26.07.2010 Twitter No Comments

Twitter Tax Advice week 2010-07-26

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19.07.2010 Twitter No Comments

Twitter Tax Advice week 2010-07-19

  • RT @PrimroseB: Check this video out – Sliding Door Enclosures http://youtu.be/_fvhyRFYrgc Trying our new bow front Aqualux later-just sealed #
  • Sorted out a couple of clients with problems on records, now signing off, get my list ready for weekend work on extension!! #
  • RT @politicsofuk: Parliament Square peace protesters lose eviction challenge #ukpolitics http://bit.ly/cWYhsd //@pagroupuk pleased I guess! #
  • Higher rate taxpayer, back tax can be reclaimed for gift aid/pension contrib for upto 4 years #
  • @pagroupuk In the final throes of the extension now, should be all but done by next Tues. Will just be waiting for office door to arrive!! in reply to pagroupuk #
  • Doing a mortgage ref for client, has anyone got a good disclaimer paragraph for covering letter? Thanks #
  • Thanks for #FFs @SarahFarrow @pagroupuk and @ELInteriors #
  • RT @SarahFarrow: If police can parlb on double yellows to get lunch, why can't I? http://twitpic.com/25rf89 // I quite agree #
  • RT @ToolTweeter: 3 ways to enter; 3 DeWalt Cordless Drill Drivers to win! Follow us, RT this or register http://bit.ly/9CKXzU #
  • #FF helped me out and informative tweeters @BurfordVA @acmasterpainter @wavecrestglen @castlebod and @FalconForge #
  • #FF people having a Friday coffee fix @FrancoisM and @SarahFarrow #
  • #FF for green and blue political aspirations @greenbearsted (aka @kentpictures) and @pagroupuk #
  • Interesting Linked In article by @jasoncobine on What is business networking’s dirty little secret? http://bit.ly/cSMIsp #
  • Good meeting with potential client, may go limited to make most of £9k age related allowance #
  • RT @pagroupuk: Small announcement…. I have been selected to stand for Dartford BC in council elections next May (Conservative)//Congrats #
  • No logic to HMRC, some clients have been repaid overpayments from P35 returns instantly, other claims still waiting in post tray from May #
  • RT @kentpictures: Come to the studio in Maidstone for new profile picture £40 and a cuppa Pls RT http://cot.ag/amU5iQ /Highly Recommended #
  • RT @pagroupuk: RT @jasoncobine: looking for surveyor to see if detached house suffering from subsidence. Help!// Try http://bit.ly/aUU8wn #
  • Business Forward event Southborough Wed 21st, spaces available – Canterbury Christchurch Uni http://bit.ly/csFJ8F #
  • RT @SarahFarrow: @kentpictures anything you couldn't flog, you could post to http://rec.ycle.it ? //I missed a Flymo on there :-( #
  • RT @onmejack: Evening Nibble101 – 7:30pm Tuesday 20th July – http://eepurl.com/If57 – sadly cannot make this one #
  • @wavecrestglen @bussroot said try @alison_morton, and @falconforge said try Google translator in reply to wavecrestglen #
  • Submitted Annual Return online for a client – quick and easy! #
  • RT @wavecrestglen: HELP-can any of you good people speak French well? Have an e-mail I need to translate//I'll try + have French client too #
  • Thanks to Paul of Big D Signs in Welling for signwriting my car rear screen – Accountants "who speak your language" http://yfrog.com/ev2pij #
  • Great to meet @coostig at Chamber event last night, no doubt we will meet up with @BecomeKnown and @Fellowcreative at #Tuttle.101 next month #
  • RT @KentBusinessDir: Networking Events in Kent: Chamber of Commerce 'After Hours Club' 6pm Langley Hotel, Tonbridge http://bit.ly/CkTYS #
  • @FalconForge Shredders are fun, but being a bit of a pyromaniac I also enjoy burning confid papers in chimenia, perhaps I will alternate.. in reply to FalconForge #
  • T @KentBusinessDir: RT @Adept_IT_Ltd: Installing new phone system for a company next week- saving them > £1,600 per month! – Well done Simon #
  • Signed up a new client and testing new shredder :-) #
  • Helped out one of our builders with his tax return, hopefully some tax to come back… #
  • Thanks for #FFs @pagroupuk @BurfordVA and @acmasterpainter #
  • Registered for RS300 sailing Nationals in sunny Scotland. Looking forward to meeting up with the guys again. #
  • @onmejack Sorry, not going to be able to make if today, hope you folks have a great time at #Tuttle.101 in reply to onmejack #
  • RT @KentBusinessDir: Need An Accountant For Your Kent Based Business? Find LOCAL Accountants On Kent Business Directory http://bit.ly/cde7wu #
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12.07.2010 Twitter No Comments

Twitter Tax Advice week 2010-07-12

  • @pagroupuk Thanks for #FF Keith. Sounds like you are busy in world of Asbestos. Have a great weekend. in reply to pagroupuk #
  • #FF For all you historians @CastleBod, great tweeter, I will come and visit Hartlebury Castle one day! #
  • #FF Great Kentish Tweeple @BecomeKnown @pagroupuk @Greenenergychap @KentBusiness Directory @BurfordVA @Adept_IT_Ltd @wavecrestglen #
  • #FF @MikeSConsulting for spotting the grammatical errors in my weblink and letting me know. Thanks #
  • For all you small businesses – how to complete a stocktake http://bit.ly/9kljNY , I hope you find it useful. #
  • RT @BurfordVA: Latest post from AW Accounting on how to complete stocktake http://bit.ly/9kljNY ,I hope you find it useful./Thx RT Charlotte #
  • RT @pagroupuk: New blog, removing asbestos containing vinyl floor tiles http://ht.ly/28IKQ #
  • Latest post from AW Accounting on how to complete a stocktake http://bit.ly/9kljNY , I hope you find it useful. #
  • RT @YLBookkeeper: #Bookkeeper required for management consultant nr Shepherds Bush Market ?1/2 day monthly.Anyone out there,pls RT//Thx 4 RT #
  • RT @pagroupuk: IMF slashes UK forecasts as Bank holds interest rates but BCCI disagrees : http://bit.ly/9ZBkbz via @addthis #
  • RT @I_A_B: #Bookkeeper required for management consultant nr Shepherds Bush Market ?1/2 day monthly. Anyone out there, pls RT//Thx for RT #
  • Hello to my latest followers @UKsealants @Screwfixdotcom @Clearbooks @johnkatcrittall looking forward to tweeting with you #
  • RT @DarrenTMH: UK rates kept at record low 0.5% for 16th month- 1 vote for increase to 0.75% http://bit.ly/aDIDn5 /Good news for business #
  • RT @Greenenergychap: Solar farms-do U have spare land? http://bit.ly/arMAqW Another income for farmers #
  • Waylaid at car service and bought new monitor for office and mobile broadband dongle #timewellspent ! #
  • Spending some time preparing own accounts while waiting for car to be serviced at Beadles Maidstone. #
  • A 6th form son of a friend of mine is trying to speak to #solicitors regarding use of forums, if you cld spare 5 mins I will pass on your no #
  • RT @Gravesend_Jobs: Gravesend Jobs: Ks1 Teacher Required: Gravesend, Kent "outstanding teacher" http://bit.ly/9f4K7t #Jobs @megsy1984? #
  • Use Paypal for business? Just set it up as a bank account on your accounting software – I helped a client do this on Quickbooks. #
  • RT @JustProfs: Twitter – How to Reply http://bit.ly/5PuK7j – learn why people don't see your tweets./Learn something new every day-good read #
  • RT @broadbeantech: New vacancy: Special Needs Teachers for Primary & Secondary ,Gravesend .. http://is.gd/dhAvU #jobs #hiring @Megsy1984 #
  • RT @Gravesend_Jobs: Gravesend Jobs: Ks2 Teacher Required: Gravesend, Kent http://bit.ly/92SJ9n #Jobs @Megsy1984 ?? #
  • RT @Taxation: RT @BookMarkLee: CGT regime unlikely to change again during lifetime of this Parliament http://dld.bz/kwHE //Good article #
  • RT @RandDtaxcredits: Boom in start-ups: The number of start-ups rocketed by 19 per cent in the first half of this year.http://bit.ly/9KOGCM #
  • @pagroupuk As the householder I did not complete an asbestos survey, I will ask our builder later today…. in reply to pagroupuk #
  • RT @allaboutkent: Scrapped: Kent's school rebuilding schemes: Including several #Gravesend schools http://bit.ly/aOY8e9 #
  • If you do not know your corporation tax reference you can always quote your company number to HMRC they are x-refed. #joinedupthinking #
  • RT @BecomeKnown: I have also redesigned @fellowcreative's website for him: http://bit.ly/dhvYbt // It's VERY yellow! #
  • RT @KentBusinessDir: @fellowcreative I'll be at Tuttle.101 9.30am Coffee and good conversation..perfect for a monday morning!//See you there #
  • @acmasterpainter Fast and low maintenance, would love to go out on a "proper" woody keelboat if opportunity there tho' in reply to acmasterpainter #
  • Finished letters to HMRC for client who is behind in tax affairs, hope they look on him favourably. #
  • RT @pagroupuk: Up to 20 million people in country work in buildings containing asbestos http://ht.ly/27que //Of concern for DIYers like me #
  • RT @Unlap: You can now visit the shop at http://bit.ly/dlBYJW and use voucher code HUZZAH for £5 off your order. //Cool T's for F1 fans #
  • @CastleBod For bookkeeping software you could try Quickbooks, Kashflow or Xero, all straighforward, former PC based latter 2 online. #
  • @acmasterpainter I am a small boat person RS300, off to Nationals in a few weeks, but also get out on yachts when family commitments allow. in reply to acmasterpainter #
  • RT @acmasterpainter: New blog post: Painting galvanised surfaces http://bit.ly/dgtXpj including advice for boat owners #
  • RT @Greenenergychap: What can we help you with?? Checkout the projects we get involved with.. http://ow.ly/1Nm79 / What a mixture! #
  • Thanks for RTs re bookkeeper wanted in W12 to @ToniHunter @GreenEnergyChap @bushw12 and @TheCocktailClub – more responses welcome #
  • @bushw12 Thanks for RT re bookkeeper – right up your street in W12!! #
  • RT @sirgoldsmith: #Bookkeeper rqd for mgt consultant nr Shepherds Bush Market ?1/2 day monthly. Anyone? Thx RTs @AngliaSolutions @Bussroot #
  • RT @wavecrestglen: We will be shipping a 1924 Lafrance fire truck from USA like this one in next couple of weeks http://twitpic.com/22mms4 #
  • RT @MotoringLawyer: Negotiated speed down from 102 to 95 in court. Other defendant doesn't look happy his solicitor accepted speed of 120! #
  • #Bookkeeper required for management consultant nr Shepherds Bush Market ?1/2 day monthly. Anyone out there, pls RT #
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08.07.2010 Business Advice No Comments

How do I do a stocktake?

A client of mine has a stocktake coming up and they have a mixture of goods and products to value, so how should they do it? This depends on what the product is and how it is going to be used. The normal basis for valuing stock is at the lower of cost or net realisable value. This means whichever is the lowest of:

Cost

The actual cost of goods including bringing them in (ie delivery costs)

Net realisable value

The amount that you will realistically be able to sell it for. In many cases stock is held which “may” be useful in times to come but in reality this is not in the foreseeable future. In this case it may be that the value is a fraction of the cost or may actually be zero.

There are a number of different categories of stock and the practical way these are valued varies, but nonetheless all use the same principle. In all cases you should consider whether the realisable value is greater than cost and if not take a view on what value to apply.

Raw materials for manufacturing

These will be valued at cost of bringing the product to site. Clearly if the item is complete as it came onto site then the value will be that shown on the invoice. If there are a number of deliveries at different prices these are usually priced on a FIFO (First In First Out) basis, ie assume the oldest stock is used first. So you may have to refer to a number of prices if the quantity in stock is greater than the items on the last invoice.

The next problem is partially used “raw material”, you will need to value this based on what remains, so if it is a product sold by length you will need to measure the remaining amount and pro rata that by the cost of a complete unit (eg cable or fabric). A similar principle can be used for products sold by weight or volume.

Finished goods

These are valued at the cost of the materials used ,including any scrap or off cuts not useable elsewhere, together with the cost of any labour to produce the product.

Goods bought for resale

These are typically retail goods and are valued similarly to raw materials, this may be the area most prone to realisable value valuations due to obsolescence or old product lines.

The big mistake many business owners make is to value goods or products at sales value, this is an incorrect way of valuing and hopefully the above will be of assistance. This article is a brief summary of the principles of stock valuations and may not apply to specific circumstance so please seek professional advice before taking any steps based on the information shown. If you would like advice in this or other areas feel free to call.  Alastair Wood, AW Accounting – Accountants who “speak your language”

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05.07.2010 Business Advice, Twitter No Comments

Twitter Tax Advice week 2010-07-05

  • RT @Adept_IT_Ltd: Have spent today preparing client’s data for migration to new server over weekend. //Hope you get out in sun #BBQweather #
  • Networking followed by potential client meeting, then helping client out with Quickbooks query. Now off to docs re bruised/cracked rib. Ow! #
  • RT @essentialpa: @alastairwood have you been introduced to @Xero? //A client uses @Xero, I was v impressed, now following them too #
  • RT @amyaccountant: Ready for VAT online? Useful HMRC guidance at http://ow.ly/25F31 with online or offline training. #
  • RT @BBC_TopGear: The Bugatti Galibier… Could this be Rolls-Royce’s worst nightmare? #TopGear http://bit.ly/dv0h75 //great pics #
  • Preparing accounts from incomplete records, will be better next year with help from AW Accounting http://bit.ly/5iprxB #
  • RT @TheFundingCoach: Gift aid income continues to rise: The amount reclaimed from HMRC by charities has passed the £… http://bit.ly/b0YqMh # read more
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28.06.2010 Tax Advice No Comments

Capital gains tax new rules 2010

This post will be of interest to anyone likely to pay capital gains tax (CGT) as a result of a sale of an asset in the 2010/11 tax year.  The June Budget introduced an overnight change to the CGT regime and HMRC have produced a fairly readable Budget Note 20 and a copy of the Example 1 from that release is reproduced at the foot of this article.  The example uses a taxpayer whose income is taxed at the basic rate but in adding capital gains the inclusive income will be in the higher rate band. read more

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28.06.2010 Twitter No Comments

Twitter Tax Advice week 2010-06-28

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22.06.2010 Tax Advice No Comments

June Budget 2010 Highlights for individuals and SME Business Owners

We have been complimented on the updates posted on Twitter live during the Budget and hope to continue this by summarising the main points of interest to small business owners and individuals in the street.

The Chancellor George Osborne started by painting the picture of the poor state of the economy and among various political comments stated that due a cautious approach fiscal goals would be met one year earlier than expected in 2014.  The inflation target will remain at 2% which has already been exceeded, this will peak at 2.7% later in the year and then reduce.  In terms of the approach to the deficit a lower spending rather than higher tax route is being taken, read more

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21.06.2010 Twitter No Comments

Twitter Tax Advice week 2010-06-21

  • Great start to the weekend, received referral from close friend/contact for multi million turnover company. Chuffed to bits. #
  • Draft accounts going to client shortly, then visiting another to look at their Quickbooks and make sure running well still. # read more
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14.06.2010 Twitter No Comments

Twitter Tax Advice week 2010-06-14

  • RT @BecomeKnown: #tuttle.101 is tomorrow morning in Rochester. If you’re going I’ll see you there! http://is.gd/cNY4r //I’ll be there #
  • #ff two #Gravesend businesses I found on Twitter today @directsos (computers) @auto22garage (car garage), met the latter in person too #
  • Another quiet weekend at the Wood ranch – just brickie and groundworker in this Sat! Have a good weekend all… #
  • OH just complained to #Wickes about their local delivery for our new flooring, expecting call from #Maidstone manager. Really happy til then #
  • @MumUltrapreneur Last couple of months quite busy with end of tax year payrolls, company year ends and tax returns. More marketing now… #
  • Emailing non Twitter clients with links to my latest blogs http://awaccs.co.uk/blog-resources/blog #
  • RT @MumBizClubEKent: Did you know @MumUltrapreneur is speaking at 1st MBC E.Kent meeting on Monday 14th? 10.15am Phoenix Hse, Sittingbourne #
  • RT @wavecrestglen: #FF @alastairwood – if you need a bit of help with your accounts, tax, payroll etc give Alastair a try //Thanks Glen # read more
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