Goringe Accountants

Travel Expenses – what can I claim for?

Nicky Larkin — Sun, 19 May 2013 15:00:41 +0000

Travel Expenses Clients often get confused as to which work travel expenses may be allowable or not. The following article is going to highlight the common items that I often have to clarify with clients. You may be reading this from various perspectives, as an employee, a sole trader or an owner/director of a limited company, I will try to cover some of the different aspects of travel expenses that may be relevant to you. Place of work As an employee you will not Read more [...]

Original article: Travel Expenses – what can I claim for? by Nicky Larkin from Goringe Accountants

A Healthy Retirement

Paul Milnes — Sun, 21 Apr 2013 14:41:34 +0000

For most investors approaching retirement their pension planning has probably been, up to that point, a relatively straightforward equation. How much can I afford to pay into my pension, when do I pay it and what funds do I invest in? There is of course the small matter of how well the funds perform (a subject close to all our hearts) but the objective is to hopefully amass a sufficient retirement fund without taking too much risk. It’s only once you get to retirement Read more [...]

Original article: A Healthy Retirement by Paul Milnes from Goringe Accountants

Income Protection Insurance (IPI)

Victoria Bulgin — Fri, 05 Apr 2013 20:21:14 +0000

How To Protect Your Income Have you considered what would happen if you couldn’t work due to an illness or an accident? If you are employed, how long will your company continue to pay your salary? If you’re self-employed, do you have emergency funds to access? What about long-term, where you cannot go back to your current occupation? Can you survive on statutory sick pay, currently £85 per week? A solution is Income Protection Insurance (IPI) How Read more [...]

Original article: Income Protection Insurance (IPI) by Victoria Bulgin from Goringe Accountants

Double Charged On Retail Distribution Review (RDR)

Paul Milnes — Sat, 23 Feb 2013 16:25:25 +0000

It has now been a month since the long awaited introduction of the Retail Distribution Review (RDR). The new legislation introduced by the Financial Services Authority (FSA) has outlawed the payment of commission to financial advisers on all advice relating to investments pensions and annuities. Previously the cost of advice would be paid up front by the investment or pension provider as commission, with this cost recouped from the investor through the initial and Read more [...]

Original article: Double Charged On Retail Distribution Review (RDR) by Paul Milnes from Goringe Accountants

Delayed Investment Cost

Paul Milnes — Sat, 23 Feb 2013 16:12:48 +0000

When looking for the best performing funds we sometimes overlook the basics of investing. The old adage that you should never put off till tomorrow what you can do today should ring true with all investors, especially those in the early stages of planning for their retirement. It is a fact that earlier in our working lives other priorities prevent us from investing as much as we would like for our retirement. We tell ourselves that we will make up for lost time Read more [...]

Original article: Delayed Investment Cost by Paul Milnes from Goringe Accountants

Top Tips For Getting The Best Mortgage

Chris Pownall — Sat, 23 Feb 2013 15:49:26 +0000

Trying to find the best mortgage products these days can be a tiresome task; do you go into the Bank, consult an Independent Mortgage Adviser, look at best buys tables or trawl the Internet or a combination of them all? In this article we can look at each of these options in more detail to help you work out how to get the best mortgage for you. At Regency Partnership we take great care and pride when we call ourselves Independent, we have decided to recommend Read more [...]

Original article: Top Tips For Getting The Best Mortgage by Chris Pownall from Goringe Accountants

Gilt Edged Problem

Paul Milnes — Thu, 10 Jan 2013 19:22:19 +0000

George Osborne is set to not only ruffle the feathers of the bond market but potentially catch out investors who believe they are taking sensible precautions to de-risk their pension portfolio as they approach retirement. This week the Office for National Statistics will announce its recommendations for changing how the Retail Price index (RPI) will be calculated. The ONS are expected to recommend bringing RPI into line with the (lower) Consumer Price Index (CPI) Read more [...]

Original article: Gilt Edged Problem by Paul Milnes from Goringe Accountants

Another Interest Rate Anniversary

Paul Milnes — Thu, 10 Jan 2013 19:04:47 +0000

Another year and another anniversary. We are now fast approaching 4 years since the last interest rate move in the UK. In March 2009 the Central Bank cut rates to 0.5% and we have spent 46 frustrating months trying to second guess when they will start to move in a northerly direction again. Future Indications Indicators certainly seem to point to the status quo being maintained throughout 2013 but a more pessimistic (or is that realistic?) view from the Investment Read more [...]

Original article: Another Interest Rate Anniversary by Paul Milnes from Goringe Accountants

Benefits Of Personal Cash Flow Modelling

Victoria Bulgin — Sat, 05 Jan 2013 11:05:48 +0000

What is cash flow modelling? Cash flow modelling is a tool used by Lifestyle Financial Planners to help clients understand their current financial position and their future financial position by generating a graphical, financial planning forecast. In short it shows a client whether or not they may run out of money in the future, whether they may have ‘too much’ money, when they may be able to retire or if they can afford to treat themselves to a luxurious holiday Read more [...]

Original article: Benefits Of Personal Cash Flow Modelling by Victoria Bulgin from Goringe Accountants

RDR – Avoid A DIY Disaster

Paul Milnes — Mon, 17 Dec 2012 15:14:36 +0000

The 1st January 2013 sees the dawning of a fresh new age in UK financial services. The slate will be wiped clean with the introduction of the Retail Distribution Review (RDR) and the world will be a better place. RDR Theory No longer will we see unscrupulous, under qualified, commission hungry financial advisers standing on every street corner waiting to sell us products we don’t need where the term “high yield” relates to their remuneration rather than our Read more [...]

Original article: RDR – Avoid A DIY Disaster by Paul Milnes from Goringe Accountants

Combating Rising Energy Prices

Chris Bourke — Thu, 29 Nov 2012 18:01:14 +0000

Do you have a strategy for combating rising energy prices? With the governments energy bill published last week pushing their support of renewable energy further, it looks certain that energy bills for commercial and home use will continue to rise significantly through increases in unit costs and carbon taxes such as the climate change levy. So what are the options for mitigating this inevitable rise? Surprisingly few businesses have an energy strategy in place, Read more [...]

Original article: Combating Rising Energy Prices by Chris Bourke from Goringe Accountants

Offshore Bonds

Victoria Bulgin — Thu, 29 Nov 2012 17:34:10 +0000

Offshore Life Insurance Investment Bonds What are offshore bonds? In technical terms, they are non-qualifying whole of life insurance policies. In practical terms, they are a tax efficient ‘wrapper’, much like a pension or ISA wrapper. Why are offshore bonds so tax efficient? Other than a small element of withholding tax, all of the investments held within the bond accumulate tax free. There may be some tax to pay when a ‘chargeable event’ occurs (which Read more [...]

Original article: Offshore Bonds by Victoria Bulgin from Goringe Accountants

What Is Real Time Information (RTI)

Elliot Hobden — Sun, 18 Nov 2012 11:54:54 +0000

HMRC is introducing a new way of reporting PAYE (Pay As You Earn) - called Real Time Information, or RTI. From April 2013 employers and pension providers will report their payroll information to HM Revenue & Customs (HMRC) in a new way. They will send HMRC information about any payments and deductions they make to employees or pension recipients each time they are made, as part of the payroll process. Payroll software will simply collect the information and Read more [...]

Original article: What Is Real Time Information (RTI) by Elliot Hobden from Goringe Accountants

Advantages Of Part Time Employees

Nicky Larkin — Sat, 27 Oct 2012 16:27:46 +0000

Flexible Parental Leave The BBC popped into our office this month to interview us regarding the proposed flexible parental leave that may come in in 2015; and we were filmed for The Daily Politics (no I didn’t manage to get a mug!). We have mixed views on it, it could mean that Mum’s are out for a shorter period which is good news for the employer, however, if the leave is extremely flexible, i.e. Mum takes a few months, then Dad, then Mum again it could become Read more [...]

Original article: Advantages Of Part Time Employees by Nicky Larkin from Goringe Accountants

Leveraged ETFs – Getting Some Leverage

Paul Milnes — Sat, 27 Oct 2012 10:51:17 +0000

Back in August I wrote about some of the pros and cons of using Exchange Traded funds (ETFs) and investment trusts as an alternative to conventional mutual funds. One area of ETF investing that is often commented on by investors is the use of Leveraged ETFs. It’s not really surprising when you see returns of 80% over a 6 month period (leveraged Soybeans) and more recently Leveraged Silver has gone up nearly 40% in 4 weeks - it’s easy to see why they are fast Read more [...]

Original article: Leveraged ETFs – Getting Some Leverage by Paul Milnes from Goringe Accountants

EU Ruling On Gender Discrimination

Victoria Bulgin — Sun, 07 Oct 2012 09:40:47 +0000

EU Ruling Impacts Insurance Premiums & Annuity Rates As a result of Test-Achats, which is a Belgium consumer protection agency challenging whether it is legal for insurance companies to discriminate on the basis of gender, the European Court of Justice has ruled that from 21st December 2012, all new insurance contracts implemented across the 27 European Union member states, must not use gender to determine insurance premiums payable or benefits granted. This encompasses Read more [...]

Original article: EU Ruling On Gender Discrimination by Victoria Bulgin from Goringe Accountants

British Accountancy Awards 2012 Finalists

Goringe Accountants — Sat, 29 Sep 2012 16:22:50 +0000

We are very proud to announce that Goringe Accountants has been selected as a finalist for the British Accountancy Awards 2012. With hundreds of entries this year, the competition was tougher than ever making this is a great achievement for our firm. We are one of only nine British finalists in the 'Independent Firm of the Year - South East & East England' category under the Practice Excellence Awards section. The winners of this year’s British Accountancy Awards Read more [...]

Original article: British Accountancy Awards 2012 Finalists by Goringe Accountants from Goringe Accountants

Income Drawdown: An Annuity Alternative

Victoria Bulgin — Sat, 01 Sep 2012 16:07:05 +0000

Income Drawdown - Capped and Flexible Although the majority of people believe that at retirement, pension income from a personal pension has to be paid via an annuity; there are in fact 2 alternatives: Capped Drawdown and Flexible Drawdown. What is Drawdown? The concept of Income Drawdown was first introduced by the Finance Act 2005. The idea is that rather than use your entire pension fund to purchase an annuity, you can instead take an income directly from your Read more [...]

Original article: Income Drawdown: An Annuity Alternative by Victoria Bulgin from Goringe Accountants

ETFs or Mutual Funds?

Paul Milnes — Tue, 28 Aug 2012 11:56:01 +0000

Exchange Traded Funds Whilst Exchange Traded Funds (ETFs) are still considered the new kid on the block their popularity and importance can no longer be over-looked by investors who are finding it harder than ever to achieve the returns they desire. At JPM we believe that there is real value to be gained from ETFs but are they right for everyone? It’s worth taking a moment to understand what they are and how they can form part of your investment strategy. ETFs Read more [...]

Original article: ETFs or Mutual Funds? by Paul Milnes from Goringe Accountants

VAT Threshold

Nicky Larkin — Sat, 25 Aug 2012 17:01:36 +0000

What is the VAT threshold Different countries have different VAT thresholds. However, if you are trading in the UK the VAT registration threshold is currently £77,000 of taxable sales. This means that if you have sales that would be subject to zero or standard VAT you need to the check the level of sales in a 12 month period to see if it is under or over the VAT threshold. What if I have a variety of sales? If you have a mixture of sales, some of which would be exempt Read more [...]

Original article: VAT Threshold by Nicky Larkin from Goringe Accountants

Rental Income Taxes

Nicky Larkin — Sun, 12 Aug 2012 16:26:29 +0000

Rental Property Investment Many people have rental properties whether it is an investment choice, they have moved and couldn’t sell their original property and decide to rent rather than reduce their resale price, or can’t afford to live in their house any more and move out permanently / temporarily until their financial situation improves. Income Tax On Rental Income If you decide to rent a property it is imperative that you declare this rental income to HMRC Read more [...]

Original article: Rental Income Taxes by Nicky Larkin from Goringe Accountants

Accountancy Practice Excellence Awards

Goringe Accountants — Sat, 11 Aug 2012 10:29:19 +0000

We are delighted to announce that Goringe Accountants are through to the second round in the 2012 AccountingWeb Practice Excellence Awards. This is the first year that we have entered ourselves for any awards, however, after a successful first 5 years of trading and growth, we thought it was time to put our toe in the water. The AccountingWeb Practice Excellence Awards were attractive to us as they have a thorough selection process, starting with a client benchmarking Read more [...]

Original article: Accountancy Practice Excellence Awards by Goringe Accountants from Goringe Accountants

Relevant Life Trust

Victoria Bulgin — Mon, 30 Jul 2012 12:40:11 +0000

How To Reduce The Cost Of Life Cover Question: Are you a director of a small business and pay for your life cover premiums personally, out of net income? Are you an employer looking to provide ‘death in service’ benefits for your employees but there are too few to set up a group scheme? If the answer to either of these questions is yes, the Relevant Life Trust will provide a tax efficient solution for you. What is this relevant life trust plan? It Read more [...]

Original article: Relevant Life Trust by Victoria Bulgin from Goringe Accountants

Cash in Hand: The Reality

Nicky Larkin — Thu, 26 Jul 2012 08:34:41 +0000

Cash In Hand Work This week there have been numerous reports in the press regarding cash in hand payments, after David Gauke, the Exchequer Secretary to the Treasury stating that he believed that paying trades people cash in hand was “morally wrong”. Following this statement there has been much confusion and discussion of the morality and legality of paying cash in hand. The Facts Paying in cash is a valid and legal method of payment for goods or services. Paying Read more [...]

Original article: Cash in Hand: The Reality by Nicky Larkin from Goringe Accountants

Sage One Accounting Software

Nicky Larkin — Sat, 30 Jun 2012 18:47:56 +0000

Cloud Accounting Sage One accounting software is Sage’s latest offering via the cloud. Sage 50 Professional Online has been around for several years, however, was essentially the desktop version remotely hosted. Sage One has been specifically designed for its purpose – an introductory accounts package for the small business owner. Top Benefits Of Sage One Accounting Software [1] Accountant Access Your accountant will be able to access your Sage One data at the Read more [...]

Original article: Sage One Accounting Software by Nicky Larkin from Goringe Accountants

Wrap Up Your Investments

Paul Milnes — Thu, 21 Jun 2012 15:09:35 +0000

Investment Tax Wrappers As investors we constantly try to maximise our returns and by using the saltydog data we can hopefully identify the best funds to do that. Whilst choosing the funds may be key to your performance, of almost equal importance is choosing the correct tax wrapper in which to hold those funds. Whether it is ISAs, pensions, unit trusts or investment bonds, different wrappers will suit investors at different points in their life. It is too big Read more [...]

Original article: Wrap Up Your Investments by Paul Milnes from Goringe Accountants

Seminar: Employment Law – Health & Safety

George Fisher — Thu, 14 Jun 2012 16:22:05 +0000

Today we attended a seminar to learn more about the complexity of Employment Law and how important it is to small businesses; presented by Peninsula and hosted by Goringe Accountants Ltd. The seminar covered areas such as legislation, tribunals and health & safety. It allowed us to consider these areas from a Human Resources Management (HRM) point of view and how best to deal with different operational issues. Good Management A point repeatedly mentioned was of Read more [...]

Original article: Seminar: Employment Law – Health & Safety by George Fisher from Goringe Accountants

The Importance Of A Business Plan

Nick Richards — Tue, 05 Jun 2012 13:04:07 +0000

In this article experienced businessmen Nick Richards and John Panczak from LAUDIS Business Advisors explain the importance of planning in business. LAUDIS specialise in providing Non Executive business expertise as well as exit planning to fast growing businesses. Over half of the UK's small and medium-sized businesses are operating with no written Business Plan. All businesses should know what they are trying to achieve, otherwise how do you know you are taking Read more [...]

Original article: The Importance Of A Business Plan by Nick Richards from Goringe Accountants

Company Cars

Nicky Larkin — Sun, 03 Jun 2012 19:11:35 +0000

It can be confusing whether to introduce company cars into your business or not. For the purposes of this article we are assuming that your business is a limited company. If you are a sole trader or partnership there may be some differences as to the tax treatment to the cars used by the business owners. There are three tax efficient areas to consider when making the decision to purchase a company car: - corporation tax via capital allowances, personal taxation via Read more [...]

Original article: Company Cars by Nicky Larkin from Goringe Accountants

Business Structures

Nicky Larkin — Fri, 01 Jun 2012 16:41:08 +0000

One of the most common questions I get asked in new client meetings is how should I structure my business? This is not a straightforward question, and I inevitably have to ask several follow up questions to find out the plans for the business. Below is a summary of the type of business structures that you may wish to consider and some of the advantages and disadvantages. [1] Sole Trader This is the most simple business structure. The business owner registers with Read more [...]

Original article: Business Structures by Nicky Larkin from Goringe Accountants