Archive for December, 2012

Isle of Man Authorities to Share Information with HMRC

Saturday, December 29th, 2012

HMRC are to receive information on all bank accounts held by UK residents in the Isle of Man as a result of an agreement between the two governments.

Historically many UK residents have held bank accounts in the Isle of Man, the UK government feels that much of this has been hidden from HMRC and tax evaded.  They will now have the information to check against UK tax returns.  Where the two do not match up, they will open Tax Enquiries and will seek the unpaid tax, interest and significant penalties.    The penalties are likely to be extremely significant and many of the culprits will be left with little or nothing from their offshore funds.  There is also the very  real danger that HMRC will choose to prosecute.

For anyone with accounts in the Isle of Man, where the source of the capital and annual income have been disclosed to HMRC, there is nothing to worry about, however, if you have not disclosed the existence of your accounts to HMRC, you would be well advised to make a voluntary disclosure as soon as possible.  A voluntary disclosure will reduce the level of penalties that HMRC will expect you to pay, it will also mean that HMRC will be much less likely to prosecute you.

If you have  any undisclosed accounts, we can help, please contact us as soon as possible and we will arrange  to make the disclosure to HMRC on your behalf.

 

 

New Type of Funding Available Through McCleary & Company Ltd.

Friday, December 28th, 2012

In the current climate, where many projects are failing due to a lack of available bank finance, McCleary & Company, through their membership of the ‘Peak Performance Accountants’ network, are delighted to be able to offer access to alternative funding.

The funding is a new twist on peer to peer lending and is appropriate where banks have declined to offer support.  Funding is available to any business, subject to satisfactory due diligence.  Availability is for funding from £50,000 up to £1,000,000 for a term of 5 years or less.

If you think this type funding might suit your circumstances, contact Warren McCleary at warren@mcclearyaccountants.com or on 028 3831 6111.

New Type of Funding Available Through McCleary & Company Ltd.

Friday, December 28th, 2012

In the current climate, where many projects are failing due to a lack of available bank finance, McCleary & Company, through their membership of the ‘Peak Performance Accountants’ network, are delighted to be able to offer access to alternative funding.

The funding is a new twist on peer to peer lending and is appropriate where banks have declined to offer support. Funding is available to any business, subject to satisfactory due diligence. Availability is for funding from £50,000 up to £1,000,000 for a term of 5 years or less.

If you think this type funding might suit your circumstances, contact Warren McCleary at warren@mcclearyaccountants.com or on 028 3831 6111.

Case of HMRC Acting unfairly

Monday, December 24th, 2012

The attached article from the Telegraph Online shows how HMRC can use their power unfairly, in this case they destroyed a perfectly good business based on nothing more than a hunch.

 http://www.telegraph.co.uk/finance/financial-crime/9716421/How-one-family-were-brought-to-their-knees-by-the-taxman.html

New Publications ‘HR Update’ and ‘Cost Reduction’

Monday, December 24th, 2012

Two new ‘Active Practice Updates’ have been added to the publications section of the website.  This months to updates cover ‘HR’ and ‘Cost Reduction’. they can be accessed below.

HR Update  http://mccleary.wpengine.com/wp-content/uploads/2012/12/mcclearyandcompanyltdPWP_AP_Jan2013_hrupdate.pdf

Cost Reduction  http://mccleary.wpengine.com/mcclearyandcompanyltdPWP_APU_Jan-2013_cost-reduction.pdf

 

2014 SEMINAR PROGRAMME

Tuesday, December 18th, 2012
John Neill of Watson & Neill Solicitors, speaking at our recent 'Protecting Your Wealth For The Next Generation' seminar.

John Neill of Watson & Neill Solicitors, speaking at our recent ‘Protecting Your Wealth For The Next Generation’ seminar.

 

 

The Chancellor’s Autumn Statement and What it means to Northern Ireland Business

8 December 2014

Online Event

4.00pm

 

In recent years the Autumn Statement has become a mini budget and with an election in the offing, this year’s is likely to contain even more announcements than usual. Some of the content has already been leaked, including a long awaited promise on Corporation Tax for Northern Ireland! As this has such potentially massive implications for Northern Ireland we have decided to run our first ever online event (webinar)! If you would like to register for this seminar, simply click on the link

Eventbrite - Planning to Exit Your Business (it's never too soon!)

When Did Tax Planning Become Immoral?

Wednesday, December 12th, 2012

The current coalition government, aided by the Press are undoubtedly the most anti business government in living memory. Having made a complete dogs breakfast of the legislation, they have chosen to firstly pick on celebs and small businesses, before turning their attention on multinationals like ‘Starbucks’ and ‘Amazon’.  What appears to be overlooked, is that all of the tax planning attacked is entirely legal and in many cases is fairly mainstream.  In my experience almost everyone wants to minimise their tax liability and if this is done legally this is their right, more attention should be paid to those who choose to act dishonestly.

How can morality be invoked when talking about tax planning?  Is it immoral to make a large pension contribution or purchase plant to reduce your tax bill? if not where do you draw the line? In my view you draw the line at the law.  Directors are employed to maximise shareholder value, by maximising income and minimising business costs.  Tax is a business cost, therefore they have a duty to legally minimise it.  I was always taught that people in glass houses shouldn’t throw stones, so for the Murdoch Press or politicians to invoke morality, is a bit rich with their recent history on phone hacking and expense claims!

Another aspect of the one sided coverage of this issue that seems to have been missed, is the huge contribution that the multinationals being attacked make to the UK economy and Exchequer.  How many jobs do they create? how much VAT do they pay? how much PAYE do they deduct? This country would undoubtedly be a much poorer place without them.  Would any foreign company, even a French one, invest in this country at the moment in the midst of this witch hunt?

The politicians are keen on the phrase ‘everyone should pay their fair share’ but what is your fair share?  The current tax system certainly isn’t fair, as an example, if as a family, we choose that I should work and my wife stay at home to look after our three children, then my effective rate of tax on the household income between £50,000 and £60,000 is 70%, as we begin to lose our family allowance.  If on the other hand both, I and my wife go out to work and we earn £50,000 each, we still retain all of our family allowance.  This creates a ludicrous situation, where one family earning £60,000 gets no family allowance and another earning £100,000 retains all of theirs. Family friendly government!!

In conclusion my view is quite simple, if the law is not working, let the politicians change it, alternatively, we could do something really radical and pro business like introducing a competitiive Corporation Tax rate, so that the multinationals would syphon profits into the country instead of out of it!

CHRISTMAS OPENING HOURS

Tuesday, December 4th, 2012

Our offices will close for Christmas at 1.00pm on Friday 21 December and reopen on Wednesday 2nd January 2013.

A small number of staff will be available by phone on Thursday 27th, Friday 28th and Monday 31st December and the email address info@mcclearyaccountants.com will be checked regularly throughout the holiday season.

Merry Christmas from all the team at McCleary & Company Ltd.

More Exam Success

Saturday, December 1st, 2012

Congratulations to our trainee, Joy Agnew, on her success in her CAP2  exams.  Joy has now started to study for her final admittance exams which we will sit in September 2013.  She is now only one step away from becoming a fully qualified chartered accountant and we wish her every success.

BUSINESS AND TAX UPDATES ADDED TO NEW PUBLICATION SECTION OF WEBSITE

Saturday, December 1st, 2012

We have now added a ‘Publications’ section to our website, it can be accessed either from Client Zone or Quick Links on our home page. It will be updated twice a month with two new ‘Business and Tax Updates’, these updates are in a pdf format and can be downloaded or printed for your convenience.

Our first to updates offer advice on:
1 Pricing Policy

http://mccleary.wpengine.com/mcclearyandcompanyltdPWP_APDec12_pricing.pdf


2 Retirement Planning

http://mccleary.wpengine.com/mcclearyandcompanyltdPWP_APDec12_rplanning.pdf

We hope you find these updates informative and entertaining!

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