Practice News

December 2008

Office closure announcement

Please note that the office will be closed from midday on the 24th December 2008 until 2nd January 2009.

Thank you

Sometimes we don't say thank you enough! 

So Boyd Coughlan would like to thank all of our customers, suppliers, team etc for all their business, referrals and help in 2008. 

2008 has been a turbulent year for all of us but dispite this, we have managed to grow both our accountants and financial services businesses thanks to our existing customers and many new clients coming to our firm.  A lot of our new clients were referred to us by our good clients and for this we are deeply grateful. 

We do not know what 2009 will bring and it may prove to be a difficult time given the current economic climate but we will be here looking to support you and new clients.

We wish you every success for 2009!

3rd Another resounding win for the office football team against ESRI (UK) Ltd.  16 - 3 was convincing to say the least.

1st Vat Changes

With the new changes in vat, we have been undated with clients asking about their computerised system.  As well as our guidance provided Sage and the major software houses have issued help.  Please check with your supplier. For those our you that use Sage check out their website at http://www.sage.co.uk/default.aspx?page=1865

Fixed price agreement whereby clients are paying by standing order arrangement are currently being review and in cases where a credit is being built up we will be issuing refunds for those that ask for them in February after the tax return deadline or offsetting the difference against future work.

November 2008

24th The Pre-Budget Report.

One of the most important budget announcements in recent times was delivered by Alistair Darling today.  With the economy looking for investment Gordon Brown's altered ego made a series of announcements to spend our way out of recession. 

A number of tax cuts and incentives were introduced including:

Lowering the standard rate of VAT from 17½% to 15%.  However those of you using the flat rate scheme beware the full 2½% drop may not have been passed on to your scheme. 

Corporate tax increases previously announce for 2009/2010 deferred for a year for SMEs.

For businesses an important announcement was made for how losses could be treated and carried back.  Now they can be carried back up to 3 years (up to a cap of £50,000).  The one year carry back rule is not restricted.

SMEs will be able to spread tax payments to help cashflow and credit constraints.

RBS bank was praised for not increasing bank charges for SMEs and keeping SMEs overdraft facilities in place for one year.

With the Government borrowing more money than originally budgetted for and this coupled with tax cuts, someone, somewhere has got to pay for it.

Ultimately we all do, if not now but in the future...

From April 2009

  • Income tax personal allowance will be £6,475.
  • Also, the NIC upper earnings limit will be aligned to the higher rate band for income tax purposes.

From April 2010

  • People earning over £100,000 to have personal tax allowances brought into line with those on middle incomes. Personal allowances are to be abolished completely for those earning over £140,000.

From April 2011

  • Income over £150,000 will be charged at the new tax rate of 45%.
  • All NIC rates to be increased by ½% for employers and employees. Also from April 2011, the top rate for Class 4 NIC's will increase to 8.5% (normal rate) and 1.5% (higher rate)

More information is available in tax centre and newsletter sections.

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19th Our fortnightly football challenge with ESRI continues at pace with another win 6-4.

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17th November - Boyd Coughlan Accountants launch their new updated website.  To help our SME's we introduced a new section for HR & Health and Safety to help them comply with legislation. It also enables our clients to pay their outstanding fees online via paypal and their credit cards.

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5th November - Also saw our football team take on ESRI in the fortnightly meeting.  At this time we are currently unbeaten against them, winning on 5th November 2008 by 12 goals to 8.  Angelo Mendicino was the star of the show scoring a club record of 9 goals in a game. 

  Angelo Mendicino with the ball  and without it!