Latest Blog Articles

Forrester Boyd News, Tax
Tax Digital

The one certainty arising from the results of the General Election is that we are entering a period of uncertainty.  Setting aside political manoeuvrings and machinations there is the small matter of Brexit that will need to be dealt with by whoever ends up in power. More specifically for our business and landlord clients there is the inherent uncertainty over Making Tax Digital.  The timetable for implementation announced in March’s budget must be in danger of sliding given the the larger scale issues that need to be addressed. If you have no idea what Making Tax Digital is then this […]

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Forrester Boyd News
Seafood; expansion

The opening of the UK’s largest fish and chip restaurant in Cleethorpes is a sign of a seafood business expanding into a new territory and attempting to increase in turnover, market share and of course ultimately – profits. Whether you think it’s a good use of the iconic Cleethorpes Pier or not; or whether you like the fish & chips on offer are points up for debate – but did it make you think about expansion for your own seafood business? If the answer is no then I wonder what it is that’s stopping you. Common themes here are: Location […]

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Forrester Boyd News, Tax
Making Tax Digital

The removal of large swathes of the last budget’s content from the Finance Bill included plans for the implementation of Making Tax Digital.  Does this mean that businesses and landlords with income above the VAT registration threshold can heave a sigh of relief and forget about what might happen in April 2018?  The answer, as with so many tax related issues, is “It depends”. Primarily it depends upon the outcome of the general election.  If the widely predicted Conservative victory comes to pass then there is no obvious reason why this piece of legislation should not simply be dropped into […]

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Forrester Boyd News
first impressions

How often have I heard it said that ‘you only get one chance to make a first impression’ or that it takes just 7 seconds for someone you meet for the first time to decide if they will do business with you … or not. I have a lot of ‘first time meetings’ with business owners which seem to go down well since 30% of them result in us doing business together. What’s my secret you may ask? – well no secret, more of a consistent approach towards ensuring the prospective client gets the most out of the time they […]

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Forrester Boyd News, Tax
Tax Return

Tax return penalties It may not come as a surprise to learn that if your self-assessment tax return is late you are going to be charged a penalty.  What may be surprising is the potential size of the penalty.  After 6 months the amount due in penalties would be £1,300.  I’m afraid that this is not a typo, and what is more, this can be increased by £10 per day until the return is submitted. Unlike in the “good old days” there is now no longer any mitigation based upon the amount of tax due, so the penalties stand even […]

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Forrester Boyd News, Education, Academies
reserves policy

In a time where budgets are tight, it is important to ensure you do not lose sight of maintaining reserves to ensure future financial stability. All academies should have a reserves policy which clearly sets out why reserves are held, what level of reserves are deemed appropriate and how you intend to achieve the desired level. The reserves policy should refer to ‘free reserves’ – this being unrestricted funds or funds that can be used for the general running of the school e.g. GAG. How do you decide on your desired reserves? Your reserves are there to provide a safety […]

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Forrester Boyd News
Paperwork

Spring comes but once a year. Not quite how the saying goes but in relation to clearing out the old paperwork from the office it’s still pretty apt. So, with that in mind I would like to discuss the benefits of a decluttered office. At Forrester Boyd, we pride ourselves in our ability to regularly clear out old paperwork, accounts files, general correspondence etc.; and let’s not forget about those out of date promotional brochures. It all adds up you know. So I thought it would be a good idea to discuss the ins and outs of the paper filled […]

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Forrester Boyd News, Small Companies
Change

Let’s face it, most people don’t like change.  I’m the same. If it isn’t broke don’t fix it and all that. You get comfortable in what you are doing, so if it works ok, why change? One reason I like to change is to save time.  Time to me is one of the most important things, and it is to most people.  It’s probably the only thing you can’t buy, other than love according to the Beatles. As much as I don’t like change, one thing I dislike more is wasting time.  I am always looking at ways to cut […]

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Forrester Boyd News, Academies
Academic Sector

With the August Accounts Return fiasco behind us I take a look at what’s topical across the academic sector. Sex education Children are to be taught about healthy adult relationships from the age of four, with sex education made compulsory in all secondary schools.  Gone are the days of giggling with your mates at the back of the classroom as the teacher puts a VHS on in black and white to educate us on safe sex. Ok, so a week after my 27th birthday, I might be a little out of touch however according to education secretary Justine Greening existing […]

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Forrester Boyd News, Tax
P11D - Benefit in kind

In my day to day work I come across problems arising out of benefits in kind that have not been declared on a P11D or have been incorrectly declared. This causes problems for employees and employers alike, and may result in HMRC charging penalties. So what are the main problem areas and how can we ensure the P11Ds are correct? Directors’ Loan Account If a director’s loan account is overdrawn at any time in the tax year by more than £10,000 there is a benefit in kind to report to HMRC. However unless the company maintains an accurate record of […]

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