Each year we choose a charity to support and this year the charity is Ataxia UK.
This may be a little known charity but is an organisation I am very pleased to support. I am especially pleased with this year's charity because I suffer from Cerebellar Ataxia, one of the many forms of Ataxia. Thankfully my symptoms are mild and amount to no more than a problem speaking, a problem writing, difficuties with co-ordination and, at times, feeling generally "washed out". If anything, it could be described as frustrating because, often, I can't do what I wish or what I used to do. Equally, this might just be down to getting old.
Ataxia is a degenerative brain condition and is progressive - meaning that it does get worse. It gradually robs sufferers of mobilty, co-ordination and speech. The speed at which the condition progresses varies greatly from person to person. In the word of one doctor "It might be many years before there is any deterioration but I wouldn't advise taking up rock climbing".
Rather than spend a lot of time describing the difficulties that sufferers can go through I will post some links to short You Tube videos that can describe things better than I ever could. http://www.youtube.com/watch?v=gxv_5nyO1QE
http://www.youtube.com/watch?v=3wnugGhdr4o
http://www.youtube.com/watch?v=nj2WQfu4MhU
http://www.youtube.com/watch?v=bVJcAVaW87g
The first is rather hard hitting but the others are more "optimistic".
Our aim is to raise awareness of Ataxia and to raise as much as possible over the next 12 months. This will be formally launched at our Budget Breakfast Briefing on Thursday morning but we have prepared a charity page at http://www.justgiving.com/Crowther-Beard-llp for donations. Your support would be vey gratefully received.
We don't think its enough to just ask others to give and apart from our fund raising activities (including a Cream Tea in June and a Golf Day in October) and asking for donations we are going to pledge that some of the money we receive for the services we provide are paid to Ataxia.
For each new client - we will pay for Ataxia UK to send DVDs to 5 young people learning to cope with Ataxia.
For each piece of tax planning – we will pay to print 100 info leaflets to raise awareness.
For each piece of business planning - we will pay to run the helpline for a day.
Please help.
Monday, March 19, 2012
Thursday, March 8, 2012
Pensions – The Annual allowance
I have just penned an article to be published in the UK200 Technical Advisor In Focus magazine and wanted to share it with you.
HM Revenue & Customs realise that, following reductions of the annual allowance (AA) for pensions, more people should be declaring on their tax returns an annual allowance charge. It is important that a return of any charge is made to avoid the possibility of interest and penalties. A potential liability is not well known but HMRC do not accept ignorance as an excuse.
The AA, i.e. the maximum pension savings that qualify for tax relief, reduced to £50,000 from 6 April 2011. The use of the term savings is done purposely because, importantly, the provisions apply not only to defined contributions schemes but also to defined benefit schemes (final salary schemes). Just as importantly, it applies to all contributions made to a pension scheme and, therefore, includes employer contributions.
If contributions exceed the AA the excess is liable to a charge at marginal tax rates. For most people caught by this provision, that will be 40% or, perhaps, even 50%.
The AA can be more than £50,000 because it increases by allowances unused in the previous 3 tax years. For these purposes, the allowance for 2008/09 through to 2010/11 are taken to have been £50,000 (although, they were higher). A simple example is that, if pension savings were £30,000 for each of the years 2008/09 to 2010/11, the allowance for 2011/12 is £110,000 (£50,000 plus £60,000 brought forward).
To further complicate the position, the concept of a PIP (pension input period) and how pension savings are calculated for defined benefits scheme, come into it.
PIPs do not have to follow the tax year but have to be allocated to tax years, as the pension savings of a PIP have to be compared to the AA for tax years, to calculate if there is a charge. This is achieved, normally, by allocating the PIP ending in a tax year to that tax year, i.e., PIP to 31 December 2011 ends in and is the PIP for the tax year 2011/12.
If the scheme is a defined benefits scheme the measure of pension savings is the increase in projected pension benefits in the PIP, which could bear no relationship to contributions made.
I have just penned an article to be published in the UK200 Technical Advisor In Focus magazine and wanted to share it with you.
HM Revenue & Customs realise that, following reductions of the annual allowance (AA) for pensions, more people should be declaring on their tax returns an annual allowance charge. It is important that a return of any charge is made to avoid the possibility of interest and penalties. A potential liability is not well known but HMRC do not accept ignorance as an excuse.
The AA, i.e. the maximum pension savings that qualify for tax relief, reduced to £50,000 from 6 April 2011. The use of the term savings is done purposely because, importantly, the provisions apply not only to defined contributions schemes but also to defined benefit schemes (final salary schemes). Just as importantly, it applies to all contributions made to a pension scheme and, therefore, includes employer contributions.
If contributions exceed the AA the excess is liable to a charge at marginal tax rates. For most people caught by this provision, that will be 40% or, perhaps, even 50%.
The AA can be more than £50,000 because it increases by allowances unused in the previous 3 tax years. For these purposes, the allowance for 2008/09 through to 2010/11 are taken to have been £50,000 (although, they were higher). A simple example is that, if pension savings were £30,000 for each of the years 2008/09 to 2010/11, the allowance for 2011/12 is £110,000 (£50,000 plus £60,000 brought forward).
To further complicate the position, the concept of a PIP (pension input period) and how pension savings are calculated for defined benefits scheme, come into it.
PIPs do not have to follow the tax year but have to be allocated to tax years, as the pension savings of a PIP have to be compared to the AA for tax years, to calculate if there is a charge. This is achieved, normally, by allocating the PIP ending in a tax year to that tax year, i.e., PIP to 31 December 2011 ends in and is the PIP for the tax year 2011/12.
If the scheme is a defined benefits scheme the measure of pension savings is the increase in projected pension benefits in the PIP, which could bear no relationship to contributions made.
Wednesday, February 15, 2012
No more busy fool
The months of November, December and January are extremely busy for all accountants paticularly those heavily involved in tax. The deadline of 31 January for submission of personal tax returns tends to take over and the other urgent things, that need to be done in these months, leaves very little time for doing the other important things.
It is hard at times to realise that not putting time aside to spend on the less time critical, but no less essential, matters such as strategy and planning means that you are no more than a busy fool.
Please do not think that I do not recognise that phones need to be answered, e-mails need to be responded to, questions dealt with and scheduled work completed. It makes the business go around and is very rewarding but if you spend all your time working "in" the business you are just dealing with the present and neglecting to think about what you need to do so the business has a future.
Unfortunately having ideas and developing a plan is only part of it. Until there is action things do not happen. So you do not only have to do the "normal" work - you also need to have plans and carry them out. It sounds daunting but can be best achieved by setting aside specific time to work "in" the business and other time to work "on" the business, i.e. working on your plan.
It can help to "keep you honest" if you have someone to help you work on your plan and this is, of course, something we can do.
It is hard at times to realise that not putting time aside to spend on the less time critical, but no less essential, matters such as strategy and planning means that you are no more than a busy fool.
Please do not think that I do not recognise that phones need to be answered, e-mails need to be responded to, questions dealt with and scheduled work completed. It makes the business go around and is very rewarding but if you spend all your time working "in" the business you are just dealing with the present and neglecting to think about what you need to do so the business has a future.
Unfortunately having ideas and developing a plan is only part of it. Until there is action things do not happen. So you do not only have to do the "normal" work - you also need to have plans and carry them out. It sounds daunting but can be best achieved by setting aside specific time to work "in" the business and other time to work "on" the business, i.e. working on your plan.
It can help to "keep you honest" if you have someone to help you work on your plan and this is, of course, something we can do.
Friday, December 30, 2011
What do you look for in chosing an accountant?
Back in September I was privileged to hear Hamish Taylor speak at the Annual UK MindShop conference which this year was held in London. But this blog is to ask you something about a comment that was made at the end of his presentation.
Hamish has a CV that the Times said "takes some beating". He has been Head of Brand Management at British Airways, CEO of Eurostar and of Sainsbury's Bank and told an interesting story of how when working for Proctor and Gamble he went to peoples homes to see how they used their products. Clearly as an Accountant we cannot go to see how people use their accounts but we can ask them what are they looking for from an Accountant.
And it was this question, the final question of an excellent presentation that was asked of Hamish. What do you look for from your accountant?
His answer was firm and unequivocal.
I think that will not be an uncommon answer from people but at Crowther Beard along with other MindShop trained firms we assist our clients with all three.
Do you agree with Hamish's view of what you should expect from an accountant and if so do you get it from your accountant?
Hamish has a CV that the Times said "takes some beating". He has been Head of Brand Management at British Airways, CEO of Eurostar and of Sainsbury's Bank and told an interesting story of how when working for Proctor and Gamble he went to peoples homes to see how they used their products. Clearly as an Accountant we cannot go to see how people use their accounts but we can ask them what are they looking for from an Accountant.
And it was this question, the final question of an excellent presentation that was asked of Hamish. What do you look for from your accountant?
His answer was firm and unequivocal.
- He expects that all of the worries about filing deadlines and compliance with tax and accounting laws are taken away and dealt with.
- He expects to pay the minimum amount of tax legally and simply, no fancy schemes but make sure he has claimed all that he should.
- He expects the accountant should help him grow the business.
I think that will not be an uncommon answer from people but at Crowther Beard along with other MindShop trained firms we assist our clients with all three.
Do you agree with Hamish's view of what you should expect from an accountant and if so do you get it from your accountant?
Sunday, November 6, 2011
Getting that Marketing Strategy Right
I had a very unusual experience on Thursday. I had agreed to a meeting with a contact a couple of weeks ago and they arrived at my office for coffee at 11 am. What I hadn't realised was what they wanted to speak about.
When she sat down and we had got the usual pleasantries out of the way I was asked what their business could do to break into the local market place as they didn't have any clients locally.
I asked whether they had defined their ideal client and their target market, and spoke about how Crowther Beard identified the property and construction, agricultural, transport and engineering industries, and the medical profession as target markets and had a definition of an ideal client too.
I then moved forward to discuss where we find those clients, joining clubs where they go and how we are setting about creating a following through the Crowther Beard Community on LinkedIn amongst other areas. But the main things that I said that were needed was a plan, commitment and hard work.
We spoke for over an hour about how our marketing was beginning to reap its rewards as I have always believed in the Accounting Profession that it takes at least 12 months for marketing to be effective. I spoke about attending only the networking events that we thought would be beneficial to us because our targets would be there and how we planned each year setting some big targets and then reviewed the plan on a regular basis to ensure that we kept on track towards our goals.
At the end of the meeting my contact was generous enough to thank me for my time and for the advice that I had given.
However I later thought that what I had done was also very important in a marketing plan. Most of the greatest leaders in the business world will give things, their time to worthy causes or just to explain what they have done and how they achieved their goals. That is what I had just done. It is the giving that is important, something of value to others.
That will raise your profile.
When she sat down and we had got the usual pleasantries out of the way I was asked what their business could do to break into the local market place as they didn't have any clients locally.
I asked whether they had defined their ideal client and their target market, and spoke about how Crowther Beard identified the property and construction, agricultural, transport and engineering industries, and the medical profession as target markets and had a definition of an ideal client too.
I then moved forward to discuss where we find those clients, joining clubs where they go and how we are setting about creating a following through the Crowther Beard Community on LinkedIn amongst other areas. But the main things that I said that were needed was a plan, commitment and hard work.
We spoke for over an hour about how our marketing was beginning to reap its rewards as I have always believed in the Accounting Profession that it takes at least 12 months for marketing to be effective. I spoke about attending only the networking events that we thought would be beneficial to us because our targets would be there and how we planned each year setting some big targets and then reviewed the plan on a regular basis to ensure that we kept on track towards our goals.
At the end of the meeting my contact was generous enough to thank me for my time and for the advice that I had given.
However I later thought that what I had done was also very important in a marketing plan. Most of the greatest leaders in the business world will give things, their time to worthy causes or just to explain what they have done and how they achieved their goals. That is what I had just done. It is the giving that is important, something of value to others.
That will raise your profile.
Saturday, October 15, 2011
Some People Just Have Got It Right!
Being content with your life is not too difficult but some people manage to do it with ease and at a much slower pace than others accepting the cards that they have been dealt and making the most of their lives.
Over the last 2 or 3 weeks I have been running around like...I don't know what. Meetings here, networking there, golf, rugby, football etc and visits to the Cheltenham Literary Festival and on Sunday last to Swindon for dinner with my elder daughter whose birthday it was on Tuesday. I think that the expression is "burning the candle at both ends". To crown it all I had designated Monday to take a 500 mile plus trip to Cornwall to see a client that I hadn't visited for a little over 4 years.
I have acted for the client, a holiday park owned and run by a husband and wife team, since they bought the park around 16 years ago and until recently had visited them every year, and sometimes twice a year. Over that time we have become good friends. Rather than bring their children up in South London they chose to give up the day job and move to the quieter, prettier countryside of Cornwall and the business is very much a lifestyle business. The husband is now 58 years old and his knees are the worst for sporting injuries in his younger days, his wife a little younger but now they are looking to sell the park together with their home.
Once I had reached their part of Cornwall and driven the half mile or so down an unmade road to their home I was greeted as an old friend and as we chatted over a coffee they were eager to know news of my family (my elder daughter once called to deliver some records back to them when she was camping in Newquay) and of my own health. They remembered about the back operation that I had had some 4 years ago a short while after they had last seen me and how it had left me.
So what is unusual about that I hear you ask? Well when they bought the Holiday Park they had 2 sons, aged 4 and 1, and within a year of moving the younger son was diagnosed as autistic. The lifestyle business was not necessarily always good for him as he needed more care, more supervision and more time devoted to him than sometimes the business would allow. However the solitude of the location meant that there was plenty of space for him to run around in and let off steam and my clients have managed it magnificently.
Their elder son is now at University almost 200 miles away from home and has always had his parents time when needed or wanted. He also has helped with his brother, who now clearly misses him. I recall being there on one occasion a few years ago and he was off to football practice. Someone was picking him up to drive to the practice from the top of the lane but he didn't ask his parents for a lift the half mile or so. As I was just leaving I offered him a lift and for a teenager he was a very well balanced and articulate young man.
Given the circumstances you can imagine my surprise around 8 years ago when they told me they were going to adopt a young girl of 7 years of age. She had a number of behavioural issues at the time and because of the family unit that has been created not only has she learnt to deal with these, she also has helped with the care of her adoptive brother. Their daughter is looking to train as a teacher for children with special needs.
One reason that they are looking to sell their business is that it will allow them to spend more time with their younger son once he leaves school as he will most probably need to have permanent care.
A friend of mine once told me that he would only work with people that he would invite into his home and these people are just those kind of people. There is no resentment in the family simply love and love for their friends and extended family.
I think that they deserve to have a happy retirement, don't you?
Over the last 2 or 3 weeks I have been running around like...I don't know what. Meetings here, networking there, golf, rugby, football etc and visits to the Cheltenham Literary Festival and on Sunday last to Swindon for dinner with my elder daughter whose birthday it was on Tuesday. I think that the expression is "burning the candle at both ends". To crown it all I had designated Monday to take a 500 mile plus trip to Cornwall to see a client that I hadn't visited for a little over 4 years.
I have acted for the client, a holiday park owned and run by a husband and wife team, since they bought the park around 16 years ago and until recently had visited them every year, and sometimes twice a year. Over that time we have become good friends. Rather than bring their children up in South London they chose to give up the day job and move to the quieter, prettier countryside of Cornwall and the business is very much a lifestyle business. The husband is now 58 years old and his knees are the worst for sporting injuries in his younger days, his wife a little younger but now they are looking to sell the park together with their home.
Once I had reached their part of Cornwall and driven the half mile or so down an unmade road to their home I was greeted as an old friend and as we chatted over a coffee they were eager to know news of my family (my elder daughter once called to deliver some records back to them when she was camping in Newquay) and of my own health. They remembered about the back operation that I had had some 4 years ago a short while after they had last seen me and how it had left me.
So what is unusual about that I hear you ask? Well when they bought the Holiday Park they had 2 sons, aged 4 and 1, and within a year of moving the younger son was diagnosed as autistic. The lifestyle business was not necessarily always good for him as he needed more care, more supervision and more time devoted to him than sometimes the business would allow. However the solitude of the location meant that there was plenty of space for him to run around in and let off steam and my clients have managed it magnificently.
Their elder son is now at University almost 200 miles away from home and has always had his parents time when needed or wanted. He also has helped with his brother, who now clearly misses him. I recall being there on one occasion a few years ago and he was off to football practice. Someone was picking him up to drive to the practice from the top of the lane but he didn't ask his parents for a lift the half mile or so. As I was just leaving I offered him a lift and for a teenager he was a very well balanced and articulate young man.
Given the circumstances you can imagine my surprise around 8 years ago when they told me they were going to adopt a young girl of 7 years of age. She had a number of behavioural issues at the time and because of the family unit that has been created not only has she learnt to deal with these, she also has helped with the care of her adoptive brother. Their daughter is looking to train as a teacher for children with special needs.
One reason that they are looking to sell their business is that it will allow them to spend more time with their younger son once he leaves school as he will most probably need to have permanent care.
A friend of mine once told me that he would only work with people that he would invite into his home and these people are just those kind of people. There is no resentment in the family simply love and love for their friends and extended family.
I think that they deserve to have a happy retirement, don't you?
Thursday, October 6, 2011
The Computer Says No
The idea behind this blog is to provide information that helps strategy - it is not a forum to have a general moan but I thought that I should highlight 2 things I came across today that enables me to get matters off my chest but at the same time teaches us lessons, even if they are only that these are things we shouldn't do.
The first involves my old friends (?), HM Revenue & Customs. For some months, I have been attempting to get a tax underpayment collected monthly, through a PAYE code, rather than being paid in one lump sum. I won't bore you with the technical details of why HMRC objected to this but today they have finally admitted that the procedures, that prevent coding, could be overwritten (and regularly were) until July 2009, when they had a new computer system. Since then they have to do what the computer says.
The moral of the story is to never design anything that removes the possibility of personal intervention and the insertion of good old common sense.
The second thing is that we were exhibiting at the Worcester Expo at WRFC today. As it was busy, I was directed to the normal car park rather than the "Event" parking spaces. There was a barrier at the entrance that was raised by an attendent, without asking the nature of my business. There was a second attendant who raised another barrier for those leaving.
The point here is why have the barriers down at all, for all the good they were? They weren't preventing anyone coming or going. Why weren't they left up just as they were when the Expo finished. It is amazing what can be achieved, particularly financially, by cutting out this kind of waste and "waste audits" are extremely valuable. Needless to say this is something Crowther Beard could help with.
The first involves my old friends (?), HM Revenue & Customs. For some months, I have been attempting to get a tax underpayment collected monthly, through a PAYE code, rather than being paid in one lump sum. I won't bore you with the technical details of why HMRC objected to this but today they have finally admitted that the procedures, that prevent coding, could be overwritten (and regularly were) until July 2009, when they had a new computer system. Since then they have to do what the computer says.
The moral of the story is to never design anything that removes the possibility of personal intervention and the insertion of good old common sense.
The second thing is that we were exhibiting at the Worcester Expo at WRFC today. As it was busy, I was directed to the normal car park rather than the "Event" parking spaces. There was a barrier at the entrance that was raised by an attendent, without asking the nature of my business. There was a second attendant who raised another barrier for those leaving.
The point here is why have the barriers down at all, for all the good they were? They weren't preventing anyone coming or going. Why weren't they left up just as they were when the Expo finished. It is amazing what can be achieved, particularly financially, by cutting out this kind of waste and "waste audits" are extremely valuable. Needless to say this is something Crowther Beard could help with.
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