Monthly Archives: July 2015

Rain, Cows and Wagging Tails!

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Drummond Laurie Chartered AccountantsLast Saturday some of the team attended the agricultural show at Braco. Despite the heavy rain showers it was a very enjoyable afternoon. Many of our clients were taking part in the various livestock competitions and there were a few winners.

Held annually it is an opportunity for local farmers to display their livestock and compete for the title of Supreme Champion although the main competition seemed to centre around finding the dog with the waggiest tail!!

The show is dependent on the support of the committee giving their time free of charge and Drummond Laurie were delighted to provide sponsorship.braco show

Over 1000 Employees now Auto-Enrolled with NOW and Drummond Laurie!

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Drummond Laurie Chartered AccountantsThe government’s auto enrolment revolution will only be reaching the vast majority of businesses over the next year. At Drummond Laurie we’re taking the strain away from our clients by offering a combined payroll and auto-enrolment service. Working with NOW pensions we are able to support our clients through the process of auto-enrolment from compliance, staging and ongoing obligations.

A high number of owner managed businesses don’t have an HR department or in-house payroll expertise and this means the owners have yet more administration to deal with. They tend to under-estimate the time it takes to set up a scheme and expect it to be relatively straight-forward. However, small employers are now discovering not only that auto-enrolment is complex and challenging, but also that some pension providers simply don’t want them. Many are reluctant to accept schemes with a small number of employees, especially if they are to be based on minimum contributions, because they do not consider them to be profitable.

We can offer:

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  • Simple solutions to support you in meeting your duties as an employer for both payroll and auto enrolment.
  • We tailor our payroll service to suit and can process all frequencies. As part of our fully managed service we offer RTI submissions, ePayslips, eReporting and as a BACS bureau we can pay your employees direct too.
  • We can support you throughout the implementation of your company pension scheme, providing a tailored solution that gives you as much or as little involvement as you and your business require.
  • We can automatically enrol everyone you need us to so that you have the comfort that you have met your auto enrolment.

Talk to us soon. Setting up a workplace pension and enrolling staff is surprisingly complex and time-consuming. It is easy to get it wrong. Employers who don’t set up their scheme on time risk getting a substantial fine, ranging from £50 to £2,500 per day.

For more information on our auto-enrolment and payroll services please contact Gillian Niven on 01324 441280 or email gillian.niven@drummondlaurie.co.uk

Supporting Agriculture

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Drummond Laurie Chartered Accountantsagrishow1Drummond Laurie have recently shown their support for The Stirling Agricultural Show and The Doune and Dunblane Show by being one of this year’s sponsors.  Look out for us on 25th July as we will also be at The Braco Show.

Ian Bilsland and Margaret Bunyan, Drummond Laurie’s agricultural specialists, attended the shows and enjoyed supporting the local farming community.

At Drummond Laurie we continue to work with farmers, providing specialist taxation, accountancy and business advice. Our agricultural team have in-depth knowledge and personal experience of the agricultural industry and can provide the expert advice that is required to help you enhance the potential of your business.agrishow

If you would like to discuss any agricultural related accounting issues then please contact Ian Bilsland on 07768 335149 or email ian.bilsland@drummondlaurie.co.uk or Margaret Bunyan on 01324 441266 or email margaret.bunyan@drummondlaurie.co.uk.

Summer Budget Update

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Drummond Laurie Chartered Accountants

No one quite knew what to expect in the first budget by a majority Conservative government for over 20 years.  What we got were a number of announcements which were anticipated, but a number which came out of the blue. We have summarised some of the key points from this budget below

Business

  • Corporation tax to be cut to 19% in 2017 and then to 18% in 2020.
  • A compulsory national living wage of £7.20 per hour for over 25’s will be introduced in 2016 rising to over £9 in 2020..
  • Annual investment allowance (AIA) to be set at £200,000 from 1 January 2016.
  • Employment allowance for National Insurance will rise from £2,000 to £3,000 for April 2016.

 Personal

  • The personal allowance will rise from £10,600 to £11,000 from April 2016.
  • The higher rate threshold will increase from £42,385 to £43,000 from April 2016.
  • A £175,000 transferable inheritance tax threshold for residential property passed to children and grandchildren will be phased in from 2017.
  • Pension contributions tax relief for additional rate taxpayers will be tapered to a minimum of £10,000 a year from April 2016.

Should you have any queries on anything within the budget announcement, please contact David Anderson on 01324 441260, or via email at david.anderson@drummondlaurie.co.uk.

 

 

In our role as advisers, the most common question we receive is “how can I reduce my tax bill?”

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Drummond Laurie Chartered Accountants

There are a number of ways in which you can legally reduce your corporation tax bill, although certain of these require to be thought about before the business’ year end.  Make a point to set aside some time a couple of months before your business year end and consider the following matters in order to ensure that the maximum tax relief is received as early as possible:

  1. Is there any capital expenditure I need to incur in the near future? For the most part, capital expenditure can qualify for 100% tax allowances (up to 31/12/15 this allows up to £500k of expenditure, £25k thereafter) and so, making these purchases before the year end can dramatically reduce your next tax bill.  It is important to note that this allowance does not apply to premises, land or cars.
  2. Is my stock overvalued? If your stock is overvalued for any reason, this inflates the profit reported in the business and, therefore, the tax due.  Reviewing stock and writing off old, obsolete or slow moving stock lines will reduce the overall profit and the corresponding tax due.
  3. Are all of my debtors likely to pay? If you are approaching your year end and there are a number of outstanding sales invoices which you are uncertain about in relation to their recoverability, including a provision against these specific debts “going bad” will be treated as an expense and reduce your tax liability.
  4. Are there any bonuses due based on this year’s performance? If you have had a busy year and there are likely to be bonuses paid to staff based on this performance, make sure these are provided for before your year end to ensure that the tax relief is attained in the current year.
  5. Have I maximised my pension contributions this year? In the case of owner managed businesses, this is an area we believe is vitally important in relation to personal planning and tax planning.  If the company makes a pension contribution into your pension fund on your behalf, this is an allowable tax deduction for the business while also aiding towards your retirement income.  Pension regulations have changed significantly in the very recent past and we are now seeing an increasing number of clients use pensions simply as an extremely tax efficient way to save for their retirement.  There are very specific rules in relation to this, so specialist advice should always be sought.

If you have any queries on any of the points noted above, please contact David Anderson who will be happy to advise on this.  You can contact David by telephone on 01324 441260 or by email on david.anderson@drummondlaurie.co.uk.

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