Giving you the heads up....Giving you the heads up....Giving you the heads up....Monthly Newsletter of TI Payroll & AccountingMonthly Newsletter of TI Payroll & AccountingMonthly Newsletter of TI Payroll & Accounting

Welcome to February’s Newsletter

February 2014 Edition 25February 2014 Edition 25February 2014 Edition 25

Dates for your diary

February11th Pink Link Furness19th Payment to HMRC19th CIS Submission Due

PRODUCTIVITY TIP:The Most Productive Way to Start Your Day

Review your list of goals.If you don’t have one, pull out a piece of paper right now and write one. List the major goals you want to accomplish in the next few months. Then read your list every morning and make sure the activities you do every day help you achieve those goals.

Tracy x

Whatever your goals, you must have them written down, this makes them more real. If your goal is a tangible object, have a picture of it in your office – reminding yourself of what you are working towards. This will help when you have a setback.

You also need to know your business numbers so that you can work out how to move forward, which is what we did with our client. They are now back on that winding road to success - with a clear plan of action.

I hope that if you don't have goals this has given you something to think about. And if you have got goals and haven't written them down – do it now.

If you would like to do so, drop me an email and let me know, as I'd love to hear them and help bring them to life for you. Kind Regards

Phew, Thanks goodness January is over! I'd like to say

it's time for a rest but, for those of you that are owners

of growing businesses, you'll know that there is always

something else to do.

I have said to myself so many times “I'll do that the first

week in February” that I'm not sure how many hours I

thought there would be this first week in February. But

as the saying goes “How do you eat an Elephant?” …

one bite at a time.

Just before Christmas, I had a client in who had a

setback in their business and was ready to pack it all in.

Now I know set backs are hard, especially when they

involve money, but who said the pathway to success

was going to be easy? A few days before my client

came in I had seen this picture on Facebook , which I

showed them so they could take a few moments to

think about what it would mean to throw away all their

hard work over one setback.

It is hard when staring at the whole elephant to think

that you could eat it all, but tackle it in the right way - “a

bite at a time” - and you could amaze yourself with the

results. It helps when you have real heartfelt goals

which are written down. You may have short term

goals, which help get over a small obstacle in the

business; you may have a long term goal and know

your “magic number” to achieve before you retire.

March6th Business Exhibition in Kendal8th International Women’s Day11th Pink Link Ladies Furness19th CIS Submission Due19th Payment to HMRC

“

“

HMRC urge you to stick to the rules or receive a penalty!

New rules aimed at clamping down on those who mitigate their tax bills can expect to see the courts throw out contrived schemes seeking to undermine the rules. The new General Anti-Avoidance Rule (GAAR) has been written in simple terms for use in courts and tax tribunals by HM Revenue and Customs (HMRC) and gives details of what arbiters should consider when hearing a case.

More importantly for judges and lawyers, the new GAAR flatly rejects previous court judgments which were allowed to stand because the tax avoidance which had taken place was within law. The report states tax is not a game that lets taxpayers invent 'ingenious' schemes to save money by twisting the meaning of the rules.

GAAR now puts in place a statutory limit for when the taxpayer goes beyond what can be reasonably regarded as being a reasonable course of action.Double reasonable test. Known as the 'double reasonable' test, it is defined by HMRC as being a safeguard to ensure that the taxpayer is allowed the benefit of reasonable doubt.

However, the burden of proof in any case remains with HMRC and the guidance promises that any adjustments will be 'just and reasonable' and will not lead to double taxation. Before GAAR can be applied to a case, HMRC that needs to get consent from an independent advisory panel.

When it comes to applying it to self-assessment cases, additional penalties may be applied should the decision be that an arrangement was 'obvious' and abusive. There are four sections of advice which have been approved by the interim GAAR Advisory Panel and these will now be used by the courts from July.

GAAR and tax

GAAR now applies to income tax, inheritance tax, capital gains tax, stamp duty land tax, petrol duty and the annual tax on homes owned by companies.

The new rules also apply to corporation tax, although the situation is legally different when applying GAAR to cases involving National Insurance Contributions. These details will be published later. Heather Self, of law firm Pinsent Masons, says the new GAAR is still cumbersome, especially when defining whether a scheme has fallen foul of the rules. She added: “The new guidance is more practical and provides clarity for taxpayers on what is and isn't allowed, but there is also a specific warning to taxpayers to 'keep off the grass'.“GAAR is clear that when the government says it will stop a particular type of scheme than those who find ways around the rules could be in trouble.”Read more about GAAR on the HMRC website: http://www.hmrc.gov.uk/avoidance/gaar.htm

- See more at: http://www.iexpats.com/play-by-tax-rules-or-face-penalties-urges-hmrc/#sthash.ZuCqY3GE.dpuf

TWITTER OF THE MONTH@incumbriamag follows you

Welcome to In-Cumbria business magazine, home to all the latest Cumbrian business news.

Part of CN Group. Tweets from Tom Little (Digital Journalist)

"We must all suffer from one of two

pains: the pain of discipline or the

pain of regret. The difference is

discipline weighs ounces while regret weighs

tons."Jim Rohn

Jackie's café overlooks the historic Furness Abbey, she

offers customers the opportunity for refreshment in a

place that is a feast for the eyes as well as the taste buds. thHer business is based in a 15 century building, which

Jackie says 'offers stunning views' of the Abbey. All of

which explains why it's called the Abbey Mill Coffee Shop.

There are many strings to Jackie's bow. Jackie's business

started out five years ago in outside catering. It was the

opening of the Roose to Furness Abbey greenway that led

to Jackie expanding into running a café. Abbey Mill now

offers meals throughout the day - breakfast, lunch and

afternoon tea. Jackie's outside catering arm continues to

thrive, and has since been joined by a birthday cake

service.

Jackie admits that keeping track of paperwork is not her

strong point. With the time pressures of setting up in

business she started to find her paperwork a challenge,

Jackie didn't have much time to think about what she

wanted from an accountant either.

Luckily, a friend recommended she try and find an accountant that suited her needs.

The rest, you might say, is history!

Jackie clearly has huge amounts of self-motivation to

keep her going as a small business. She loves offering

tasty timeless treats to customers old and new. Jackie

particularly loves the fact that she has made many new

friends, plus 'so many interesting people from all walks of

life'.

With her café in mind, what does Jackie think will be

on the menu for the economy over the next eighteen

months? Jackie thinks that the economy 'will take a

long time to recover' but she expects the situation to

improve. Jackie also hopes that interest rates will go

back up, an ideal recipe for savers.

Jackie thinks that the government could do more to

make conditions better for small businesses like

making it easier to borrow and for energy rates to be

capped 'to stop rising energy bills'.

Abbey Mill Coffee ShopAbbey Mill Coffee ShopBusiness of the Month

Abbey Mill Coffee Shop

Over the next few years, Jackie's ambitions for her

business include expansion (increasing the 'turnover'

of the café). This isn't just to make more 'dough':

Jackie wants to ensure her employees have greater

job security.

With the demands of running a successful business,

Jackie only has a limited amount of free time. But

when she isn't mastering mouth-watering meals, she

likes spending time with her husband and four

grown-up children. Jackie also enjoys long walks

with her border collie, Sam.

TI Payroll and Accounting has clearly helped to make

Jackie's accounts more palatable to her.

As Jackie says, Tracy and her team certainly gave her enough 'peace of mind' to concentrate on growing her

business.

Jackie particularly appreciated the way that Tracy

built a relationship with her by offering business

advice through emails and newsletters. They can't

promise to make your business accounts and payroll

a 'piece of cake'. But if you feel like you've bitten off

more than you can chew, they can give expert help

with the time and attention your business needs and

deserves. To get a 'taste' of TI Payroll's excellent

services and approachable staff, just get in touch

with them.

Follow us on Twitter@tr4cyirwin

Accessible, reliable, straight forward no-nonsense speak, and a service

second to none

Helen Sutcliffe“ “If you would like to

receive this newsletter posted direct to you on a monthly basis please visit

www.subscribe.tipayroll.co.ukand fill in the online form,

or ring Tracy on

01229 490343