Drum Roll...

and the winner  is……

Miss Clare White from Poole in Dorset.  Clare was chosen at random from a large selection of names by Stephanie’s son Corey when he came into the office for a few hours just before Christmas.

Clare came to us as a client recommended by her brother Joseph, a client near Stratford upon Avon.

For taking part Clare wins a huge hamper of wines and cheese and all sorts of other goodies as supplied by our good friend Charlie Turnbull

Thank you to everyone who took the time to complete our survey.  The results show that we actually scored a great 94.86% satisfaction across the board which is fantastic news.  But not wishing to be complacent, our scores where cut because some people feel our communication regarding fixed fees, chasing books and records and generally communicating information to our clients is not worthy of 100% result.

We want 100%, so we are looking very carefully at improving on our communication to our clients.  Writing letters chasing for books and records are all part of our every day business and each of us will work on getting this process, particularly our huge database system which is used to generated a lot of our regular communication to be much more efficient.

New for 2012 will be a regular email news service, with an exciting quarterly downloadable document for all to read packed with some free tips, reminders on important dates and some useful information collected by us here at prime entry.

In the meantime I wish everyone a Happy and Very prosperous year ahead.

Kevin

So take a look at and see what the prime entry staff have to say about the business they work in…

Gail Lloyd – Bookkeeping and Payroll Expert

gail@primeentry.com

We are a friendly, approachable and professional, local company with a team of staff whose experience covers a wide range of business activities, not just accountancy, bookkeeping and payroll.

Between us, we have backgrounds that also encompass self-employment and business ownership/management that enables us to see a wider view of the running of many types of project.

We have developed and supported our own bookkeeping software, as well as having the capability and access to operate other proprietary software.

We offer fixed fee quotations for whatever we are requested to undertake, so that the client and ourselves are fully aware of the expected costs at the outset.

We are conveniently located in pleasant, light and modern, ground floor offices, with ample free parking close by.

John Edwards – Tax Expert

john@primeentry.com

Why choose Prime Entry?

Why would you not choose Prime Entry?

Well, you might not think that you need an accountant at all.

You think you can keep books yourself, a few mistakes and one figure not tying up with another won’t matter, and anyway it’s all too complicated.  Everybody thinks the same don’t they? Trouble is, the tax-man and the VAT-man (OK, OK, half of them are women) know people think like that, and when they come for a helpful little visit it’s your books they’ll attack. That’s why Prime Entry began at the beginning with its own bookkeeping system designed to keep it simple. We can implement it for you, support you with it, or do it all for you, it’s your choice. Don’t all accountants do that? Well, no, they don’t. Increasingly they’re only interested in you if your books are perfect!

But your books are perfect! Well done!

So you might think you can do your own income tax; surely it’s not called self-assessment for nothing? Perhaps you can, but what about the effect on your Capital Gains position and your Inheritance Tax planning? You don’t think about that? At Prime Entry we do, because you can’t afford not to.

But aren’t those the things that all accountant’s just think of so they can charge for them?  Of course, but at Prime Entry we’ll always tell you first what we’ll charge, so you can assess our cost effectiveness yourself.

And if you think all accountants are boring you really do need come and meet the Prime Entry team.

Ottilia Rose – Computer Programmer

ottilia@primeentry.com

Founded in 1991, Prime Entry is a well-established accountancy practice, an accountancy practice with a difference.  We pride ourselves to be efficient professionals with a WE CAN HELP (or if we cannot, we find someone who can) attitude.  Whatever you or your business need, we are happy to assist you on your way to achieve your goal.  We will work alongside you and you will always find a listening ear at the other end of the phone (01747 826989) or a friendly face in our office (Unit 20, Kingsmead Business Park, Gillingham, Dorset).  With a one-to-one relationship with each client we are able to offer individual advice on how to improve your business or personal finances.

As a significant number of clients have been with us for many years and much of our new work is received from their referrals, proves, that we are trusted and yes, WE CAN HELP.

Stephanie Newham – Bookkeeping and Payroll Expert

stephanie@primeentry.com

When you hear the word accountant, what do you picture???

A fat, old, sweaty man sat behind a desk with an overflowing Ash Tray and piles and piles of paperwork piled up!!! A dark Dingy office, with a suspect smell from the over flowing bins that you can’t wait to get away from!!!  Someone spieling jargon at you that you don’t understand, so you switch off and pray for the meeting to be over!!!

Let us prove that not all accountants are like that.  Here at Prime Entry we’re all about you!!!! Come and experience a different kind of way of life. Let us nurture you and your vision for the future. Let us hold your hand and guide you in the early stages, then let you sore to become the greatness that you want to be.. We’ll always be there to catch you if you fall but you won’t fall!!! We will empower you to be great.

And just for the record, we don’t have a dingy office, it’s quite the opposite and there are no nasty smells. We also talk your language.  What makes us happy???? Seeing you achieve your goals and the happiness it brings.  Prime Entry = Positively Empowered!!

Cathy Milligan – Accountant

cathy@primeentry.com

We are different – no suits or dusty old files here!  We are a strong, enthusiastic team who work with you, to help you get the best from your business.

Not only do we offer a professional and comprehensive service, complying with all that the Revenue demand; we also produce some great dynamic ideas to encourage a bit of lateral thinking to do things differently; we embrace the challenges of new technology and as a team, we have the knowhow to solve any problem that comes your way.

We offer a fixed fee service, so no nasty surprises there, and if the financial side is confidently covered, you can get on and enjoy the rewards of your business.  So why not pop in to see us…..

Tim Donell – Accountant

tim@primeentry.com

You should choose prime entry because we talk to you, care about you and want to help you….why?  Because the more of you we can help, the better we become!

This Programme will provide a platform for senior representatives of firms with growth aspirations to get together and share knowledge and experience, develop best practice and form close working relationships.

The Programme aims to help senior managers to access peer to peer learning, networks and practical business support and improve their understanding of their business, the sector in which it operates and the strategies it may employ to take the business forward to the next level.

They are looking to set up a number of groups based upon their business sector.  The groups will be led by representatives of the Business and Media Schools from Bournemouth University with input from senior professionals in the sector.

As a general guide, the Leadership Programme is aimed at businesses that have been trading for 2+ years and have a turnover of £1m+.  The most important criteria are that there must be a clear aspiration and potential for growth.

The Leadership Programme will run for 12 months and the groups will meet once a month from 6pm to 9pm.  There is available a Leadership & Management (LMAS) grant and, if successful, the full 12 month Programme will only cost each business £1,000.

If you are interested, or know someone who may be interested, please get them to contact us here at prime entry or call Mobile: 07841 068726 and ask for Mark Painter

Consequently the challenge for the Chancellor was to find a way of stimulating growth and boost the economy without undermining the confidence being shown by the financial markets and credit agencies towards the UK.

Our thoughts and the response from others we have spoken to is that perhaps it was an unsurprising and disappointed speech and nothing very ambitious to helping small business owners.

For example it is great to see that the main rate of corporation tax is being reduced but this generally only benefits a business making profits of more than £300,000 per year.

However, the introduction of a new Seed Enterprise Investment Scheme (SEIS) from April 2012, which will offer from April 2012 50% income tax relief on investments and offer Capital Gains Tax exemption on gains realised in the tax year 2012/2013 and reinvested in the SEIS in the same tax year seems to be a great initiative.

The main announcements coming out of the autumn 2011 statement we thought are:

Economic and Spending Announcements

• The Chancellor announced that the OBR now expects UK GDP to grow by 0.9% this year (2011) and 0.7% next year, which is significantly lower than the 1.7% for 2011 and 2.5% for 2012 predicted in March’s Budget.
• Growth UK GDP for 2012, 2014 and 2015 is predicted to be 2.1%, 2.7% and 3% respectively.
• Public borrowing will be £127bn this year but decreasing to £53bn in 2015/2016. Although this reduction is not as fast and significant and previously forecast.
• The debt to GDP ratio is to peak at 78% in 2014-5.
• Public sector pay will go up by an average of just 1% for the two years after the current two year pay freeze is over.
• There are to be further public sector spending cuts, which will be used to directly invest in a number of capital infrastructure projects.

Taxation Announcements

• 100% capital allowances to be introduced for certain areas of the country but again the South and South West seems to have been ignored.
• It was confirmed that the main rate of Corporation Tax will be reduced to 25% from April 2012.
• The Capital Gains Tax allowance is to be frozen at £10,100.
• A new tax relief scheme (SEIS) is to be introduced for individuals who invest in start-up businesses.
• Planned fuel duty increase planned in January is cancelled and the planned increase in August next year is reduced to 3p per litre.
• The business rate tax relief holiday for small businesses will be extended until April 2013.

Other Announcements and Measures to be Introduced

• State pension age to be increased to 67 from 2026.
• A new National Loan Guarantee scheme to be introduced for businesses with a turnover of less than £50m, which it is hoped will result in a 1% reduction in interest rates charged to qualifying businesses.
• Two further Enterprise Zones to be created both in the North of England.
• A new mortgage indemnity scheme to be introduced, which will aim to help up to 100,000 people buy homes with 5% deposit.  In addition the Right to Buy initiative is to be re-launched providing up to a 50% discount for tenants to buy their own homes.  However the current Stamp Duty holiday for first time buyers looks like it is to be abolished.

Hope you have found this summary useful and if you want to find out more about these announcements then please do not hesitate to call us.

If your taxable income is marginally above the £100k mark, any strategy you can employ to reduce earnings will safeguard your personal allowance and save tax at 40%.

If you wish to donate to charity, then you may wish to understand more how the GIFT AID system works, including options to carry back, contact the accounting and tax team at prime entry and they will be happy to explain more.

But as an example: – If you are a 50% tax rate payer a cash payment to a charity of £5,000, grossed up to £6,250, this will save £1,875 in reduced higher rate tax. (£6,250 x (50%-20%))

And let’s not forget the charity?  You may be out of pocket by £3,125 (£5,000 – £1,875) but the charity will receive £5,000 plus the tax refund £1,250.

So do you think that small businesses who just want a cheaper service, i.e. year end accounts, tax returns and then a quick summary of key points and areas for consideration, all over the internet and for a fixed fee would be open to this option? Although less customer focussed for someone just needing the basics and very cost concious this could be good.

We are interested in offering something different to the market – feedback greatly appreciated

Thanks

In our experience poor bookkeeping leads to a poor bank account… If you need advice with your bookkeeping or know someone struggling, simply call us for a free quotation, you will be surprised that the cost of service can often pay for itself many tines over!

The taxman can now charge a penalty for late payment for PAYE, even if it is due to the banking system and weekends.

So make sure you have updated your diary to ensure you don’t miss the date.

Phone check:  The dodgy websites are credible because the Taxman does ask you to enter bank details online in a number of situations.  Our advice is not to respond to emails from HMRC until you have checked their authenticity by phoning your tax office using the number shown on a bone fide document, such as your tax code or self assessment statement.

If in doubt, please talk to us, and send us a copy of the email.

Probably the biggest complaint I get is how the banks, contrary to belief, are simple not lending any money.

I spoke at length with a Revenue collector last week, her job is to spend every day visiting business owners to collect VAT, PAYE and outstanding tax, everyone she meets says the banks are not lending and on top of that the Revenue are pretty disorganised and particularly local to us here the staff moral at the Revenue is very low, with job losses and very poor job satisfaction…

However, despite some obvious doom and gloom, there is lots of great business to be done out there.  You can borrow some money if you have a really great business plan and if you can tick all the right boxes for the bank, but, it is very hard work.

But above all, the main ingredient is to have a good positive attitude with a written plan and strategy as to how you are going to move forward in 2011.  You may have to make some radical changes, you may have to change the way you conduct your business, but above all you must have a plan…  search our categories on the business help and coaching for more article on this subject.

In the meantime as we ourselves get ready for another busy year, new staff joining our team and moving to our new offices..

see: WE HAVE MOVED

we wish everyone the best for the coming year and if there is anything we can do for you, or if you know anyone that needs our help, all on a fixed fee basis, then please do get in touch kevin@primeentry.com

Thank you