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Disclosure of Staff Governors' remuneration

Disclosure of Staff Governors' remuneration

We have received several queries regarding the disclosure of staff governor remuneration in academy accounts. The issue stems from the Charities' Statement of Recommended Practice (SORP), which requires disclosure of trustee remuneration. During the period of conversion the terms trustees, members and directors will have become familiar, as well the continued use of governors. These are separate and distinct roles, although there will be a varying degrees of overlap from academy to academy. The EFA have issued guidance clarifying that th...

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End of year tax planning

End of year tax planning

There have been some significant changes announced in the March 2012 budget and December 2012 Autumn Statement. As ever, there are some which present opportunities for tax saving. Here are some of the key areas you may want to consider prior to the end of the tax year on 5 April 2013: Personal tax The 50% additional rate of income tax on incomes above £150,000 will reduce to 45% on 6 April 2013. For those who fall into this band, it may be beneficial to defer income from 2012/13 to 2013/14 where possible, as this will save...

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Last opportunity for 100% capital allowances on low CO2 cars

Last opportunity for 100% capital allowances on low CO2 cars

For the past few years a 100% first year allowance (FYA) could be claimed by businesses on capital expenditure on low CO2 emission cars. From 1 April 2013 the definition of a low CO2 emission car is changing, making it tougher to qualify for this relief. Generally, to qualify for the 100% FYA the expenditure must be: to purchase a low CO2 emission car; and, on a car that is unused and not second hand (although demonstration cars can also qualify). Until 31 March 2013 a ‘low CO2 emission car’ is one with CO2 emissions...

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Economic Update Seminar

Leading economist tells the South's businesses to look forward to growth in 2013

Mark Berrisford-Smith, head of economics for HSBC commercial banking, was the keynote speaker at an economic update seminar at the Ageas Bowl, Southampton, organised by HSBC and Rothmans. As the outlook for the Eurozone improves, there is more cause for optimism than a year ago, Mr Berrisford-Smith said, with the next five years being a process of “slow healing” for the British economy. His insightful talk included an overview of global economic conditions, such as the slowing down in growth of the BRIC economies (Brazil, Russia...

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Real Time Information (RTI) penalties

Real Time Information (RTI) penalties

Details of the penalties for late and inaccurate returns submitted via the new Real Time Information (RTI) system have been published by HMRC. The majority of employers will begin using RTI from April 2013, with larger employers required to follow by October 2013. Under RTI rules, almost all businesses and pension providers are required to report their employee's PAYE payments online on or before each pay day, as opposed to at the end of each tax year. According to the HMRC guidance: Penalties for late in-year Full Payment Submissi...

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Tax App

Rothmans makes tax less taxing

Finding out up-to-date tax information just got easier with the new free tax app for your Smartphone from Rothmans Accountants. This easy-to-use app is full of useful tools, including tax calculators, key tax diary dates, helpful tips and tables and the latest tax news affecting you and your business. Rothmans personalised service is now available while on the go. With every Office location and number being found at the click of a button, making it quick and easy to get in contact any time. The app is now live and avalible to download in...

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