Making tax digital – Tax is changing!

You may be aware of the recent announcement by HMRC to introduce a digital tax system.

Naylor Wintersgill tax partner Chris Gumbley, advises that consultations are taking place at present, with further details expected in November.

If these proposals are implemented they will bring in fundamental changes to the tax system.

It is intended that they will be introduced gradually from April 2018.

Some of the main points are:

  • Most businesses and landlords will need to use software or apps to keep their business records.
  • Updates will need to be provided to HMRC four times per year.
  • Some people will be exempt from these changes.
  • All taxpayers will have a Personal Tax Account with HMRC, so they can see at any time the tax paid and the tax that is due.
  • There will be a voluntary “Pay as you go” system introduced.

The proposals are at an early stage, but we are already considering the implications for our clients.

Please rest assured that we are on the case!

We are on the case and will provide more information as the matter progresses.
Chris Says, “We are on the case and will provide more information as the matter progresses.”

 

 

 

 

 

 

We will let you have more details as to how the changes might affect you over the next few months and we will keep you informed as matters progress.

In the meantime, please get in touch if you need any further information as this stage.

 

 

Goldman Sachs 10K Small Businesses programme – Applications open for January 2017!

Goldman Sachs 10,000 Small Businesses programme is an investment to help entrepreneurs create jobs and economic opportunity by providing greater access to education and business support services. The 10,000 Small Businesses programme is funded by Goldman Sachs and the Goldman Sachs Foundation

Naylor Wintersgill Managing Partner Victoria Wainwright and Partner Colin Whitehead  have long been involved with the Goldman Sachs 10K Small Businesses Programme and are proud to have  delivered the finance module and workshops here in Yorkshire for a number of years.

The Goldman Sachs 10,000 Small Businesses programme provides high-quality, practical education specifically tailored to the needs of UK small business leaders. Participants will receive 100 hours of teaching designed by leading experts and delivered through online and residential sessions led by Saïd Business School, University of Oxford, together with Aston University, University of Leeds and Manchester Metropolitan University. The programme is fully funded for successful applicants.

Additionally, participants will gain exposure to a network of professional experts through business coaching and one-to-one advising. Graduates will also join a highly active and unique group of small businesses who provide ongoing peer support to one another and frequently establish B2B trading.

Participants will benefit from:

  • Specialist workshops
  • Business coaching
  • Networking opportunities
  • Exposure to a network of professional experts and one-to-one support
  • A network of 10,000 Small Business graduates

We are now proud to be spreading the word about 10,000 Small Business UK and we would like to make you aware that applications for the programme commencing in January 2017 close on 24th October 2016.

Please do not hesitate to contact us if you require any further information or assistance.

 

A ‘reet good’ celebration at Naylor Wintersgill!

With true Yorkshire enthusiasm, Friday 29th July saw Naylor Wintersgill braving the down pours to celebrate Yorkshire Day – albeit two days early!

Over 100 clients and professional contacts joined our Yorkshire Day celebrations this year with guests enjoying good old Yorkshire hospitality with locally brewed Bradford Brewery ‘Northern Soul’ cask ale and yummy Yorkshire fayre supplied by Foodworks.

Foodworks Buffet

It wouldn’t quite have been a Yorkshire ‘do’ without a spot of welly wanging and the stakes were high to be crowned the champion of the traditional sport on the day.  There was also ample opportunity to ‘tek thee sen a selfie’ in front of our photo screen with lots of flat caps to doth and props to pose with – check out our gallery for some fantastic photos of the day!

As the atmospheric sounds of Yorkshire Brass Quintet filled the afternoon, our guests were also treated to sights of some fantastic Farnell Bradford Jaguar motors on show and local Bradford based bike shop Pennine Cycles brought with them some of their amazing Pennine frame cycles to showcase.

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We are also  pleased to announce that  our Yorkshire Day raffle raised a huge £400 to be split between our chosen charities for the year, Marie Curie Bradford Hospice and Bradford based charity One In A Million.

Craig McHugh

Every member of the NW team worked together to contribute to the success of the day and volunteers were on hand for every task, from serving drinks, pinning Yorkshire roses, giving out good bags to washing up – a big thank you from all the partners!

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It was a ‘reet good’ do and we hope to see thee all next year!

 

 

‘Highly commended’ at Bradford Means Business Awards 2016

We are extremely proud to officially announce that Naylor Wintersgill has been presented with a ‘highly commended’ award in the ‘Job Creator of the Year’ category at the annual Telegraph & Argus Bradford Means Business Awards 2016.

The glittering awards ceremony, held on 11th June 2016 at the Aagrah restaurant in Thornbury, Bradford saw hundreds gather to celebrate the district’s top business men, women and firms success and achievements.

This year the ‘Job Creator of the Year’ category was sponsored by Bradford College and we were honoured to be only one of three businesses shortlisted in this prestigious category. The award honours those who have played an outstanding role in boosting employment in the Bradford district by doing their best to increase workforces and also train and improve the skills of existing employees.

On the run up to awards ceremony, we were given the nerve-racking opportunity to film a short video about Naylor Wintersgill to be played just before our category winner was announced on the evening. Managing partner Victoria Wainwright took on the task and it was great to see Naylor Wintersgill in the spotlight at such a fantastic event.

We are extremely proud to have been a part of the Bradford business community for almost a hundred years now, and as firm we are passionate about developing home grown talent. As an officially appointed training firm of the Institute of Chartered Accountants we are delighted that we are now celebrating our 25th year of offering an annual modern apprenticeship programme to grow and develop our workforce for the future.  We firmly believe the success of the firm depends on each and every member of our team and fully support and encourage all colleagues in their ongoing technical and professional development.

Just to be nominated is an incredible accolade and we are very proud of our achievements as we constantly look to work with individuals who have the same passion and enthusiasm we do.

Employee Contributions to Car Benefits

Company cars have been a popular perk in the past but many employees have now been swayed to use their own vehicles and opt for a car allowance. If you do still provide employees with a company car, as of 6 April 2016, HMRC has introduced a new legislation which you may not be aware of.

An employee is taxed on the provision of a car if it is available for their private use (private use includes home-to-office travel).

When someone has the benefit of a company car, they will become liable to Benefit in Kind (BIK) taxation. Here, our tax partner Chris Gumbley, explains the change in the rules and how contributions made by employees towards the cost of car provided to them by their employer can reduce the tax charge arising.

Concept of “fair bargain”

Until recently, where an employer provided leased cars to employees (with the lease being in the employer’s name), but with the employees repaying the full lease cost to the employer, it was considered that no BIK arose.  The logic was that, under the concept of “fair bargain”, the employees did not receive any benefit in the ordinary sense of the word – therefore the cars did not fall within the BIK regime.

HMRC’s view has always been that the fair bargain concept did not apply to company cars and to put the matter beyond doubt they introduced legislation which took effect from 6 April 2016.

As a result, depending on the amount of the lease premiums, employees may well now have taxable BIKs in such circumstances.

But all is not lost!

 Whilst there may be a BIK, the taxable amount will be reduced by the amount of employee contributions if various conditions are met.

In particular, the payment must be made by the employee as a condition of the car being available for private use.

Action Points

If, as an employer, you have employees who make contributions in respect of a company car, we strongly recommend that you have a written agreement in place to ensure the BIKs can be reduced.

It is also essential that you fully understand how car benefits need to be reported to HMRC, to avoid interest and penalties arising in the future.

We can help – so please contact us if you think you may be affected by the changes or require any clarification based on your specific situation.

Companies House changes affecting you

There are some big changes coming in the Company Secretarial world and here at Naylor Wintersgill, we would like to make you aware of the following changes that will affect your company from 30th June 2016.

The Small Business, Enterprise and Employment Act received Royal Assent in March 2015 and as part of this legislation the following changes will come in to force on the 30th June 2016:

The annual return to Companies House will be replaced by a new confirmation statement.  

The confirmation statement is intended to serve the same purpose as the annual return, however, one of the main differences is that rather than providing a snapshot of your company data at a specific date, companies will now need to review the information held at Companies House and confirm that this is correct and fully up to date.  This review has to be carried out at least once a year.

Once the new confirmation statement, dated after the 30th June 2016 has been filed, companies must then let Companies House know as and when changes to appointments etc. take place.

The filing deadline for the confirmation statement (previously the annual return) is changing from a 28-day grace period to 14 days after the ‘made up date’. e.g. a confirmation statement made up to 30th September 2016 must be filed by 14 October 2016.

When the confirmation statement is filed, companies will, for the first time, have to notify Companies House of the people with significant control. 

A person with significant control may be a director, shareholder or someone who is running the business in the background.  There are five categories of people who could be regarded as having significant control but, if there is no one with overall control, a company has to make a statement to that effect.

What will happen now?

If we take care of your company secretarial requirements you will receive, ahead of your filing deadline, a company profile which will show the information that we hold for your company.

You will be asked to confirm that this is correct and to identify the people with significant control.

A new PSC (People with Significant Control) Register will now record these details and will automatically become part of the company’s statutory registers.

Please help us to help you by providing any changes to your company structure as soon as these take place.

We are here to help

We are always here to help and should you wish us to take care of the annual company secretarial needs of your company do not hesitate to contact us

Remember to continue visiting our blog and following us on Twitter to keep up to date with all the latest industry news.

Peak Performance for Naylor Wintersgill

They did it!!

On Saturday 18th July a team of heroic hikers comprising of partners Gavin ‘Machine’ Lamb (along with 6 year old son Edward and dog Daffy!), Philip ‘No Sweat’ Venter, Chairman Alan Wintersgill with son Craig Wintersgill and Tony Bairstow from Butterfield Signs Limited took on the Naylor Wintersgill Yorkshire 3 Peaks challenge in support of our chosen charity One in a Million.

One in a Million engages with children and young people from disadvantaged backgrounds in Bradford to provide weekly sports, arts, education and enterprise programmes. Now celebrating 10 years of delivering community programmes across Bradford, the charity is having a positive and lasting effect in the local community.

As a proud corporate partner to the charity, Naylor Wintersgill shares in the same passion and enthusiasm to encourage young people in our community as they do and we couldn’t miss an opportunity to ‘trek’ out there and take on the challenge in support of this worthy cause!

Feeling fresh as daises, the group set off from Horton in Ribblesdale at 6.45am with a steely determination to complete the epic 24 mile walk across Penyghent, Whernside and Ingleborough within the 12 hour allotted time.

Feeling wonderful on Whernside
Feeling wonderful on Whernside

Throughout the day the trails were very busy but the team kept up the pace with even Daffy the dog providing assistance to the team up and down Penyghent.  An amazing Edward at only 6 years old spent 5 minutes being carried on dad’s shoulders and 5 minutes walking and by the time they reached the top of Whernside, Gavin was the talk of hundreds of walkers who were stunned and in awe of the father and son duo!

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Still feeling fresh!

The whole team were all extremely appreciative of Wayne Jacobs and Craig McHugh from the One In A Million charity who were their support team throughout the challenge. With the gang slightly ahead, Wayne Jacobs even took on Whernside with Alan.  “Wayne’s support and encouragement on Whernside will never be forgotten!” remarked Alan yesterday.

Daffy's in charge!
Daffy’s in charge!

 

 

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Tony, Craig, Wayne and Philip

Taking on the final tough climb and decent of Ingleborough, Alan was over the moon to be joined by good friend Gary Peacock, General Manager of the Midland Hotel in Bradford, who is a 3 Peaks marshal,  who provided invaluable support and encouragement to cross the finish line and achieve what he thought wasn’t possible.

Gary & Alan hit Ingleborough
Gary & Alan hit Ingleborough

Gavin, Edward, Philip and Craig finished in around 11 hours and with a special mention to Wayne and Gary, Alan made it in just less than 12 hours. Reflecting on his achievement Alan said, “I learnt many years ago that if you wanted to succeed in any aspect of life get a good team around you, and on Saturday I had the best. “

Heroic finish!
Heroic finish!

With just over £1,200 raised so far and with donations still coming in, there’s still time to visit the teams Just Giving page here, if you would like to support their valiant efforts. All monies raised will go directly to support the One In A Million community programmes for disadvantaged children and young people in the most deprived areas of Bradford.

The whole team thank you for your support.

 

Alan’s Charity Cycle Success!

Naylor Wintersgill chairman, Alan Wintersgill, has successfully completed his latest exhilarating charity challenge by cycling all 127.25 miles of the Leeds Liverpool canal in two days, in support of Marie Curie Bradford Hospice.

With triathlon success already under his belt so far this year, Naylor Wintersgill chairman, Alan Wintersgill, was ready to take on a new challenge and this time teamed up with Andy Lowther from Handelsbanken, Adam Evans from Ilkley Cycles and Chris Schofield from Schofield Sweeney to be put through their paces on the canal.

Starting out in the sunshine along the excellent canal paths out of Liverpool, the team quickly hit a gruelling task to navigate through the heavy rain and open countryside to the half way point, after eight hours in the saddle. Awaking refreshed on day two, the fundraising foursome were in great spirits heading home. Alan Wintersgill said, “It was great to see family, friends and the Naylor Wintersgill team turn out in force to give us such a boost for the final push to Leeds.”

With donations still coming in, collectively the team have remarkably raised over £8,500 so far to support patients at the Marie Curie Bradford hospice. Combining this total to Alan’s donations from his recent Great Northern Trial Triathlon, Alan is proud to announce that they have reached their ambitious goal to pay for two days of vital local care and support for patients at the Marie Curie Hospice, Bradford.

Sharon Link, Community Fundraiser at the Bradford Hospice commented, “We are extremely grateful to the fundraising four! Their support means so much. To raise enough to pay for two days at the hospice is such an achievement and one they should be really proud of.”

Alan added, “It was a tough challenge but for a very worthy cause. Would I do it again? If someone had asked me this straight after the challenge the answer would be no, but now, for a worthy cause…why not!”

Final push for Alan’s Leeds Liverpool Canal Challenge

After a brief moment of basking in the glory of taking part in the Packetts’ Tour de Dales Charity Bike Ride last weekend, Naylor Wintersgill Chairman, Alan Wintersgill knows there’s no rest for the weary!

The countdown has now begun with only two days left to go until Alan, Andy Lowther from Handelsbanken, Adam Evans from Ilkley Cycles and Chris Schofield from Schofield Sweeney take on their grueling Leeds Liverpool Canal cycle challenge in support of Marie Curie Hospice, Bradford.

With the fundraising foursome’s team jerseys now tried and tested, they are on a final push to boost donations for the worthy cause. Having already passed their £5,562 target and together with Alan’s fantastic triathlon funding raising efforts totaling £3,202, they are hoping to hit the figure of £11,124 to support the patients at the Marie Curie Hospice, Bradford by paying for 48 hours of care.

Remember, for those who are keen to make a donation, please visit Alan’s Just Giving Page to make a contribution and support the team over the finish line.

When we caught up with Alan in between serious training sessions, we discovered he’s also been seeking some expert advice on negotiating tougher parts of the canal, “In two places you have to come away from the tow path – so I thought I’d better get some hints and tips to stay on track!”

Commencing on Sunday 22nd May, the two day challenge will be testing the riders to their limits and we know that Alan will be welcoming encouragement nearer the completion of the challenge. The target is to arrive at Five Rise Locks Bingley by 3pm on Monday 23rd May – the team’s last break before a final push to Leeds across the finish line as they conclude the 127.25 miles.

For all the canal side action shots of the event and hopeful stories of great success, please continue to visit our blog and our Twitter page keep up to date.

Thank you again for your kind support.

Goldman Sachs 10,000 Small Businesses Programme – Applications now open!

As you may already know, we have long been involved with the Goldman Sachs 10K Small Businesses Programme here at Naylor Wintersgill. Managing Partner Victoria Wainwright and Partner Colin Whitehead were proud to deliver the finance module and workshops here in Yorkshire for a number of years and we’ve just heard that the application process is now once again open for the National Goldman Sachs 10,000 Small Businesses UK Programme.

Fully funded by the Goldman Sachs Charitable Foundation, it is renowned as a comprehensive programme designed to provide high quality, practical education and business support to leaders of high-growth small businesses and social enterprises in the UK.

It is specifically designed to enable business owners to grow their businesses. The programme helps to review all aspects of the business such as the processes, finances, sales and leadership then develops a strategy to improve, develop and grow all of the areas.

We believe the programme is a fantastic opportunity to meet and work with a wide range of business owners from across the country and also to join the National Alumni network of business owners who have undertaken the programme in the past.

As they continue to expand the programme nationally, we are extremely happy to share this opportunity within out network of small businesses, entrepreneurs and social enterprises.

The follow key criteria for eligibility apply as follows:

  • The business must have been trading for a minimum of 3 years.
  • The business must have turnover in excess of £250,000 with no maximum.
  • The business must have more than 5 employees with the maximum probably around 60 employees.
  • The applicant should be the major Shareholder or Decision maker.
  • The programme is open to businesses in all sectors
  • Applications are welcome from commercial businesses and Social Enterprises

The application site is now open and interested applicants should apply by Friday 3rd June 2016 to be considered for the autumn 2016 cohort.

If you do have any questions, please contact us or call us on 01274 733184 and we will be able to put you in the right direction for application.