.

I was then able to sit down with Matt to review and discuss his business strategy to help him get a better understanding of how his business worked. We ran his 2007 figures through ‘Quad Business Builder’, an analytical tool to show him the critical numbers that he needed to concentrate on to improve his business to the level he wanted to achieve.

We then agreed two goals for him to focus on and he left the meeting with a clearer idea of what he needed to concentrate on for the next 3 to 6 months.

We continued to review progress against the strategy over the following months To the delight of Matt and the Ward Goodman team the results achieved by Star Tech up to February 2008 were much improved on the 2007 performance.

With the benefit of the 2008 accounts we reviewed Star Tech’s strategy and agreed two more goals for Matt to continue to improve the business. Throughout 2009 regular communication between Ward Goodman and Star Tech ensured progress was monitored and it turned out that the 2009 results were the best the business had achieved since starting.

As part of Ward Goodman’s ongoing services to the client we reviewed business risk and tax planning opportunities and this ultimately led Matt to incorporate his business as Star Tech Limited in 2009.

Ward Goodman has now built a strong working relationship with Matt and Star Tech Limited by not just ensuring he has accurate up to date management information to keep him on track but by working closely with him to help him focus on the issues important to achieving his goals. As the business continues to grow, Ward Goodman is now helping Matt and his company with raising finance, tax consultancy, Human resources, IT and marketing.

Matt’s success has been achieved through his own hard work and commitment to his business. Ward Goodman has been there to help him see clearly where he is going and how this affects the business strategy he is pursuing. We are committed to continuing our work with Matt and Star Tech Ltd to ensure that the business stands the best chance of continuing to grow and Matt’s aspiration to opening a second garage can be realised.

To find out more about any of these stories or Ward Goodman please contact 01202 875900

Head of Charity Commission calls on Accountants to offer more help

2010-10-21T12:29:00.001+01:00

Dame Suzi Leather, Chair of the Charity Commission for England and Wales, has called on finance professionals to help charities respond to public demands for accountability and transparency.

Speaking at the annual Charities Day of the South Western Society of Chartered Accountants she said “Charities and their advisers will need to respond to increasing public scrutiny of their finances”.

Dame Suzi went on to say that accountants have an important role to play in helping charities respond to the economic downturn, which has affected 59% of charities so far. She urged finance professionals to challenge charities to cut costs and improve their effectiveness, for instance by collaborating with other charities or moving more services online.

The perception of a well run charity starts with the very basics, such as submitting annual returns and accounts to the Commission on time. A red mark appears automatically against a charity on the Charity Commission website when a charity fails to meet the deadline and this could have a seriously detrimental effect on that charity’s public standing. While most charities are well aware of this requirement too many charities are failing to file on time.

Many accountants do act for small local charities and prepare accounts. However few are focused on delivering more than the basics for charities. There are many types of charities in different sectors and they all require specific advice in terms of structure and delivery of service through to fundraising and performance measurement. Without a track record of advising charities over many years it is difficult for accountants to provide the type of service that charity trustees can rely on.

Ward Goodman has been advising charities for over 25 years and has a team of charity advisers that can ensure that not only the basic accounting and compliance requirements are met but can also provide proactive advice and support.

Please contact Ian Rodd on 01202 875900 for more information on the team and how Ward Goodman can help your charity.

To find out more about any of these stories or Ward Goodman please contact 01202 875900

Common sense - relatively speaking

2010-10-21T12:17:00.002+01:00

As a director or shareholder – do you want details of your transactions with your company to be in the public domain?

If you have a December year end, your auditor may well have raised their concerns over the impact of Companies Act 2006 on accounting disclosures relating to Directors’ transactions.

The latest Companies Act is worded in such a way as to require separate disclosure of each individual advance made to a director. For small owner-managed businesses this could lead to extensive notes full of minor transactions that are largely pointless, but tell a story to those who may take an interest in such information.

With the responsibility for this disclosure in the hands of company directors, how are the auditors going to extract such detailed information, for some directors, sensitive and possibly detrimental information that could affect their reputation?

This has created debate as to what the accounts should show and a widespread feeling across business and the accountancy profession that some common-sense will have to be applied. The Department for Business, Innovation & Skills “BIS” has already consulted on amendments the Companies Act to allow banks to aggregate disclosures on advances to directors and this was allowed by the government.

Statutory disclosure relates to advances granted to directors and so where a director’s current account is in credit and stays that way, it is likely that the director is not receiving advances. However an overdrawn position effectively means that the company director has taken money that is not their own and is the property of the company.

Auditors and accountants have continued to use summaries of transactions with opening and closing balances and maximum balances disclosed under the previous 2005 Companies Act. The extreme example would show details of every single advance or credit and every repayment set against them in addition to interest rates and terms associated with these transactions. As there is no materiality associated with this disclosure then this could be considered ridiculous.

A “Big 4” audit firm published an analysis of this problem that suggested that summarised details of advances and repayments together with the maximum amount outstanding in the period and year end balance should be sufficient. This comment was based on the fact that the EU Directive from which this disclosure requirement is derived does not require every individual movement on a loan account to be disclosed.

This approach however is not completely consistent with the law. If aggregate amounts are used then it may not be obvious that at some point a directors’ loan balance did become overdrawn and should have had shareholder approval. This approach may also conceal the fact that dividends were approved when there were insufficient realised profits. In many cases this may not matter until a company gets into financial difficulty and more in depth questions are asked.

So what is the position to those granted with common sense? Well we suggest the following:

Up to now we have been analysing Directors loan accounts for tax purposes and this analysis is useful to establish whether there have been any overdrawn positions during the period;

Identify large transactions that are individually material - £10,000 is a good starting point as it is the amount that requires prior approval of shareholders;

Identify amounts advanced to directors for personal use and consider whether these need separate identification;

Separately identify material repayments and then aggregate the remaining repayments;

Consider any interest rates, security and terms of any loans for disclosure.

The big question we keep getting asked is what is the difference between disclosure in full accounts and abbreviated versions, if the company is entitled to file abbreviated accounts?

We believe that if a director’s balance is not overdrawn then it is unlikely that a disclosure will be required in the abbreviated accounts because the director has not taken unapproved amounts from the company. It will of course be up to different advisers to decide how they wish to interpret the law, but hopefully common sense will prevail and we won’t be disclosing the cost of a coffee or an I-tune download purchased on a company credit card.

To find out more about any of these stories or Ward Goodman please contact 01202 875900

The Search for income in a low interest environment

2010-10-21T11:57:00.004+01:00

There have been some outstanding improvements in UK dividend payouts (but for BP), and the outlook remains positive. How does this square with the economy as a whole and the relatively poor growth performance from key companies?

Interest rates are predicted to stay low for a considerable time and many clients are asking ‘How can I sustain my income whilst protecting the value of my capital over the long term?

In October last year Ward Goodman Wealth Management moved many of its client portfolios into the ‘Global Equity Income Space’.

Ward Goodman anticipated that many more people would start to use equity income to protect the long term value of their portfolios. These ‘equity income shares are often large company shares that deliver a sustainable income and reinvest some profit for future growth. Companies such as Tesco, Halma, Nestle, Coca Cola or Walmart have increased their dividend every year for the last 25 years. They often don’t have significant borrowing AND many have exposure to the emerging markets which we see as a safer route than investing directly into the more volatile emerging market sector.

To hedge against risks such as BP and the loss of a single dividend many clients use a vehicle such as a Unit Trust managed by a fund manager that holds between 50 to 100 of these types of shares so as to smooth the income and return over the long term.

As an example in the UK there are some very rare opportunities amongst high yielding, defensive shares but why have they been overlooked?

Many of these same shares are yielding more than their corporate bonds. Why? Is the outlook for these stocks so poor? Have a look at the table. Why not take the 6% yield from Vodafone and ignore the capital volatility? Couldn’t an institution more concerned about long term cash flow do just that? Since the lows in March 2009 the UK stock market is up 53% (more in the US), an extraordinary rise over such a short period. Over the same period Glaxo is up just 15%, Vodafone by 28%.

We believe that it will not be obvious we are in a new long term bull market until the buying spreads out across the stock market. That isn’t happening. Pension funds have been dis-investing from equities for years (compelled by regulations), and retail and institutional buyers have chased corporate bonds (hence the yields shown in the above table). And trading in the stock market is increasingly dominated by short term "investors" chasing more volatile stocks. That is why the defensives are still offering “rare opportunities”.

The opportunity is even better if you look globally. The prospective price earnings ratio for stocks held by these global income funds are often 30% cheaper than for the MSCI UK Yield index, with more substantial dividend cover and profit margins, and a prospective dividend yield of 4.3%. And there is considerably more choice. At some point there will be a global reallocation from bonds to equities, particularly high yielding equities, but it is not clear when, or that it will be very soon.

At the moment Gilt and Treasury markets are sending out a very cautious message, with yields below those plumbed midst the extraordinary volatility of late 2008. Deflationary signs are clear in the US and China is slowing; we should not get distracted in Europe by a summer lull in the sovereign debt crisis and positive news flow. If we get the slowdown in the second half of 2010 and into 2011 which Gilts/Treasuries appear to be anticipating, a re-emergence of risk aversion will likely push bond yields even lower. In that same, increasingly nervous environment, stock markets should fall and dividend yields rise.

At some point this tendency will reverse and do “the obvious” and buy high yielding equities in increasing volume. We just don’t know when.

To find out more about any of these stories or Ward Goodman please contact 01202 875900

Tax Payments..Beware!

2010-10-21T11:47:00.002+01:00

HM Revenue and Customs have issued two warnings to taxpayers about problems they are having with their systems. (Just two?!!-Ed)

If individual taxpayers need to amend a monthly direct debit payment plan on line, they should do so between 1st and 23rd of the month. Otherwise, a fault in the system could stop an amendment made in the last week of the month reaching the taxpayer’s bank. HMRC advise that full service will be restored in April 2011.

When paying PAYE deductions and Class 1 National Insurance contributions to HMRC, it is important to use the correct ‘payment reference’. If not, a confirmation of the transaction may be received from HMRC but the payment may be delayed or cancelled if HMRC cannot locate the correct reference.

To ensure your direct debit is accepted without delay, you can check on www.hmrc.gov.uk/tools/payinghmrc/paye.htm to obtain your 13-character ‘payment reference’. There are two capital letters in the reference that are case sensitive, so care is needed.

If you are in any doubt about your tax payments, please contact your usual adviser in the Ward Goodman Tax Team.

To find out more about any of these stories or Ward Goodman please contact 01202 875900

The relationship between a business owner and their accountant can be absolutely critical.

2010-10-21T11:41:00.002+01:00

I would say it wouldn’t I..........but your accountant can be a pivotal part of your business’ success.

What to look for - well it is not just qualifications, compliance and technical expertise. What the owners of small businesses need is someone who understands all aspects about setting up a business and the problems which arise from it.

Make sure you use your accountant – talk regularly, ask questions and ensure that you get the answers to your queries in a way that you understand.

Then trust can build between you and your accountant. As a business owner you do not want to have to think about things such as year-ends, or capital gains. You want to be able to get on with the things that you are good at, which is running the business.

If this is the type of relationship you have with your accountant then fantastic......if not please contact Richard Dare on 0845 2576835 and have a no obligation chat to see what Dare Accountancy can do for you and your business.

To find out more about any of these stories or Ward Goodman please contact 01202 875900

New Dorset businesses benefit from NIC saving

2010-09-15T09:53:00.008+01:00

As announced in the second Budget this year, qualifying employers can from 6 September until 5 September 2013 save up to £5,000 of National Insurance (NIC) for each of their first ten employees.

The benefit is restricted to regions and excludes Greater London, the South East including Hampshire and the East of England. The good news is that employers in Dorset are able to benefit from this NIC holiday.

To qualify the business must have started since Budget day on 22 June 2010. Anyone who has carried on a similar business in the previous 6 months to starting the new company will not qualify for the holiday. Nor will any business that takes on the activities of an existing company through a transfer.

Employees include directors and part timers, even if they earn less than the secondary NIC threshold (currently £110 per week).

Once the employer has taken on its first 10 employees, no other employees will qualify even if any of the first 10 employees leave.

There are a number of other rules that must be applied to ensure the NIC holiday is dealt with correctly. It is important that advice is sought before any action is taken.

To find out more about any of these stories or Ward Goodman please contact 01202 875900

You have to keep score…….

2010-09-15T09:36:00.004+01:00

There are 3 things that are common to all businesses

MAKE – produce a product or service

SELL – be able to sell it

KEEP SCORE – get your accounting right

Now no-one goes into business to be an accountant (who would!!) but whatever your business type, by law you must keep accurate records of your income and expenditure. You need to keep self-employment and partnership records for five years after the latest date your tax return is due. Limited company records need to be kept for six years after the end of the corporation tax accounting period.

Accurate record keeping has important benefits. It:

gives you the information you need to manage your business and make it grow

enables you to report on your profit or loss easily and quickly when required

will improve your chances of getting a loan or mortgage

makes filling in your tax return easier and quicker

helps you or your company avoid paying too much tax

provides back-up for claims for certain allowances

helps you plan and budget for tax payments

reduces the risk of interest or penalties for late tax payments

helps reduce fees if you use an accountant - your annual accounts will be far easier to produce

The basic records you will need to keep are:

a list of all your sales and other income

a list of all your expenditure, including day-to-day expenses and equipment

a separate list for petty cash expenditure if relevant

a record of goods taken for personal use and payments to the business for these

a record of money taken out for personal use or paid in from personal funds - this applies to limited companies

back-up documents for all of the above

You will need the information above to create your profit and loss account. I f you are not sure about the records you are keeping or need some advice, or would simply like someone else to take the hassle away from you then please call Richard Dare on 01202 875900.

HMRC to withdraw agent copies of forms

2010-09-15T09:33:00.001+01:00

HM Revenue & Customs have announced that, as part of the current cost cutting drive by government departments, they are going to stop issuing agents, such as ourselves, with copies of certain forms that are sent to clients.

The main casualty of this review will be Notices of Coding which will, from December 2010, no longer be copied to agents. There are other forms which HMRC will also stop sending copies of to agents. HMRC have ‘apologised’ for these decisions but feel that there will be ‘minimal impact for customers’. In view of the problems highlighted this week regarding the number of taxpayers with underpayments as a result of failings within the paye system we cannot agree that the impact will be ‘minimal’!

We would emphasise our general advice that clients forward copies of any correspondence received from HMRC to us to ensure that we are fully aware of what the taxman is up to.

To find out more about any of these stories or Ward Goodman please contact 01202 875900

Is your Board of Directors effective?

2010-09-15T09:24:00.001+01:00

The Board of Directors is there to provide leadership and to set the scene in terms of vision and values for an organisation to prosper. Improving the performance of a Board has become more critical as directors have come to terms with the events of the credit crunch and recession.

The chairman plays a key role in setting the tone for the Board and it is essential that this position is elected and carries the same duties and legal responsibilities as the other directors. The most important task for the chairman is to ensure that there is a balance to the board in terms of skills and experience and that open debate and challenge can feature and flourish.

More and more directors have found themselves protecting their businesses and spending less time directing in terms of developing their skills and communicating the long term strategy for the organisation. When times are good there is room to make some mistakes and take risks but many companies have fallen foul of ignoring strategic risk.

Many Boards of all sizes have realised that risk assessment is a valuable tool in their operational areas but few apply risk assessment techniques to their Boards to understand the tolerance or level of risk aversion that each director demonstrates. The formalities of internal audit and quality control are usually well-defined at lower levels within an organisation if they are relevant, but rarely do small companies evaluate their exposure in these areas at a strategic level.

Striking the balance between too little and too much risk can be difficult. An effective Board of Directors can demonstrate that balance and take responsibility for their decisions. The result of this is the ability to build a reputation of stability and trust within the organisation and to external stakeholders.

The UK Corporate Governance Code recommends that Board effectiveness is reviewed annually and that a senior non-executive director assesses the chairman’s performance.
In an owner managed business the position of non-executive director is unlikely to exist but can be fulfilled by a trusted adviser.

To find out more about any of these stories or Ward Goodman please contact 01202 875900

Coalition Reviews Employment Legislation

2010-09-15T09:10:00.003+01:00

The new government has announced an ‘immediate review’ of all employment legislation that has not yet hit the statute books; this is part of its wider plan to remove the excessive regulation that has been imposed on SME’s.

Currently there are nearly 250 business related regulations that it needs to carefully examine, and it is no secret that it wasn’t too keen on some of them in the first place. This does not mean that we can start celebrating straight away, some processes have been placed ‘on hold’ , such as the Vetting and Barring Scheme which was due to go live on 26 July 2010, but the other planned laws are still in the ‘pipeline’ and ready to become law. Now they have been put up for scrutiny, the government could decide to keep, alter or rip up some of them completely. There is no deadline for decisions but we will keep you posted.

The most immediate piece of legislation that will impact on all employers is the Equality Act which comes into force this month, but the government have already indicated that they will be making some changes; so we have to wait and see!!!!!!

Employment Tribunal Claims Hit All Time High

The recession has unfortunately brought about increasing numbers of redundancies and a significant increase in claims of unfair dismissal; there has been a 29% increase in these claims since 2008. It does not cost an individual anything to file a claim for unfair dismissal and we have moved to a culture where more people will try it on even when they have been treated fairly.

What to do if you receive a claim against you?

First of all don’t panic!

• Claims are lodged either online or by hard copy using a form ET1. These ensure that claimants set out all the details in a particular format. When the tribunal accepts it, you will be sent a copy; in addition you will receive a response pack, also known as an ET3.

• When you receive it, study what is alleged – many ET1s provide a lot of detail but in reality there is little substance. Speak to those involved and obtain witness statements as soon as possible, especially when all is still fresh in people’s memories.

• Go through your policies and procedures along with other relevant documentation; e.g. disciplinary history, appraisals, meeting minutes, sickness absence records; and in a redundancy situation notes made at consultation meetings. You will then have an opportunity to assess the validity of the claim.

• Carefully review the ET1, check for errors, (A simple mistake can render a claim invalid). If you spot errors point them out on the ET3 when you respond.

• It is important not to delay your response , you must file it within 28 days otherwise you risk a ‘default judgement’, whereby the employment judge (formerly called a Tribunal Chairman) will decide you are liable (without attending any hearing) and give a ruling on compensation. It is almost impossible to get these set aside, you must have very strong grounds and forgetting to file the paperwork is not one of them.

• You can file the ET3 by hard copy or online.

• If the case goes to a hearing you may need to consider having professional advice from those experienced in handling cases.

• Ensure all areas of dispute are dealt with in your written evidence

• ACAS will contact you almost as soon as you have filed your response and will seek to conciliate a solution without the case going to a full hearing. This can involve an out of Court settlement.

Many employers settle by making a payment, even though they have a very strong case, to avoid the hassle and the costs of going to a hearing.

If you use ACAS to conciliate in this way they will prepare a COT3 which is a legally binding ‘without prejudice’ document and, once agreed, the case is settled.

Remember that 80% of cases that go to a full Tribunal hearing find in favour of the respondent (that is the employer).

We would always recommend that you seek good professional advice prior to dismissing an employee for whatever reason, including redundancy. If the ex-employee does then make a tribunal claim, don’t panic and do seek professional advice from those experienced in handling these matters.

The HR team at Ward Goodman have the experience and the knowledge to help.

To find out more about any of these stories or Ward Goodman please contact 01202 875900

Important Pension Changes

2010-04-19T08:56:00.003+01:00

One way or another practically all employers in this country are soon going to have to establish a funded private-sector workplace pension scheme for their employees. The new schemes will have to meet a certain standard that has been set by recent legislation and will be referred to as Qualifying Workplace Pension Schemes (QWPSs).

The million employers who currently don’t run a pension scheme for their workers will either have to provide a QWPS or better, after they reach the staging date that has already been allocated to them.

The staging dates, there are 43 of them ranging from 1st October 2012 until 1st September 2016, are the dates by which employers must ensure they fulfil the duties laid on them by the Pensions Act 2008. One of those duties is to establish a QWPS for their eligible (and even possibly ineligible) employees; another is to auto-enrol those eligible employees into the scheme and to pay a minimum employer contribution into the scheme.

There are other duties too. It will be against the law for employers to neglect to fulfil the duties laid on them by the 2008 Pensions Act and any breaches could result in heavy fines.

It is clearly important that all employers understand the duties that are laid on them by the 2008 Pensions Act and know the staging date that has been allocated to them for the commencement of those duties.

Whilst the changes are still some way off, employers need to be thinking about some of the following issues now:

1) If a current pension scheme is in place does it meet the QWPS standards both from outset and at the end of the phasing period?

2) The practical implications of auto-enrolment to the pension scheme

3) How will the required employer pension contributions affect cash flow?

Our Financial Services Company, Ward Goodman Financial Services, are able to help with the review of existing pension schemes and if this is of interest, please contact Paul Burdett on 01202 875900.

Don’t squeeze your suppliers.....

2010-04-13T12:27:00.001+01:00

If you have a business where you are selling goods then suppliers are vital to your business. However when cash is tight it is usual that the last people to get paid are your suppliers.

The trouble with this is that in the short term you could be resolving a cash issue but in the long term it can do more harm than good. The flow of goods for you to sell into your business are critical. To achieve this you need your suppliers to work well with you.

The keys to good supplier relationships are

·Get closer to them – communicate, tell them what your plans are and what your situation is to avoid any interruption in the flow of goods

·Have a policy – and stick to it!! If you say you are going to pay someone then do it. You could arrange a payment plan for old debt or set up a direct debit with a supplier in return for extra discount....

·Determine your strategy – this will involve looking at how much stock you hold, when it is delivered, work out who your suppliers should be (consolidate where necessary)

·Outsourcing – get the supplier to do more. For instance you could get the supplier reduce their delivery times, which will allow you to lower your stock levels and improve your cash flow.

Don’t forget that suppliers want and need your business – but they will stop supplying if payments become irregular or late without notification. Negotiating with them is an excellent way of managing your cash-flow and driving your costs down.

If you want to review the way you manage your suppliers then please call Richard Dare on 01202 875900.

To find out more about any of these stories or
Ward Goodman please contact 01202 875900

Where is Tax Anti-avoidance going?

2010-04-13T12:23:00.001+01:00

At Ward Goodman we come across many different tax schemes. THIS IS NOT AN AREA FOR THE FAINT HEARTED.

Anyone interested in tax schemes needs to be fully aware of the Governments changing approach to what they regard as tax avoidance and the potential consequences.

In 2005 the HM Revenue and Customs set up the Anti-avoidance Group (AAG). In the current climate of poor economic trading, resulting in low tax collections, and a massive public deficit, the AAG has never been more active.

There are 95 dedicated staff members running the AAG with the aim of preventing tax being avoided by early prevention of schemes, detection and counteraction, usually by advising Ministers on changing the law and/ or litigation.

For most taxpayers, organising their tax affairs to pay the right amount of tax by proactive planning is sensible. This is not the type of anti-avoidance that the AAG are interested in (at the moment!). However, there is a market in tax avoidance schemes which exploit loopholes in the law, usually arising as a result of poor drafting, and it is these that attract the most attention from the AAG.

The AAG has started highlighting ‘risk indicators’ that will certainly result in a challenge from HMRC. Every tax avoidance scheme is now required by law to be disclosed, which gives the AAG an immediate heads up and enables them to take whatever preventative action or litigation it deems fit. A consultation document was released in the Pre Budget Report in December 2009 proposing greater penalties and a widening of the information required to be disclosed on scheme promoters as well as on scheme users.

In this current climate, a scheme user must expect to be the subject of an enquiry. These enquiries can be expected to be protracted and at worst result in the user losing all the benefits of the scheme, whilst suffering the initial costs of the scheme and the costs of dealing with the enquiry. However, despite the clear risks, there are still those that can find this area attractive given the potential for significant tax savings.

Talk to an expert tax consultant for free. Call John Davies on 01202 875900

To find out more about any of these stories or
Ward Goodman please contact 01202 875900

What is bothering the markets?

2010-03-18T09:03:00.001Z

Comments by Simon Willcox, Director of Ward Goodman Financial Services -

Lothar’s Team at Octopus manage over £500M and have an average of £40M per month coming in. A reasonable slice of the £500M are our own Prism Funds which continue to perform well.

As you can see Lothar is still cautious about the future and expects more volatility….

What is bothering the markets?

Lothar Mentel, Octopus Chief Investment Officer- 10 March 2010

The past few weeks have seen economic data and news flow playing out across the markets each week. If 2009 was all about banks, then 2010 is panning out to be all about countries, or more specifically the amount of sovereign debt and the associated fears of potential default.

Taking centre stage at present is Greece, but waiting in the wings are Spain, Portugal, Ireland and Italy. The current issues in Greece and the implications across the wider European Union are making an understandably uncertain market even more nervous. Monetary policy decisions are likely to be a constant worry for investors throughout the year.

The unprecedented, co-ordinated actions of Central Banks across the world successfully averted a full blown economic crisis in 2009, but now the focus is on how the stimulus packages employed are unwound. China began the process by reining in bank lending in January. Its decision surprised markets and sparked a sell-off. A second announcement in February elicited a more benign market response. Markets do not like surprises and so Governments across the world will need to be cautious and considered in their approach to removing support and dealing with their mounting debt burden.

As corporate earnings season drew to a close, the general trend was one of positive surprises, driven by top sales growth rather than cost cutting like last quarter. Markets reacted on a stock specific basis rather than to the overall trend, most notably with the positive reaction to Barclays' profit announcement.

We have seen good news coming through from leading and lagging economic indicators but markets are nervous and seem to be reacting more on the bad news than on the good. In the UK, a lot hinges upon the impending General Election with markets seemingly watching the polls closely. A potential hung parliament remains a concern and is the least favoured outcome. We expect markets to remain volatile over the short-term and retain our defensive bias within our equity portfolios.

Elsewhere our position is fairly neutral as we wait for a significant trend to emerge. We remain vigilant in our search for short term opportunities to exploit whilst retaining a firm eye on the long term objectives of our portfolios

Job Vacancy - Accounts Semi-Senior

2010-03-15T17:33:00.002Z

Ward Goodman are seeking to appoint an Accounts Semi- Senior to join our busy professional Audit team.

This is a fulltime position, candidates will be part qualified ACCA/ACA and have already gained experience within practice and have undertaken Accounts Preparation work and will also have some Audit experience; knowledge of charity and pension scheme accounting would be valuable.

Well developed IT skills, and a working knowledge of IRIS would be a distinct advantage. Team players who are seeking to develop their careers in a progressive organisation, with effective communication skills and a successful track record gained in client facing work should apply.

Please submit your CV to Bob Cox with details of your current salary and package.

To find out more about any of these stories or
Ward Goodman please contact 01202 875900

Ward Goodman Newlsetter

2010-03-15T15:06:00.007Z

Our March e-newsletter is now available to be viewed & downloaded.

This month’s newsletter includes articles on:

* Mixed messages of our economy
* Payment planes from HMRC
* Expenses – What are allowed?
* Website performance – what can make a website perform poorly?
* Can you still profit from ‘With Profits’?
* Tax planning advice for high earners

Click here to view or download our latest e-newsletter

To find out more about any of these stories or
Ward Goodman please contact 01202 875900

HMRC HEADACHE FOR COMPANIES

2010-03-15T14:22:00.001Z

HM Revenue & Customs (HMRC) will require all companies to change the way they file their Corporation Tax Returns and Financial Accounts online.

For accounting periods ending after 31 March 2010 Revenue (HMRC will only accept Corporation Tax Returns and Company Accounts in the new eXtensible Business Reporting Language (XBRL) format.

HMRC have already stated that anything filed in a non XRBL format will be rejected.

Many large companies produce their own financial statements in Microsoft Excel or Word formats. The change will certainly cause concern where companies need to maintain control over their own reporting.

Companies are now questioning the use of XBRL when they approach the preparation of accounts for Tax purposes as they need to know that they can produce them in an acceptable format.

If you want to be ready for this change call Ian Rodd on 01202 875900.

Free Inheritance Tax (IHT) Planning Guide

2010-02-23T17:05:00.002Z

Ward Goodman Wealth Management has produced an informative guide to Inheritance Tax Planning, which is essential reading for anyone concerned with the protection and passing of wealth.

The free publication is available in a digital or printed format. In addition to the guide Ward Goodman is also offering a free initial IHT planning consultation to anyone who requests the brochure.

To receive your brochure and free initial IHT planning consultation please email Carl Wilson

What expenses are allowable in running my business?

2010-02-23T08:59:00.003Z

Article prepare by Roger Duckworth - Ward Goodman Small Business Specalist

The question we get asked most from our clients when they are running a business is:

‘What expenses am I allowed to claim against my profits?”

While there is no definitive list of expenses that you are allowed to claim the H M Revenue and Customs Guidelines state:

“You can get tax relief for your business expenditure as long as it’s not

• Capital expenditure – on assets such as Vans, furniture and equipment
• Specifically non-allowable – for example entertaining expenditure

But to be allowable expenditure it must be ‘wholly and exclusively’ for carrying on and earning the profits of your business”

The common types of business expenditure are:

• Purchases of goods you sell
• Costs of employing staff
• Costs of running your business premises
• Repairs
• Motor and travel
• Finance costs
• Administration costs – printing, postage and stationery, advertising, telephone, advertising
• Professional fees – accounting and legal fees

The types of expenses that are not allowable are:

• Expenses of a capital nature
• Private expenses – those costs incurred in day to day life
• Entertaining
• Private motoring
• Certain legal fees – fees in respect of a new lease, and in respect of renewing a lease over more than 21 years, or in the purchase of business premises

Although you do not get tax relief on capital expenditure directly against profits you do get an allowances on the capital assets you buy.

Currently the first £50,000 of expenditure on assets is has an Annual Investment Allowance which gives 100% of the asset cost against business profits and for this tax year 2009/2010 there is an additional 40% allowable on the cost of assets that exceeds the initial £50,000.

Exceptions to this include cars and assets used for hire in the business’ trade. These assets attract only a 20% tax allowance.

For more information on this please contact:

Roger Duckworth
01202 875900
07918 745135
roger.duckworth@wardgoodman.co.uk

The two sides of the Inland Revenue

2010-02-23T08:54:00.001Z

Article prepare by Richard Dare - Ward Goodman Small Business Specialist

The current economic climate has meant there are many tax payers who are not always able to pay their personal and/or corporate tax bills. So if you are in a position where you have submitted your tax return by the due date, to avoid the late filing penalty, but are left with a tax bill that you cannot pay straightaway then you should make contact with the Inland Revenue (HMRC) as soon as possible.

In our experience we have found HMRC are willing to help and will discuss with you the options you have under the "Time to Pay" deal. Be prepared for the conversation by having a payment plan than you know you can achieve and then stick to it.

You will need to call your local tax office or call HMRC on 0845 3661204.

http://www.hmrc.gov.uk/payinghmrc/problems/cantpay-individuals.htm

it is always better in these situations to communicate with the Inland Revenue than ignore the situation, that way you can not worry about demands for payment and concentrate on running your business.

But on the other hand whilst “helping” the tax payer by giving them time to pay the Revenue can also investigate whoever they wish - usually when they have reason to believe that tax is being lost. In 2009 the Revenue undertook 250,000 investigations reclaiming £220 million pounds of unpaid tax!!!

The classic scenarios that could lead to investigation are:

• Cash businesses
• Failure to comply with tax law, e.g. late submission of Returns, late payment of taxes.
• Insufficient income to meet outgoings.
• Third party information - yes someone else informing the Revenue
• Information from other tax gathering departments, e.g. the VAT office, PAYE Audit or Compliance visit.

You should be aware that the Inland Revenue passes information to the VAT office and thus you could also be involved in a VAT investigation as a direct result of any Inland Revenue enquiry.

In view of the Revenue’s powers and multiple sources of information at its disposal, dealing with an investigation can be a very time consuming and a costly affair.

So get your accountant to review your accounting records and take their advice on what you can and cannot claim, also there are insurance policies that you can take out which mean your accountants fees will be covered if an investigation is done on your affairs.

The message is simple – take your accountants advice, keep your records properly, be compliant and pay the right amount of tax.

To find out more about any of these stories or
Ward Goodman please contact 01202 875900

Millions losing money on savings

2010-02-17T15:30:00.004Z

Our Financial Services Manager Gareth Simon thinks this is a good article that needs to be considered.

Millions of savers are losing money as they are caught between poor returns and a rising cost of living, figures showed yesterday. Savers had already been badly hit by shrinking returns on accounts after Bank of England interest rates dropped to 0.5 per cent. But a jump in inflation to 3.5 per cent, according to official figures came as a further blow to pensioners and others living off a nest egg. Politicians and financial experts said ti would leave millions "devastated".

The rise in the Consumer Prices Index means basic rate taxpayers now need to earn 4.38 per cent on their savings before they begin to see a real return, while higher rate tax payers need 5.83 per cent. With typical rates on a no-notice savings account dropping to just 0.73 per cent in the past month, basic rate taxpayers are losing the equivalent of 2.92 per cent a year, and higher rate tax payers are losing 3.06 per cent, according to personal finance experts Moneyfacts.

Source : Daily Telegraph page 1 - 17.02.10. Also reported in Daily Mail page 10, The Times page 42, The Guardian page 2, The Independent page 15 and Financial Times page 2.

Need some sensible financial advice. click here to book a free initial consultation with one of our experts

Good Result In Financial Planning

2010-02-03T14:32:00.003Z

Below is a brief summary of financial planning work that was recently completed by Paul Burdett. (Clients names have been removed)

Mr & Mrs client were referred to Ward Goodman by an existing client. They had approached their existing bank for a mortgage as they wanted to carry out home improvements. However, they were told that they would not be able to obtain one due to being of retirement age and were advised that they would have to go down the equity release route.

Having conducted a fact finding process and corresponding with Mr Clients current employer Paul was able to obtain a mortgage past usual retirement age, allowing the clients to repay their existing mortgage and carry out their required home improvements.

AND WHAT DID THE CLIENTS SAY?

Mr Paul Burdett has recently acted on our behalves in what was a relatively convoluted re-mortgaging case that was not without its challenges and frustrations. To his entire credit - and Ward Goodman's - Mr Burdett reached a most successful conclusion on our behalves and we were absolutely delighted with the excellent service, sound and objective advice, patience and thoroughly courteous and friendly manner in which negotiated his task for us.

We would have absolutely no hesitation in returning to Ward Goodman - and Mr Burdett - for further financial advice when we may require it in the future and have already strongly recommended Mr Burdett to several of our friends and business colleagues.

Financial Services Administrator Vacancy

2010-02-03T13:46:00.001Z

Ward Goodman Financial Services Ltd is looking for an experienced Financial Services Administrator to join their successful Wealth Management team.

You will provide day to day support to the Financial Advisors and Paraplanners, ensuring they are well prepared for client meetings and that all documentation, and records are completed and all systems are compliant. Additionally a broad range of general administrative duties are required.

This is a busy office and candidates will come with experience gained within an IFA practice, be computer literate with excellent Word and Excel skills, knowledge of 1st Software would be a distinct advantage. Proven organisational ability, an effective communicator and team player with a flexible and positive approach are also essential criteria.

Applicants should detail their salary expectations when applying for the position.

To find out more please contact Bob Cox on 01202 875900

Senior Paraplanner Needed

2010-02-03T13:42:00.001Z

Ward Goodman Financial Services is looking for an experienced Senior Paraplanner to join their successful Wealth Management team.

The role holder will ensure that an effective support service is provided to the Financial Planners through the writing of effective reports that accurately analyse client details and ensure files are kept up to date and offer the best set of solutions for the financial planner.

The successful candidate will need to have a high level of technical knowledge, with particular experience in Investments, Trusts, IHT and SIPP and SSAS work and to provide a technical point of reference for the financial planner when ideas and proposals are being developed. A knowledge of 1st Software would be an advantage.

You must have excellent inter-personal skills, have a broad knowledge of the Financial Services industry, be committed to achieving targets and have excellent report writing skills.

Applicants will have a minimum of the FPC and should be working towards qualification.

Applicants should detail their salary expectations when applying for the position.

To find out more or to apply for the role please contact Bob Cox on 01202 875900

Market Commentary – 1st Quarter 2010

2010-01-28T13:15:00.004Z

Are we nearly there yet?

If 2008 was the year of the financial crisis and 2009 of policy-induced healing, then 2010 will be the year of differentiation as some company shares fare better than others and we start to receive lots of mixed messages.

The best way to describe what we think will happen is to imagine that you are a child on a long car journey asking, are we nearly there yet? Only to be told there is still some way to go. On this journey you will see landmarks that make you think you have nearly arrived (these will be announcements from certain sectors that house prices are rising and people are buying). You will then hear contradictory news saying house prices are falling and unemployment is rising giving you the impression that there is a considerable distance left to travel.

It is easier to believe the good signs and ignore the bad ones but we believe that we are at the ‘start’ of this journey not the end. Although we feel that we have avoided the much discussed meltdown there are still some significant issues waiting in the wings. Our objective is to ensure that client portfolios are positioned to make the most of the new economic outlook. Despite the challenges ahead, we believe there are still considerable investment opportunities available for longer term investors.

To grasp an understanding of our strategy for 2010, you must go back to basics and ask why do we invest in shares? We buy a share of a company to get a share of the profits in the form of a dividend (very simplistic). We hope that the company will continue to sell its products and that there will be a demand for these products for the foreseeable future. As long as the company controls its costs and does not take too many risks then the future looks bright. The share price will fall and rise according to ‘market expectation’ on how much the company will make in terms of profits going forwards and thus the markets decide what price to pay per share.

As a company matures it diversifies into other areas in order to protect its income. This is why the ‘ice cream company’ might buy the ‘umbrella company’ so as to smooth out the returns over the year. This is also why the larger companies are generally viewed as safer investments as within the group they have a portfolio of products to sell.

The concern is how can we in the western world afford to pay more when the pricing pressures are all against us (pending tax rises and increasing unemployment)?
However, 51% of the world’s population in the BRIC economies (Brazil, Russia, India & China) have only just started to buy the things that we have long taken for granted, examples of these might be nappies or cans of fizzy drinks. Therefore those companies in the western world such as Nestle, Coca Cola, Heinz, Glaxosmithkline etc that have something to sell and have purchasers in the BRIC economies, will probably do very well in the coming years.

Normally these types of companies are expensive to buy into as you pay a premium for the ‘larger more secure company’. However appetite for risk is lower than normal post credit crunch so many of our best fund managers say that the valuations are the most attractive they have seen for a long time.

With interest rates likely to remain low for some time these global shares are providing not only a good prospect for growth but also a net dividend/income yield of between 3% to 6% per annum. A number of fund managers believe that they will grow their dividend yields in 2010 and beyond. We believe global equity income funds will prove a key element to an investor’s portfolio.

The chart below which is based on the last 139 years of the American S&P 500 index, highlights how important dividends are. Approximately 80% of total returns over rolling 5 year periods have come from dividends and dividend growth which are largely predictable.

However, if you take the average 1 year period 60% of total returns was reliant upon the growth in value of the stock which is largely unreliable. This is why we always advise clients to adopt at least a 5 year time frame for investments and to include dividend generating funds within portfolios.

Conclusions/Summary

The economic recovery is underway and investment markets have recovered strongly from the lowest points last year. However, there is a long way to go before economic conditions become normalised. It is likely that the UK will experience a long period of sub-trend growth which means investors must be prepared to invest on a more global basis. It is unlikely the level of returns witnessed in the second half of 2009 will be repeated in 2010 but certain areas of the equity market remain very good value.

Although bond markets are on a more sound footing, quantitative easing (QE) remains an issue. It is quite possible the banks will effectively take up QE later in the year by being obliged to increase their capital base via gilt holdings. We believe there is still value in the corporate bond sector and we currently favour the strategic bond offerings which provide the managers with greater flexibility.

After several difficult years, we expect commercial property to deliver positive returns in 2010. Rental yields of more than 7% compare very favourably with 10-year gilt yields of less than 4% and the returns on cash deposits.

Please note this document does not constitute specific financial advice and only provides our company views on the investment markets.

FREE HR Seminar 27.01.2010

2010-01-06T12:23:00.001Z

Ward Goodman HR specialist Bob Cox is running a free lunchtime seminar in conjunction with Dorset Chamber of Commerce.

The seminar will cover the Impact of the Equality Bill and will be held on 27th January at Chamber offices in Poole

For full details please click here

If you wish to book please contact Sylvie Costantini from Dorset Business on 01202 714805

To find out more about any of these stories or
Ward Goodman please contact 01202 875900

Equality Bill 2009 – Government U-Turn

2009-12-21T10:39:00.003Z

Article by HR Consultant Bob Cox

The government and in particular Harriet Harman have been forced into a U-turn on one of the more controversial aspects of the Equality Bill which is due to come onto the statute books in March 2010. This action has been taken to try and ensure the Bill’s passage through Parliament before the general election next year.

A report in the Sunday Times on 13th December 2009 highlighted a change to the Equal Pay reporting regulations, until recently all Public Sector employers and all private sector employers with 250 or more employees would be require to report on pay differentials between male and female employees in a significant turn around it has now been decided that this clause will apply to those private sector employers with 500 or more employees; meaning that 97% of employers are now exempt from the reporting procedures.

This is good news you may think, but if you tender to the public sector for contracts you may well be required to comply with this aspect of the Bill no matter how many employees you have and to show that you do so as part of your tendering compliance.

But overall some commonsense prevails.

Of course if Gordon Brown decides to go to the country in March (as is being speculated) then the whole Equality Bill may not receive Royal Assent and both David Cameron’s Conservatives and Nick Clegg’s Liberal Democrat whilst supporting the overall principles of the Bill would like to see some changes before it becomes law.

We wait and see!!!!!

For further advice on how the Equality Bill could impact on Employment issues contact Bob Cox in our HR team at bob.cox@wardgoodman.co.uk or call him on 01202 875900

To find out more about any of these stories or
Ward Goodman please contact 01202 875900

Wimborne businesses save Spetisbury Primary school recycling initiative

2009-12-14T10:37:00.005Z

Latest Ward Goodman Press Release:

Wimborne based businesses Commercial Recycling and Ward Goodman have clubbed together to ensure the pupils of Spetisbury primary school can still compete in their annual Yellow Pages recycling competition.

Teachers and parents feared the competition would need to be cancelled after being informed by a Yellow Pages representative that their company would not be organising the event this year.

Following a plea from the school, Ian Rodd Director of Ward Goodman Chartered Accountants contacted his client, Commercial Recycling Limited, to organise the competition and sponsor the prizes for the winning children.

Pupils are aiming to collect over 500 directories which will be recycled through Commercial Recycling Limited.

“We are delighted to be helping out with this year’s competition and hopeful of expanding the event to further schools next year” Stuart Mariner, Commercial Recycling

To find out more about any of these stories or
Ward Goodman please contact 01202 875900

Pre Budget Report or Pre Election Announcement?

2009-12-09T17:45:00.003Z

by Geoff Hill

Today’s Pre Budget Report could well prove to be Alistair Darling’s last outing as Chancellor. Only history will tell, but it was clear that we were delivered a mixture of Pre Budget future pain and a Pre Election statement that deliberately left some areas untouched – no doubt with a view to winning votes at the impending election.

We had expected increases in capital gains tax but this area was entirely untouched. VAT is due to return to 17.5% as preannounced– with the key thing not being announced is any further rise in VAT. The planned 1% rise in corporation tax is also being deferred a further year, so this is good news and remains at 21% for those smaller companies making profits.

Now comes the inevitable pain. Rates and allowances were frozen largely across the board, so in real terms - after inflation is taken into account - taxes will rise for most people. There will also be a further 0.5% National Insurance increase for most employees, but not until 2011. Further tinkering with pension contributions and tax rates for higher earners makes specialist advice on this area crucial. City bankers wondering whether to take that discretionary bonus or not would be better off staying at their after-office party in the city than reading the newspapers following the announcement of a new 50% banker bonus tax.

Will any of this matter? Well, we will have a General Election before next year’s Finance Act makes most of these changes law, so further changes seem inevitable. Those who wish to escape all of this may be well advised to head for the hills in their Electric Cars – now announced to be a tax-free benefit for employees!

If you would like to discuss how you could be affected by the changes announced, please contact your usual Ward Goodman contact or me and we will be pleased to help.

To find out more about any of these stories or
Ward Goodman please contact 01202 875900

Financial News Round Up

2009-12-03T12:07:00.001Z

Simon Willcox, Director of Ward Goodman Financial Services has just compiled a roundup of key financial new stories from the media.

To view his newsletter please visit: http://eepurl.com/fvig

If you would like to join Simon’s distribution list please click here. (Please add in the message or subject Subscribe to Financial news Update)

To find out more about any of these stories or
Ward Goodman please contact 01202 875900

Another last chance for declarations to HMRC of Offshore Bank Accounts!

2009-11-30T18:07:00.003Z

The deadline for notifying HMRC of a previously undeclared offshore bank account under the New Disclosure Opportunity (NDO) has been extended by HM Revenue & Customs to 4 January 2010. Although HMRC have put the appropriate spin on their announcement we can presume that the deadline has been extended because HMRC have not received as many disclosures as they were expecting.

Any disclosures made under the NDO will attract, in most cases, a fixed penalty of only 10% of any tax due.

Offshore bank accounts include those held in the Channel Islands and the Isle of Man.
We do not expect the deadline to be moved again and therefore if you think that you may need to make a disclosure please contact John Davies, our specialist on Revenue enquiries, to discuss as soon as possible. We finish with a festive quote from Dave Hartnett, HMRC’s Permanent Secretary for Tax:

"This is a great way to start the New Year – with the knowledge that your tax affairs are in order and the certainty that the penalty will be capped at 10 percent."

New penalties for late payment of employer and contractor PAYE & CIS

2009-11-30T08:37:00.001Z

Yet another new range of penalties are being introduced with effect from April 2010. These penalties will apply to late payments of paye tax, national insurance contributions, student loan deductions and construction industry scheme deductions.

There are two separate penalties. The first is for payments that are late by up to 6 months. The second is for payments that are more than 6 months overdue and also for late payment of annual payments such as Class 1a NIC on benefits in kind and paye settlement agreements.

The new penalties apply to all employers irrespective of their size.

The penalties for late payments up to 6 months will range from 1% of the late payment where there are between 2 and 4 late payments in the tax year up to 4% where there are 11 or more late payments in the tax year. There will not be a penalty under this section if only one payment is late.

If your payment is over 6 months late the penalty will be 5% of the amount outstanding and a further 5% will be charged if a payment is more than 12 months late. This penalty will apply even if only one payment is late.

For annual payments such as Class 1a NIC or paye settlement agreements a 5% charge will apply if the payment is 30 days late. Further penalties of 5% will be charged if the payment is 6 months late and again if it is 12 months late. The first payment to which these penalties will apply is the Class 1a NIC due in July 2011.

We would point out that if you miscalculate the amount of payment due and subsequently make a correction then this will count as a late payment. It will therefore be even more important to calculate your payroll and CIS correctly in order to avoid a penalty. If you need any assistance with your payroll we have dedicated experienced staff who will be happy to provide a fixed quote for processing your payroll for you.

A series of ‘frequently asked questions’ giving more details of the new regime can be found at www.hmrc.gov.uk/employers/paye-penalties-faqs.htm.

Should you need any further information please contact either Geoff Hill or John Davies.

To find out more about any of these stories or
Ward Goodman please contact 01202 875900

Do you know where you are invested?

2009-11-23T14:59:00.002Z

Simon Willcox's, Ward Goodman Financial Services Director found the below article useful & wanted to share it.

No, perhaps it’s time to spring clean your Portfolio

Did you know, for example, that if you are 30 years old, receive a monthly salary payment, and expect to retire at 65, that you only have 420 paydays left to save for retirement? A scary thought!!

And that conventional wisdom calculates that same 30-year-old needs to put aside 15% of their annual salary each year for the next 35 years to ensure that they have 50% of their final salary available post-retirement.

With these thoughts ringing in my head, I have put together a list of steps which are aimed at helping both new and seasoned investors make informed decisions about preparing for retirement...no matter how near or far away it seems.

For investors, the past year has felt like a long, hard winter: a nasty slog that we can't put behind ourselves fast enough. There's no telling whether the recent rebound is the start of something big or the equivalent of a summer's day in a London February. Nonetheless, it's still a good time to assess the damage that the bear market has wrought on your investments, get your financial paperwork in order, and develop an action plan to address any problem spots.

So what should be on your spring financial to-do list? I haven't addressed each and every important financial task, but here are some of the most important tasks you should focus on. I've rated each of the tasks by difficulty level.

Step 1: Organise your paperwork

Degree of difficulty: Moderate to difficult
With the volume of papers and junk mail coming in, keeping your home office or desk free of clutter is a daily battle. If you're winning that war and have a filing (and disposal) system that makes sense for you, give yourself a pat on the back and move on to the next task.

For the 96% of you who still need some help in the organisation area, here are some organisational tips: learn what is worth keeping and what is worth chucking; know how and where to store what you keep; create a directory of all your account details and advisers' contact details and give the directory to a trusted friend of relative in case of an emergency; stay on top of incoming mail; take advantage of technology, such as scanning documents and saving them to disk.

Step 2: Implement a strategy for incoming documents

Degree of difficulty: Easy
Once you've tamed the financial paperwork you already have, you also need to develop a strategy to keep incoming documents from getting out of control. Attending to your mail each day takes only a few minutes and goes a long way toward keeping you out of the mess you just dug yourself out of.

As you sort through your post, classify it into one of four groupings. Items for further perusal such as magazines and personal correspondence go in one pile, bills in another and financial statements in yet another. The largest pile is reserved for junk mail, which you'll need to further subdivide into two categories: items you can immediately recycle, such as envelopes, and items you'll need to shred first, such as anything with your personal information on it. (I interpret "personal" pretty conservatively and shred pretty much anything with my name and address on it.)

Step 3: Input your portfolio into an online monitoring tool

Degree of difficulty: Easy to moderate
If you've recently organised your financial statements, you should be in good shape to get started on this next task: speak to your adviser about inputting your portfolio into an online monitoring tool so they can track your performance and troubleshoot any problem areas. Although it takes a few minutes to do this, once you have your portfolio set up online it doesn't have to take a lot of maintenance and will save you a lot of trouble later.

Begin by collecting your most recent statements and sending these to your adviser for each of your holdings. You'll need the name of each holding as well as its most recent value.

Step 4: Identify trouble spots at the portfolio level

Degree of difficulty: Moderate
Once your adviser has entered your portfolio he or she can X-Ray the underlying funds and are able to see how much you hold in stocks (both foreign and domestic), bonds, and cash. He will also be able to see the geographic exposure of your stock holdings and how your portfolio is arrayed across various sectors and styles.

Step 5: Identify individual trouble spots

Degree of difficulty: Moderate to difficult
If your holdings generally hold up well to portfolio-level scrutiny, your adviser will turn his attention to your individual stocks and funds. He can begin by looking at performance, both relative and absolute, with a particular focus on performance over longer time periods.

To find out more about any of these stories or
Ward Goodman please contact 01202 875900

Important ISA changes

2009-11-23T14:45:00.001Z

By Ward Goodman Wealth Management Specialist Gareth Simon

The 6 October marked one of the most significant changes to Individual Savings Accounts (ISAs) since their introduction ten years ago. The annual ISA allowance for anyone aged 50 and over has now risen to £10,200. Even those under 50 years of age can still invest £7,200, and whatever your age we believe you should consider opening your ISA now.

The ISA allowance may have changed, but all the benefits remain. With ISAs you pay no capital gains tax and no further tax on the income. You can invest for income or growth and withdraw your tax-free savings whenever you need. The new rules simply mean that you can now shelter more of your assets from tax than ever before.
Why invest in an ISA now?

Firstly, in our view the parlous state of the public finances means tax rises are inevitable, initially for the very wealthy but then for almost everyone else. ISAs shelter your capital from tax.

Secondly, it seems unlikely that the Bank of England will want to risk stalling any economic recovery by raising interest rates in the near future. Investors currently holding cash face a double whammy - higher taxes and negligible returns - but there is an alternative.

We believe, if you’re comfortable with the risks, that stock markets remain attractive for longer term investors. Over the last seven months share prices have staged a marked recovery. However, we still believe there is the potential for further increases because many people have kept cash on the sidelines and missed out. It is the sheer weight of uninvested cash earning so little on deposit which makes us think this rally has further to go. Many of the investors we talk to say they will use any setback as a buying opportunity, so when the market does fall back they invest, driving prices back up again. Of course, there are no guarantees. Trying to forecast short term market movements is extremely difficult.

By making full use of your ISA allowance every year you can build a substantial portfolio of tax efficient investments, but if you do not use it by 5 April the opportunity is lost forever.

To find out more about any of these stories or
Ward Goodman please contact 01202 875900

Agency Workers Directive – November 2009

2009-11-18T11:42:00.001Z

Agency Workers Directive – November 2009

Implementation of the Agency Workers Directive – delayed until 1 October 2011

The Government announced on 15th October that it has decided not to bring these regulations into effect until 1 October 2011. This comes following the consultation exercise that took place earlier this year, on 15 October they also published the draft regulations, which set out in detail how the Directive will be put into effect, and there is now an eight week consultation on their precise content.

These regulations will impact on those businesses that use agency workers to fill in gaps on a long-term basis especially where agency workers are on assignments of 12 weeks or more, here the Government has made changes to the proposed mechanism by which equal treatment is to be determined, it has abandoned the originally proposed test of individual-to-individual comparison in favour of a much more flexible model based on the concept of setting pay be reference to any relevant pay scales etc operated by the hirer at the time the assignment starts.

There is nothing that businesses need to do in the short-term, however if you do rely on Agency Workers it is important to consider what will be implications to your business when the regulations come into force, there is now a two year period to consider the options and whether or not the short-term gaps can be filled in other ways. If there is a breach of the regulations both the agency and the business will be have liabilities for any failure to provide ‘equal treatment’ on basic conditions, but only the business will be liable in respect of any breach of the right to access equal facilities.

Ward Goodman will keep you informed of the progress of the regulations and the potential impact on businesses, if you would like to discuss the matter or seek advice on the ways you could be affected contact our HR team.

To find out more about any of these stories or
Ward Goodman please contact 01202 875900

Start-up funding

2009-11-18T09:43:00.002Z

All businesses need funds to get their business off the ground - but where do you get them?

Start-up funding can take many forms, including grants, loans, venture capital and investment from a business angel. We have detailed below the main ways in which your business can be funded.

Grants are an award of financial assistance, often given by the government or other organisations to eligible applicants such as:

R&D grants - for research and development are for introducing technological innovation in your business.

The Prince’s Trust - open to 18 to 30-year-olds helping you to get started

The Carbon Trust - If you are looking to cut down on your overheads by using more energy-efficient equipment, you can get zero-interest loans of between £3,000 to £400,000 at 0 per cent with The Carbon Trust...

If you need a grant to get your business started, do some research and apply.

We all have to deal with banks. They can provide funds in the form of loans and overdrafts if they like your business plan. When you meet with the bank, you must be prepared and know your numbers.

Investment funding can take the form of either venture capital or a business angel. Both types if funding will mean that the investor will want something in return so be prepared to offer a share of your business in return for their cash.

If your business is in need of funding or you would like us to review your business plan so it is ready for the bank please contact Richard Dare on 01202 875900 he will help you to get your business funded.

To find out more about any of these stories or
Ward Goodman please contact 01202 875900

"Here we go again!"

2009-11-17T13:06:00.001Z

As if the planned tax increases for 2010 were not already worrying
enough, this year's pre Budget report will be with us on 6 December.
This is the annual autumn statement from our "Darling" Chancellor where
he sets out his plans for the Spring Budget. This should certainly be
interesting listening as it will no doubt be very politically driven
with an imminent Election.

Will he cut taxes to buy votes for next year? He will be pressured to do
this by the rest of the Cabinet, but seems unlikely with the country set
on buying its way out of a recession. As always we will be reading
through the fine detail to look for the tax saving opportunities - and
pitfalls - that are hidden away. Our money is on an increase to VAT,
and new legislation to prevent people trying to avoid the new planned
50% income tax.

Watch this space!

To discuss your personal or company tax needs please contact Geoff Hill or John Davies on 01202 875900

Ward Goodman's Article in this weeks New Model Adviser

2009-11-04T10:19:00.002Z

Charting new territory

By Mark Battersby | 00:01:00 | 04 November 2009

Simon Wilcox keeps Ward Goodman on course to a new model structure.

In 2008 Simon Willcox, director of Ward Goodman Financial Services, was invited to become an equity partner in Ward Goodman Chartered Accountants and a main board director. This shows how the financial services arm of the business is very much an integrated part of a bigger corporate entity and Willcox makes good use of the opportunities in that.

Having gone limited in 2000, Ward Goodman now has around 50 staff, with the financial services arm being one of the largest fee-based independent financial advice practices in Dorset.

The corporate flavour is illustrated by a directors’ assessment day Willcox went on in September when they assessed each other and did a swat analysis. ‘In fact the rest of the firm did an analysis on us – what our strengths and weaknesses were, what our opportunities were, what our threats were – and we as directors went away on a boat to discuss it.’
The right location

Ward Goodman Financial Services is based in the same premises as the accountancy practice, described by Willcox as a ‘big shed of a building’, at one end of Ferndown Industrial Estate, on the edge of beautiful countryside.

Previously the combined firm had offices in Fordingbridge and Ringwood. Willcox says that on a typical market day in Ringwood you could not move for the traffic. ‘Fine when we were a firm of 12 people with a small IFA practice and four parking spaces and maybe 125 clients,’ he says. ‘But when you are 50 strong with 700 clients you need a few more than four parking spaces; and we found having satellite offices was not as good as having one single office.

‘In typical accountants fashion, we looked at key things like lots of parking spaces, good access to the motorway, at the end of a dual carriage way on an industrial estate – with 100 and something car parking spaces.

‘At Ward Goodman we don’t have big fancy offices, we don’t have lots of advertising, but we do the things that count underneath,’ he says.

The big room we are sitting in is one of six meeting rooms, which the firm makes good use of. ‘We go into a room and draw in the people from the relevant departments, the tax guy or the trust guy, the company sales or purchase person, and you get them all round the table and you start planning, all under one roof,’ says Willcox.

With the premises on two floors, the downstairs contains the reception area with four meetings rooms, the human resources and marketing people, and an open plan office where the tax/trust team and the financial services team work together. Upstairs is the audit team, the large company accounts team and the small business accounts team plus the IT staff.
Monitoring value

Willcox stresses that the firm operates management accounts for each team to ensure they are adding value to the business. ‘We monitor that monthly, which enables us to see very clearly when "shifts" are occurring.’

One of the biggest shifts at the moment for the accountancy side is the use of technology and outsourcing of accounts and tax work, specifically to India, he says, ‘Effectively you have a 24-hour working environment. They are logging into your system in a secure environment to upload dividend payments and other information, and you are coming in the next morning and it’s done.

‘Your capacity effectively doubles and your staffing isn’t increased exponentially. Your cost of employing an individual tax or accounts person in the UK just to input data is extremely expensive. We’re using the same organisations as the large four accountancy firms are. This is not someone sat in a tin shed outside of Mumbai.’

The financial planning side of the business is more advanced, by a couple of years, on the outsourcing front, though not linking to India for any administration work, Willcox says. ‘We are smaller and able to deal with things more quickly. And financial services is quite an innovative area. We were able five or six years ago, having spoken to colleagues in the industry and gone to the States and spoken to planners out there, to start using wrap-based platforms and certain fund managers to run our core assets.’
Career trajectory

Educated at Blundell’s Boarding School in Devon, Willcox left at age 17 to join the army. He spent four years on tour in Berlin, Northern Ireland and the Falklands. ‘Anywhere cold,’ he says.

In 1987 he changed direction to become a financial adviser with various high street names, such as Woolwich and Nationwide, which culminated in him managing a high-profile building society branch in central London.

In that environment, he was doing mainly mortgage-driven work, seeing some extremely high-net-worth individuals who, surprisingly he says, knew no more than other people who came through the door. ‘They really needed financial help but I was restricted at the time to Guardian Royal Exchange and then Nationwide Life policies. I thought "I enjoy what I do, I would just like to do it in a completely unfettered independent environment".’

The turning point for him was going for an interview at Nationwide’s head office, where he underwent psychometric testing, ‘I always remember the debrief letting me down gently, saying I would never be a successful IFA. It clearly stated I wasn’t suited. So I said "fair enough" and I went and became one!’ he says.

‘I’m a great thinker. I’m a big picture planning type of person. What I struggle with is the report writing and the detail, which I class as being the boring compliancy stuff. So what I’ve done is to build an incredibly robust team that deals with all of that, and I go out and do the things I enjoy doing.’

His career path in 1995 led him to become an independent mortgage/financial adviser in Bournemouth. ‘I wasn’t brave enough to be an IFA at a big IFA firm because I didn’t have the knowledge and the background at the time. But my mortgage experience was reasonable so I set up a shop for an estate agency and did all its mortgage work – similar to the role I was playing at the Nationwide.’
The turning point

After a few years, he started to think that advising on endowments did not feel right, ‘I remember at the time that the Standard Life endowment was the only one I would ever deal with because it was the one that gave the adviser the least upfront commission,’ says Willcox.

He wanted to do proper financial planning and believed the answer to getting good quality clients was through accountancy and solicitor practices. ‘When you do the research you notice the solicitors touch the clients maybe once or twice every few years. But accountants touch their clients two or three times a year, do the tax return, the accounts and get involved in the buying and selling of businesses all the time. So what I found was I definitely wanted to be in league with an accountancy practice – a local accountancy practice because I wanted to stay down here.’

This took him to Ward Goodman, which had the same ideas about building an integral financial services arm within the practice; and his fee-based practice became part of Ward Goodman Chartered Accountants, regulated by the Institute of Chartered Accountants. He also had to take a 60% pay cut on the basis that it would be a regular income and growing for the future.
CV: Simon Wilcox

Simon Wilcox 3

Education: Blundell’s Boarding School, Devon. Left in 1983 at 16.5 years old

1984-88: Armed Services (anywhere cold, Falklands, Northern Ireland, Berlin etc)

Financial services career

* 1988-1990: Woolwich Building Society
* 1990-95: Nationwide Building Society, moving up to help manage a branch in The Strand, central London
* 1995-99: Independent mortgage/financial adviser in Bournemouth
* 1999 to date: Managing director of Ward Goodman Financial Services

Qualifications: FPC 1, 2 & 3. Currently taking (J01 & J02)

Interests: Sailing, family, travelling to unusual places (climbed Mont Blanc, Matterhorn and Dolomites, dog sledding in Arctic Circle)
Business evolution

Willcox says he is the type of person who keeps records of everything. To demonstrate this, he leafs through a folder he has with him and identifies the £100,000 of income Ward Goodman Financial Services did in its first year 1999/2000.

The business has grown on average 15% a year, though not evenly, while its business model has been evolving. Willcox says he decreased overheads by around 35% at the peak of the market because the business model was not right with too many people.

‘We basically moved back a step, and we brought in paraplanners who were far more qualified. There’s a big debate of what a paraplanner is. I suppose on the scale of a paraplanner – one being just a trainee administrator right up to the top – ours tend to be at the higher levels. They have chartered status or diploma status and they deliver a lot of our reports. And by using wraps over an extended period of time we’ve been able to reduce our overheads significantly.’

The staff now comprise three financial advisers, three paraplanners, two administrators and one office administrator managing £80 million of client assets.

Willcox compares every month of every year to look for business trends. He highlights it if it’s the best month of a particular year: £45,000 worth of income in August is proving this to be the firm’s best year yet.

This trend-bucking fact in such a difficult economic climate is due to a shift to fee-based income, according to Willcox. ‘The new money coming in is down by 50% but our turnover is up because we do far more fee-based work. We are billing for planning,’ he says.

Hence recurring income for 2009 is a healthy 60% and is projected to grow to 75% in 2010, with turnover anticipated to rise from £556,000 this year to £606,000 next.
Joint ventures

A key part of Ward Goodman Financial Services’ business strategy is the operation of joint venture companies for law firms, notably for one of Dorset’s biggest law firms Humphries Kirk.

Willcox says that many forward-thinking law firms, such as Humphries Kirk, have been looking at ways of integrating the financial planning process. One of this firm’s strengths is their private client work, including trusts, and this particular venture has been operating for five years.

Ward Goodman’s role in the joint venture is to set up the website and deal with the Law Society ethics committee to make sure all the relevant documents are regulated, plus staff training.

‘We spend a huge amount of effort and time in developing the joint venture company because it’s got its own identity, which is of that particular law firm,’ says Willcox. ‘But we explain that we will charge a monthly fee irrespective of whether they pass us business or not. Not surprisingly, there are law firms out there who say "we don’t want to do that". They want it all for nothing.’

The turnover from the joint venture companies is more than £200,000, which is included in the overall business figures for Ward Goodman Financial Services. This includes the dividends from the joint venture companies and Ward Goodman’s management fees.

The management fees, which are reviewed annually, will start off at say £2,000 per month for a 10-office law firm. As that firm gets larger, the board of directors (two directors from the law firm and two from Ward Goodman) will discuss what the joint venture company has done: ‘What you end up saying for example is "we are spending as a group 40% of our time looking after the joint venture company and 60% of our time looking after our own internal company. Therefore shouldn’t we share our costs proportionately?" And likewise if the turnover goes down in the joint venture company, you would expect a rebalancing to occur.’
Expansion plans

Willcox says there are local areas into which the firm wants to expand and Ward Goodman has been talking to law firms in those areas for two years. ‘It takes two to three years to get it right, he says.

‘The law firms themselves are going through huge changes and so there are senior partners in law firms talking to me saying "what do I do?" And we are talking about the strategy to get there in three years – because they know you don’t just flick a switch. You create a good financial service operation.’

Willcox compares the process of choosing law firms to work with to client segmentation, except that it is done on a business model basis. ‘It’s not how big a law firm is; it’s fundamentally the decision-making people behind it and how they operate.

‘You can have a huge law firm with 50 partners but you have to look very carefully at who the decision-making partners are. Are they near to retirement? Do they really want to go down the route of changing their practice considerably? Do they understand how financial advisers integrate – because unfortunately the consensus of opinion out there can be that financial advisers are the flog-it and leg-it, old school mentality.’

The law firms with which Ward Goodman tends to deal have groups of decision makers and they act as a corporate entity, says Willcox. ‘We find that easier to deal with. There are many law firms out there that have 10 partners doing 10 different things in 10 different ways. Maybe that business model works for them. It doesn’t work for us.’

In essence, the key people have to get on with Ward Goodman and they must be able to recognise the benefits of what they are doing. The joint venture structure means each party takes a 50:50 cut of the income after Ward Goodman’s costs to run it.

The financial advisers of the joint venture are based at Ward Goodman’s HQ because, Willcox emphasises, it is incredibly costly to put them in the law office.
Wealth management and client proposition

About five years ago, Willcox looked at the 2,500 people on the firm’s database with a view to client segmentation. He sought the help of Brett Davidson at FP Advance, who then spent a year advising on the process. Active clients now number 266, 80 of whom provide 70% of Ward Goodman’s income.

Willcox decided to develop two distinct services: financial planning and wealth management. The key difference between the two is that the financial planning service includes annual reviews and a service schedule. The charges are 3% upfront plus 0.5% ongoing. There is also access to fee-based financial planning but it is charged separately. Client assets tend to be less than £500,000 and sit on the Standard Life wrap.

The wealth management clients have more assets (on the Transact platform), often upwards of £500,000, and are charged 1% a year with the tax return included. ‘What we do with these clients is far more financial planning. We used to use Prestwood and Truth but we scaled back and we are undecided about what is available.’

At the moment the firm uses a system called Quad, which is an Excel-based forecasting program adapted for clients using stochastic modelling off 1st Software and other planning features. But Willcox says some software developments will be brought in on the back of the wraps. ‘In fact I’ve got the directors of Transact coming in to see me later,’ he adds intriguingly.
Forward thinking

As far as new business flows are concerned, the overall picture is that Ward Goodman’s biggest introducers are the existing clients, around 70% of the business. The 30% that is left over is split 50:50 between the accountancy practice and joint venture companies. Returning to that boat trip with the directors, Willcox says the five-year plan ‘is to be a firm that has got an incredibly good reputation’, to build up assets under management nearer the £200 million mark from the current £80 million and, ultimately, working towards the vision of having 200 very wealthy clients with £1 million each on a 1% income model.

‘My focus and effort in the past five years has been in bringing this all together to deliver a wealth management service with which I am happy. Unfortunately I’m very self-critical and never happy so I am always looking to improve what we do. This is the cross I bear, as do my team!

‘Our model is more of a new model corporate structure based on shared knowledge, which I feel the FSA needs to take account of. That said, my aim is for Ward Goodman Financial Services to be chartered by 2011.’
Five top tips

*
Although it’s important to have the qualifications, it’s as important to hire people with the right attitude.
*
Turn the wrong type of business away to protect the service you offer. This is one of the major differences between sale-led and service-led operations.
*
Involve your team in creating the plan. Then continuously review what you are doing, involving them. This will help you build a strong team.
*
Choose your wrap provider carefully. It will take significant time and energy to unwind if you get it wrong.
* Be patient. It takes a minimum of five years to build a decent fee-based practice, but once you have turned the corner it’s a great feeling for everyone.

To find out more about any of these stories or
Ward Goodman please contact 01202 875900

Ward Goodman Financial Services receives national exposure

2009-11-04T10:13:00.002Z

Simon Willcox, Managing Director of Ward Goodman Financial Services is the cover story of this week’s New Model Adviser.

The magazine is a nationally recognized financial services publication, which is written from the financial adviser’s point of view.

To read Simon’s article please click here.

To find out more about any of these stories or
Ward Goodman please contact 01202 875900

Last chance for declarations to HMRC of Offshore Bank Accounts

2009-11-03T16:39:00.003Z

The deadline for notifying HMRC of a previously undeclared offshore bank account under the New Disclosure Opportunity (NDO) ends on 30 November 2009. Any disclosures made under the NDO will attract, in most cases, a fixed penalty of only 10% of any tax due.

HMRC has released a two-minute video warning that anyone with undeclared offshore bank accounts who doesn't disclose them under the NDO will face much higher penalties and possibly criminal prosecution.

Offshore bank accounts include those held in the Channel Islands and the Isle of Man.
The HMRC video can be viewed using the following link:

http://www.youtube.com/watch?v=a7qb8Y8RvE0

If you think that you may need to make a disclosure please contact John Davies, our specialist on Revenue enquiries, to discuss it in the first instance.

Retirement age for pensions increases

2009-10-29T16:39:00.002Z

The minimum retirement age for pensions increases from 50 to 55 on 6 April 2010.

Our latest Pension Article details the implications of these changes and some of the options available for your pension funds.

If you are affected by the changes you may need to take some action in the coming months.

To claim your free pension review please click here

To find out more about any of these stories or
Ward Goodman please contact 01202 875900

Companies ACT Update

2009-10-14T11:23:00.002+01:00

To help businesses to take advantage of the recently revised Companies Act Ward Goodman have created a new range of Website resources.

To visit our new Companies ACT web pages please click here.

Or to find out how your businesses could benefit from the revised Companies ACT please click here.

If you would prefer to speak to a member of our team please contact Ian Rodd on 01202 875900

To find out more about any of these stories or
Ward Goodman please contact 01202 875900

Wealth Management Lunch

2009-10-07T18:03:00.002+01:00

On Friday 2nd October 67 of our Wealth Management Clients attended one of a series of free 3 course lunches we hold for clients at Les Bouviers restaurant.

Lucian Cook (Director of Savills) travelled down from London to present his thoughts on the residential property market.

Lothar Mentel, a fund manager for Octopus, who runs various funds valued in excess of £1.5Bn also commented on the equity markets and his thoughts going forwards.

Simon Willcox, Managing Director of Ward Goodman Financial Services, commented “we are very pleased with the response from clients as attendance is 40% up on last year. The increased popularity can be contributed to our existing clients seeking a clear picture of what is happening together with an increase in the numbers of people that have chosen Ward Goodman to help them manage their tax and financial planning.

To find out more about Ward Goodman’s Wealth Management service and the events it runs please contact Gareth Simon on 01202 875900.

To find out more about any of these stories or
Ward Goodman please contact 01202 875900

Economists warn housing is still overvalued after five months of gains send prices back to 2008

2009-10-05T11:36:00.000+01:00

House prices have bounced back to last year's level, after rising for five successive months, Nationwide reported today, raising hopes that the property crash is over. The cost of the average property rose by 0.9% last month, to £161,816 - the same price as in September 2008 - according to the UK's biggest building society; but Nationwide cautioned that the market still faced "considerable headwinds". Economists have been surprised at how rapidly house prices have begun to rise again, after dropping by 13% since late 2007. Compared to the long-drawn-out downturn of the early 1990s, the adjustment over the past year has felt like a short, sharp shock.

Source : The Guardian page 41 - 3.10.09
To find out more about any of these stories or
Ward Goodman please contact 01202 875900

2009-10-01T08:41:00.001+01:00

Please click here to download the latest 'Ward Goodman News Update'.

The update includes information and offers in the following areas:

* Tax scam
* Opportunities to benefit from new Companies Act
* Why global equity is so important
* £500 website & blog offer
* Various free review meeting offers

Should you require any further information or assistance please do not hesitate to contact a member of Ward Goodman on 01202 875900 / enquiries@wardgoodman.co.uk

Don’t tax yourself on a phishing expedition

2009-09-28T09:00:00.001+01:00

We all love a good tax refund – the satisfaction of recovering some of our hard earned money from the clutches of the Government is a satisfying one in a world of ever increasing taxation and red tape. It is no surprise, therefore, that fraudsters see an opportunity here and ever more sophisticated “phishing” emails are targeting this area and promising tax repayments that sadly never materialise. They usually look very convincing, as if they are official, and dupe taxpayers into entering, as always, bank details that can then be defrauded.

A number of our clients have asked us about such emails, asking for reassurance that the emails are not genuine. Unfortunately, they are never for real and should be deleted. HM Revenue and Customs have a useful list of phishing emails and examples with a latest round being sent out in September.

More here :

http://www.hmrc.gov.uk/security/examples.htm

If in doubt, ask us, and remember – treat all such emails with extreme suspicion and never give out any personal details.

To find out more about any of these stories or
Ward Goodman please contact 01202 875900

Free Inheritance Tax Planning Guide

2009-09-21T10:15:00.003+01:00

To help individuals to understand financial planning and inheritance tax planning we are pleased to be able to offer a free Inheritance Tax Planning guide.

In addition to our Inheritance Tax Planning guide, Ward Goodman Financial Services are also offering a free one to one financial planning meeting.

To receive your free inheritance tax planning guide >>please click here.
To book your free financial planning appointment >>please click here

To find out more about any of these stories or
Ward Goodman please contact 01202 875900

Implications For Employers Of The New Equality Bill

2009-08-26T12:57:00.002+01:00

Ward Goodman would like to invite you to attend a FREE lunchtime seminar on:

Implications For Employers Of The New Equality Bill

The event will be delivered by Ward Goodman’s HR Consultant Bob Cox & will contain essential information & guidance on the requirements that are likely to be placed on employers as a result
of the new Equality bill (due for Royal Ascent in Spring 2010).

Seminar Details:

Date: 22nd September
Time: 12:30 – 2pm
Location: Ward Goodman, 4 Cedar Park, Cobham Road,
Ferndown Industrial Estate, BH21 7SF

Places are limited, to avoid disappointment please contact Bob Cox on 01202 875900 / bob.cox@wardgoodman.co.uk to
book your place.

To find out more about any of these stories or
Ward Goodman please contact 01202 875900

Your home should not be viewed as your pension!!

2009-08-24T16:20:00.000+01:00

According to research published by Barings, 3 million people in the UK are relying on their property to fund their retirement and have collectively seen £29 billion wiped off the value of their homes in the last year. Looking forwards at the lending data and combining this with the issues regarding bank lending I do not see an improvement in the next 12 months and feel this could actually get slightly worse before it gets better. This is a stark reminder that house prices do not only go in one direction. However is a pension any better? Pension funds have also lost considerable value as a result of the credit crisis, although there is some good news in the fact that the FTSE 100 has risen by over 30% since its recent low in March.

Traditional thinking states that both property values and stock market-based pension investments should rise over the long term although there will of course be periods when they lose ground. However the comparison between property and pensions as a way to save for retirement is not primarily one of investment performance. I see two fundamental problems with treating your property as your pension. The first is the gamble you are taking by investing in just one asset, the second is the difficulty of converting that asset into cash.

A house, large and expensive as it is, is still just one asset and its value therefore is subject to localised conditions. You wouldn't invest your entire pension in the shares of one company, for example Lloyds, because it carries too much risk so why do the same with your house?

As well as the risk involved in betting your retirement on just your house, there is also the practical problem of turning your house into cash. One option at retirement is downsizing. This involves selling your house and moving to a cheaper property, using the difference to fund your retirement. Aside from the fact that you may not want to leave your home to move into a reduced living space, you may face many other problems (cannot sell or tax issues such as stamp duty etc) There is always equity release However in our opinion equity release plans should only be considered as a last resort and should be treated with caution and discussed with your heirs.

If you are currently saving for retirement owning a property should not foster complacency about pension provision. A house is a great purchase if you want somewhere to live, However it is not a substitute for saving for retirement.

A prudent approach to investing for retirement, involves keeping your irons in different fires and if you are willing to take some risk in return for bigger potential returns, then you will probably be happy to invest your pension purely in investments linked to stock markets globally. However you should still not choose one single share, or even one sector. Instead you should probably choose a number of funds that themselves invest in different sectors and indeed across different countries at all times ensuring that the areas invested in meet with your own appetite for risk.

For those happy to accept a higher degree of risk, investors can consider emerging markets like India and China where there is potential for high growth, albeit with greater risk.

Please contact Gareth Simon on 01202 875900 if you would like to discuss your financial affairs.

This article is not a recommendation and you should speak to your financial adviser before purchasing any investments as shares can fall as well as rise.

To find out more about any of these stories or
Ward Goodman please contact 01202 875900

Are your sales activities generating sufficient return on investment?

2009-08-24T10:54:00.001+01:00

“In today’s challenging climate it is essential that every marketing
investment you make generates a sufficient return.”

To aid you in assessing whether or not your marketing budget is being spent in the most effective manner, we would like to offer you a FREE MARKETING AUDIT.

The audit is designed to illustrate the most effective ways for your business to use its marketing resources & specific tools that could be used to increase return on investment.

Areas covered during the marketing audit include:

* Success of current online & offline activities
* Marketing aims & objectives
* Website performance
* Search engine marketing
* Competitor analysis
* Use of digital press releases
* Opportunity & benefits of integrating social media into your online marketing
* Synergy & success of combining online marketing with offline activities

Example of an audit outcome ….

In a recent audit it was identified that one organisation could increase their qualified sales leads whilst reducing their overall marketing budget by 20%. This outcome was achieved through a reduction in print advertising & an implementation of Social Media & Pay Per Click campaigns.

To claim your FREE MARKETING AUDIT please call Carl Wilson on 01202 875900

To find out more about any of these stories or
Ward Goodman please contact 01202 875900

2009 Tax Planner

2009-08-18T12:57:00.002+01:00

We are pleased to announce our 2009 Tax Planner is now completed and available for the use of our clients and individuals throughout Dorset and Hampshire.

To download a digital version of our 2009 Tax Planner please click here

Or if you would like to receive a printed copy of our 2009 Tax Planner please click here to email us your address details.

If require any information or assistance with Tax Planner please contact John or Geoff on 01202 875900

To find out more about any of these stories or
Ward Goodman please contact 01202 875900

HMRC warns of dangers

2009-08-10T09:10:00.001+01:00

HMRC warns of dangers of falling for scam during phase of increased attacks on UK residents

A substantial number of bogus emails are currently being sent out. Below is a press release issued by HM Revenue & Customs on the subject. I would emphasise that HMRC will never send emails to taxpayers about potential repayments. If you receive any such emails please contact us if you are in any doubt about it.

'HMRC have said on 22 July 2009 that criminal gangs are targeting taxpayers with thousands of scam emails offering bogus tax refunds. The online attacks, known as ‘phishing’, have peaked during July leading to increased reports of fraud to HM Revenue & Customs.

The scams tell the recipient they are due a tax refund and ask for bank or credit card details so that the fictitious tax refund can be paid out. HMRC is warning customers about the possible dangers of falling for this scam during this phase of increased attacks on UK residents.
HMRC strongly advises:

- Check the advice published to www.hmrc.gov.uk/security/index.htm to see if the email you have received is listed;

- Forward suspicious email to HMRC at phishing@hmrc.gsi.gov.uk and then delete it from your computer / mail account. Do not click on websites links contained in suspicious emails or open attachments;

- Follow advice from www.getsafeonline.co.uk. If you have reason to believe that you have been the victim of an email scam, report the matter to your bank/card issuer as soon as possible.

If in doubt, please check it out with HMRC at http://www.hmrc.gov.uk/security/fraud-attempts.htm'

To find out more about any of these stories or
Ward Goodman please contact 01202 875900

Value of commercial property increases

2009-08-10T09:07:00.001+01:00

The value of commercial property has risen for the first time since June 2007, according to property agents CB Richard Ellis. The survey drove shares in the UK's largest property companies higher. The value of offices, retail space and warehouses has fallen by around 45pc since the onset of the credit crisis in 2007. The sector's demise has played a major role in the woes being endured by Britain's biggest banks. The 0.2pc rise recorded for July by CB Richard Ellis is further evidence that the economy may be turning a corner.

Source : The Daily Telegraph page B1 07.08.09.
07 Aug 2009

To find out more about any of these stories or
Ward Goodman please contact 01202 875900

Ward Goodman at the Ellingham Show

2009-08-10T09:00:00.001+01:00

We were pleased to be part of this year’s Ellingham Country Show and were delighted with the amount of people who visited our stand.

To reward the people who visited our stand we were offered the following special offers:

• Free intial Wealth Management appointment
• Free Start Up Business review
• Free Tax Planning meeting

If you attended the show but didn’t pick up one of our Special offer flyer please email carl.wilson@wardgoodman.co.uk to take advantage of any of the offers.

To find out more about any of these stories or
Ward Goodman please contact 01202 875900

Free Starting a Business Guide

2009-07-28T16:56:00.001+01:00

The guide is designed to provide simple, concise information on the fundamental elements of Starting a business.

Click here to download the guide!!!!

In addition to general information the guide also includes:

• Useful resources
• Hints and tips that can be used in the planning or early stages of a business.
• Information on our specialist Start Up Business Accountancy and Business Development Service

As always we are delighted to offer a free initial appointment to anyone who is planning or interested in starting their own business. The meeting can be structured to cover key areas such as:

• Will your business make money?
• How much money will you need to start your business? How will you source the money?
• What will my businesses K.P.I.’s (Key Performance Indicators) be?

Sounds good? Want to know more?

Call us on: 01202 875900 or 07918 745135
E-mail us at roger.duckworth@wardgoodman.co.uk
To find out more about any of these stories or
Ward Goodman please contact 01202 875900

Changes to tax relief on pension contributions

2009-07-21T11:04:00.000+01:00

The Chancellor announced significant changes to relief on pension contributions in his budget on 22 April 2009. As well as introducing a 50% tax rate from April 2010 for taxable income above £150,000, the Chancellor has also announced that higher rate tax relief will be withdrawn on pension contributions for taxpayers with income over £150,000 with effect from April 2011.

The government has since announced some changes to the anti-forestalling rules set out in the Finance Bill which aim to prevent high earners from gaining higher rate relief by making large increases to their pension contributions between April 2009 and April 2011 when the restrictions come into force. If the amendments are agreed by parliament, many taxpayers who currently pay premiums on an annual or irregular basis will be allowed to benefit from higher rate tax relief on contributions of up to £30,000, in line with those who make more regular contributions.

This is a piece of complex legislation with potential pitfalls regarding the treatment of annual or irregular employer contributions, which may give rise to an unexpected tax bill for the director or employer.

If you are considering making an employer or employee pension contribution, even if your income is below £150,000, then you should consult your tax or financial adviser for specific guidance on whether or not you will be affected.

To find out more about any of these stories or
Ward Goodman please contact 01202 875900

Economists warn jump in home loans is unsustainable

2009-07-21T10:52:00.001+01:00

Source : The Independent page 37 - 21.7.09.
21 Jul 2009

A sharp rise in mortgage lending last month reflects seasonal trends rather than a sustainable pick-up in the housing market, economists warned yesterday. Total mortgage lending hit £12.3bn in June, the Council of Mortgage Lenders revealed, more than 17 per cent up on May's figure of £10.5bn, and the highest monthly total this year. Early summer is traditionally the busiest time of the year for the housing market.

However, last month's mortgage lending was still 48 per cent lower than in the same month last year, and the CML said that over the three months to the end of June, total mortgage advances had been just £33.3bn, no more than in the first quarter of the year, which was the worst period for the sector since 2001.

To find out more about any of these stories or
Ward Goodman please contact 01202 875900

Revealed: taxman is £22bn out of pocket

2009-07-21T10:51:00.000+01:00

Source : The Independent page 1 - 21.7.09.
21 Jul 2009

Tax receipts have plunged by £22bn in 12 months, dramatically increasing the likelihood of large-scale tax rises and spending cuts. The crisis in business and industry, on the high street and in the property market contributed to a dramatic slump in the money collected by the Treasury.

Tax revenues dropped by £21.7bn, a fall of almost 5 per cent, figures from HM Revenue and Customs (HMRC) showed. An extra £3.3bn is likely to be written off in lost taxes and HMRC is fighting legal action over a further £7bn of disputed taxes. The public spending watchdog, the National Audit Office, said the downturn could have cost the Exchequer up to £32bn last year. HMRC had to be more "efficient" during the downturn.

To find out more about any of these stories or
Ward Goodman please contact 01202 875900

Proposals to alter the status of workers in the Construction Industry

2009-07-21T10:47:00.001+01:00

The Government has published a consultation document with proposals to introduce legislation that will alter substantially the way in which the status, self-employed or employed, of workers in the Construction Industry is determined.

The Government has attempted several times over the past 10 years or so to reduce the number of workers that are in what it calls ‘false self-employment’ in order to improve the yield of PAYE tax and National Insurance from the industry. It is now proposing three criteria and the worker will have to meet at least one of these to be deemed to be self-employed.

The criteria are:

1. Provision of plant and equipment – that a person provides the plant and equipment required for the job they have been engaged to carry out. This will exclude the tools of the trade which it is normal and traditional in the industry for individuals to provide for themselves to do their job;

2. Provision of all materials – that a person provides all materials required to complete a job; or

3. Provision of other workers – that a person provides other workers to carry out operations under the contract and is responsible for paying them.
For workers providing their services through their own Limited Company it is proposed that the new legislation will take precedence over the intermediaries legislation, more commonly known as IR35.

The proposals are a drastic change in the way in which self-employment is determined and only affects the Construction Industry. However if it is seen to be successful in HMRC’s eyes then it is possible that similar legislation might be brought in for all self-employed workers.

The consultation document can be read in full at http://www.hm-treasury.gov.uk/d/consult_falseselfemploymentconstruction_200709.pdf
Comments on the proposals are invited by 12 October 2009.

To find out more about any of these stories or
Ward Goodman please contact 01202 875900

Financial News that was reported in the weekend papers

2009-07-06T15:21:00.003+01:00

Please find below a summary of stories that our Financial Services Director Simon Willcox has found over the weekend.

UKFI to warn of long haul to sell bank stakes

The body which manages the taxpayer's stakes in British banks will warn this week against any expectations of a quick-fire disposal of the shareholdings, The Sunday Telegraph has learnt. UK Financial Investments (UKFI) will say in a strategy document that it will only begin selling its shares in Lloyds Banking Group and Royal Bank of Scotland (RBS) once market confidence in the banking sector has been restored. Sources close to UKFI said this weekend that some senior officials involved in managing the shareholdings believed it could take up to seven years before they can be sold in their entirety.

Source : Sunday Telegraph Business page 1 - 5.7.09

Bank of England injects £25bn more into economy

The Bank of England's monetary policy committee (MPC) is expected to extend its programme of quantitative easing (QE) by £25 billion, though there are doubts whether it will take action beyond that. The Bank has so far committed £125 billion of QE in an attempt to boost the money supply, mainly through purchases in the markets of gilts and other assets. It has permission from the Treasury for a further £25 billion of such purchases, which analysts expect to be announced this week. Beyond this, it would have to seek new approval from the Treasury, which indemnifies the Bank against losses on the scheme. The shadow MPC, a group of independent economists that meets under the auspices of the Institute of Economic Affairs (IEA), today calls on the Bank to maintain the base rate at 0.5% and extend QE beyond the £150 billion it currently has permission to undertake.

Source : Sunday Times page 2.2 - 5.7.09

Bankruptcies among pensioners soar

The number of pensioners being declared bankrupt has soared by 164% during the past five years. A total of 2,595 people aged over 65 went bankrupt during 2008, up from only 983 in 2004, according to accountancy firm Wilkins Kennedy. The firm, which analysed figures from the Insolvency Service, said bankruptcies among pensioners had risen at more than twice the rate as they had across all age groups, with the total number of people declared bankrupt increasing by 89% per cent.

Source : The Independent page 48 - 4.7.09

To find out more about any of these stories or
Ward Goodman please contact 01202 875900

Filing Deadline Changes Company Accounts

2009-06-30T15:25:00.001+01:00

The Companies Act 2006 has changed the dates by which small limited companies must file their accounts at Companies House. These changes apply to all accounting periods that start on 6 April 2008 or later.

The normal filing deadline for years other than the first year is being shortened from 10 months to 9 months.

Therefore a company with a 31 March year end will now find that their accounts filing deadline is 31 December instead of 31 January and will need to plan ahead to make sure they are not caught out by Christmas post and holidays.

A company with an accounting date of 28 February must file its accounts by 28 December under the old rules and not 31 December as might be expected. The new rules will allow for month-end dates, so that the same company will now have to file its accounts by 30 November rather than 28 November. This will only apply if the company’s accounting date is the last day of the month - a company with an accounting date of 20 January would still have to file its accounts by 20 October, rather than 31 October.

If the company’s first accounting period is longer than one year, the latest filing date is 21 months from the date of incorporation, or 3 months from the end of the new accounting period, whichever comes later.

If the accounting period is extended to more than one year and it is not the first accounting period, the latest filing date remains 9 months after the new accounting date.

If the accounting period is shortened to less than one year, the filing date becomes 9 months after the end of the new accounting period, or 3 months after the date the change was made, whichever comes later.

As before, all filing dates given are those by which the accounts must be received by Companies House. It is not enough to post them on the final day, even if proof of posting is obtained.

Ward Goodman offers an on-line filing service for Abbreviated accounts so that the risk of filing your accounts late is reduced significantly.

It is important that company accounts are not filed late as the penalty regime is more severe.

Companies House - late accounts and penalties

Late filing penalties for accounts and reports which are filed after 1 February 2009 are:
(Pr C = Private Company Pu C = Public Company)

Not more than 1 month £150 Pr C £750 Pu C
More than 1 month but not more than 3 months £375 Pr C £1,500 Pu C
More than 3 months but not more than 6 months £750 Pr C £3,000 Pu C
More than 6 months £1,500 Pr C £7,500 Pu C

These penalties are doubled if accounts (for financial years beginning on or after 6 April 2008) are filed late in two successive years.

Failing to deliver annual accounts, annual returns (form 363A ) and other documents on time is also a criminal offence for which company directors may be prosecuted. Persistent late filing of the annual accounts or returns may also lead to the company being removed from the register

To find out more about any of these stories or
Ward Goodman please contact 01202 875900

House prices 'will rise by next year'

2009-06-29T09:46:00.001+01:00

Confidence in the housing market is continuing to recover, with the majority of people believing that prices will rise over the next year. A survey by propertyfinder.com found that 53pc of the 2,500 respondents thought house prices would increase by June 2010 although only by 0.6pc. Despite mortgage approvals being a third higher than at the start of the year, 57pc of those surveyed felt that mortgages were too expensive. Many of the country's leading mortgage providers increased their lending rates in June with Nationwide Building Society pushing up the price of some of their offers twice in two weeks.

Source : The Daily Telegraph Business page 2 - 29.06.09.

To find out more about any of these stories or
Ward Goodman please contact 01202 875900

100 years debt at Barclaycard

2009-06-29T09:45:00.001+01:00

Barclaycard, Britain's largest issuer of credit cards, is cutting the minimum repayment on its credit cards from next month. A number of its customers, which total nearly 12m, will see the level drop from 2.25% to 1.5%. Consumer groups argue that this could more than treble the time it takes to pay off a credit card debt at the minimum repayment level and add thousands of pounds in interest payments. For example, at the current minimum level, it would take 31 years to repay a £5,000 debt, with interest of £5,900. But at the new minimum of 1.5%, it would take 98 years and £22,300 in interest. The announcement comes as figures show that £2.7 billion of new debt was added to the UK economy in the first quarter of this year.

Source : The Sunday Times money page 6 - 28.06.09

To find out more about any of these stories or
Ward Goodman please contact 01202 875900

Revenue offers second amnesty on offshore funds

2009-06-29T09:38:00.003+01:00

High-street bank customers will be offered a "second chance" to own up to secret offshore accounts as Revenue & Customs steps up its efforts to flush out tax evaders. But customers of Barclays, HSBC, Royal Bank of Scotland and Lloyds Banking Group who come forward during an "amnesty" later this year will be offered harsher terms than those who use other banks. They face a penalty of 20 per cent of the tax due, double that afforded other investors, on the grounds they were told about a 2007 amnesty after a tribunal forced their banks to hand over account details. But there is still an incentive to own up because penalties of 30 per cent could be imposed once the Revenue catches them.

Source : Financial Times page 2 - 26.06.09

Comment from our Tax Specialist Geoff Hill

“People who find themselves in this situation should take immediate action. We have in depth experience handling such issues and would be pleased to help should you find yourself affected by the offshore disclosures"

To find out more about any of these stories or
Ward Goodman please contact 01202 875900

High Earners Tax could hit over 70%

2009-06-18T14:13:00.001+01:00

Those who earn between £150,000 and £180,000 could be hit with an income tax rate of 71.5 per cent or more, from April 2011, if a raft of restrictions on the tax relief of pension contributions is introduced. Tax advisers are lobbying the government to modify some of its "draconian" proposals up for consultation. Mike Warburton, tax partner with accountants Grant Thornton, said some earners could be "in the ridiculous position of having an extra tax bill that is greater than their extra income". Another issue raised is how HM Revenue and Customs will treat the taxation of final-salary schemes. From 2011, the Revenue has indicated it will look to tax the increase in the pension pots of employees who receive a pay rise.

Source : Financial Times Money page 1 - 6.6.09.

06 Jun 2009

To find out more about any of these stories or
Ward Goodman please contact 01202 875900

Small Cap Stocks: Too Far Too Fast or Just the Beginning?

2009-06-18T14:09:00.002+01:00

Stroy sourced from SEI

By: James Solloway, CFA, Senior Portfolio Manager, Global Portfolio Strategies at SEI

“Less-bad” indicators suggest the worst of the recession is over, boosting risk appetite and helping smaller company (small-cap) stocks to rally more than 50% from March lows, which SEI believes will prove to have marked the trough of the bear market (prolonged period of sharp declines).

The dramatic recovery in share prices, while fairly extreme by historical standards, is not out of line for the early stages of a bear-market rebound, and SEI believes it is correctly anticipating an economic recovery. Declines in initial jobless claims and sharp improvement in manufacturing activity suggest “less bad” may lead to “more good” economic indicators.

Data on money-market versus equity exposure suggests investors in general are still slightly pessimistic, leaving room for more money to flow into equities as recovery comes. However, small-cap valuations are not cheap on an absolute basis or relative to larger company (large-cap) stocks, and headwinds remain from continued financial stress.

The makeup of the small-cap market presents good opportunities to benefit from stabilization in the financial system and economic recovery, given large weightings in the Financials, Consumer Discretionary and Industrials sectors. In SEI’s view, some correction would not be surprising after a very strong run, but we believe the worst of the recession is over and credit conditions should continue to improve.

“Less bad is the new good” is the current mantra in the markets. This tagline reflects an economy where the decline is moderating, but the level of business activity remains very weak. While the economic data clearly point to a deceleration in the rate of decline compared to last year’s final quarter and the first few months of 2009, it may take the rest of the year before there is conclusive evidence that a sustainable recovery has begun.

To find out more about any of these stories or
Ward Goodman please contact 01202 875900

Looking for income and growth? How about Asia?

2009-05-27T12:16:00.002+01:00

As most of us worry about whether the UK is in severe recession we risk missing out on the opportunities in Asia (excl Japan) where consumers are not beset by debt, Governments have surpluses to spend and banks are not in meltdown – Asia and its consumers will become increasingly influential in years to come, with huge implications for Asian companies (and many global ones too).

Evidence is already building to support the case to buy Asian funds focussing on high yielding shares. Our concern was that the resolve of Asian companies had yet to be tested – well it has now. In 2009 earnings in Asia were expected to decline by 25%. For a bit more meat on the bones it is interesting to consider the Newton Asian Income fund, one of the very few funds that focuses on high yielding Asian shares. Of companies owned by the fund, 60% of those announcing payouts in the 1st quarter cut their payouts across most sectors. On the face of it this is a concern, but the reality is quite enlightening.

Last month we noted that 75% of UK companies announcing dividend payouts in the first quarter either held or increased their payouts (quite unexpected). Yet where cuts did take place they were often averaging 50% or more and were quite savage.

In contrast, in Asia our current impression is that a higher proportion of companies are cutting payouts, but in much smaller percentages. The Asian experience of trimming dividends in a downturn appears to be quite different to the UK

We feel Asian economies hold out considerable potential in the years ahead. This is already evidenced by the sharp outperformance of their indices vs the UK stock market year-to-date which we feel is the starkest indicator that not only are Asia’s problems less severe (or more easily solvable), but also that Asia will more easily attract the vast sums of global cash looking for a profitable home.

Moreover, on price to book value Asian shares look cheap. Combine this with the Asian trend towards dividends, and increasing dividend payouts and we feel now offers a good long term buying opportunity.

This article is not a recommendation as the fund might not be suitable for all investors. You should speak to your financial adviser before purchasing any investments as shares can fall as well as rise.

To find out more about any of these stories or
Ward Goodman please contact 01202 875900

Housing market to fall

2009-05-27T12:12:00.001+01:00

Goldman Sachs has tempered expectations of an imminent recovery in the UK housing market by forecasting a further 10pc fall in prices. In a comprehensive note on the housebuilding sector, the investment bank said it would be year before house prices found the bottom of the market in the second quarter of 2010. Shares in house builders have rallied so far in 2009 as the likes of Taylor Wimpey and Persimmon completed key refinancing packages and reported improved visitor levels and sales volumes compared to the depths of the financial crisis last Autumn. However, Goldman analysts warned that, although sales volumes could rise by 12pc next year, prices will remain under pressure because of rising unemployment and the fact that property values are still well above the historical average of affordability of 3.8 times salary.

Source : Daily Telegraph page 37 - 23.5.09.
23 May 2009

To find out more about any of these stories or
Ward Goodman please contact 01202 875900

Can your business afford to ignore Social media?

2009-05-27T12:04:00.002+01:00

Social media is fast emerging as a vital marketing tool that in a competitive market place cannot be ignored.

The use of Social Media in business has grown rapidly due to the unique, cost effective marketing and information gathering opportunities it presents.

Other benefits of Social Media include:

Ability to participate in proactive two way communications
Opportunity to provide sales and marketing information in user friendly formats
Low cost marketing tools that often only require investments of time
Good tool for data collection / extraction
Technology that continues to receive significant investment and support

It’s not as daunting as you think…

Leading providers of Social Media tools (Facebook, Wordpress, Twitter & Youtube) have worked hard to ensure their services are as user friendly as possible and as a result businesses can utilise these tools after basic training.

In case you need further convincing…

Over 25% of our website traffic is referred via the blog we operate.

To find out more we are running a FREE introduction to Social Media seminar on 23rd June between 12:15pm – 14:00pm. Only 10 spaces available, please contact Carl on 01202 875900 / carl.wilson@wardgoodman.co.uk to book.

To find out more about any of these stories or
Ward Goodman please contact 01202 875900

WGFS Market Commentary – May 2009

2009-05-11T09:05:00.001+01:00

Market Commentary – May 2009

The world’s stock markets have certainly become more positive in recent weeks, taking bad news in their stride, looking forward rather than backwards. This has led to a rally in share prices on the major indices; the UK stock market for example has risen by 20% since the start of March 2009.

To read the entire article please click here.

To find out more about any of these stories or
Ward Goodman please contact 01202 875900

Ward Goodman's latest e-newsletters

2009-05-05T12:25:00.001+01:00

Latest e-newsletter

We have just completed and sent out our latest e-newsletters on:

Financial Planning
Business Growth
Starting a Business

(To view & download these resources please click on your chosen subject)

To receive any of our monthly e-newsletters please visit our e-newsletter page.

If you require any further information or would like to discuss our e-newsletters and there subject matters further please click here.

To find out more about any of these stories or
Ward Goodman please contact 01202 875900

Helping you to understand the budget

2009-04-27T18:10:00.001+01:00

To help you to understand how the 2009 budget will impact you and your business, Ward Goodman has produced a downloadable guide to the 2009 budget.

To view and download our 2009 budget guide please visit:

http://www.wardgoodman.co.uk/uploads/PageManager/Budget_2009_Newsletter.pdf

To find out more about any of these stories or
Ward Goodman please contact 01202 875900

Budget 2009 - The Good, Bad & the Ugly

2009-04-23T15:28:00.005+01:00

Ward Goodman, the Dorset based Business Support Group, presents the Good, the Bad and the Ugly from the 2009 Budget.

The Good

For business

Double the tax relief for businesses with a 40% first year allowance on capital expenditure
Three year carry back of business losses extended for another year

For people

£2,000 Car scrappage scheme to go ahead
Tax-free Individual Savings Accounts limit to increase in stages to £10,200
Stamp Duty Land Tax exemption for house purchases under £175,000 to be extended

The Bad

For business

Capital allowances on cars to be restricted by reference to their CO2 emissions
£80,000 benefit in kind value cap for high value company cars to be removed.
The reduced VAT rate of 15% is not due to be extended further beyond 31 December 2009.

For people

New tax rate of 50% for those earning over £150,000
Withdrawal of higher rate pensions tax relief for those earning over £150,000
Restriction of personal tax allowances for those earning over £100,000
Many trusts to suffer a new 50% tax

The Ugly

Taxpayers who understate their tax bills by £25,000 or more can be named and shamed
Financial officers at larger companies will be held personally liable for tax failures in their accounting systems

The team of tax experts at Ward Goodman are reviewing the detail in the Budget and a more detailed release will follow.

To discuss ways the budget will effect you and your business please click here.

To find out more about any of these stories or
Ward Goodman please contact 01202 875900

New Ward Goodman Brochure

2009-04-08T12:37:00.002+01:00

NEW!! Ward Goodman Brochure

We are delighted to announce that we have now received our new corporate brochure.

The brochure contains information on the services we provide that aid people wishing to:

Start a business
Grow their business
Plan their financial future
Reduce their tax liability

To request a copy of our brochure please click here or call Carl Wilson on 01202 875900

To find out more about any of these stories or
Ward Goodman please contact 01202 875900

South West Skills and Learning Newsletter

2009-04-06T16:49:00.002+01:00

The latest edition of the South West's number one Skills and Learning Newsletter is now available online.

To read this month’s edition please click here

To find out more about any of these stories or
Ward Goodman please contact 01202 875900

Business events calendar for Dorset events

2009-03-31T09:49:00.001+01:00

Ward Goodman has teamed up with www.businesseventspro.co.uk (previously www.dorsetbusinessevents.co.uk) to aid them in providing an impartial business events calendar that focuses on the Dorset area.

The site is completely free and allows event organizers to upload their contact information and details of the business events they are organizing.

“We are hopeful that our support of businesseventspro will allow them to provide a useful business tool where Dorset business people can find out what events are occurring in our area” Carl Wilson Marketing Manager, Ward Goodman.

To find out more please visit www.businesseventspro.co.uk

To find out more about any of these stories or
Ward Goodman please contact 01202 875900

Interesting Video about Technology & the Future

2009-03-30T09:08:00.001+01:00

To find out more about any of these stories or
Ward Goodman please contact 01202 875900

Anyone for Cricket?

2009-03-25T12:06:00.001Z

This summer we will once again be organizing our annual Staff v Clients cricket match. This year’s fixture will take place at Colehill Cricket pitch, Wimborne on Thursday 11th June from 6pm.

The evening will be a family friendly event that includes drinks & a BBQ.

If you would like to play or just come along to enjoy the evening please contact Carl Wilson on 01202 875900 / carl.wilson@wardgoodman.co.uk

To find out more about any of these stories or
Ward Goodman please contact 01202 875900

Class 3 Contributions

2009-03-17T10:43:00.000Z

If you want to pay for missing National Insurance contributions (Nics) to top up your state pension entitlement, do so before April 6, after that the costs will rocket by 49%.

For the rest of this tax year, until 6 April, the cost of buying back each missing year, up to a maximum of 6 years at any one time, is £421.20 a year. But in less than a month that will rise to £626.60.

You need a 10 year Nics history to be entitled to a basic state pension, and receive 26% of the full weekly amount.

Bear in mind, too, that from April 2010 you will only need 30 years Nics history for a full basic state pension, down from 44 for men and 39 for women.

Buying back years is not suitable for everyone though, married women, younger people and those who stand to fall into the means testing trap might see little benefit.

For ways to pay extra Class 3 contributions call the National Insurance Enquiry Helpline on 0845 915 5996.

To find out more about any of these stories or
Ward Goodman please contact 01202 875900

FREE Seminar ACAS Code of Practice – Disciplinary & Grievance Procedures – the HR Perspective

2009-03-16T14:50:00.001Z

To help businesses understand the new ACAS Code of Practice on Disciplinary & Grievance Procedures Ward Goodman have teamed up with the DCCI & HR Connect to run a free lunchtime seminar.

The seminar will be held at the Chamber offices in Poole on 21st April 2008.

To find out more or to book a space please call Sylvie Costantini on 01202 714805.

To find out more about any of these stories or
Ward Goodman please contact 01202 875900

UK Inflation Rate Declined to 3% in January on Fuel

2009-02-17T16:17:00.001Z

Bloomberg - USA, Story by By Svenja O’Donnell

Feb. 17 (Bloomberg) - The U.K. inflation rate fell to nine-month low in January after cheaper fuel, food, transport and housing eased pressure on prices as the recession deepened.

To read the whole story please click here to visit Bloomberg.com

To find out more about any of these stories or
Ward Goodman please contact 01202 875900

Understanding Companies Act

2009-02-17T16:08:00.001Z

We have placed a number of links & useful resources to help you and your colleagues to understand the Companies ACT.

To view and download the Companies Act resources we have found please click here

To find out more about any of these stories or
Ward Goodman please contact 01202 875900

BBC Business Editor Blog

2009-02-16T14:00:00.001Z

Business Blog that you might like.

Today we have been reading Robert Peston’s (BBC Business Editor) blog.

It’s a great read and the latest stories include Lloyds & HBOS Humbled & Chelsea reduces dependency on Abramovich.

To check Robert’s blog out please visit:

http://www.bbc.co.uk/blogs/thereporters/robertpeston/

To find out more about any of these stories or
Ward Goodman please contact 01202 875900

FSA warns UK recession may be worse than forecasts

2009-02-10T09:22:00.003Z

Mon Feb 9, 2009 12:19pm EST

By Myles Neligan. Story sourced from Reuters.com

LONDON, Feb 9 (Reuters) - Britain is at risk of a deeper-than-expected recession as a dearth of bank credit exacerbates falls in house prices, consumer spending and business investment, the country's financial watchdog said.
The Financial Services Authority said while economists on average expect Britain's economy to contract by 2.2 percent this year, before returning to growth in 2010, the weakened banking sector meant this forecast may prove optimistic.

To read more please click here href="http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSL923053320090209">

To find out more about any of these stories or
Ward Goodman please contact 01202 875900

HMRC Draft Charter Press release

2009-02-09T09:10:00.000Z

HMRC have published a consultation document on a draft Charter which sets out the role of HMRC, what customers can expect from HMRC, what HMRC expects of its customers, and where customers can find information when things go wrong. Comments are invited by 12 May 2009.

To view the full story please visit: http://www.wardgoodman.co.uk/News/News-Article.aspx?fdArticleId=31

To find out more about any of these stories or
Ward Goodman please contact 01202 875900

UK pension funds in line for £92m refund

2009-02-03T10:13:00.003Z

Story sourced from CCH website 29/01/09: www.cch.co.uk

Over €100m (£92m) could be refunded to UK pension funds as part of a ruling issued by Dutch tax authorities.

The ruling states that the Dutch tax authorities should not have levied a 'withholding tax' on dividend payments on UK pension funds located within the European Union but outside the Netherlands.

Further bodies in other EU member states could also be liable for refunds on Dutch withholding taxes, which could cost the Dutch Revenue up to €500m.

Chris Morgan, head of KPMG's international corporate tax practice in the UK said it was a 'ground breaking ruling'.

'Hopefully this decision will pave the way for other EU member states to follow suit and repay other reclaims for withholding tax lodged on the same grounds as in the Netherlands. Such claims have been brought against at least 12 member states of the EU,' he added.

To find out more about any of these stories or
Ward Goodman please contact 01202 875900

FREE HR Seminar

2009-02-03T09:57:00.002Z

HR Seminar

Ward Goodman in association with Ferndown and Uddens Business forum will be running two FREE HR seminars.

The seminars will cover the NEW ACAS Code of Practice Disciplinary and Grievance Procedures that will take effect from 1st April 2009.

The seminars are on the 12th and 18th of March between 12:30pm & 2pm. Each seminar includes lunch and will be held in the Boardroom at Arena Business Centre, Unit A24, 9 Nimrod Way, Ferndown Industrial Estate, Dorset, BH21 7SF.

To book your place please contact Julie Pearce on 01202 862443 / Julie@ferndownforum.co.uk

If your organisation is not a member of the Ferndown and Uddens Business forum please click here to find out how you can still receive the seminar for FREE

To find out more about any of these stories or
Ward Goodman please contact 01202 875900

Ward Goodman Newsletter

2009-02-02T15:13:00.001Z

Our General Newsletter is available to download.
This month’s newsletter features articles and information on:

• Year End Tax Planning
• What’s new at Ward Goodman
• Marketing in a recession
• Important changes to employment law
• Redundancy Support
• Investment update

To view & download this newsletter please click here.

In addition to our General Newsletter we also provide specific e-newsletters in Starting a business, Growing a business & Planning your financial future. To find out more about our e-newsletters please click here

To find out more about any of these stories or
Ward Goodman please contact 01202 875900