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Graduate Fashion Week

Hot on the nine-inch heels of our involvement with London Fashion Week, Mark is thrilled to be appointed as Treasurer for Graduate Fashion Week (GFW). With responsibility for budgets and assisting with strategy, he’ll be a driving force in helping the exceptionally talented university-leavers to make their mark on the catwalk and beyond.

East London Small Business Loans

If you run a small business in the East London area, you’ll be interested to hear that Mark is on the loan panel of the East London Small Business Centre (ELSBC).

Director disqualification: what you need to know !!

"News International and its parent News Corporation exhibited wilful blindness, for which the companies' directors ...should ultimately take responsibility”; “We conclude, therefore, that Rupert Murdoch is not a fit person to exercise the stewardship of a major international company,” so concluded the cross party bench committee of MPs.

HMRC has begun the process of overhauling its operation of the IR35

HMRC has begun the process of overhauling its operation of the IR35 regime for personal services companies with new guidance that sets out some basic risk factors that will affect a contractor’s chances of being investigated.

HMRC sends 12,000 wrong penalty letters

The tax department has been caught out by yet another bungle in its penalty letter dispatching system. HMRC moved swiftly this morning to apologise for sending 12,000 penalty notices to people who have been taken out of the Self Assessment (SA) process.

We've finally launched our blog and we'd love you to read it!

A couple of times each week we’ll be giving you a glimpse into what goes on in our corner of the world. It’s not about tax, it’s not about accountancy – we send you enough info about all that already – it’s about odd little things that go on in the office.

Copa Del Nordens - Is it all over or will Mark do a Keegan?

Mark Norden has extended his lead to a massive 305 points going into the final month of the season. Surely he will be the champion unless he has a Kevin Keegan moment and Darren Hahn tries some mind games!

Economic Insight April 2012

UK looks set to avoid recession, though the recovery will be choppy. This month will see the release of the initial estimate of economic growth in the first quarter of 2012, which will show whether or not the UK has avoided recession (for now).

Plumber Jailed For Tax Fraud

A plumber based in the West Midlands was jailed for 12 months on 27th March 2012 for tax fraud. He had traded for 10 years as a self employed plumber and was found to have evaded £91000 of income tax and national insurance.

Copa Del Nordens - Noddy regains lead, while Dazza piles on the pressure with a great month!

Noddy AKA Mark Norden is back to the top of the Nordens talkSPORT predictor mini league. People who know him better will know why he has the nick name of Noddy. Does he have a likeness to the children's TV character or is there another reason I ask???

HMRC will address the P35 penalty controversy

An announcement from HMRC and a success for ICAEW Tax Faculty. HMRC today (19 March 2012) announced significant improvements to the P35 Employers end of year return process.

Stand up and be counted in response to an IRRELEVANT Budget

Nordens have today launched a new growth initiative to help local businesses stand up and be counted in restoring prosperity to the region. Commenting on the Budget and the new initiative Nordens name partner Mark Norden said that...

Getting young fashion businesses off the ground

This week Mark is running a series of training workshops at the Centre for Fashion Enterprise, part of the London College of Fashion.

Bank lending scheme targets smaller businesses

A £20bn government scheme to try to boost bank lending to small and medium-sized enterprises (SMEs) has been launched by the chancellor. Barclays, Santander, Lloyds and Royal Bank of Scotland have so far signed up.

E-traders face tax investigations by HMRC

People who trade on the internet are being targeted in HM Revenue and Customs' latest focus on unpaid tax. Online marketplace traders must come forward to admit any unpaid tax or face harsher penalties.

HMRC Target Fashion Companies

ARE YOU PAYING YOUR INTERNS? It’s a multimillion pound enterprise, churning out shows watched by millions and helping to secure Simon Cowell an estimated £200m fortune. But X Factor has come under fire from the taxman for failing to pay even the minimum wage to intern working as stylist for the shows.

HMRC has mistakenly sent out 17,000 final reminder letters due to computer error

The department apologised for the problem, thought to be affecting those who made payments between December 14th to 16th, and has cancelled penalties sent within the correspondence.

Harold Rosenbaum takes on Dr X of Evil at Hoover Dam

You will also find out the true identity of Dr X of Evil. The excitement is overwhelming hear at Nordens. View Harold Rosenbaum Chartered Accountant Extreme Part 5.

Yiota goes top in the Copa Del Nordens football predictor league

Step aside Arsene Wenger your time is up! It's time for a new young female manager under the name of Yiota Koshias! Topping the Copa Del Nordens will surely put her in pole position to take over from the under pressure Arsenal boss.

HMRC now accepts phones are not computers after all: tax repayments are possible

HMRC now accepts that smartphones such as i phones and Blackberrys satisfy the conditions necessary to qualify as 'mobile phones'. This change was announced in Revenue & Customs Brief 02/12 issued on 20 February 2012.

Nordens announce SME Eurofinance as a new business partner

We have teamed up with SME Eurofinance, a leading independent financial institution with a network throughout the UK. So if you need funding for assets or cash flow, please speak to your client manager to find out how we can help you gain affordable finance to suit your needs.

50p tax rate increases tax planning

Despite the governments desire to increase tax revenues from the controversial 50p tax rate for higher earners, it now looks like it may be having the opposite effect and depressing revenues. While corporation tax leapt by 9.3% in January compared to the same month last year, total income tax payments only nudged up 2.4%.

PAYE dodgers beware - HMRC can ask problem employers for a security

HMRC can ask problem employers for a security. From 6 April 2012 HMRC will be able to ask employers to pay a security where there is serious risk that they won’t pay over their PAYE tax deductions or Class 1 National Insurance contributions (NICs).

Economic Insight February 2012

A monthly briefing from the ICAEW's economic advisers.

- Businesses cautious against gloomy economic backdrop
- UK economy contracts in final quarter of 2011
- BCM points to slowdown in capital investment growth
- Unemployment continues to rise
- Emerging contrast in US and European labour markets
- Short-term economic outlook remains weak

Watch out for new HMRC fines

THE ICAEW is warning accountants to take heed of the taxman's new late-filing penalties that will be introduced this week. Last year HMRC estimated £2bn of tax was at stake from late filers who missed the 31 January deadline.

HMRC announces temporary halt to Business Record Checks (BRC's) for the present

HMRC announced on the 3rd February that it is to postpone making any new business record check appointments until a revamped approach outlined in a recent report is launched early in the 2012/13 financial year.

Would you like cheaper more tax effective life cover?

There is a new product available specifically designed for small limited companies called "A RELEVANT LIFE PLAN". This is suitable for limited companies who have 1-20 employees including directors.

VAT: online returns required for all businesses from 1 April 2012

HMRC has issued an alert to VAT-registered businesses across the UK about important changes that come into effect next spring.

Our charity of the year is Saint Francis Hospice

We’re aiming to raise £10,000 this year and we’re asking for your support!

For every new client we sign up during 2012, we’ll donate £50. So, if you’re happy with our services, please tell your friends, family, co-workers, contractors – in fact anyone you can think of who might need the services of a first class accountancy practice and strategic planning consultancy. Each time you recommend someone who joins the Nordens’ family, the pot for Saint Francis will grow.

Tax deadline put back by HMRC over strike

No fines will be handed out to anyone who submits their self-assessment tax returns online in the first two days of February.

Peter Farrelly now has two teams in the top ten of the Copa Del Nordens

Chelsea fan Peter Farrelly has good recent form with his reserve team JCLSTech. Peter obviously has the same mentality as Andre Villas-Boas and thinks that there is no problem having a B team in the same league. We may have to refer to the Nordens Football Association rule book!

Tax return filing - what is a reasonable excuse?

In recent news items about the self assessment filing deadline we have said that you may not get a late-filing penalty if you have a ’reasonable excuse’. As the 31 January deadline approaches, this topic is appearing in the media (it will be featured on BBC Radio 4’ Moneybox today). Here we give more information about what the term means.

31 January SA deadline - you can still file a paper return

But be prepared to pay for it! We have heard some pundits proclaim that it is now too late to file a paper return, but this is not true.

31 October 2011 was the deadline for submitting a self assessment tax return for 2010/11 on paper. 31 January 2012 is the deadline for filing the return online. You can continue to file on paper or online after each of these deadlines, the only difference is the amount of penalty you have to pay.

Changes to PAYE late payments and penalties

If a penalty is due, HMRC will send you a late payment penalty letter telling you how much you owe and when you have to pay it by. It will also tell you what to do if you think the penalty is wrong, including how to appeal.

Significant risks to world growth in 2012

This year looks set to be a challenging one for economies in the West, with significant downside risks to growth in the short term.

See Part 4 of Harold Rosenbaum Chartered Accountant Extreme

Will Harold Rosenbaum be able to save his side kick Ledger Lad. View Harold Rosenbaum Chartered Accountant Extreme Part 4.

50p tax rate to stay, says Cameron

Speaking on the BBC's The Andrew Marr Show, Cameron said the 50p rate of tax on those earning more than £150,000 would continue.

HMRC launching an investigation into secret perksÂ’ paid to Premier League footballers

According to a report in the Mail on Sunday, HMRC investigators have interviewed finance directors at several top clubs and have also sent a football clubs employment issues questionnaire to at least 24 clubs.

Business Record Checks: where now?

HMRC is continuing to pilot its Business Record Checks initiative on some 20,000 small businesses, however it has responded to objections and in December 2011 decided to undertake a strategic review of the project.

See Part 3 of Harold Rosenbaum Chartered Accountant Extreme

Harold Rosenbaum tackles Mr X of Evil and his false business expenses. Will he save the day again? View Harold Rosenbaum Chartered Accountant Extreme Pt. 3

Goonerboy2 regains lead in the Copa Del Nordens, knocking Mark Norden off the top spot

After two months at the top of the Copa Del Nordens football predictor league Mark Norden gets knocked off the top spot by Goonerboy2 AKA Ben Goldstone. Well done Ben! A combination of steady weekly points by Ben and recent shocking week of -70 by Mark has seen them change position.

UK economy to limp into New Year as global growth slows

The UK economy is likely to stagnate at best in the near term and may well be contracting now according to recent indicators. Both the Bank of England and the Office for Budget Responsibility (OBR) sharply downgraded their forecasts for growth in 2012 in November as short-term indicators such as the ICAEW/Grant Thornton Business Confidence Monitor showed a sharp drop off in business confidence in the final quarter of 2011.

Christmas Parties - a taxable benefit?

The season of good cheer has arrived accompanied by the season of office parties, so it’s a good time to remind everyone of the tax implications of having a good time.

Autumn Statement 2011

Chancellor George Osborne presented the Autumn Statement to the House of Commons on 29 November 2011. This newsletter summarises the key points, and rounds up some of the recent changes announced by the Coalition Government.

Freddie Starr ate my Bookkeeping!!!

We are pleased to see Freddie Starr safely back from “I'm a Celebrity” however since his return he has decided to eat our bookkeeping.

Attempted Email Fraud Scam - Please be aware

One of our banking partners has just stopped an attempted fraud on one of their customer’s accounts in West London and we thought we should bring this to your attention as it is a new type of attempted fraud.

Mark maintains his lead in the Copa Del Nordens

Even though Mark scored negative points in the final weekend of November he still managed to extend his lead to 75 points from Goonerboy2 (AKA Ben Goldstone).

See Part 2 of Harold Rosenbaum Chartered Accountant Extreme

Everyone has an idol. Our one must be Harold Rosenbaum Chartered Accountant Extreme. Some times we like to act out these scenes in the office... Honest.

UK economy set to contract as business confidence collapses

Business confidence has collapsed according to the latest ICAEW/Grant Thornton UK Business Confidence Monitor (BCM). The Confidence Index has suffered its largest quarterly decline since the survey began, indicating that the UK economy will contract by as much as 0.2% in the last quarter of 2011.

Fraudsters invent a new registration requirement for VAT

The latest scam purports to relate to tax obligations under EU law.

In this case, a newly incorporated company receives a fraudulent letter ( www.hmrc.gov.uk/security/vat-scam.pdf ) asking it to pay £320 by credit card to register on the 'Intracom VAT Registy'.

Experienced Freelance Bookkeepers Wanted

Recently quoted as 'accountants to the stars!' we're currently recruiting experienced freelance bookkeepers in the London and Essex areas to provide bespoke support to a number of our clients. So if you'd like some celebrity sparkle, contact us now.

We are pleased to welcome Kirsty, Sam and Laura to Nordens

Kirsty, Sam and Laura have joined our rapidly expanding team at Nordens. They are already proving to be great assets to the business and will further improve the service and support to our customers.

See the latest adventures of a Chartered Accountant

Who ever said… "Life as an accountant is boring?" See Harold Rosenbaum Chartered Accountant Extreme Part 1. That's pretty much daily life at Nordens!

Annual PAYE reconciliation process causes another media storm

The current news headlines are once again full of horror stories claiming millions of people have underpaid tax through the Pay As You Earn (PAYE) system, while others are due repayments.

Mark Norden tops the Copa Del Nordens predictor league. Fix we hear you cry!!!

Mark Norden storms up Copa Del Nordens talkSPORT predictor league to take over the lead from Goonerboy2 (AKA Ben Goldstone). That sounds suspicious I hear you say! The boss tops his own company mini league. If this wasn't an independent website we would all be demanding for a recount or would assume there has been bribery or threats of sackings!

Millions more in line for tax rebates

About six million people are set to receive tax rebates averaging £400, while another million will learn they have underpaid their tax by about £600. Her Majesty's Revenue and Customs (HMRC) said letters would begin going out in the next few months, with those owing money able to pay in stages.

State of the economy dominates party conference season

Unsurprisingly, against a backdrop of slow growth, an ongoing debt crisis on the Continent and a significant squeeze on living standards in the UK, the fragile state of the economy has dominated party conference season.

Mortgage Verification Scheme gives HMRC leads to under declared income

A new scheme to combat mortgage application fraud was launched on 1 September 2011. A by-product of this is a further source of information for HMRC to use in its risk assessment process.

New National Minimum Wage Rates

The adult rate of the National Minimum Wage (NMW) increases to £6.08 (£5.93) an hour from 1 October 2011. This is payable to those aged 21 and over.

Tax havens: Is the tide turning?

Around the world, grassroots opposition to tax avoidance is on the rise. But a survey shows that all but two of the UK's biggest 100 companies have subsidiaries in tax havens, from the Cayman Islands to Singapore. So is big business out of step with public opinion?

Goonerboy2 (AKA Ben Goldstone) takes an early lead in the Copa Del Nordens

Step aside Arsène Wenger. After 6 years with no trophy Arsène must be feeling the pressure from up and coming managers such as Goonerboy2 (AKA Ben Goldstone) who is topping the Copa Del Nordens TalkSPORT predictor league. Ben has stormed to a 140 point lead. Can he continue this early form???

World economy teetering on the edge

The past month has seen little in the way of good economic news and markets across the globe are on edge, deeply concerned about the risk of another recession in the West.

HMRC targets the fast food sector

HMRC have launched a new taskforce to target VAT fraud in London's fast food outlets. The launch of this taskforce follows the recent launch of taskforces to target the restaurant sector in London and other places in the UK.

31 October self assessment deadline

From this year, the rule which reduced the tax return late filing penalty from £100 to nil provided that the individual had paid all their tax before 31 January, has gone. In the light of this, HMRC has provided guidance for agents on how to manage the 31 October 2011 self assessment deadline.

Guidance to furnished holiday lettings rules

HMRC issues guidance on the new rules. HMRC has issued an advance version of a new Helpsheet (HS253) on furnished holiday lettings (FHL). The rules have changed for 2011/12 and will change again for 2012/13 and following years.

Funny story... A resident of San Diego, was visiting her in-laws...

A resident of San Diego, was visiting her in-laws and while there went to a nearby supermarket to pick up some groceries.

Five Plumbers Arrested in Tax Raids

The Plumbers Tax Safe Plan ends on 31 August 2011and is is a chance for plumbers, gas fitters and heating engineers with undeclared taxable income to ‘come clean’ and bring their tax affairs up to date on favourable terms.

Woman jailed for tax credit fraud

Following an HMRC investigation a West Midlands woman, a mother of six, has been sent to prison for eight months for tax credit fraud.

Self Assessment - No interest if payment made by 27 September 2011

We have previously reported that there have been delays in HMRC sending out some of the July 2011 self assessment (SA) statements HMRC has today provided the Institute of Chartered Accountants with an update.

Katie Rowland the new Jewellery Designer of the year 2011

Jewellery designer Katie Rowland wins the New Designer of the Year award at the UK Jewellery Awards.

Business Payment Support Service - how's it going?

The Business Payment Support Service (BPSS) is designed to help taxpayers who are having difficulty paying all their tax on time. It provides an easy route to someone at HMRC who can make a decision.

Plumbers Tax Safe Plan ends on 31 August 2011

Those with unpaid tax now need to make a disclosure. Back in March 2011, as we reported at the time, HMRC launched a Plumbers Tax Safe Plan (PTSP). This is a chance for plumbers, gas fitters and heating engineers with undeclared taxable income to ‘come clean’ and bring their tax affairs up to date on favourable terms.

Nordens Premiership Football Predictor

With the new football season about to start, the Nordens Premiership Football Predictor and the Financial Staffing Solutions Mickey Mouse Cup will be back in full swing.

Change to how HMRC will help employers who can't reconcile payments

HMRC has issued an update about reviewing PAYE payments. Employers and accountants often ask HMRC to provide detailed lists of the PAYE payments the employer has made, and these requests are time-consuming to answer. So, in future HMRC will no longer provide full payment records!

Delays to July Self Assessment statements - more from HMRC

No interest charges if you pay within 30 days

We reported last week that HMRC has been slow in sending out some of the self assessment statements which show what is due at 31 July 2011 and include a payslip.

Self Assessment statements 31 July 2011

HMRC has told us that that there has been a delay in sending out some of the mid-year self assessment statements to taxpayers.

Web Robots to help HMRC target 'tax cheats'

HMRC is stepping up its targeted campaigns against ‘tax cheats’ and will be using more IT, such as ‘web robot’ software, to search the internet and find targeted information about specified people and companies.

HMRC seeks to get taxable businesses to register

HMRC has announced a new campaign aimed at businesses trading above the VAT turnover threshold of £73,000 but which have so far failed to register for VAT.

Fashion Bootcamp

Mark Norden will be lecturing at the CFE Fashion Bootcamp, Looking After Your CashFlow and Finance, at the London College of Fashion

2010/11 PAYE reconciliations

HMRC has told us that will be starting the 2010/11 PAYE reconciliation exercise in July this year.

The National Insurance and PAYE Service (NPS) computer system is designed to perform automatic reconciliations of PAYE records and identify under- and overpayments. Those affected will be sent details on forms P800.

Employers warned not to take hard line with parents affected by strikes

Employment lawyers have warned organisations not to refuse parents the day off tomorrow or subject them to disciplinary measures on their return, as many parents struggle to find childcare in the face of school closures.

HMRC Task Force to Investigate Restaurants

HMRC has announced that its much heralded “Task Force” set up to tackle tax evasion will focus on the restaurant trade as its first target sector, and not surprisingly, London will be the initial target area.

HMRC Single Compliance Process

HMRC agrees to put back the start date until 20 June 2011

Last week we reported that HMRC is starting to test a new Single Compliance Process (SCP).

Tax Returns - New Opportunity for Criminals !!!

New round of tax returns means new opportunity for criminals

We have just been advised by one of our members that self assessment tax return fraudsters have struck again. This may be an isolated case, but please be aware of the risk and as usual be vigilant and keep a close watch on your passwords. Change them regularly if you can. Although this is currently an HMRC requirement, it seems likely that this may need to change in the near future.

Research & Development Tax Relief

Background – Are you making enough of the relief?

Following the recently published Dyson Report, HM Revenue & Customs (‘HMRC’) are currently considering recommendations to refocus existing R&D schemes on high tech companies, small business and new start ups. The 2011 Budget announced changes to the relief, making it more beneficial to small and medium sized companies. This is not the end of the consultation and review however, further changes have been proposed but have not been legislated. Whatever the final outcome, you should ask yourself whether you are really making enough of the relief?

BBC Watchdog - HMRC Debt Collection

BBC Watchdog featured a short report on the debt collection activities of HMRC, principally about the use of an overly aggressive tone (eg, threatening to seize cars and computers, etc) and the pursuit of debts that did not exist. If you missed it, catch it on iPlayer or via the BBC website: Click here.

HMRC announces crackdown on VAT rule breakers

HMRC issued a news release on Friday 20 May announcing that it is to introduce a campaign targeted at VAT rule breakers.

The new campaign will focus on individuals and businesses who are trading above the VAT threshold (currently £73,000), but who have not yet registered for VAT. The initiative is being discussed with interested parties to ensure HMRC has as much information from them as possible before launching the campaign later in the summer.

HMRC - Single Compliance Process

On 18 May HMRC announced that it will be testing a new ‘Single Compliance Process’. The pilots will begin in June 2011.

Details are in HMRC’s press release. There is also an HMRC briefing note for agents which has been published on the ICAEW website but is not yet on the HMRC website.

SAVE NOW on Domestic Utility Bills

Nordens has partnered with LSI, one of the UK's leading utility brokers. Together we are proud to introduce this new cost-cutting service to all our employees.

This service offers a free and simple way to save on domestic gas and electricity. All you need is your post code and your latest gas and electricity bills.

Have you claimed business rate relief?

Are you aware that only 84% of small businesses claimed business rate relief in 2009/10.

Business rates are charged on commercial properties such as shops, offices and factories and collected by councils. The annual bill is calculated as a percentage, currently about 40%, of a properties rateable value.

Paying HMRC changes from April 2011

The rules for paying some of the most common taxes are changing.

IR35 - It is here to stay

After ten years of campaigning, lobbying, hoping and fearing, the future of IR35, the 'disguised employees tax' has been decided by the Coalition Government - it is here to stay.

Budget Summary 2011

23 March 2011, the Chancellor of the Exchequer George Osborne delivered the 2011 Budget. The following is a summary of the main tax points of interest.

Are you overpaying on your utilities?

Nordens, in conjunction with LSI, one of the UK’s leading utility brokers, are offering all our clients a free, independent assessment on their utility bills. Savings of up to 25% can be achieved on your gas, electricity and telephone bills as most companies are overpaying for their utilities.

Budget 2011 â€“ What can we expect?

The second Budget of the Coalition Government is on 23 March 2011. The 23 March 2011 Budget is the second Budget of the Coalition Government and follows the first, Emergency, Budget on 24 June 2010.

In this news item we consider what may be in the Budget, and what to expect in the Finance Bill.

Year End Income Tax Planning

With only a few weeks left until the end of the current tax year, see some factors to consider before 6 April 2011.

Corporation Tax Electronically

From 1 April 2011, companies and organisations will have to submit their Company Tax returns online and pay all Corporation Tax and related payments electronically. Related payments include interest charges on overdue Corporation Tax and penalties for not filing Company Tax Returns on time.

Are Sponsorship Payments Allowable Tax Expenses?

The HMRC Tribunal recently had to determine the deductibility of sponsorship payments and concluded that no tax relief was available. This case contains a key lesson for anyone seeking tax relief for such payments.

Plumbers' tax disclosure plan is 'open to anyone'

Plumbers, gas fitters, heating engineers and ‘members of associated trades’ who sign up to a new disclosure facility and pay outstanding tax liabilities are to be offered a reduced penalty. But experts say that the new disclosure facility announced this morning appears to be open to anyone who has not fully disclosed their income.

Business Record Checks

In December 2010 HMRC published a consultation paper on Business Record Checks, a program that will look to review the adequacy of the business records produced by small businesses.

Economics - Double Dip Will Be Avoided !!!

This quarter’s ICAEW/Grant Thornton Business Confidence Monitor(BCM) shows the downward trend in the BCM Confidence Index which began in Q2 2010 has started to slow in Q1 2011. This mainly reflects a gradual return to normality as the UK economy moves further away from the financial crisis.

Did you know that businesses are NOT obliged to give staff the day off for the Royal Wedding?

Businesses are only really obliged to honour their contracts of employment, so the issue of time off for the Royal Wedding depends entirely on how these have been written.

Nordens Tax Diary

We have added a "Tax Diary" to our website to help you avoid missing important tax deadlines. This feed will be automatically updated every month!

December Tax Update

At the beginning of the relevant tax year, employers will be required to estimate the level of employment earnings that their employee is likely to receive during that year (ignoring potential bonus and overtime payments, but including other known taxable benefits). Income for the purpose of the calculation will be reduced by the personal allowance as shown on the individual’s tax code for the relevant employment.

If the level of income is within the basic rate band, the employee will be entitled to relief on up to the full £55 per week, but if it exceeds the 50% rate threshold for the year, the employee will be entitled to relief on just £22 per week; and if itis between the above two bands the employee will be entitled to relief on £28 per week.

Nordens welcome Panayiota

Panayiota Koshias joins Nordens Chartered Accountants.

Britain 'on the mend', Osborne insists

Presenting his first Autumn Statement as Chancellor of the Exchequer, Chancellor George Osborne has asserted that Britain is 'on track' to recover from the deepest recession of post-war times.

The Statement was largely a response to the first Autumn forecast from the independent Office for Budget Responsibility (OBR), created by the Coalition Government earlier this year.

The 2010 Comprehensive Spending Review

In recent years, Government spending has consistently exceeded Government receipts, resulting in an annual deficit and a spiralling national debt. Tackling this deficit has become the Coalition’s top priority, prompting the Government to conduct a detailed review of public spending.

Pensions tax relief - the latest changes

In the Emergency Budget, the Government made it clear that it intended to replace a series of complicated changes to the pensions regime, due to start next April. Draft replacement legislation has recently been issued, with rules which apply to everyone, rather than targeting high earners.

Change in the standard rate of VAT

The standard rate of VAT is set to rise from 17.5% to 20% on 4 January 2011. It is hoped the additional revenue generated from the increase will help to reduce the UK deficit.

Looking ahead

On 9 December the Government will publish draft clauses planned for inclusion in the Finance Bill 2011. This fulfils the Governments pledge to publish draft clauses for each Finance Bill at least three months in advance. The change forms part of the Coalitions new approach to tax policy making, which is supposedly based on predictability, stability and simplicity.

Emergency Budget Highlights

Following a review, the newly appointed Chancellor George Osborne delivered an Emergency Budget on 22 June 2010.

Some of the key announcements are outlined below.

• Value Added Tax (VAT)
• Capital gains tax (CGT)
• Personal allowance
• National insurance contributions (NICs)
• Corporation tax
• Small business finance

Corporate Tax - The 'five year plan'

Alongside the Chancellor’s Autumn Statement on 29 November, the Treasury published the Government’s plan to reform the corporate tax system over the next five years.

Traditional Business Plans Don't Work!

Are you surprised! It is probably something you have thought about but not shared, certainly not with your accountant or bank managers and especially not when you were attempting to raise funds for your business! But why don't traditional business plans work? In theory surely they should be the successful driving force behind any business.

Franology teams up with Nordens

Nordens has teamed up with Franology (www.franology.co.uk) the new style franchise consultancy to offer clients advice and project management if they are considering expanding their business activities under license.

Companies House Accounts Deadline

As a reminder, Companies House shortened the deadlines for filing limited company accounts to 9 months after the year end rather than 10 months.

The Second Budget 2010

In the lead-up to the 6 May General Election, the Conservatives announced that if victorious they would hold an 'Emergency Budget' within 50 days of taking office, primarily to tackle the UK's economic deficit. Other measures promised in their manifesto included plans to cut inheritance tax and a new tax break for married couples.

Emergency Measures for an Emergency Budget Capital Gains Tax

The new Lib-Con Coalition Government has announced that there will be an Emergency Budget on 22 June 2010 and that reform of capital gains tax will feature amongst a number of tax changes. The Coalition Agreement between the two parties refers to "a detailed agreement on taxing non-business capital gains at rates similar or close to those applied to income, with generous exemptions for entrepreneurial business activities".

2009/10 Year End Strategies

The end of the tax or business accounting year is a key time to focus on tax and financial planning, but you should also try and think about these issues throughout the rest of the year.

November 2009 Newsletter

Welcome to our latest newsletter and we have taken the opportunity to summarise some of the latest announcements issued by HM Revenue and Customs that you wight not have notice but may be of interest.

October 2009 Newsletter

The Companies Act 2006 received Royal Assent on 8 November 2006, and has been introduced in a series of stages. 1 October 2009 sees the coming into force of the final 500 or so sections of the Act.

May 2009 Newsletter

As you may be aware, we have changed the name of our accountancy practice from Mark Norden & Co., to Nordens and incorporated our new branding. The change of name is to reflect that it's no longer Mark and his dog working in the practice and that we have a suitably qualified team who can assist with your needs and requirements.