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The Summer Budget

Posted on: August 26th, 2015 by Liz Mounfield No Comments
Austin Broad, Technical Director, Broomfield & Alexander Wealth Management

Austin Broad, Technical Director, Broomfield & Alexander Wealth Management

It was probably no surprise that, immediately prior to the election, there was little that was going to shake the world in the March 2015 budget. The majority that the Conservatives achieved at the polls set the scene for the announced Summer Budget and this really did reflect a new government with a majority, escaping from the constraints imposed by 5-years of coalition.

Headlines in newspapers suggested that “£1million Inheritance Tax allowance confirmed”. As usual this sensational headline belies the truth and the conditions attaching to what has actually been announced.

The existing £325,000 Inheritance Tax allowance will remain and will now be capped at this level until April 2021. The new allowance is named ‘Inheritance Tax Residence Nil Rate Band’ and will not be available unless death occurs after 5th April 2017.

This allowance is only available to those that leave an interest in a physical property that has been their main residence at some point previously. Those that do not meet this condition will not benefit from any additional allowance. In addition, the allowance will only be available where the interest in the property is being left to a direct, lineal descendent (children, grandchildren, stepchildren, foster children or adopted children).

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Concerns from farmers for the future of the sector

Posted on: August 25th, 2015 by Sarah Curzon No Comments

The fourth in a series of agricultural surveys conducted by MHA, the UK-wide group of accountancy and business advisory firms, reveals that for the majority of farmers, optimism for growth is on the decline and succession planning is even more of an issue.

The MHA Agriculture Insight Survey was conducted at Cereals 2015 in June and compares this year’s findings with those of 2014. The survey takes into account the views of more than 150 farmers nationwide.

Key findings include:

  • Despite falling prices, optimism for growth is high with 59% of those who responded expecting growth, however, this is 10% less than last year.
  • Expansion is an aspiration for many, with 66% planning to increase their acreage compared to 59% in 2014.
  • 72% of respondents are concerned about succession planning, which is an increase of 7% over last year.

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Supporting drop-in workshops at Welsh ICE

Posted on: August 24th, 2015 by Denise Roberts No Comments

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Broomfield & Alexander are one of a number of high profile experts that have partnered with Welsh ICE to offer advice to start-up businesses.

The scheme will allow entrepreneurs and business owners to access free advice of the highest quality on subjects ranging from data protection and law to tax and accounting.

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Tax-free childcare scheme – update

Posted on: August 17th, 2015 by Sarah Curzon No Comments
Sarah Curzon, Tax Director, Broomfield & Alexander

Sarah Curzon, Tax Director, Broomfield & Alexander

There was due to be a new tax-free childcare scheme introduced from autumn 2015 which will be available to all eligible working families. Due to a legal challenge the introduction of this scheme has been delayed until 2017. Therefore current employer supported schemes will remain open to new entrants until this is introduced enabling parents more time to confirm which option is better financially for them.

Why have changes being made?

Currently, only employees of participating companies can reduce their childcare costs through a tax free voucher scheme. This new scheme will enable more parents to benefit from tax free child care, including self employed individuals. The government hope that the scheme will encourage/enable more parents to increase their work hours or to go out to work. If you already participate in an employer provided child care scheme, you do not need to switch to the new scheme if you don’t wish to. (However employer schemes will be unable to accept new entrants after the new scheme launches in 2017).

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Venturefest: Connect for Success

Posted on: August 12th, 2015 by Liz Mounfield No Comments

Broomfield & Alexander’s very own Mike Fenwick and Denise Roberts will be at Venturefest Wales, Swalec Stadium, Cardiff on Tuesday 29th September 2015.

Venturefest Wales 2015 is a free event that brings entrepreneurs, innovators and investors together to inspire business growth through collaboration. Make new connections while you visit the unique mix of workshops featuring inspirational speakers and one-to-one sessions with experts.

Mike FenwickMike will be available in the ‘Meet the Experts’ area for 121 sessions on Grants for Entrepreneurs, if you wish to discuss your plans, potential eligibility for R&D, capital expenditure and job creation grants, as well as discuss the importance of match funding and project presentation to provide you with the best possible chance to access funding. Match funding sources such as debt and equity can form part of an overall funding package and a number of competing issues may need to be considered so come and discuss your options.

Register here to book a 121 session with Mike Fenwick at Venturefest Wales 2015.

Denise Roberts (2)Denise will be leading a workshop entitled, Tax options for innovative companies: maximising your tax reliefs.

Businesses are continuing to operate in a challenging market with increasing pressures on margins. However, innovative businesses who are driving forward with investment in the development of new/improved products,  applications, or processes have found that they can use tax reliefs to improve their margins.

Tax reliefs such as R&D Tax Credits and Patent Box are much publicised but come along to this workshop and find out how to really maximise your claims and find out about the wide range of type of claims that can be made.

You can register to attend Denise’s workshop on the Venturefest Wales 2015 web site.

Sage 50 Accounts – new features

Posted on: August 10th, 2015 by Judith Mallen No Comments
Judith Mallen, Business Services Assistant Manager, Broomfield & Alexander

Judith Mallen, Business Services Assistant Manager, Broomfield & Alexander

The latest release (v22) is due for Sage 50 Accounts in the next few weeks and will include a number of updates including the ability to use bank feeds.

Bank feeds are a quick and easy way to record your transactions and reconcile your bank all in one go. After you link your bank to Sage 50 v22, your banking transactions will automatically be imported into your accounts. You will only have to assign your customer/supplier accounts, nominal codes and VAT codes and you’re good to go.

The more transactions you import, the easier it becomes to use. The software will begin to recognise similar transactions and will pre-empt and prepopulate those details, so bookkeeping will become a validation rather than a data entry process.

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Rewards-based Crowd Funding: Why Start-ups needs to understand the VAT aspect

Posted on: August 10th, 2015 by Liz Mounfield No Comments
Liz Maher, Director, Centurion VAT

Liz Maher, Director, Centurion VAT

There’s no shortage of survey commentary in the business pages through the year to evidence how small businesses fear the complexities of the VAT legislation. A recent commentary from a Direct Line for Business commissioned survey suggested that around one in ten respondents had limited sales to ensure they remained below the VAT registration threshold.

Continuing pressures on accessing funding for small and medium sized business has seemingly added a further complication – with the growth in Crowd Funding as a route to raise monies to finance a business idea, creation or production.

For the vast majority of crowd funding projects where a share in the equity is the supply for the consideration of funding provided then nothing significant has changed from the VAT perspective. The challenge is in the area of “reward-based” crowd funding where in return for the finance provided the business enters into a promise to deliver some tangible benefit to the funder – some goods to be generated by the business in the future, a discount or voucher package perhaps?

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Financial package floats Cardiff ship operator

Posted on: July 31st, 2015 by Seamus Gates No Comments
Seamus Gates, Director, Broomfield & Alexander

Seamus Gates, Director, Broomfield & Alexander

A Cardiff-based company launched earlier this year to provide sea-born transfers to wind farms in the North Sea has secured a £90,000 financial package from Finance Wales and UK Steel Enterprise.

The deal has enabled Severn Offshore Services to conclude its purchase of its first state-of-the-art transfer vessel from the Damen shipyard in Gorinchem, Holland.

The new 26 metre vessel, Severn Provider, registered in Cardiff, has immediately started transporting equipment and personnel to and from the Meerwind Offshore Wind Farm in the German sector of the North Sea. It won the on-going contract against international competition.

Said company managing director Ryan Hopkins, who lives in Penarth: “Severn Offshore Services was specifically established to respond to the needs of the burgeoning offshore energy industry. The Severn Provider is a high-spec vessel that can transfer up to 12 personnel at operating speeds of up to 25 knots.

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Charities’ Trustees Reports: Time and cost concern smaller charities

Posted on: July 28th, 2015 by Sarah Case No Comments
Sarah Case, Director, Broomfield & Alexander

Sarah Case, Director, Broomfield & Alexander

Charities are voicing concern that the new Trustees Reporting requirements introduced this year under the SORP (Statement of Recommended Practice) arrangements are diverting volunteer resources away from core activities.

Sarah Case, Head of the Charity and Not-for-Profit sector at MHA, the national association of independent accountants, said: “As we progress through 2015, not-for-profit organisations are telling us that they view some of the Trustee Reporting requirements and additional SORP disclosures as cumbersome and non-value adding, even though the overarching objectives of the new measures are understood and transparency is welcomed by the sector. The effect is that vital managagement and trustee volunteer resources are being diverted into administrative duties both to understand and comply with the new obligations.”

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Change to Xero

Posted on: July 28th, 2015 by Judith Mallen No Comments
Judith Mallen, Business Services Assistant Manager, Broomfield & Alexander

Judith Mallen, Business Services Assistant Manager, Broomfield & Alexander

Leave frustrating, pre-internet accounting software behind. Xero is beautiful accounting software that helps you to stay on top of your finances – any time, anywhere, on any device.

Sign up with our free conversion offer and when you log into Xero you will find two years of transactions ready, waiting and up to date.

Xero will cover the cost of a conversion from either Sage or Quickbooks for you. So order now, and convert to Xero while you can do it ​​for FREE.

Xero have teamed up with data conversion experts Movemybooks to convert Sage 50 data, including historical transactions, across to Xero completely free.

We can offer a free 30-day trial of Xero, please contact our Xero team for more information.

Latest From The Blog


The Summer Budget

Austin Broad, Technical Director, Broomfield & Alexander Wealth Management

Austin Broad, Technical Director, Broomfield & Alexander Wealth Management

It was probably no surprise that, immediately prior to the election, there was little that was going to shake the world in the March 2015 budget. The majority that the Conservatives achieved at the polls set the scene for the announced Summer Budget and this really did reflect a new government with...

Read more

Concerns from farmers for the future of the sector

The fourth in a series of agricultural surveys conducted by MHA, the UK-wide group of accountancy and business advisory firms, reveals that for the majority of farmers, optimism for growth is on the decline and succession planning is even more of an issue.

The MHA Agriculture Insight Survey was conducted at Cereals 2015 in June and compares this year’s findings...

Read more