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Burgess Hodgson RSS http://www.burgesshodgson.co.uk/ Follow the link to read the entire article Burgess Hodgson Burgess Hodgson (mailto:info@burgesshodgson.co.uk) Burgess Hodgson RSS http://www.burgesshodgson.co.uk/images/logo.jpg http://www.burgesshodgson.co.uk/ Government revamps childcare tax treatment Higher rate tax payers will feel the pinch from the Government’s plans to restrict the tax relief on childcare provided by employers to basic rate tax only. http://www.burgesshodgson.co.uk/news-details.asp?ArticleID=122 2010-03-04 2010-03-04 News Burgess Hodgson Burgess Hodgson (mailto:info@burgesshodgson.co.uk) Robinsons bucks the trend with help from BH ROBINSONS BUCKS THE TREND WITH HELP FROM BH Practicality and expertise are the watchwords from Robinsons Solicitors to describe the Canterbury-based legal practice’s relationship with its accountants, Burgess Hodgson. Robinsons’ recent merger with Collings & Co is a good example of the two words put into practice, with Burgess Hodgson on hand to advise the Robinsons’ partners every step of the way in a deal which will see the firm boosting its commercial and residential property departments. “Burgess Hodgson is very practical in terms of getting the job done,” says Robinsons partner Tim Clark. <img width="270" height="103" align="right" alt="" src="/userfiles/image/banner6(1).jpg" />It’s an approach that has served Robinsons well over the last seven years. Burgess Hodgson was originally personally recommended on the basis that the soon-to-be Robinsons Solicitors partners needed an accountant to help in negotiating the demerger from the Robinson Allfree practice. While other legal practices have suffered in the current economy as the work around conveyancing and commercial property has dried up, Robinsons has been able to deflect the situation with a focus on personal injury, family and litigation, which now makes up more than 50% of the firm’s work, a fact that means Robinsons is planning to grow in 2010, bucking the recent trend in the legal profession. “We would describe ourselves as a strong general provincial practice that has grown significantly over the last seven years,” says Tim Clark. “We undertake non-contentious work such as conveyancing, probate, commercial and residential property, but over half of our business is litigation – family, personal injury, contested wills and probate, commercial and contract disputes and professional negligence. Around 80% of our work comes from client recommendations or cross-referring from within. We like to provide a one-stop shop for clients so we can offer both contentious and non-contentious work.” Although Burgess Hodgson came highly recommended, the firm has more than proved its metal, through its professionalism, expertise and high level of advice, something that Tim believes singles the New Dover Road firm out from other accountants. “We wanted an accountant who was a business adviser and not just someone who filled in your tax return at the end of the year or filed accounts,” he says. “Burgess Hodgson is always there to bounce ideas off. What we find is that you can set your budget at the start of the year, but things are always subject to change, and it’s useful to have accountants that can provide instant feedback. This means you can plan for things, rather than getting to the end of the year and finding out your turnover hasn’t justified your profit expectations.” Burgess Hodgson carries out quarterly management figures as well as submitting the practice’s Law Society annual accounts, and provides a quarterly report highlighting trends and areas to watch out for or improve. “Burgess Hodgson may highlight things like the age of debtors is increasing, which means we need to be pushing on our debt recovery, or it is able to share best practice because of the breadth of work the firm carries out, enabling us to benchmark ourselves and provide objectives to work towards,” says Tim. Given the growth of Robinsons over the last seven years, its recent merger and bold plans for the future, having an accountant alongside that can provide the help the practice needs is essential. “Nothing is ever static in business,” says Tim. “We have probably had more than most to deal with, including a couple of retiring partners, the sale of our financial services department and the recent merger. We’ve always been very happy with the service Burgess Hodgson provides. They are not a run-of-the-mill accountants: there’s active involvement throughout the course of the year.” “We see Burgess Hodgson very much alongside us as we move forwards, hopefully as we increase the size of the partnership and grow even further,” Tim continues. “Burgess Hodgson can provide advice on the business structure going forward.” With a mixture of practical advice and expertise, it’s a relationship that continues to strengthen. http://www.burgesshodgson.co.uk/case-study-details.asp?ArticleID=121 2010-02-22 2010-02-22 Case Study Burgess Hodgson Burgess Hodgson (mailto:info@burgesshodgson.co.uk) HMRC ups ante against tax exiles Formula One star Lewis Hamilton, the Barclay brothers, owners of The Telegraph newspaper and retail tycoon Philip Green are among dozens of the country's wealthiest business figures and celebrities who could feel the pressure as part of an HM Revenue & Customs crackdown on Britain's super-rich tax exiles. http://www.burgesshodgson.co.uk/news-details.asp?ArticleID=120 2010-02-22 2010-02-22 News Burgess Hodgson Burgess Hodgson (mailto:info@burgesshodgson.co.uk) Tax codes puzzle for employees Burgess Hodgson is warning that PAYE employees in Kent could face higher tax bills after an HM Revenue & Customs tax code blunder. http://www.burgesshodgson.co.uk/news-details.asp?ArticleID=119 2010-02-16 2010-02-16 News Burgess Hodgson Burgess Hodgson (mailto:info@burgesshodgson.co.uk) HMRC warning over bogus emails HMRC is warning individuals to be increasingly vigilant after a new spate of email scams. http://www.burgesshodgson.co.uk/news-details.asp?ArticleID=118 2010-02-08 2010-02-08 News Burgess Hodgson Burgess Hodgson (mailto:info@burgesshodgson.co.uk) Burgess Hodgson is One to Watch Burgess Hodgson has achieved a ‘Ones to Watch’ status in the prestigious 2010 Best Companies Accreditation, the ‘Michelin stars’ of the business world. http://www.burgesshodgson.co.uk/news-details.asp?ArticleID=117 2010-02-01 2010-02-01 News Burgess Hodgson Burgess Hodgson (mailto:info@burgesshodgson.co.uk) The tale of two budgets With an election looming in 2010, Ken Jones examines why we’ll see at least two budgets this year http://www.burgesshodgson.co.uk/news-details.asp?ArticleID=116 2010-01-25 2010-01-25 News Burgess Hodgson Burgess Hodgson (mailto:info@burgesshodgson.co.uk) Clock ticking on January 31 deadline There is now less than a fortnight left before the self-assessment deadline by which almost nine million people – including high earners, the self-employed and those with income from more than one source – must file a tax return or face an automatic £100 penalty. http://www.burgesshodgson.co.uk/news-details.asp?ArticleID=115 2010-01-18 2010-01-18 News Burgess Hodgson Burgess Hodgson (mailto:info@burgesshodgson.co.uk) HMRC hits medical profession in new tax ‘amnesty' Doctors, dentists and other medical professionals are being targeted by HM Revenue & Customs in a new ‘amnesty’ designed to recoup unpaid taxes. http://www.burgesshodgson.co.uk/news-details.asp?ArticleID=114 2010-01-12 2010-01-12 News Burgess Hodgson Burgess Hodgson (mailto:info@burgesshodgson.co.uk) Denly hits the big time For the past two years, Burgess Hodgson has sponsored Kent opening batsmen and England international Joe Denly. It’s proved a winning partnership, with Joe’s selection this year for the full England one-day side and his inclusion in the one-day team in the recent series against South Africa. http://www.burgesshodgson.co.uk/news-details.asp?ArticleID=113 2010-01-07 2010-01-07 News Burgess Hodgson Burgess Hodgson (mailto:info@burgesshodgson.co.uk) PAYE late payment penalties PENALTIES FOR LATE PAYMENT OF PAYE FROM 2010–11 From the tax year 2010-11 HM Revenue and Customs will charge penalties if PAYE is paid late. This includes • Tax • National insurance contributions • Construction industry scheme deductions • Student loan deductions Who will the penalties apply to? The new penalties will apply to all employers and contractors that do not pay on time. How much will the penalties be and when will they be charged? The new penalties for the tax year 2010-11 will be issued from April 2011. It is important to remember that this is a penalty and not interest. If the payment is only a day or two late penalties may apply. For late monthly payments the penalty will start at 1% of the late amount and will increase to 4% on a sliding scale depending on how many times you pay late. There will not be a penalty if only one payment is late providing it is not over six months late. The penalty can increase to 5% if the amount is over six months late. What if you do not agree with the penalty? You can appeal against the penalty if you do not agree that it was due or if you have what is called a reasonable excuse, but the accepted circumstances will be limited in this category. What if you are unable to pay? You should contact ourselves or the Revenue as soon as possible, and certainly before the liability is due, to negotiate extra time to pay.  • for more details, contact the payroll team on 01227 454627 or email payroll@burgesshodgson.co.uk TO DOWNLOAD A PDF OF THIS FACTSHEET, CLICK <a href="/userfiles/Payroll(factsheet) copy(1).pdf">HERE</a> http://www.burgesshodgson.co.uk/news-details.asp?ArticleID=112 2010-01-05 2010-01-05 News Burgess Hodgson Burgess Hodgson (mailto:info@burgesshodgson.co.uk) New Discloure Opportunity NEW DISCLOSURE OPPORTUNITY From 1st September 2009, UK residents with offshore assets, including offshore bank accounts and credit cards, will be provided with an incentive to declare any undisclosed liability under a new arrangement announced by HM Revenue & Customs (HMRC) on 28 July. This “New Disclosure Opportunity” (NDO) offers offshore asset holders the possibility of significantly reduced penalties of just 10% together with payment of the taxes and duties underpaid and associated interest. At the same time, HMRC is contacting over 200 banks and financial institutions for details of customers with offshore assets. The NDO will only be available for a limited time period, making it important for individuals to pay close attention to the timetable. There is an initial ‘registration period’ and different deadlines apply depending upon whether the disclosure is made in paper format or is filed electronically. Who should make a disclosure? It may be that people are unsure whether a liability will arise purely because they hold an offshore asset.    There can be situations where no liability arises. However, a number of questions need to be answered before determining the position, such as: • What is my tax domicile status? • Did any of my offshore capital arise from earnings and, if so, where and when did I earn it? • Did any of my offshore capital arise from Capital Gains? • Have I ever brought any of this money into the UK? This list is by no means exhaustive and each individual’s situation will need to be considered carefully on a case-by-case basis. Any taxpayer who is uncertain of their situation should contact their advisor at an early stage to provide clarity for their own circumstances before the end of the respective ‘registration window’. What kind of offshore assets are included? The NDO relates to any offshore asset that might have been purchased with undisclosed income, profits or gains or in which such amounts might have been invested. It will also relate to any taxable income, profits or gains that may arise from the holding of the assets, such as the profits from the letting of a property or interest on an undisclosed bank account. Taxpayers should consider all their offshore assets and investments including, for example: • Bank accounts and credit cards; • Bonds or other financial products; • Land or Property; • Trusts; • Business interests; • Other assets such as yachts, aircrafts and vehicles. What are the deadlines for registration and disclosure? If an individual wishes to make a paper disclosure they must: • Notify their intention to disclose between 1 September 2009 and 20 November 2009 then; • Submit their disclosure no later than 31 January 2010. If an individual wishes to make an electronic disclosure they must: • Notify their intention to disclose between 1 October 2009 and 30 November 2009 then; • Submit their disclosure no later than 12 March 2010. A publicity campaign will support the NDO with the aim that individuals are fully aware of the information they are required to provide, as well as their responsibilities and potential consequences of non-compliance. What happens if a disclosure is made? Where a disclosure ought to be made, the taxpayer must pay any duties outstanding together with interest and a penalty. HMRC have stated that these individuals will only face a penalty of 10% of the taxes and duties that are underpaid provided that they were not covered by the first ‘Disclosure Facility’ in 2007. Any person making a disclosure under the NDO who had already been contacted by HMRC under the first disclosure facility will be subject to a penalty of 20% of the taxes and duties that are underpaid. After the disclosures have been submitted HMRC may carry out a sample of the disclosures and ask selected taxpayers to provide documentation to confirm that their disclosure is correct and complete. Any individual who ought to make a disclosure but fails to do so faces the likelihood of enquiry and the prospect of a penalty of 30% or more, and runs an increased risk of criminal prosecution. What help is available? Given the short time frame in which a disclosure can be made, seeking advice sooner rather than later will be advantageous. Burgess Hodgson will be able to: • review each individuals specific circumstances, and assist in determining whether it is necessary to make a disclosure; • assist with the management of any disclosure where the factors may increase the risk of prosecution; • assist with personal tax returns for the year ended 5 April 2009, reporting any previously undisclosed income to potentially avoid a penalty associated with any liability. Gaining further guidance It’s important for all those individuals holding offshore assets to consider seeking expert advice to ensure that they are fully aware of all factors relating to the NDO. If you want help making an informed decision, contact Burgess Hodgson on 01227 454627 or email ndo@burgesshodgson.co.uk TO DOWNLOAD A PDF OF THIS FACTSHEET, CLICK <a href="/userfiles/NDO(factsheet).pdf">HERE</a> http://www.burgesshodgson.co.uk/news-details.asp?ArticleID=111 2010-01-05 2010-01-05 News Burgess Hodgson Burgess Hodgson (mailto:info@burgesshodgson.co.uk) Expenses EXPENSES If there’s one story that’s captured the public’s interest this year, it’s the furore surrounding MPs’ expenses. With everything from duck houses to a box of matches, wasps’ nest removal and mortgages on second homes seemingly having been claimed for, MPs are now having to be far more transparent over their claims – and pay back monies that could have been claimed over a significant time period. Most recently it was revealed that those who refuse to repay excessive or incorrect expenses claims could be forced to appear in public before a High Court judge to plead their case. Of course, some of the most press coverage has been over the more bizarre claims (ice cube trays, mugs from the Tate Modern and cherry trees, for example). But it does raise the question: just what can you claim for from your employer, without falling foul of the tax man? HM Revenue and Customs says that any expense that can be validly claimed should be “wholly, exclusively and necessary to carry out your duties”. This is – within reason – open to interpretation, and is not necessarily a set list of items, but rather dependent on the individual’s role. A good example would be a security company who employs dog handlers: while it might be perfectly valid for these officers to claim pet food or vets’ bills for their animals, that doesn’t mean the privilege is extended to anyone with pets! Here is a list of expenses that an employer can pay without generating a tax charge: Travel •     You can’t claim costs of commuting to and from a regular place of business. But you can claim the cost if it is a temporary place of business, such as a work placement. •    You can claim an amount for using your own vehicle for business purposes. This is 40p per mile for the first 10,000 miles and 25p thereafter. •    You can claim train and plane tickets if accrued on business Accommodation •     There are fixed amounts you can claim for overnight stays depending on whether it’s in the UK or overseas (£5 UK, £10 abroad) •     You can also claim for “incidental personal expenses” such as newspapers, telephone calls etc •     Meals: you can claim for the “reasonable” cost of a meal when away on business. This is usually the difference between a meal at home and the price of eating out. Working from home •    It might not sound like much (and it isn’t) but if you work from home can claim the princely sum of £3 a week to cover the cost of electricity, gas and telephone bills (provided you can prove they were for business-related calls) •    If you use a personal mobile to make business calls, you can claim for them but not for the monthly line rental. Again, you’ll need the evidence to prove it. Professional fees •     If you work in an industry sector that requires membership of a trade or professional body, then you can claim the costs of this. Also, if you subscribe to trade magazines that are required reading, then these too are covered. •    There is also what is termed a ‘fixed deduction’ for expenses that are necessary to carry out a particular role. For example, a nurse can claim for stockings and shoes that she needs to buy to complete her uniform. Miscellaneous •     If your company operates a Cycle to Work scheme, your employer is obliged to provide breakfast for you in the workplace  • for more details about expenses, contact the tax team on 01227 454627 or email tax@burgesshodgson.co.uk TO DOWNLOAD A PDF OF THE EXPENSES FACTSHEET, CLICK <a href="/userfiles/Expenses(factsheet).pdf">HERE</a> http://www.burgesshodgson.co.uk/news-details.asp?ArticleID=110 2010-01-05 2010-01-05 News Burgess Hodgson Burgess Hodgson (mailto:info@burgesshodgson.co.uk) Detailed guidance on VAT changes DETAILED GUIDANCE ON VAT CHANGES (22/12/09) We've already reported on the implications of the impending return of VAT to 17.5% - full details can be found <a href="http://www.burgesshodgson.co.uk/news-details.asp?ArticleID=100">here</a>. When the rate was reduced in December 2008, HMRC produced a detailed guide to assist businesses and it has provided a revised guide to deal with the change back to 17.5%.  We would recommend that all businesses download the detailed guide available on HMRC's website (click <a href="http://www.hmrc.gov.uk/vat/forms-rates/rates/rate-rise-guidance.pdf">here</a>). Many businesses use Sage for their accounting system, and we have prepared a detailed note setting out the procedure for changing the system, which can be downloaded <a href="/userfiles/Sage Standard VAT Accounting Rate Change2010.pdf">here</a>.  To download our notes on how to account for the increase in the standard rate of VAT - VAT Cash Accounting - click <a href="/userfiles/Sage Cash Accounting VAT Rate Change2010.pdf">here</a>. If you would like to discuss any of the details over the forthcoming change to VAT rates, call us on 01227 454627. http://www.burgesshodgson.co.uk/news-details.asp?ArticleID=109 2009-12-22 2009-12-22 News Burgess Hodgson Burgess Hodgson (mailto:info@burgesshodgson.co.uk) PAYE penalties: are you ready? HMRC is cracking down on businesses who make their PAYE payments late with a series of penalties designed to crack down on repeat offenders. http://www.burgesshodgson.co.uk/news-details.asp?ArticleID=108 2009-12-18 2009-12-18 News Burgess Hodgson Burgess Hodgson (mailto:info@burgesshodgson.co.uk) Pre-Budget Report Notes 2009 "Painfully high" was how one pundit described Chancellor Alistair Darling's prediction that borrowing would increase to £178billion, announced in what would could be his last pre-Budget Report. http://www.burgesshodgson.co.uk/news-details.asp?ArticleID=107 2009-12-10 2009-12-10 News Burgess Hodgson Burgess Hodgson (mailto:info@burgesshodgson.co.uk) Darling admits recession worse than predicted Although it will no doubt be his tax on bankersï¿½ bonuses that garners the most headlines, Chancellor Alistair Darlingï¿½s pre-Budget Report was a staunch defence of labourï¿½s economic stimulus ï¿½ and a clear effort to win support in advance of next yearï¿½s General Election. http://www.burgesshodgson.co.uk/news-details.asp?ArticleID=106 2009-12-09 2009-12-09 News Burgess Hodgson Burgess Hodgson (mailto:info@burgesshodgson.co.uk) Countdown to pre-Budget Report On December 9, Chancellor Alistair Darling will be making what could be his last pre-Budget Report. http://www.burgesshodgson.co.uk/news-details.asp?ArticleID=105 2009-12-07 2009-12-07 News Burgess Hodgson Burgess Hodgson (mailto:info@burgesshodgson.co.uk) Wrapping up the changes on the Companies Act The final changes from the Companies Act 2006 came into force from October 1, including the amendment that directors now only need to disclose their residential address to a select few http://www.burgesshodgson.co.uk/bulletin-details.asp?ArticleID=104 2009-12-07 2009-12-07 Bulletin Burgess Hodgson Burgess Hodgson (mailto:info@burgesshodgson.co.uk) BH scoops finalist spot for second time Burgess Hodgson once again proved that it's one of the leading firms of its size in the country by being shortlisted in a prestigious industry awards. http://www.burgesshodgson.co.uk/news-details.asp?ArticleID=103 2009-11-23 2009-11-23 News Burgess Hodgson Burgess Hodgson (mailto:info@burgesshodgson.co.uk) Lawyers need to rethink in face of changes Solicitors are in the middle of a period of unprecedented change; not only are they having to cope with the fallout from the recession, but they’re also having to deal with a raft of regulatory changes imposed by the Legal Services Act 2007, which came into force in March of this year. http://www.burgesshodgson.co.uk/news-details.asp?ArticleID=102 2009-11-16 2009-11-16 News Burgess Hodgson Burgess Hodgson (mailto:info@burgesshodgson.co.uk) Pre-Budget report date confirmed Chancellor Alistair Darling has confirmed the date of this year's pre-Budget report as Wednesday 9th December. http://www.burgesshodgson.co.uk/news-details.asp?ArticleID=101 2009-11-11 2009-11-11 News Burgess Hodgson Burgess Hodgson (mailto:info@burgesshodgson.co.uk) Get ready for VAT changes Bad things come in threes, or so the saying goes. Well, for anyone feeling a little fragile on January 1, 2010, the first of three significant changes to VAT comes into force that will make any New Year revelry seem like a small headache by comparison. http://www.burgesshodgson.co.uk/news-details.asp?ArticleID=100 2009-11-09 2009-11-09 News Burgess Hodgson Burgess Hodgson (mailto:info@burgesshodgson.co.uk) Base Rate: where does it go from here? BASE RATE: WHERE DOES IT GO FROM HERE? (04/11/09) “Ask five economists and you'll get five different answers - six if one went to Harvard," wrote Edgar Fiedler, economist and US Treasury aide. While this may be true, there appears to be a consensus that we are currently in the worst recession the country has ever seen. The economic landscape, and commentators’ views of it, continues to change at an unprecedented and disconcerting rate. <img width="265" height="190" align="right" alt="" src="/userfiles/image/Bank.jpg" /> In our last article on the Bank of England base rate shortly before Christmas 2008 [click <a href="http://www.burgesshodgson.co.uk/news-details.asp?ArticleID=55">here</a>], we reported that base had just been cut to 2% and that the rate of inflation had fallen from a peak of 5% to 4.2% - with the expectation that it would fall to 2% or below in 2009. Since then, the rate of inflation has continued to fall and now is at -1.4%. The Bank of England have reduced the base rate to an all-time low of 0.5% where it has remained for 8 months and when the Monetary Policy Committee (MPC) meets in the next few days, only a brave man would put money on it being increased. Most commentators are currently predicting that base rate will remain at its existing level until at least the end of next year, and unlikely to go above 2% for the next five years. Gilt Rates provide an insight into how market experts perceive interest rates moving in the future and current rates don’t breach the 4% mark before 2025, suggesting that “the market” expects low interest rates for a long time to come. With a general election due to take place next year, even a change in government is unlikely to ease the current situation. In this article we examine the implications of some of the key economic indicators and assess the situation going forward for individuals and businesses alike. A bit of theory … The Bank of England has two main aims: first, to control inflation to a targeted 2%; and second to promote financial stability and growth in the economy. Its tools to do this are the base rate and the ‘much talked about but not always easily understood’ principle of quantitative easing, recently introduced in an attempt to stimulate the economy. How does manipulating interest rates help? Keeping interest rates low enables cheap borrowing, stimulating business investment and leaving the public with additional cash in their pocket after monthly mortgage payments. The hope is that with a poorly-performing economy, the currency is devalued and these extra funds will be spent nationally and the country will see a positive knock-on effect in general financial growth. We have seen this work in recent months with sterling almost at parity with € and the resultant popularity over the summer of the “staycation”. Conversely, if spending and inflation look as though they are getting too high, then interest rates are increased, reducing spare cash for additional spending.<img width="168" height="250" align="right" alt="" src="/userfiles/image/iStock_000000400547XSmall.jpg" /> And what about Quantitative Easing? Quantitative Easing, otherwise known as “printing money” has been introduced because even though base rates have been at 0.5% for 8 months, and at historically low rates for a period even before that, the UK’s economy has been contracting. It has been widely publicised that the major banks have not been lending money, which has subsequently stopped spending and investment. The Bank of England doesn’t actually produce additional bank notes, but electronically creates money, buying assets such as gilts from commercial banks, thereby providing them with cash. The hope is that the banks will, in turn, use these funds to lend to businesses and consumers currently struggling to get credit. How would we like the economy to look? In simple terms, the current definition of an ideal economy is to have steady growth and inflation running at approximately 2%. With this in mind, recently produced figures indicate the problem we currently face. How does that compare to now? National output Statistics produced by National Institute of Economic and Social Research have shown that the GDP (Gross Domestic Product – the country’s total production) was running at minus 0.4% in the 3-month period to 30 September 2009. This stretches the period of negative growth to six consecutive quarters, meaning that the UK has seen the longest period of contraction in the national economy since records began in the mid 1950s. Inflation At the same time inflation is increasing. Latest figures show that the RPI (Retail Price Index – the original official measure of inflation) for September 2009 was 1.4% below the September 2008 level, but viewed alone, this is misleading. RPI dropped sharply between August 2008 and January 2009 by 4%, since when it has steadily risen, and is now 2.5% above the January 2009 low. CPI (the Consumer Price Index, which doesn’t take house prices into account and is the government’s preferred measure) is 4.0% up in the last 9 months. If these points are considered together, measures to stimulate the economy (maintaining low interest rates and continuing with QE) in the hope of returning growth to GDP could result in rising inflation. However attempts to control inflation to 2% (increasing interest rates and ceasing the QE measures) are likely to elongate the current recession further. What is the Bank of England going to do? The Bank of England’s quarterly bulletin included an article, Interpreting Recent Movements in Sterling, in which it suggested there is a perception that Britain’s economy will be more seriously affected by the global economic crisis than those of other countries. This goes some way to explaining why, at the beginning of October, the MPC (Monetary Policy Committee – charged with setting interest rates) decided to stick with base at 0.5% and continue with its QE programme. It would appear that these measures are required provide the UK economy the fiscal stimulus to return to growth, but could well result in a simultaneous period of high inflation rates, in comparison to the last 16 or 17 years. What is the problem with inflation? Inflation is the term used for the way general prices of goods or services cost more over time, and conversely the value of cash decreases in real terms. Whilst still working, one will retain a certain degree of protection from the effects of inflation since wages and salaries will rise with prices (assuming we’re not talking about the hyper-inflation of Zimbabwe or the Weimar Republic of 1930s Germany!). Conversely, the devaluation of cash can have a disastrous effect on those sitting on large deposits, especially if they are intended to provide for retirement, since substantial amounts can very quickly be worth relatively little.  In exactly the same way deposits decrease in value, though, so do loans. With this in mind, the cynic could speculate that high inflation would benefit the government since it would eliminate much of its debt – a repeat of the 1970s. How does this affect an individual?<img width="250" height="166" align="right" src="/userfiles/image/iStock_000008047199XSmall.jpg" alt="" /> With inflation increasing and low interest rates, cash on deposit accounts will be devaluing at a fairly rapid rate. The obvious corollary is that sensible financial strategy is to purchase assets with any remaining cash. It would appear this logic has not gone unnoticed, since house prices are on the rise again (albeit slowly), and the suggestion is that most purchasers have been cash buyers looking for a better return than banks can currently offer. To take this one step further, with interest rates and the resultant cost of borrowing so low, should one be considering taking out loans in order to buy assets, in the knowledge that a dose of inflation will effectively devalue the loan? While the Bank of England base rate is set to remain at 0.5% this is a significant distance from the rates borrowers will receive from their banks. Mortgage rates are being advertised at 2% above base and upwards (with hefty arrangement fees, redemption penalties and significant equity) while business lending rates that we have seen have been higher than that. This means that the banks are achieving a much higher profit margin on lending than they were previously – with sub-base promotional periods still fresh in the memory. As a result, taking on loans at the moment is a high-risk strategy. The Bank of England chief economist made it clear in March that QE is an untested science and that if it resulted in inflation getting out of hand, base rate would have to rise accordingly. If base rate was to increase, the banks’ high margins could make repayments on outstanding borrowing unmanageable. So what should you do? On 24 November it will be 150 years since the first publication Charles Darwin’s “The Origin of species”. “Survival of the most adaptable” was the famous (often misquoted) main thread, and it is just as pertinent in the commercial world as in the animal kingdom. With the current volatile and unpredictable markets, for businesses and individuals, the ability to react to changes in environment can be the difference between survival and demise. Individuals Diversification continues to be the low-risk strategy, spreading assets through limited short-term cash deposits, property and a varied-profile share portfolio. Businesses Know your business. Ensure your business is doing the basics right: A    produce reliable forecasts to make sure you have a business model that makes profits; B    forecast flows of cash so you, and your bank manager, know in advance when funds are likely to be running low; and C    generate meaningful management information on a monthly basis, compare financial data with forecasts, investigating material differences, and taking action where required. Any business must establish and maintain a strong relationship with their bank and have prompt, rigorous, meaningful management information at its fingertips in order to know how and when to react to changes in market forces. Flexibility in banking arrangements may be worth a small premium to enable financial restructuring if external economic currents were to quickly change unexpectedly. These are unmistakeably gruelling economic times, so if you are feeling the cold financial winds of the current recessionary storm, then do not feel you are alone in doing so. If you feel you need help or financial and management guidance through this tricky period, whether assistance in producing your management information, setting up internal management information systems, or explicating the management information you already produce, then please contact us on 01227 454627. http://www.burgesshodgson.co.uk/news-details.asp?ArticleID=99 2009-11-04 2009-11-04 News Burgess Hodgson Burgess Hodgson (mailto:info@burgesshodgson.co.uk) Businesses rise to challenge in £1m awards Burgess Hodgson was one of the key awards sponsors at the inaugural £1 Million Business Challenge Awards organised by countywide publishing group KOS Media. http://www.burgesshodgson.co.uk/news-details.asp?ArticleID=98 2009-10-30 2009-10-30 News Burgess Hodgson Burgess Hodgson (mailto:info@burgesshodgson.co.uk) HMRC ups the ante over tax payments The government is upping the ante in its bid to claw back unpaid tax. HM Customs and Revenue is increasingly adopting tougher stances with individuals who it believes are avoiding payment. http://www.burgesshodgson.co.uk/news-details.asp?ArticleID=97 2009-10-26 2009-10-26 News Burgess Hodgson Burgess Hodgson (mailto:info@burgesshodgson.co.uk) Spotlight on IHT Burgess Hogdson recently joined forces with solicitors Gardner Croft and Argentis Financial Management to co-host an evening seminar on Inheritance Tax (IHT). http://www.burgesshodgson.co.uk/news-details.asp?ArticleID=96 2009-10-21 2009-10-21 News Burgess Hodgson Burgess Hodgson (mailto:info@burgesshodgson.co.uk) EMAG wins landmark victory Equitable Life policyholders have scored a substantial victory following a High Court ruling which means "hundreds of thousands" more people will become eligible for compensation. http://www.burgesshodgson.co.uk/news-details.asp?ArticleID=95 2009-10-19 2009-10-19 News Burgess Hodgson Burgess Hodgson (mailto:info@burgesshodgson.co.uk) BH backs a winner The Canterbury-based Chartered Accountants and business adviser has been organising a day out at the races for some years, but this year was the first time the firm had actually sponsored a race. http://www.burgesshodgson.co.uk/news-details.asp?ArticleID=94 2009-10-07 2009-10-07 News Burgess Hodgson Burgess Hodgson (mailto:info@burgesshodgson.co.uk) Equitable Life - what really happened? The shockwaves over the near-collapse of Equitable Life at the turn of the century were felt throughout the insurance industry. But, nearly ten years later, one accountant is still fighting for justice for the million or so policyholders left out of pocket http://www.burgesshodgson.co.uk/news-details.asp?ArticleID=93 2009-09-23 2009-09-23 News Burgess Hodgson Burgess Hodgson (mailto:info@burgesshodgson.co.uk) BH team conquers 3 Peaks Challenge for charity A superb achievement saw a Burgess Hodgson team of 14 complete the gruelling Yorkshire 3 Peaks Challenge within the designated 12 hour time limit, as part of the firm's fundraising for the Pilgrims Hospices. http://www.burgesshodgson.co.uk/news-details.asp?ArticleID=92 2009-09-21 2009-09-21 News Burgess Hodgson Burgess Hodgson (mailto:info@burgesshodgson.co.uk) Don't be hooked by bogus emails Burgess Hodgson is warning businesses to be extra vigilant after a dramatic increase in the number of scam emails offering bogus tax refunds. http://www.burgesshodgson.co.uk/news-details.asp?ArticleID=91 2009-09-16 2009-09-16 News Burgess Hodgson Burgess Hodgson (mailto:info@burgesshodgson.co.uk) Burgess Hodgson up for top industry award Burgess Hodgson is celebrating after being shortlisted for a prestigious national award for excellence. http://www.burgesshodgson.co.uk/news-details.asp?ArticleID=90 2009-09-10 2009-09-10 News Burgess Hodgson Burgess Hodgson (mailto:info@burgesshodgson.co.uk) Does new Minimum Wage stack up? Burgess Hodgson is reminding businesses that, from October 1 2009, the National Minimum Wage rates are due to rise. http://www.burgesshodgson.co.uk/news-details.asp?ArticleID=89 2009-09-03 2009-09-03 News Burgess Hodgson Burgess Hodgson (mailto:info@burgesshodgson.co.uk) Business as usual BUSINESS AS USUAL (28/08/09) Following our communications problems yesterday, we are pleased to report that all lines are now working properly. The main swtichboard number (01227 454627) should be used for any incoming calls. Emails weren't affected. Although this problem was beyond our control, we thank you for your patience in this matter. http://www.burgesshodgson.co.uk/news-details.asp?ArticleID=88 2009-08-28 2009-08-28 News Burgess Hodgson Burgess Hodgson (mailto:info@burgesshodgson.co.uk) Urgent: telephone problem URGENT: TELEPHONE PROBLEM (27/08/09)<img width="230" height="206" align="right" src="/userfiles/image/Mitel-8560-telephone.jpg" alt="" /> We are currently experiencing difficulties receiving any incoming calls. This problem has already been identified as an external problem and our communications provider is working to resolve the problem as soon as possible. In the meantime, please contact us by email or, if an emergency, ring 01227 470652. http://www.burgesshodgson.co.uk/news-details.asp?ArticleID=87 2009-08-27 2009-08-27 News Burgess Hodgson Burgess Hodgson (mailto:info@burgesshodgson.co.uk) Denly impresses on England debut DENLY IMPRESSES ON ENGLAND DEBUT (27/08/09) <img align="right" width="230" height="173" alt="" src="/userfiles/image/20081104JoeDenly.jpg" /> Kent opening batsmen Joe Denly, who is sponsored by Burgess Hodgson, impressed on his first full England international. Picked in the side to take on Ireland, in the absence of the rested Andrew Strauss, Denly fired an impressive 67 before being given out lbw. Denly, who toured with the Lions team in December, top scored for England in their first match since winning the Ashes. http://www.burgesshodgson.co.uk/news-details.asp?ArticleID=86 2009-08-27 2009-08-27 News Burgess Hodgson Burgess Hodgson (mailto:info@burgesshodgson.co.uk) UK signs Liechtenstein tax deal The UK government has unveiled details of a “groundbreaking” agreement to recover lost tax from Britons holding bank accounts in Liechtenstein. http://www.burgesshodgson.co.uk/news-details.asp?ArticleID=85 2009-08-17 2009-08-17 News Burgess Hodgson Burgess Hodgson (mailto:info@burgesshodgson.co.uk) HMRC reveals details of NDO HM Revenue & Customs has finally confirmed the much-awaited details of its new disclosure opportunity (NDO) designed to encourage taxpayers with unpaid taxes linked to offshore accounts or assets to voluntarily disclose – and be penalised at a favourable rate. http://www.burgesshodgson.co.uk/news-details.asp?ArticleID=84 2009-08-03 2009-08-03 News Burgess Hodgson Burgess Hodgson (mailto:info@burgesshodgson.co.uk) Are you missing out on tax credits? ARE YOU MISSING OUT ON TAX CREDITS? (27/07/09) Nine out of 10 families in the UK qualify for tax credits, according to HM Revenue & Customs. But a significantly lower number actually go through the application process, missing out on funding worth billions of pounds every year. Although called “tax credits”, the system has very little to do with the tax system and is closer to the family allowance. Tax credits have been a centrepiece of the Labour government's plans to encourage more people to get back into work - and lift the poorest families out of poverty. <img width="230" height="158" align="right" alt="" src="/userfiles/image/child-tax-credits_l.jpg" /> But, since the tax credits system was introduced in 2003, it has been dogged by problems including administrative chaos in its early years, overpayments, underpayments, and huge frauds. An individual must make a claim – if they do not then any entitlement will be forgone. This differs significantly from the tax system where a liability arises if a taxpayer has received income or made a gain – HMRC is unlikely to be so forgiving if they are not aware of the tax due! Once claimed, the claim can be backdated by three months. The maximum income a couple with children under 16 can earn and qualify for tax credits is £58,000 – a not insignificant sum. It is possible to make a protective claim if your income currently exceeds the threshold – this means that if circumstances change later in the tax year (eg redundancy) then the tax credit award will be backdated three months from the date of the protective claim rather than three months of the change in circumstances. In such an unfortunate scenario, that little bit extra from the government may prove useful! The system is so complex because it tries to provide a means-tested benefits system, which is based on the family’s current income. Therefore payments are initially based on the income for the previous year. However, if income changes significantly, then the tax credit award will be recalculated and any overpayment will be reclaimed. This is tested at the end of the year. The original legislation tried to avoid the need for unnecessary difficulties by providing a “disregard” level of £2,500 – therefore if income increased by up to this amount no repayment would be necessary, if income exceeded this amount a repayment would be due. However, this level was far too low and did not help many low income families, especially where their income was variable. The low disregard level, complex system and poor understanding and communication resulted in billions of pounds being overpaid. Overpayments amounted to £7.3bn between 2003 and 2007 with nearly £3bn written off as unrecoverable. The ineffective disregard level which resulted in many people facing recovery demands from HM Revenue & Customs (HMRC) if their circumstances improved, was ameliorated in 2006. The system was altered so that claimants would have to benefit from a much larger increase in their incomes - more than £25,000 - before their claims had to be recalculated with the possibility of triggering a refund. This means that, if you qualify this year, your tax credit award for next year will be based on this year’s income, providing your earnings next year do not increase by more than £25,000. For those that are already benefiting from Tax Credits, the clock is ticking to register their declarations for the last tax year. The deadline for claimants to confirm the details of their income for 2008-09 is the end of Friday July 31. Failure to do this, or renew a claim for this year, means tax credits will be cancelled and overpayments reclaimed. • Burgess Hodgson would advise most clients to spend 10 minutes on the HMRC website, see if they qualify and put in a protective claim - <a href="www.hmrc.gov.uk/taxcredits/who-qualifies.htm">www.hmrc.gov.uk/taxcredits/who-qualifies.htm </a> http://www.burgesshodgson.co.uk/news-details.asp?ArticleID=83 2009-07-26 2009-07-26 News Burgess Hodgson Burgess Hodgson (mailto:info@burgesshodgson.co.uk) Taxing times TAXING TIMES (10/07/09) Now that the MPs’ expenses scandal has at last settled down (although still looks some way from being resolved), the machinery of Government is getting back to normal day-to-day business. This includes implementing the tax changes from the Spring Budget, and in this article we look at how some of the provisions have been developed since then. There is a four stage process to implementing new tax rules:<img width="230" height="153" align="right" src="/userfiles/image/HP(main).jpg" alt="" /> • Chancellor’s Budget in March/April  sometimes this is actually the second stage – HMRC often announces that legislation will be included in a forthcoming budget to stop a tax avoidance scheme, or an announcement by the Chancellor is made in the Pre Budget Report  the previous autumn • Finance Bill - giving the detailed legislation, is published a week or so after the Budget • Consultation – either by Committee Stage in the Commons where each paragraph in the Finance Bill is discussed in-depth by a separate, all-party group of MPs, sometimes with a consultation document published for taxpayers and advisors to express their views. • Finance Act – the tax rules become law when the Royal Assent is given to the Finance Bill (after due amendment during the consultation stage), usually around the end of July. However, the provisions generally take effect from the Budget Date PAYE/NI Late Payment Penalties A significant announcement in the Budget was the proposal to charge a penalty on monthly instalments of PAYE/NI paid late, effective from 2010. In the past, for smaller employers, there was penalty charge on paying these instalments late and interest only ran from 19 May the following year-end. HMRC published the details immediately after the Budget announcement of these together with other penalties in their Budget Notes (click <a href="http://www.hmrc.gov.uk/budget2009/bn90.pdf">here</a>). The proposed penalties are severe, and we quote from the Budget Notes: • the amount of the penalty will depend on the number of defaults in any 12 month period. The first time the taxpayer defaults, they will not receive a penalty; • a second late payment and any subsequent failures in the default period will attract a penalty of 2 per cent of the tax unpaid rising to 5 per cent of tax unpaid; • further penalties of 5 per cent of any amounts of tax still unpaid at 6 and 12 months; and • late payment penalties will not be charged during an agreed time to pay arrangement with HMRC unless the taxpayer defaults or misuses the arrangement. Businesses will have to pay their PAYE/NI on time, or come to an agreement with HMRC to pay over a period – and stick to it. The days of taking a bit of credit by delaying the monthly PAYE/NI payment to HMRC for a few days have gone. This whole approach follows the general principles of ‘pay the right amount of tax on time, or come to an arrangement with HMRC’ which we outlined in our last Bulletin: With tax receipts down, the Chancellor has to make sure that whatever tax is due is actually quantified and collected! There has been a recent change in emphasis to allow people to approach HMRC and come to an agreement to pay over a given period, balanced with a much tougher collection regime, backed up by enhanced penalties for deliberate understatements. New Disclosure Opportunity Primarily for holders of offshore accounts – an opportunity to make a disclosure and settle tax with HMRC on terms more favourable than normally offered during an investigation. The full details have not yet been published, but a prelimary announcement indicates: • Period will run from 1 September 2009 to 12 March 2010 • Intention to disclose must be registered by 31 October 2009 • 10% penalty – but higher (20%) if the taxpayer had the opportunity to disclose under the 2007 Disclosure Opportunity, but chose not to. • This will be the last Disclosure Opportunity – and HMRC will pursue those with overseas income who do not take it. • There will be a similar disclosure scheme for UK income on which tax has not previously been paid. Responsibility of Senior Accounting Officers of Large Companies The proposal announced in the Budget was for Finance Directors of large companies to have a degree of personal responsibility for the accuracy of the information systems which produced the tax returns. There was uncertainty as to what would be included as a large company, and this was debated in the House of Commons on 13 May. The result is that the rules now only apply to companies with turnover of over £200 million, or those with gross assets in excess of £2 billion. The draft guidance has just been published and is at http://www.hmrc.gov.uk/briefs/company-tax/accounting-officers-duties.pdf Finally one recent development which may be very useful to businesses in certain areas where the risk of fraud is high: VAT Numbers For some businesses, checking that a customer’s VAT number is valid is a necessary step before trading, in order to avoid becoming inadvertently involved in fraudulent transactions. As an example, some businesses which deal in mobile phones have been inadvertently part of an extensive network of false transactions, termed ‘carousel fraud’, where false companies are set up to reclaim VAT and disappear. The consequences for genuine business can be severe, with HMRC denying deductions for input VAT claimed. An on-line verification system has been launched, under which businesses will be able to check their customers’ VAT identification numbers and obtain a certificate proving that the check has been carried out. This will be very valuable evidence as a business has to prove that it acted in good faith if it ever becomes involuntarily involved in a fraud. The checker is effective for all EU countries, not just the UK. The new verification can be accessed online <a href="http://ec.europa.eu/taxation_customs/vies/vieshome.do?selectedLanguage=EN">here</a> • To download a PDF of this article, click <a href="/userfiles/taxingtimes.pdf">here</a> http://www.burgesshodgson.co.uk/news-details.asp?ArticleID=82 2009-07-10 2009-07-10 News Burgess Hodgson Burgess Hodgson (mailto:info@burgesshodgson.co.uk) Hot competition at BH golf day HOT COMPETITION AT BH GOLF DAY (3/07/09)<img width="153" height="230" align="right" src="/userfiles/image/Pearce.JPG" alt="" /> Burgess Hodgson recently hosted its sixth annual golf day at Chestfield Golf Club. On a glorious June day, 11 teams comprising partners, associates and clients were treated to a ploughman’s lunch before teeing off in the competition. The format for this year was a Texas scramble, where each team member tees off and the team then usually play the next shot from the best position. However, each team had to take at least three drives from each team member, which made for some interesting shot selections as the games – and the day – hotted up. As always, this year’s event was a closely contested affair with several teams all in with a chance of winning over the last few holes. However, it was Kenton May’s team who took the victor’s spoils, ahead of Colin Reid’s team, with Mark Pearce’s team third. The longest drive of the day belonged to David Catford, while in the competitions for the ‘closest to the pin’ Jeremy Bye and Tony Abbott were the players with the most delicate touch. After the day’s play had finished, everyone enjoyed a three-course meal at the clubhouse. There was also a raffle, where the money collected went towards the firm’s ongoing fundraising for Pilgrims Hospices, the chosen charity. The first prize of a three course meal for two at the Red Lion, Stodmarsh, kindly sponsored by innkeeper Robert Whigham, went to Paul Gatland’s team. The total raised by the event came to £525. BELOW: The winning team <img width="230" height="153" align="bottom" src="/userfiles/image/Winning team.JPG" alt="" /> http://www.burgesshodgson.co.uk/news-details.asp?ArticleID=81 2009-07-03 2009-07-03 News Burgess Hodgson Burgess Hodgson (mailto:info@burgesshodgson.co.uk) It's all yellow! Burgess Hodgson is 'going yellow' this summer to help raise funds for local charity Pilgrims Hospices. http://www.burgesshodgson.co.uk/news-details.asp?ArticleID=80 2009-06-26 2009-06-26 News Burgess Hodgson Burgess Hodgson (mailto:info@burgesshodgson.co.uk) Clock ticking on EU holiday let claims Britons who let out their furnished European holiday homes could be entitled to a tax rebate under measures announced in April’s budget. http://www.burgesshodgson.co.uk/news-details.asp?ArticleID=79 2009-06-08 2009-06-08 News Burgess Hodgson Burgess Hodgson (mailto:info@burgesshodgson.co.uk) BH provides secure future for Ward Security BH PROVIDES SECURE FUTURE FOR WARD SECURITY When David Ward, managing director of Ward Security, won Business Person of the Year in the Kent Business Awards in 2006, little did he know that his business – which itself was shortlisted for an award on the same night – would, less than a year later, be forced into administration. Fortunately, Burgess Hodgson was on hand to provide the right help at the right time, and having rescued the business from the administrators, David is now working more closely than ever with the firm to ensure that the mistakes of the past are never repeated. Ward Security is a family owned business, run by David and his brother Kevin, with their mother as Company Secretary. The business has been trading, in one form or another for 13 years, and has amassed a huge amount of industry experience in that time. The Rochester-based business provides a wide range of security services to an even wider range of clients, from the headquarters of Kent County Council to a Calor Gas depot with 50,000 tonnes of butane gas; from luxury city offices to local authority parks and open spaces. “You name it, then we’ve got something we look after,” says David. Its initiative and desire to expand saw the company winning clients and awards. “We did everything that a good company does,” says David. “We surrounded ourselves with great people to take us forward, hence our chairman was a corporate lawyer and our finance director an accountant and barrister.” Since the rebirth of the company last year, Burgess Hodgson has been extremely involved in the financial management of the business, offering a wide range of services including, most importantly, the kind of high level business advice with which the firm has made its name. It’s not the first time Burgess Hodgson has worked with Ward Security. The firm was previously employed as accountants, but the incoming finance director preferred to work with his own people, and, in 2006, Burgess Hodgson found itself temporarily on the sidelines. This hiatus was short-lived. In 2007, financial overstretching forced Ward Security into what David describes as a “hostile administration”. It was a frustrating time for David and Ward Security. A last minute deal to fund the business and buy it back from the finance company was never brought to the table; in the end, David and Kevin borrowed the money from an external finance company to buy the company back out of administration. At the same time, Burgess Hodgson partner Andrew Miles called David to offer his services. “This said a lot about Andrew and Burgess Hodgson,” says David. “We realised that the company had made a massive mistake and re-engaged Burgess Hodgson as our accountants.” The immediate issues were making sure that employees were paid and that clients were retained. “We were very open and honest with them,” explains David, “and, in fact, we retained almost 90% of our client base. So, while we lost one or two big clients, we gained an extra £1m of work within the next 12 months.” Burgess Hodgson has been extremely hands-on in returning the business back to its previous levels, particularly Andrew Miles, who David describes as “not your average accountant”. “He was happy to roll his sleeves up and get in there with us,” says David, “looking at budgets, forecasts, true reporting and accounting procedures.” David says it’s an excellent working relationship – and one that he’s positive will continue. “We don’t know all the answers and neither does Burgess Hodgson. But, together, we brainstorm and work on various issues, examining the detail. Whereas previously, we were lucky if we could look at the bigger financial picture, now we are looking at the variance reports on the number of hours that we haven’t charged a client. There’s a much greater transparency of financial information.” He’s also convinced that, without Burgess Hodgson’s help, Ward Security would have folded. “Without its help, we simply wouldn’t have a business now,” says David. “We’re consolidating our position and looking at cost control exercises at head office level and margin improvement at site level – and Burgess Hodgson will be on hand to help us along the way.” http://www.burgesshodgson.co.uk/case-study-details.asp?ArticleID=78 2009-06-03 2009-06-03 Case Study Burgess Hodgson Burgess Hodgson (mailto:info@burgesshodgson.co.uk) Burgess Hodgson helps keep ISL at the cutting edge By providing up-to-date management accounts on a weekly basis, not only does Burgess Hodgson ensure transparency of financial information, it gives Derek Ward at Envirograf the confidence he needs to continue to innovate – and keep his business ahead of the competition. http://www.burgesshodgson.co.uk/case-study-details.asp?ArticleID=77 2009-06-03 2009-06-03 Case Study Burgess Hodgson Burgess Hodgson (mailto:info@burgesshodgson.co.uk) MPs under fire for milking their expenses As the MPs’ expenses scandal continues to rage, Ken Jones looks at the issues involved and whether it’s ‘one rule for them and another rule for the rest of us’? http://www.burgesshodgson.co.uk/news-details.asp?ArticleID=76 2009-06-01 2009-06-01 News Burgess Hodgson Burgess Hodgson (mailto:info@burgesshodgson.co.uk) BHFC secures league title Burgess Hodgson’s football team’s first season has ended in glory, with the side gaining promotion by winning the Canterbury and District League Division 2. http://www.burgesshodgson.co.uk/news-details.asp?ArticleID=75 2009-05-26 2009-05-26 News Burgess Hodgson Burgess Hodgson (mailto:info@burgesshodgson.co.uk) Budget ups pressure on tax collection Given time to digest its contents, reaction from the papers, commentators and financial experts to the Chancellor Alistair Darling’s second Budget was, on the whole, negative. Forecasts of rapid economic recovery, with growth at an annual rate of 3.5% from 2011, were described by the Treasury Committee itself as “too optimistic”, particularly with regards to the speed at which the economy would recover. http://www.burgesshodgson.co.uk/bulletin-details.asp?ArticleID=74 2009-05-26 2009-05-26 Bulletin Burgess Hodgson Burgess Hodgson (mailto:info@burgesshodgson.co.uk) Budget Notes 2009 BUDGET NOTES 2009 (23/04/09) Chancellor Alistair Darling's second full Budget was delivered against a backdrop of the 'worst recession since 1945'. There was little for businesses to cheer about, particularly high income earners. Click <a href="/userfiles/BurgessHodgson-BudgetSummaries–A5-23Apr2009051059.pdf">here</a> to download the full PDF of our Budget notes. You can also read our coverage of yesterday's Budget - posted within 20 minutes of Mr Darling making his speech (click <a href="http://www.burgesshodgson.co.uk/news-details.asp?ArticleID=70">here</a>) - or if you want to read some of the measures that didn't make the headlines, then click <a href="http://www.burgesshodgson.co.uk/news-details.asp?ArticleID=72">here </a>to read our analysis. Or, if you would like a copy of our Tax Tables summarising the new rates and allowances, then click <a href="/userfiles/BurgessHodgson-SmallTaxTables-Black-23Apr2009051054.pdf">here</a>. http://www.burgesshodgson.co.uk/news-details.asp?ArticleID=73 2009-04-23 2009-04-23 News Burgess Hodgson Burgess Hodgson (mailto:info@burgesshodgson.co.uk)