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SMALL BUSINESSES BOOSTED BY THE BUDGET
Gerrards Cross based accountancy firm Keen Phillips is encouraging small business owners to pay close attention to this year’s budget, as a large proportion of the changes are pertinent to them.
In his speech, Chancellor Alistair Darling announced proposals to make compliance with legislation easier for small and medium sized enterprises, including a £12.5m contribution to a capital fund for businesses run by women.
The abolition of taper relief and indexation relief and the introduction of a flat rate capital gains tax of 18% that was announced last year were met with the widespread opinion that SMEs would be the hardest hit. In response, Mr Darling announced the proposed Entrepreneur’s Relief; a lifetime allowance of £1million to be taxed at the lower 10% rate. In the budget he confirmed that these plans would go ahead in April 2008. The individual annual exemption rate is also increased to £9,600.
He also announced further measures beneficial to businesses, including access to the Small Firms Loan Guarantee Scheme for all firms, rather than those older than five years. There is also to be a 20% increase in available funding.
Mr Darling announced that measures would be taken to encourage more SMEs to benefit from public sector contracts. An independent review would take place, with the aim of achieving a 30 per cent target within the next five years.
Family owned businesses have been given a temporary reprieve from the Chancellor’s planned Family Business Tax (“income shifting”), which he announced in the Budget will be delayed until 2009 to allow for consultation.
Helen Phillips comments: “SMEs looked set to suffer from many of the changes in this year’s budget, especially in terms of CGT, but the government’s introduction of some new initiatives to encourage entrepreneurship and enterprise is actually a positive move for the sector.”
For more information, contact Keen Phillips on 01753 886711.
BE PREPARED FOR TAX CHANGES, SAY ACCOUNTANTS
Gerrards Cross-based accountants Keen Phillips are urging businesses to think carefully about future investment as they prepare for major changes to key tax allowances in just a few months.
Capital allowances recognise that business assets – including buildings, plant and machinery – decline in value over time and are used by businesses to offset the cost of such items against taxable profits. Major changes announced to the allowances in the March 2007 Budget will come into force from 6 April 2008.
All businesses, of any size or structure, will be able to claim a 100 per cent annual investment allowance (AIA) on the first £50,000 of expenditure on plant and machinery, except cars. At present, small business – those with up to 50 employees – can claim a 50 per cent first year allowance, falling to 40 per cent for medium-sized businesses, of up to 250 employees.
Expenditure above £50,000 will go into a “pool” of spending on plant and machinery. Businesses will continue to claim a writing down allowance - ongoing tax relief - on this pool, though this will fall from 25 per cent to 20 per cent from next April.
Another key change is an allowance for “integral fixtures” – standard fittings within a modern building, rather than equipment. These will fall into a new ten per cent capital allowance pool for long-life assets, with a useful life of 25 years or more.
Helen Phillips, of Keen Phillips, said: “These are significant changes for the capital allowances regime, and both winners and losers will no doubt emerge as the new measures take effect.
“Small businesses are likely to welcome the new AIA as an incentive to invest, as they will be able to claim 100 per cent relief on spending of up to £50,000, instead of 50 per cent, while medium-sized businesses will have to spend up to £125,000 before they lose out.
“Consulting a qualified professional, such as chartered accountant, is always a wise step for a business considering such investment. Doing so will clarify their most beneficial options on capital allowances, and the most appropriate timing of purchases, and they will also benefit from expert advice on issues such as financing the investment and the impact on cash flow.”
For more information, contact Keen Phillips on 01753 886711 or visit www.keen-phillips.co.uk
TAX TIPS GUIDE TOPS FOR MONEY SAVING ADVICE
Tax is a complex issue that most of us find confusing – but carefully managing your tax situation can bring significant financial benefits.
Now Gerrards Cross-based accountancy practice Keen Phillips has issued a simple guide to tax matters, packed with ideas for maximising personal and business tax efficiency.
Essential Tax Tips from Keen Phillips is an easy to read, eight-page guide, that includes expert advice and highlights dozens of ways to make the most of tax allowances and incentives in a range of different areas, including:
- Personal tax planning
- Savings and investments
- Retirement and estate planning
- Property
- Running a business.
Helen Phillips, a partner at Keen Phillips, said: “Whatever your circumstances, there are ways to carefully manage your taxes that could pay off significantly.
“This guide is a useful tool for carrying out a financial health check on your tax situation, whether personal, business or both, and will provide inspiration for ways to increase your tax efficiency.
“Tax rules and regulations do change from time to time, so is always worth talking to an accountant or financial advisor to keep up to date on the latest developments, and how these could affect you.
“Everyone’s circumstances are different, but a financial professional will have the expertise and knowledge to identify the tax opportunities that are best suited to you.”
For a copy of Essential Tax Tips from Keen Phillips, or for more information, contact Keen Phillips on 01753 886711.
BUILDING FOR THE FUTURE WITH KEEN PHILLIPS
Accountants Keen Phillips are helping eco-friendly client Sweetcroft Homes lay firm foundations for a cleaner, greener future.
Gerrards Cross-based Keen Phillips provides a range of accounting services to the Oxfordshire-based Chapman family business, which has been building homes in the county for more than 30 years.
Sweeetcroft, which was launched in 1996, uses cutting edge construction techniques in its drive to reduce the carbon emissions of its homes, with the aim of eventually creating properties with a zero carbon footprint.
Wherever possible, the company includes technology such as geothermal ground source heat pumps, which use heat from deep within the ground to provide hot water and heating, and photovoltaic cells, to generate electricity from sunlight. Other techniques include energy-efficient timber-framed buildings and high performance windows.
Stephen Cox, from Keen Phillips, who has a long professional relationship with the Chapman family, provides services to Sweetcroft including management and annual accounts, financial planning, company and personal taxation and assisting with pension arrangements.
He said: “It is very satisfying to know that we’re playing a part in the success of this pioneering company.
“Properties built using these eco-friendly techniques may still be fairly unusual now, but they will become very familiar to future generations. Sweetcroft are setting the pace for others to follow.”
Sweetcroft director Glen Chapman said: “The construction industry has long been seen as an inefficient dinosaur, but we intend to change people’s perceptions and prove we have moved ahead of the times.
“Stephen’s expertise is useful to us in so many ways – for example, in working out our cash flows when we have identified a site and when we expect to start work. We value him so highly that we consider him part of the Sweetcroft team and wouldn’t take a decision without his input.”
For more information please contact Stephen Cox at Keen Phillips on 01753 886711.
For more information on Sweetcroft Homes contact 08165 321144.
TACKLING THE NEW CONSTRUCTION INDUSTRY SCHEME
Gerrards Cross based accountancy practice, Keen Phillips is warning all local construction industry workers to make sure that they are fully operating the new construction industry scheme (CIS) or face being liable for potentially hefty fines.
On 6th April 2007, HM Revenue and Customs implemented a revised and much stricter version of the construction industry scheme, the tax system for the construction industry. Yet despite the massive publicity that surrounded the new rules, there were still a number of people who were still not prepared in time for the 19th may deadline for the first monthly return.
HMRC are now operating a new online system in a bid to increase control by introducing more rigorous checks of workers who have self-employment status. Contractors are being increasingly encouraged to complete their tax returns on line, although via post is still an option, with tough penalties for non compliance. More importantly, contractors now have to decide each month whether their sub-contractors are employed or self-employed and sign a declaration to that effect.
Helen Phillips, partner at Keen Phillips comments: "One of the main objectives of the new scheme is to make sure that businesses who are required to operate the scheme comply with the tax obligations, with HMRC stating that compliance will be closely monitored.
"As such, it is now more important than ever for contractors and subcontractors to make sure that they are fully compliant. Surprisingly then, especially in light of the massive publicity of the new rules, it has been reported that a number of local contractors who have failed to comply could be liable for substantial penalties."
Contractors who fail to submit their monthly returns on time will be charged an automatic £100 penalty. Plus, if the return shows more than 50 subcontractors paid in a month, there will be an additional £100 penalty for every 50 subcontractors. These penalties will be changed for each month that the return is late.
In addition, there will also be a £3000 penalty for an incomplete or incorrect monthly return where the omission or error was caused by negligence or intent.
Helen concludes: "The deadline for the next monthly return is not until 19th June so I would urge anyone who thinks that they may be affected by the new scheme but is still unsure to consult a professional accountant as soon as possible."
For more information please contact Helen at Keen Phillips on 01753 886711.
TAX ASSISTANT TIES THE KNOT
Keen Phillips would like to congratulate team member Margaret Ashton, a tax assistant at the practice, who is to be now known as Mrs Macleod after tying the knot with partner Marcus Macleod.
The ceremony took place at High Wycombe registry office on Saturday 28th April, which was also coincidentally Margaret’s birthday.
Over 40 guests, mainly family and close friends, gathered to watch the wedding which carried a subtle Scottish theme on account of Marcus’ Scottish background.
Margaret, who wore traditional white, was escorted down the aisle by her two sons to ‘Nimrod’ by Sir Edward Elgar but walked back down the aisle with her new husband to the sounds of Scottish bagpipes and drums.
In further signature Scottish style, the groom wore a kilt and Margaret’s wedding bouquet was made up of white roses and heather. Plus, all of the guests’ corsages and buttonholes were also heather.
Afterwards, guests enjoyed a small reception held at the newlywed’s organised by Margaret and her sister, who flew over from America especially for the big occasion.
Margaret comments: "I couldn’t have asked for a better day for the wedding, the weather was beautiful and everything ran really smoothly. It was a really enjoyable, truly wonderful day and one that I will never forget."
Margaret and Marcus plan to go to the romantic city of Venice on their first year anniversary as a delayed honeymoon.
ACT NOW TO ESCAPE THE DEATH TAX TRAP
As the death tax trap net continues to close in on more and more families, Gerrards Cross based leading accountancy practice, Keen Phillips offers some advice for local homeowners on how to avoid being caught.
Although originally aimed solely at the richest members of society, Inheritance tax (IHT) is now increasingly afflicting middle-income families as well, with recent reports that a record 10 million families across the country are now to be caught in the ‘death tax trap.’
The predominant cause of this is the fact that as house prices continue to soar, more and more families are meeting the £285,000 threshold, which the government is defying to increase in accordance.
Helen Phillips, partner at Keen Phillips comments: "Recent research shows that around 41 per cent of households could be liable to pay inheritance tax this year, which is a massive jump from the 34 per cent estimated in 2006. Thus, as house prices continue to rise and the threshold, which is clearly being used as a cash generator by the government, continues to stay so low in comparison, the number of houses affected by IHT is only going to greaten."
Helen continues: "By acting quickly and taking a number of simple but strategic measures, however, it is possible for families to avoid giving a huge chunk of their child’s inheritance to the taxman.
"Firstly, one of the easiest ways of avoiding this is to give your money away while you are still alive, as anything gifted after a seven year period is not counted as part of your estate. Whilst people wanting to retain their capital as they get older, can alternatively set up a discounted-gift trust or loan trust, with the help of a professional adviser.
"It is also essential to make a will as soon as you have some assets such as property, even if you are only in your teens or twenties, the earlier the better. Then with the help of a professional, you can maximize the benefits of having a will. A couple, for example, can specify in their wills that a portion of their property, should go to their children or other inheritors on the death of the first partner. Thereby taking a huge portion of value out of the estate on the first death, leaving a smaller estate on which to pay tax at the second death as transfers between spouses are IHT-free."
Currently, inheritance tax is 40% on the value, at death, when an individual’s estate, combining both their household and personal assets, is over £285,000.
For more information please contact Keen Phillips on 01753 886711.
UK200 CHARITIES GROUP PRODUCES CHARITIES ACT GUIDE
Gerrards Cross based accountancy firm Keen Phillips is offering charities across the region a free invaluable guide to help them understand the new Charities Act which has resulted in a major overhaul in their accounting regulations and reporting requirements.
The guide has been produced by the UK200 Charities Group, a leading professional mutual association of accountants and lawyers, which Keen Phillips are members of.
The aim of the report is to set out the broad framework of the Charities Act and provide an overview of the recent developments in accounting regulations and cross border charity issues.
Helen Phillips comments: "The amount of regulation which charities need to get to grips with is increasing all the time and The Charities Act is the latest example. All charities across England and Wales are affected and for those who work across the border in Scotland things can be even more complex. Our report aims to simplify the regulations for cross-border charities - English and Welsh charities that have branch offices or property in Scotland. Basically these charities are now facing dual regulation. There are similarities in English and Scottish legislation regarding definitions of issues such as public benefit and how to operate as a charity, but they are not the same."
This report follows the highly successful guide by UK200 Charities
Group on The Charities & Trustee Investment (Scotland) Act 2005.
Helen continues: "Working closely with the Charity Commission and the Office of the Scottish Charity Regulator OSCR on the Statement of Recommended Practice for Accounting and Reporting for Charities(SORP) we are ideally positioned to offer help and advice to any local charity who feels this may affect them. We felt that an easy to use guide was the most valuable tool."
The guide features comprehensive information on:
a.. The Charities Act 2006
b.. Changes to accounting procedures
c.. Reporting standards and external scrutiny of accounts
d.. Fluctuations in the charity investment market
e.. Advice on diversification strategies
f.. Ethical investments.
For more information contact Helen at Keen Phillips on 01753 886711.
OUTSOURCE YOUR PAYROLL TO OUTSOURCE STRESS
With the start of the new tax year fast approaching, Gerrards Cross based accountancy practice, Keen Phillips is advising local business owners to outsource their payroll functions in order to get their paper work ready for April, rather than be burdened with the unwanted stress of having to do it in house.
Many large companies in the UK choose to outsource their payroll functions in order to increase efficiency and save on time and money. The large majority of SMEs, however, have failed to latch onto the growing trend and are not yet realising the long-term benefits attached to outsourcing.
Helen Phillips at Keen Phillips comments: "There are a number of reasons why SMEs can benefit from taking the outsourcing route. Firstly, outsourcing payroll can help to greatly reduce costs because the cost of employing a payroll provider is usually far cheaper than the direct labour costs of doing it in house.
"Not only this, payroll is often rather tedious, time -consuming and can be a headache, so by outsourcing it you are able to alleviate the stress involved and free up time for staff to pursue more important value-added activities. Plus, outsourcing also removes the strain of having to keep your payroll software up to date, which in itself can be rather expensive.
"Not to mention, outsourcing companies usually conduct regular staff training schemes to keep up to date with changing legislation and thus possess a greater and more informed range of payroll knowledge that an in house payroll department."
Helen concludes: "Easy, cost-effective and stress-free, outsourcing really is the perfect solution for any company's payroll needs. Therefore, I would recommend all local businesses who are not already doing so to consider the option and perhaps take a new approach to their payroll functions in light of the impending new tax year."
For more information please phone 01753 886711.
LUCKY LOCAL RADIO LISTENER WINS DREAM TRIP
Dreams can come true as lucky Charlotte Long, office manager of Gerrards Cross accountants Keen Phillips proved when she won a dream trip to New York in a local radio competition.
The competition was based around the theme of ex-partners, with competitors having to decipher between true and false accounts of what various random people on the street had supposedly done to their ex-partners.
Charlotte phoned up to enter the competition and successfully got picked out of thousands to be one of three contestants to play for the prize. The competition was structured in knockout stages, meaning each round a contestant was withdrawn until there was only one remaining; the winner. This, of course, was Charlotte.
Charlotte comments: "I’m not usually the type to enter a radio competition but there was just something about this particular one which grabbed my attention and made me pick up the phone. I really didn’t expect to win, so I was really shocked when I found out that I had.
"I am absolutely thrilled by the whole prize. I have visited New York once before and it is a truly magical city. From the shopping to the skyscrapers, I love everything about New York and I can’t quite believe my luck. I’m especially excited about visiting the city during the winter season and buying lots of nice things."
Charlotte will be visiting the famous city with her husband Mark and has already arranged lots of plans for her stay. She comments: "Shopping will definitely be high on the agenda and we have also booked a Broadway show and a helicopter ride tour of the city."
The couple will stay at the Edison Hotel situated in the heart of New York’s theatre district. The hotel is just minutes away from Times Square, Central Park and the Empire State building, making it a popular destination for fun and thrill seeking holiday makers from around the world.
For more information call Charlotte Long on 01753 886711 or email Charlotte.Long@keen-phillips.co.uk
IS YOUR SELF ASSESSMENT TOO TAXING
The Christmas rush may be over but for many that means the start of the self assessment rush. The January 31st self-assessment deadline is often approached with dread, however, completing your tax return form within the given time constraints can be achieved with the right amount of preparation and some simple, solid, professional advice, advises based Gerrards Cross based accountants and business advisers Keen Phillips.
Helen Phillips at Keen Phillips comments: "By following a few simple guidelines self assessment needn’t be too taxing. First of all, it is important to check that you have all the required pages in your tax return ‘package’ and all the information you need for each type of income or gain, before making a start. Following this, you need to decide whether you would prefer complete the paper tax return or file online, although if choosing the latter option you first need to register on the site which can take up to a week and this is thus inadvisable for late-filers."
Helen concludes: "Late filing can make for a bad business ethic so if you think you are heading into difficulty consult a certified accountant. Not only does late submission incur a penalty charge which is reportedly set to increase greatly over the next few years, but it can also make it difficult to distinguish between tax owed between the concluding and pending years."
Self-assessment describes the method in place by which certain people have to assess their own tax liability rather than have their local HM Revenue and Customs district office carry out the assessment for them. The law states anyone issued with a ‘Self Assessment tax return’ must complete and return the form by 31st January, with exceptions given only for abnormal circumstances. Failure to do so will result in the automatic penalty of £100, with additional surcharges for continued non-compliance.
For more information please phone 01753 886711.
KEEN PHILLIPS CELEBRATES 25 YEARS
Gerrard’s Cross based chartered accountancy firm Keen Phillips is this week proudly celebrating its 25th anniversary.
Founding partner Helen Phillips set up the company in 1981 in order to meet the needs of the region’s businesses by offering her international expertise.
The firm started life as Phillips and Co in Denham. Ten years later Helen was joined by David Keen and Keen Phillips was born. Phillips and Co continued to exist and became the insolvency arm of the company. The past 25 years have seen the firm increase in size and support a wide ranging client base from their modern privately owned premises.
Helen comments: "It’s hugely exciting for us to reach this important milestone. Keen Phillips was created to support and encourage small businesses who could not previously source first class accountancy and business advice within their budget. These days starting your own business is more popular than ever so we are able to offer our expertise to more and more people who require the services of a small firm who can offer fully personalised service.
"Over the years we have forged strong relationships with all of our clients and we look forward to working with them all over the next 25 years."
Helen Phillips qualified in 1969. Following admission to the Institute in 1970 she accepted a job as a travelling auditor in Canada. She then settled in Montreal for a further three years as the Financial Controller of a large Car Dealership. After a further period of travel she returned home to the UK. Helen then worked with a market research company that was part of Unilever for the next eight years before starting what was to become Keen Phillips.
Keen Phillips holds membership to the UK200Group, the UK’s leading mutual professional association of quality assured accountants and lawyers, with a membership of 120 UK firms and more than 40 international associates. Helen was the appointed president of the Group from 2003-2005.
For more information call Keen Phillips on 01753 886711.
HOW WILL GORDON’S FINAL PBR AFFECT YOU AND YOUR BUSINESS
The last pre-budget report (PBR) from Chancellor Gordon Brown was surprising brief, yet contained many key points, according to Gerrards Cross based accountancy firm Keen Phillips. While green issues dominated, underlying these were major financial and tax implications for local businesses and individuals to address.
Helen Phillips at Keen Phillips comments: "Many businesses may feel that environmental issues are not their concern, however it’s exactly this reaction which Gordon is trying to address and of course the best way to do this, is to introduce financial measure for those which ignore our changing climate. So looking at your company’s fuel consumption, company car schemes and business travel is now more important than ever."
Main points announced included that from February, air passenger duty will rise from £5 to £10 for most flights. There was also an inflation rise in fuel however these increases were offset against tax discounts for biofuels, which were extended.
With regard to the self employed, the government remains concerned about the tax motivated incorporation of the self-employed, which involves businesses taking advantage of structural differences in the tax and NIC treatment that applies to companies. The government will therefore continue to review ‘how the system could be modernised, made simpler, more efficient and more competitive’.
Protecting employees featured as highly on the list on priorities as protecting the environment with the national minimum wage now at £5.35 an hour and in January the penalties for failing to pay it will rise. The government will also introduce from April 2009 a new entitlement for all pregnant women to receive child benefit from the 29th week of their pregnancy and the basic state pension will rise to £87.30.
Helen continues: "While any extra direct costs to a small or growing business can be hard to deal with, such as the national minimum wage, it’s good news that the government is also making the effort by increasing state payments such as child benefits and pensions."
For more information contact Helen at Keen Phillips on 01753 886711.
A WHITE WEDDING FOR THE WHITES
Johanne Andrews, office administrator at Gerrards Cross based accountancy practice Keen Phillips, has tied the knot to her long term partner, Laurence White in a traditional, white wedding ceremony held on 28th October.
Surrounded by the beautiful, rustic scenery of Marlow Buckinghamshire, Johanne and Laurence exchanged vows at their local church in front of a host of friends and family. The delighted Mr and Mrs White were then carried off in a riverboat along the River Thames to Bisham Abbey
The eighty-plus guests subsequently congregated at the Abbey where they were treated to a champagne reception and luxurious nibbles, as well as entertainment from a magician who performed an assortment of tricks throughout the day. A fully organised affair, a crèche was even provided to cater for the younger children.
Later on, in great British tradition, dinner was served, speeches were made and the happy couple cut their rather unique banana wedding cake.
A swinging jazz band played throughout the day, which was later replaced by a disco. Naturally, however, the first to hit the dance-floor were the newlyweds who traditionally danced the first dance, to the sound of Ben E. King’s ‘Stand By Me.’
Not content, with the fine itinerary of the day itself, the newlyweds also held a luxurious wedding brunch the following morning at the locally esteemed Compleat Angular hotel before jetting off on their dream honeymoon, making stops at three equally exotic destinations, South Africa, the Seychelles and Mauritius.
KEEN PHILLIPS ENJOY SUCCESSFUL MEDIATION
Helen Phillips from the Gerrards Cross based accountancy practice Keen Phillips is today celebrating having successfully completed another mediation.
The news comes off the heels of the recent National Mediation Week, which saw a series of events around the UK to support mediation and the various benefits it entails including low-costs, speed, efficiency and flexibility.
Helen Phillips, partner and founder of Keen Phillips, is a qualified mediator with a 100 percent settlement rate.
Helen comments: "Although the mediation process is growing in awareness, such cases are still rather far and few between. Many lawsuits involve court proceedings due to strong opposition between parties involved and therefore it is a rare treat to have two clients opting for the mediation process. "
Helen recently helped two parties who wanted to reconcile their dispute out of the courtroom in order to be able to continue trading together. The settlement was successful.
Helen comments: "I am delighted with the outcome of this recent mediation. The mediation process is a satisfying one. It leaves out the tensions of the courtroom and helps the parties involved works towards an amicable resolution. There is nothing better than seeing two people shake hands and walk away, having settled a dispute."
Mediation is one type of Alternative Dispute Resolution in which a neutral third party, the mediator, assists. There are a number of benefits attached to the mediation process; not only does it allow both parties to discuss their issues in a more comfortable environment than that of a courtroom, it also permits a greater freedom of style of settlement.
Another big advantage is that mediation can be completed a lot quicker than through the Court process. A mediation may take only a day whilst a full court hearing with a full verdict given can take an average of 13 weeks.
For more information contact Helen Phillips on 01753 886711.
GERRARDS CROSS ACCOUNTANTS HELP LOCALS SWITCH ON FOR CHRISTMAS
With Christmas getting closer and excited anticipation growing for the festive season, Gerrards Cross based accountancy firm Keen Philips is already doing its bit to ensure it will be a wonderful Christmas for locals throughout the area.
Helen Phillips, partner and founder at Keen Phillips has been helping to raise funds for this year's Christmas lights, as a member of the Gerrards Cross Traders Association.
The newly established association has this year taken full responsibility for the successful purchase, erection, maintenance and storage of the town's Christmas lights.
Helen comments: "For many years now, the Parish Council have been responsible for the Christmas lights, but this year the traders’ association agreed to take over the task.
"My role started by advising on the formation of the company. We decided to introduce a new format. As a team the Directors actively sought funding by approaching fellow traders in the town centre and asking for donations, which proved hugely successful. We also received a number of anonymous donations that were much appreciated. We believe these came from residents who also care about the look of the town centre during the Christmas festivities.
"We are now looking forward to seeing the lights switch-on during the early part of December in readiness for the town's Christmas Evening."
She continues: "Having only been established this year, the Association is really pleased with the success of our first funding campaign for the Christmas lights. It is really important to mark the arrival of the festive season and I'm confident that as we develop and gain more members we will be able to finance a more impressive Christmas lights display year after year.
"Gerrards Cross is a wonderful place and I am delighted to be part of an organisation helping to ensure that the town remains a delightful place for residents and visitors alike, particularly during the Christmas season."
For more information call Keen Phillips on 01753 886711.
KEEN PHILLIPS WELCOMES NEW ADDITION TO PAYROLL DEPARTMENT
 Gerrard’s Cross based independent accountancy practice Keen Phillips has welcomed a new addition to its payroll department.
Maria Stratton has joined Keen Phillips as a payroll assistant to support the growing demands of their successful payroll services section.
Having acquired a wealth of experience from her past employment working within various company payroll and credit divisions, Maria brings with her a vast knowledge of the sector.
She comments: "I am delighted to be joining Keen Phillips. More and more companies are coming to realise the extensive benefits of choosing an independent payroll manager over an in-house function. Keen Phillip’s payroll section presents an enormous opportunity, it is a growing sector with lots of room for progression and I am excited to be part of the team.
"In my role I intend to build up a good working relationship with my new clients and assist in the successful completion of all payroll duties."
Helen Phillips partner and founder of Keen Phillips comments: "The firm is investing heavily in people as part of its growth program and I’m confident that Maria will be a valuable asset to the company."
For more information please telephone 01753 886711.
FREE SEMINAR FOR LOCAL BUSINESS OWNERS
Gerrards Cross based accountants Keen Phillips is inviting all owner-managers to a free succession planning seminar.
Keen Phillips will be holding the free event in conjunction with Clydesdale Bank and Austyn James Consulting at the Bull Hotel in Gerrards Cross on Tuesday 26th September.
Helen Phillips partner at Keen Phillips comments: "For business owners wanting to sell up because they feel the company no longer meets their personal aspirations or for those who have no natural family or internal successor, the need to plan who will take over is extremely important.
"It is advisable for any owner-manager to seek professional advice on succession planning. This seminar will advise on strategies that can make the process easier even if it may be by just having a Partnership agreement in place."
For more information or to book your free place please call Keen Phillips on 01753 886711
IS THE TAX MAN CALLING YOU?
A Gerrards Cross based firm of Chartered Accountants is advising local businesses to be aware of a recent announcement by HM Revenue and Customs which could see them encouraged to discuss alleged tax breaches.
Keen Phillips has announced that businesses should forward any enquiries to their appointed tax agent.
HMRC issued the consultative document, Modernising Powers, Deterrents and Safeguards, in March with a view to introducing legislation in next year's Finance Act. The pilot scheme will be run for six weeks from 1 July 2006.
Helen Phillips, partner at Keen Phillips, comments: "This document surrounds HMRC’s powers with regard to reviews and investigations. Perhaps the most uncomfortable aspect is set out in the section titled New Interventions To Assure Compliance. This states that the Revenue will contact businesses directly to discuss tax compliance where they feel an error has been made.
"Businesses should be made aware that they have no obligation to enter into discussion or correspondence with the Revenue as this is not a formal tax investigation. The Revenue have been put on notice that they may be in breach of agency law if they try to get information in this manner direct from taxpayers who have recognised tax agents.
"Our strong recommendation is that they do not give the Revenue any information and that all enquiries should be handled by their accountant. Those companies without accountants or tax agents are advised to consider appointing one as the investigation culture continues."
For more information call Keen Phillips on 01753 886711
KEEN PHILLIPS SPONSOR LOCAL RIDING CLUB
Gerrards Cross accountancy firm Keen Phillips is sponsoring South Bucks Riding Club (SBRC) for the forthcoming open horse shows in June and July.
Beryl Jarvis from SBRC comments: "Keen Phillips’ sponsorship is extremely appreciated by everyone at the club. It enables us to buy our rosettes and trophies and helps manage our general expenses and therefore without such support these events wouldn’t be possible."
Helen Phillips, partner at Keen Phillips, has been a member of the SBRC for a number of years and was Treasurer of the club for nearly a decade. Although having recently handed over this responsibility, Helen remains a key figure to the club, not only as a sponsor but also as a competition judge.
Helen comments: "I have been a lifelong horse rider and competitor and when I moved to the area 25 years ago I was thrilled to become part of such a friendly and dedicated club.
"The open horse shows are structured into several sections and I will be responsible for judging the turnout, which involves evaluating how well presented the horse and rider are. This is an integral part of the tournament and riders will normally have spent several hours cleaning the horse and tack before the show."
Keen Phillips has been sponsoring the open horse show events for several years and they have many equestrian clients.
Beryl concludes: "Helen has offered help and support to the club for over 20 years and her and the firm’s contribution has been invaluable."
SBRC is based near Gerrards Cross and is affiliated to The British Horse Society. They run events throughout the year. The open horse shows will be taking part on June 18th, July 16th and July 24th and are open to the general public. |
