financial news that’s relevant to you. · important thing about business. it instilled in me an...

helping you achieve your personal & financial goals

Financial news that’s relevant to you.


Alwyns Chartered AccountantsCrown House, 151 High RoadLoughton, Essex IG10 4LG

020 8502 0411

www.alwynsllp.com

• Accountancy• Audit• Taxation

– Business– Personal

• VAT• Payroll• Bookkeeping• Wealth and retirement planning

• Business support services– Profit improvement consultancy– Funding– Business purchase or sales– Strategic planning– Management accounting– Outsourcing– Company secretarial services

January 2013

9371-Alwyns newsletter template FINAL_Layout 1 07/12/2012 17:21

2015Summer

www.alwynsllp.comhelping you achieve yourpersonal & financial goals

9371-Alwyns newsletter template FINAL_Layout 1 07/12/2012 17:21 Page 3

2 7

INTRODUCTION

Depending on your political persuasion, and perhaps your location in the UK, you will have reached your own conclusions regarding the outcome of the recent elections.

No doubt we will have more austerity to deal with as George Osborne and his team battle to reduce our negative balance of trade with the rest of the world and our mountain of national debt.

The Summer Budget date has been announced, 8 July 2015, shortly after the publication of this newsletter, and it remains to be seen if the Chancellor will make any positive tax changes for the current year, or will merely indicate his future intentions.

Needless to say, he will likely be giving HMRC more powers to reduce tax evasion and tackle complex tax avoidance strategies.

Watch this space.

BUSINESS

Probate advice

Our probate specialists can help you, at what can often be a difficult time for you and your family.

The probate process can be complex, time consuming and stressful. It is reassuring to know a professional is working on your behalf.

Alwyns provides a personal, efficient service that is guaranteed to give you peace of mind.

Alwyns can handle all of the necessary probate requirements for you in a sympathetic manner, at a price which represents excellent value for money.

Alwyns probate services include:

• Becoming a named executor of an estate - solely or jointly with family

members, advisers or friends. • Acting as executor or assisting other

executors to: - determine assets of deceased - complete inheritance tax (IHT) forms and determine if IHT is due - apply for probate• Applying for letters of administration

where there is no valid will. • Collecting estate assets.• Assisting in distribution of estate assets

in accordance with the will or intestacy provisions.

• Preparing a statement of account of the estate.

• Acting as trustee where will or other trust created by testator.

Who is the new BusinessSecretary?

In a very personal statement the new Secretary of State for Business, Innovation and Skills, Sajid Javid, has set out his priorities for supporting Britain's small businesses.

In a recent speech he said:

“I’m delighted to be back in my home town of Bristol. And to be here at Engine Shed – a place that captures everything that’s great about this city… past, present and future. We’re in a part of the original Temple Meads train station, designed by Brunel. Today – thanks to Bristol University and the city council – there are promising start-ups here. There are app developers and apprentices in residence – the business creators and skilled workers of the future. I’ve had the pleasure of seeing some fantastic examples already this morning.

It’s the perfect spot for me to talk about

the Government’s plans for business…in the city where I learned almost every important thing about business. It instilled in me an unwavering belief in enterprise, opportunity and reward for hard work. Above all, I know what it’s like to run a small business.

That’s why I’m here today to talk about what this Government will do to support you. I’m here to expand on what David Cameron said while visiting the Tetley factory in Stockton-on-Tees last week.

The Prime Minister said this would be a Government delivering for working people: for hardworking taxpayers, for men and women giving them the dignity of a job and the pride of a pay check.

He promised we would train 3 million more apprentices. Improve childcare for people who want to work, or work longer. And cut taxes.

The momentum we’ve gained over the last 5 years is for all to see.

• 2.2 million private sector jobs created since 2010. Meaning we now have in the UK record employment.

• 750,000 more businesses created since 2010,

• Almost 28,000 recipients of start-up loans.

Make no mistake. Government isn’t responsible for this entrepreneurial boom. That’s down to individuals alone, people with the guts and gumption to risk everything on starting something from scratch. Meaning parents can bring home a family wage. Putting communities back to work locally. Planting the seeds of regional recovery and economic recovery, currently, the strongest in the G7, the healthiest in Europe.

During the election, we promised to do more for business. Much more. As one of our first acts, we’re introducing the Enterprise Bill. First and foremost, it will serve the interests of small business. Second, it will simplify and clarify the business environment in this country. And third, it will focus on jobs. So

FINANCIAL CALENDAR

In Preparing and maintaining this newsletter every effort has been made to ensure the content is up to date and accurate. However, law and regulations change continually and unintentional

errors can occur and the information may be neither up to date nor accurate.The editor makes no representation or warranty (including liability towards third parties), express or implied, as to

in this newsletter. The accuracy, reliability or completeness of the information published.


9371-Alwyns newsletter template FINAL_Layout 1 07/12/2012 17:21

6 3

employers can create those additional 2 million jobs and their focus on growth isn’t obstructed by disproportionate industrial action.

So let me describe the next steps on deregulation – on paring back bureaucracy.

• The manifesto promises a further £10 billion of cuts in red tape over the coming Parliament.

• Simpler audits for small business.• Less bureaucracy for house builders

and developers. • Fewer employment disputes reaching

costly tribunals.

Lofty words from the new Secretary. We shall have to wait and see if the rhetoric matches up to the developments in the real world.

Is this a good time to invest?

Is this a good time to invest if you are in business?

Actual business investment in the UK fell in the last quarter of 2014. This was largely driven by the reduction of investment in North Sea oil and gas exploration as global energy prices continued to fall.

Additionally, smaller businesses may have been waiting to see the outcome of the election.

Should you reconsider investment at this time? Certainly, it’s worth taking advantage of the current 100% write off available to those businesses making qualifying purchases of equipment and commercial vehicles. Currently, HMRC will allow businesses to write off up to

£500,000 against their taxable profits. This relief is due to reduce after 31 December 2015 to just £25,000.

However, businesses should not let the tax tail wag the dog. Financing capital expenditure also needs to be taken into account. Businesses will be unlikely to spend hard earned liquidity especially if they operate in competitive markets where there is downward pressure on margins.

If you are considering a significant purchase of new plant or equipment, planning your investment is critical. The issues you will need to consider are:

• What effect will your investment have on future income and profits?

• What are the tax consequences?• How will you finance the purchase?

Planning is absolutely key and we would be delighted to help. Call any time to make an appointment and don’t forget, once the purchase is made, planning opportunities – to make the most of your investment – may be lost.

Tax changes from 1 April 2015

The following tax changes came into effect from Wednesday 1 April 2015:

• The Corporation Tax rate has been reduced to 20%.

• The new Diverted Profits Tax has been introduced.

• The bank levy has increased from 0.156% to 0.21%.

• Air Passenger Duty has been restructured, abolishing bands C and D.

• Hospice charities, blood bikes, search and rescue, and air ambulance charities will be eligible for VAT refunds.

• Business rates changes (England only):• The business rates multiplier has

increased from 48.2p to 49.3p (47.1p to 48.0p for small business multiplier). This includes the 2% inflation cap.

• The Small Business Rate Relief scheme has doubled for a further year - providing 100% relief for businesses with a single property with a rateable value of less than £6,000, and tapered relief with a rateable value of £6,000 -

£12,000. • The business rates discount for shops,

pubs, cafes and restaurants with a rateable value of £50k or below has increased from £1,000 to £1,500.

• The cultural test for high-end TV tax relief has been modernised and the minimum UK expenditure requirement for all TV tax reliefs has reduced from 25% to 10%.

• A new tax relief on the production of children’s television has been introduced.

• The amount of banks’ annual profit that can be offset by carried forward losses has been restricted to 50%.

• Two new bands for the Annual Tax on Enveloped Dwellings (ATED) have been introduced.

• Capital Gains Tax exemption for wasting assets will only apply if the corporate selling the asset has used it in their own business.

• An investment allowance for North Sea oil and gas, replacing the existing offshore field allowances and simplifying the existing regime, has been introduced.

• A reduced rate of fuel duty to methanol will apply - the rate is 9.32 pence per litre.

• Fuels used to generate good quality electricity by CHP (Combined Heat and Power) plants for onsite purposes are exempt from the Carbon Price Floor.

• Climate Change Levy main rates have increased in line with RPI.

• The VAT registration threshold has increased from £81,000 to £82,000 and the deregistration threshold from £79,000 to £80,000.

• Scottish Government’s Land and Buildings Transactions Tax will replace Stamp Duty Land Tax in Scotland.

• The associated companies rules have

Overseas pension schemes Changes made to the legislation covering pension’s savings in overseas schemes bring them in line with the 2015 changes made to the rules for UK registered pension schemes.

These changes affect:

• Qualifying Recognised Overseas Pension Scheme (QROPS) - schemes that can receive transfers from registered pension schemes as authorised payments.

• Currently relieved non-UK pension schemes - where UK tax relief has been given on or after 6 April 2006 in respect of pension savings under the scheme.

Collectively, these schemes are known as ‘relevant non-UK schemes’ and will be subject to similar rules as UK registered pension schemes.

Tax on payments and contributions All payments you receive from an annuity or drawdown are taxable as income. You also pay Income Tax on 75% of the amount of any UFPLS you receive. The amount of tax you pay will depend on the amount of payments that you receive in the tax year plus any other taxable income you have.

You’ll also pay tax on any contributions you make to your pension pot over your tax-free annual allowance.

EMPLOYMENT & PAYROLL

Government announces NationalMinimum Wage rate increases

The Government has now formally accepted most of the Low Pay Commission’s recommendations on the new rates for the National Minimum Wage (NMW). This means that the new NMW rates which will apply from 1 October 2015 are:

• An increase from £6.50 to £6.70 per hour in the adult rate, which applies to workers aged 21 and over.

• An increase from £5.13 to £5.30 per hour in the youth development rate, which applies to 18 to 20 year old workers.

• An increase from £3.79 to £3.87 per hour in the rate for 16 and 17 year old workers.

In relation to the apprentice rate, which applies to all apprentices in year one of an apprenticeship, and 16 to 18 year old apprentices in any year of an apprenticeship, the Low Pay Commission had recommended an increase from £2.73 to £2.80 per hour. However, the Government did not accept this and has instead opted to increase the apprentice rate from £2.73 to £3.30 per hour. This is the largest ever increase in the NMW rate for apprentices and it will halve the gap with the NMW rate for 16 and 17 year olds. In addition, the Government is to launch a consultation with businesses on the future of the NMW rate for apprentices.

The Government is also putting employers in control of the funding for apprenticeships by introducing a new digital apprenticeship voucher. Apprenticeship vouchers will further simplify things for employers and give them the purchasing power over the Government contribution to

apprenticeship funding. The employer would register their details on a system being developed by the Skills Funding Agency including their type of business, the details of the apprentice and the apprenticeship standard to which they are signing up. The discounted rate (which could be up to 100% for 16 to 18 year olds) at which employers can purchase training would be calculated and the employer would be able to pass on the voucher code to the provider that is delivering the training for their apprentice. The provider would then reclaim the value of the voucher from the Skills Funding Agency.

MISCELLANEOUS

The Financial Ombudsman

Are you in the middle of a “tussle” with your insurance company, and you could do with some help?

The Financial Ombudsman is a service you can approach for impartial help if you cannot reach an acceptable settlement with your insurance company. The service is free to use and is a valid alternative to seeking legal advice.

The Ombudsman’s website can be found at http://www.financial-ombudsman.org.uk, or you can call for advice:

• From a landline 0800 023 4567• From a mobile 0300 123 9123



4 5

been replaced with simpler rules based on 51% group membership.

• The standard and lower rates of landfill tax have been increased in line with RPI.

Small Business Rates Relief

The current relief that smaller businesses can apply for is set out below. You will need to contact your local council to apply for Small Business Rate Relief.

You can get Small Business Rate Relief if:

• You only use one property.• Your property’s rateable value is less

than £12,000.

What you get You’ll get 100% relief (doubled from the usual rate of 50%) until 31 March 2016 for properties with a rateable value of £6,000 or less. This means you won’t pay business rates on properties with a rateable value of £6,000 or less. The rate of relief will gradually decrease from 100% to 0% for properties with a rateable value between £6,001 and £12,000.

You have more than one property You can get Small Business Rate Relief if the rateable value of each of your other properties is less than £2,600. The rateable values of the properties are added together and the relief applied to the main property. You’ll keep getting any existing relief for one year when you get a second property.

You’re a small business but don’t qualify for relief If your property has a rateable value below £18,000 (£25,500 in Greater London) you’re considered a small business. Even if you don’t qualify for Small Business Rate Relief, your business rates will be calculated using the small business multiplier instead of the standard one. This is the case even if you have multiple properties. The multiplier shows the percentage (pence in the pound) of the rateable value that you pay in business rates. You can see a list of current multipliers on the Valuation Office Agency (VOA) website.

PERSONAL

Selling personal possessions?

You may have to pay Capital Gains Tax if you make a profit, a gain, when you sell (or ‘dispose of’) a personal possession for £6,000 or more.

Possessions you may need to pay tax on include:

• jewellery• paintings• antiques• coins and stamps• sets of things, e.g. matching vases or

chessmen

You’ll need to work out your gain to find out whether you need to pay tax.

When you don’t pay it

You don’t usually need to pay tax on gifts to your husband, wife, civil partner or a charity.

You don’t pay Capital Gains Tax on your car - unless you've used it for business.

Jointly owned possessions

You’re exempt from paying tax on the first £6,000 of your share if you own a possession with other people.

Possessions with a limited lifespan

You don’t have to pay Capital Gains Tax on personal possessions with a lifespan of less than 50 years. This covers all machinery, and includes things like antique clocks or watches.

Different rules apply if you’ve used the possession for business. You don’t have to pay Capital Gains Tax if it doesn’t qualify for capital allowances. If it qualifies, you may need to pay Capital Gains Tax, but you can’t claim losses.

Summer Budget announced

The first Budget of the new parliament is to be delivered by George Osborne on July 8 2015.

Apart from tying up loose ends from the spring Budget the Chancellor will make a number of announcements:

1. His plans for eliminating the UK’s budget deficit and running a surplus by the end of the current parliament.

2. Details of the £12 billion cuts in public expenditure he will need to make.

3. Further measures to crack down on tax avoidance.

There may be a few tax “sweeteners” in the summer Budget, but it is more likely that George Osborne will get the painful changes out of the way, and early in the new parliament, leaving tax cuts until later.

Possible tax changes are announcements regarding:

1. The end of higher rate Income Tax relief for higher rate tax payers. Relief will be restricted to the basic rate.

2. A possible increase in the Inheritance Tax threshold for married couples.

3. Confirmation of the 100% write off limit for qualifying equipment and commercial vehicles beyond 1 January 2016.

4. Confirmation of an increase in the basic personal tax allowance to £12,500 by the year 2020.

5. An increase in the 40% higher rate tax threshold to £50,000 by the same date.

The final two changes would mean those on a £50,000 income would see an increase in take home pay of £1,620 and those on minimum wage would pay no Income Tax by 2020.

Is your income over £100,000?

If your income looks as if it will exceed £100,000 in the current tax year, 2015-16, don’t forget that your personal allowance will be reduced by £1 for every £2 that your adjusted, net taxable income is above £100,000.

For 2015-16, this means that if your income is £121,200 or above, you will lose your £10,600 personal tax allowance.

There may be tax planning strategies you could employ to reduce your taxable income and thus protect your personal allowance. Please call if you would like to discuss your options in more detail.

NIC & PENSIONS

Access your savings

As of 6 April 2015, from age 55, you can access as much of your savings from your defined contributions pension scheme (also known as ‘money purchase schemes’) as you want under new ‘pensions flexibility’ rules.

Schemes don’t have to offer these options. Talk to your pension provider or IFA to see what options are available to you. You can transfer your pension savings to a pension provider that offers the option that you want to use.

You can access your benefits in a number of different ways:

Lump sum payment You can take money direct from your pension pot without having to buy an annuity or put the money into drawdown, and 25% of this sum will be tax free. This is called an ‘Uncrystallised Funds Pension Lump Sum’ (UFPLS). You can take one or more UFPLS payments and these can be regular or irregular payments.

If you receive a UFPLS and this is the first time you have used the pension flexibility rules to access your pension savings, your scheme administrator will provide you with a flexible access statement.

Lifetime annuity You can use some or all of your funds to buy an annuity that will be payable at least for the rest of your life. You can take a tax free lump sum of up to 25% of your pension pot when you buy an annuity. This is called a pension commencement lump sum.

Flexi-access drawdown You can put funds into drawdown. From 6 April 2015 there are no limits on how much or how little you can take from your drawdown fund each year. You can

take a tax free pension commencement lump sum of up to 25% of your pension pot when you put funds into drawdown. Any drawdown payments are taxed as income.

If you receive a flexi-access drawdown payment and this is the first time you have used the pension flexibility rules to access your pension savings, your scheme administrator will provide you with a flexible access statement.

Capped Drawdown You can continue in capped drawdown if you were in a scheme before the changes, but no new capped drawdown funds or flexible drawdown funds may be set up from 6 April 2015 onwards. If you are in capped drawdown you may either convert your fund into a flexi-access drawdown fund or continue to take a capped drawdown pension from your arrangement. Speak to your pension scheme administrator if you want to convert to flexi-access drawdown.

You can add additional funds to your existing capped drawdown arrangements and your existing annual pension limits and review periods for capped drawdown will continue to apply. Capped drawdown payments are taxed as income.

Short term annuities If you are in drawdown you can decide to receive benefits in drawdown by purchasing short term annuities. These are paid by insurance companies at least annually and for no more than 5 years.



6 3

employers can create those additional 2 million jobs and their focus on growth isn’t obstructed by disproportionate industrial action.

So let me describe the next steps on deregulation – on paring back bureaucracy.

• The manifesto promises a further £10 billion of cuts in red tape over the coming Parliament.

• Simpler audits for small business.• Less bureaucracy for house builders

and developers. • Fewer employment disputes reaching

costly tribunals.

Lofty words from the new Secretary. We shall have to wait and see if the rhetoric matches up to the developments in the real world.

Is this a good time to invest?

Is this a good time to invest if you are in business?

Actual business investment in the UK fell in the last quarter of 2014. This was largely driven by the reduction of investment in North Sea oil and gas exploration as global energy prices continued to fall.

Additionally, smaller businesses may have been waiting to see the outcome of the election.

Should you reconsider investment at this time? Certainly, it’s worth taking advantage of the current 100% write off available to those businesses making qualifying purchases of equipment and commercial vehicles. Currently, HMRC will allow businesses to write off up to

£500,000 against their taxable profits. This relief is due to reduce after 31 December 2015 to just £25,000.

However, businesses should not let the tax tail wag the dog. Financing capital expenditure also needs to be taken into account. Businesses will be unlikely to spend hard earned liquidity especially if they operate in competitive markets where there is downward pressure on margins.

If you are considering a significant purchase of new plant or equipment, planning your investment is critical. The issues you will need to consider are:

• What effect will your investment have on future income and profits?

• What are the tax consequences?• How will you finance the purchase?

Planning is absolutely key and we would be delighted to help. Call any time to make an appointment and don’t forget, once the purchase is made, planning opportunities – to make the most of your investment – may be lost.

Tax changes from 1 April 2015

The following tax changes came into effect from Wednesday 1 April 2015:

• The Corporation Tax rate has been reduced to 20%.

• The new Diverted Profits Tax has been introduced.

• The bank levy has increased from 0.156% to 0.21%.

• Air Passenger Duty has been restructured, abolishing bands C and D.

• Hospice charities, blood bikes, search and rescue, and air ambulance charities will be eligible for VAT refunds.

• Business rates changes (England only):• The business rates multiplier has

increased from 48.2p to 49.3p (47.1p to 48.0p for small business multiplier). This includes the 2% inflation cap.

• The Small Business Rate Relief scheme has doubled for a further year - providing 100% relief for businesses with a single property with a rateable value of less than £6,000, and tapered relief with a rateable value of £6,000 -

£12,000. • The business rates discount for shops,

pubs, cafes and restaurants with a rateable value of £50k or below has increased from £1,000 to £1,500.

• The cultural test for high-end TV tax relief has been modernised and the minimum UK expenditure requirement for all TV tax reliefs has reduced from 25% to 10%.

• A new tax relief on the production of children’s television has been introduced.

• The amount of banks’ annual profit that can be offset by carried forward losses has been restricted to 50%.

• Two new bands for the Annual Tax on Enveloped Dwellings (ATED) have been introduced.

• Capital Gains Tax exemption for wasting assets will only apply if the corporate selling the asset has used it in their own business.

• An investment allowance for North Sea oil and gas, replacing the existing offshore field allowances and simplifying the existing regime, has been introduced.

• A reduced rate of fuel duty to methanol will apply - the rate is 9.32 pence per litre.

• Fuels used to generate good quality electricity by CHP (Combined Heat and Power) plants for onsite purposes are exempt from the Carbon Price Floor.

• Climate Change Levy main rates have increased in line with RPI.

• The VAT registration threshold has increased from £81,000 to £82,000 and the deregistration threshold from £79,000 to £80,000.

• Scottish Government’s Land and Buildings Transactions Tax will replace Stamp Duty Land Tax in Scotland.

• The associated companies rules have

Overseas pension schemes Changes made to the legislation covering pension’s savings in overseas schemes bring them in line with the 2015 changes made to the rules for UK registered pension schemes.

These changes affect:

• Qualifying Recognised Overseas Pension Scheme (QROPS) - schemes that can receive transfers from registered pension schemes as authorised payments.

• Currently relieved non-UK pension schemes - where UK tax relief has been given on or after 6 April 2006 in respect of pension savings under the scheme.

Collectively, these schemes are known as ‘relevant non-UK schemes’ and will be subject to similar rules as UK registered pension schemes.

Tax on payments and contributions All payments you receive from an annuity or drawdown are taxable as income. You also pay Income Tax on 75% of the amount of any UFPLS you receive. The amount of tax you pay will depend on the amount of payments that you receive in the tax year plus any other taxable income you have.

You’ll also pay tax on any contributions you make to your pension pot over your tax-free annual allowance.

EMPLOYMENT & PAYROLL

Government announces NationalMinimum Wage rate increases

The Government has now formally accepted most of the Low Pay Commission’s recommendations on the new rates for the National Minimum Wage (NMW). This means that the new NMW rates which will apply from 1 October 2015 are:

• An increase from £6.50 to £6.70 per hour in the adult rate, which applies to workers aged 21 and over.

• An increase from £5.13 to £5.30 per hour in the youth development rate, which applies to 18 to 20 year old workers.

• An increase from £3.79 to £3.87 per hour in the rate for 16 and 17 year old workers.

In relation to the apprentice rate, which applies to all apprentices in year one of an apprenticeship, and 16 to 18 year old apprentices in any year of an apprenticeship, the Low Pay Commission had recommended an increase from £2.73 to £2.80 per hour. However, the Government did not accept this and has instead opted to increase the apprentice rate from £2.73 to £3.30 per hour. This is the largest ever increase in the NMW rate for apprentices and it will halve the gap with the NMW rate for 16 and 17 year olds. In addition, the Government is to launch a consultation with businesses on the future of the NMW rate for apprentices.

The Government is also putting employers in control of the funding for apprenticeships by introducing a new digital apprenticeship voucher. Apprenticeship vouchers will further simplify things for employers and give them the purchasing power over the Government contribution to

apprenticeship funding. The employer would register their details on a system being developed by the Skills Funding Agency including their type of business, the details of the apprentice and the apprenticeship standard to which they are signing up. The discounted rate (which could be up to 100% for 16 to 18 year olds) at which employers can purchase training would be calculated and the employer would be able to pass on the voucher code to the provider that is delivering the training for their apprentice. The provider would then reclaim the value of the voucher from the Skills Funding Agency.

MISCELLANEOUS

The Financial Ombudsman

Are you in the middle of a “tussle” with your insurance company, and you could do with some help?

The Financial Ombudsman is a service you can approach for impartial help if you cannot reach an acceptable settlement with your insurance company. The service is free to use and is a valid alternative to seeking legal advice.

The Ombudsman’s website can be found at http://www.financial-ombudsman.org.uk, or you can call for advice:

• From a landline 0800 023 4567• From a mobile 0300 123 9123



2 7

INTRODUCTION

Depending on your political persuasion, and perhaps your location in the UK, you will have reached your own conclusions regarding the outcome of the recent elections.

No doubt we will have more austerity to deal with as George Osborne and his team battle to reduce our negative balance of trade with the rest of the world and our mountain of national debt.

The Summer Budget date has been announced, 8 July 2015, shortly after the publication of this newsletter, and it remains to be seen if the Chancellor will make any positive tax changes for the current year, or will merely indicate his future intentions.

Needless to say, he will likely be giving HMRC more powers to reduce tax evasion and tackle complex tax avoidance strategies.

Watch this space.

BUSINESS

Probate advice

Our probate specialists can help you, at what can often be a difficult time for you and your family.

The probate process can be complex, time consuming and stressful. It is reassuring to know a professional is working on your behalf.

Alwyns provides a personal, efficient service that is guaranteed to give you peace of mind.

Alwyns can handle all of the necessary probate requirements for you in a sympathetic manner, at a price which represents excellent value for money.

Alwyns probate services include:

• Becoming a named executor of an estate - solely or jointly with family

members, advisers or friends. • Acting as executor or assisting other

executors to: - determine assets of deceased - complete inheritance tax (IHT) forms and determine if IHT is due - apply for probate• Applying for letters of administration

where there is no valid will. • Collecting estate assets.• Assisting in distribution of estate assets

in accordance with the will or intestacy provisions.

• Preparing a statement of account of the estate.

• Acting as trustee where will or other trust created by testator.

Who is the new BusinessSecretary?

In a very personal statement the new Secretary of State for Business, Innovation and Skills, Sajid Javid, has set out his priorities for supporting Britain's small businesses.

In a recent speech he said:

“I’m delighted to be back in my home town of Bristol. And to be here at Engine Shed – a place that captures everything that’s great about this city… past, present and future. We’re in a part of the original Temple Meads train station, designed by Brunel. Today – thanks to Bristol University and the city council – there are promising start-ups here. There are app developers and apprentices in residence – the business creators and skilled workers of the future. I’ve had the pleasure of seeing some fantastic examples already this morning.

It’s the perfect spot for me to talk about

the Government’s plans for business…in the city where I learned almost every important thing about business. It instilled in me an unwavering belief in enterprise, opportunity and reward for hard work. Above all, I know what it’s like to run a small business.

That’s why I’m here today to talk about what this Government will do to support you. I’m here to expand on what David Cameron said while visiting the Tetley factory in Stockton-on-Tees last week.

The Prime Minister said this would be a Government delivering for working people: for hardworking taxpayers, for men and women giving them the dignity of a job and the pride of a pay check.

He promised we would train 3 million more apprentices. Improve childcare for people who want to work, or work longer. And cut taxes.

The momentum we’ve gained over the last 5 years is for all to see.

• 2.2 million private sector jobs created since 2010. Meaning we now have in the UK record employment.

• 750,000 more businesses created since 2010,

• Almost 28,000 recipients of start-up loans.

Make no mistake. Government isn’t responsible for this entrepreneurial boom. That’s down to individuals alone, people with the guts and gumption to risk everything on starting something from scratch. Meaning parents can bring home a family wage. Putting communities back to work locally. Planting the seeds of regional recovery and economic recovery, currently, the strongest in the G7, the healthiest in Europe.

During the election, we promised to do more for business. Much more. As one of our first acts, we’re introducing the Enterprise Bill. First and foremost, it will serve the interests of small business. Second, it will simplify and clarify the business environment in this country. And third, it will focus on jobs. So

FINANCIAL CALENDAR

In Preparing and maintaining this newsletter every effort has been made to ensure the content is up to date and accurate. However, law and regulations change continually and unintentional

errors can occur and the information may be neither up to date nor accurate.The editor makes no representation or warranty (including liability towards third parties), express or implied, as to

in this newsletter. The accuracy, reliability or completeness of the information published.


Financial news that’s relevant to you.


Alwyns Chartered AccountantsCrown House, 151 High RoadLoughton, Essex IG10 4LG

020 8502 0411

www.alwynsllp.com

• Accountancy• Audit• Taxation

– Business– Personal

• VAT• Payroll• Bookkeeping• Wealth and retirement planning

• Business support services– Profit improvement consultancy– Funding– Business purchase or sales– Strategic planning– Management accounting– Outsourcing– Company secretarial services

January 2013


2015Summer

financial news that’s relevant to you. · important thing about business. it instilled in me an...

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