Hornbeam Highlights 38

February 2010

End of Tax Year

It is coming to the end of another tax year, and rather than repeat all the good tax planning tips I gave you 12 months ago, I am going to recommend that you reread Hornbeam Highlights 35.

You might like to look at Hornbeam Highlights 37 – Tax Credits. Carl (all names are changed to preserve confidentiality) read the article on tax credits and asked us to look at his situation. Although single with no children, the fall in his self-employed profits has allowed us to help him claim over £200 per month in tax credits. I am sure that there are many more of you who we could be helping.

Hornbeam Highlights 36 was a bit of a shocker. We were warning of scam emails purporting to be from HMRC but really being from organised criminals. This scam was on the national news a few weeks after we sent out our warning.

Or you might like to look at the section of our website dealing with our niche expertise. Our knowledge of International Aspects of UK Taxation has brought us a couple of new clients recently. Mary has been an employee all her life. She was targeted by HMRC because she has an overseas bank account. We were able to help her complete the declaration forms and settle up about £200 of unpaid tax. But Mary had finished work in mid 2008 and has been a full time carer ever since. We were able to obtain a tax rebate of nearly £1,200 for 2008/9. Members of the public rarely understand that if they finish work they will not obtain a tax refund unless they ask for it.

If you read the recent updates section of our website, you will see that building upon our niche expertise on International Aspects of UK Taxation, we have written articles for the next two issues of “A Place in the Sun” magazine, and will be answering tax questions from members of the public at “A Place in the Sun Live” at Earls Court from the 26 to 28 March 2010. If any of you are thinking of emigrating or buying property abroad, it would be great to see you there.

Another niche that we claim is our expertise in the rental and buy-to-let sector. If you have rental income and haven’t already read our article Tax Saving For Residential Landlords, you should find it on the website and read it. One client recently confirmed to us that she has managed to establish 9 years worth of principle private residence relief (from Capital Gains Tax) over the past 18 months! Alternatively come and see us (and don’t miss the chance to get free advice) at the Eastern Landlords conference at the Wensum Valley Country Club on 7 May 2010.

Pubs

We also have expertise in pubs and restaurants. We prepare VAT returns for more than 30 outlets each quarter, and distribute a newsletter specifically for this sector. It was therefore something of a delight when we prepared the accounts for a pub whose VAT had been completed incorrectly by their bookkeeper for the whole of 2009 and we were able to obtain a refund in excess of our fees!

Creating a website

Our website is a massive resource for clients, and is bringing us a steady trickle of new leads in a ferociously competitive market. The website has been created by James Sharpe using Webalistic, a specialist website design and management package, by PX2 Limited. For the months of March and April 2010 James is available at half his normal charge out rate to create a website for the first client to ask. This service will include ascertaining objectives, planning and designing a website to meet those objectives and creating the website.

Videos and promotional DVD's

These are a successful way of getting your services or products across to potential customers, and can be used on websites, as mailshots and on stands in conferences, exhibitions and foyers. One Hornbeam client, Mainsail Media Limited (www.mainsailmedia.com) is run by well known former Anglia TV and BBC Producer and Reporter Phil Johnson. Phil offers broadcast quality, TV style videos and DVD's. His clients include The Broads Authority, Norwich 12 and Bedfordshire NHS. Phil is always happy to give advice and estimates to any business keen to promote their products and services using moving images, he can be contacted on 07801 214292 or by email philjohnson@mainsailmedia.com

Expertise

What we offer to our clients is expertise. We spend a significant proportion of our income on constant updating of knowledge; by attendance at Continuing Professional Development training courses, by training students, by subscribing to textbooks and expert systems, and by our own research. The last few months have been particularly delightful to me as Clare qualified as a Chartered Accountant, Janine qualified as an Accounting Technician, Phil became a Fellow of the Institute of Chartered Accountants and Andy became a Registered Auditor.

Storage

We have about 2,500 square feet of storage/industrial space available at Rackheath. Call me if you would be interested in renting any of this space.

Thank You

We would also like to personally thank all of our client’s who have recommended us to their friends and hope you will continue to do so in the future.

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