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Seamus Gates, Director, Broomfield & Alexander
The 1998 Solicitors Accounts Rule 32.8, told you to distinguish between paid and unpaid disbursements on the face of the bill or other written notification of costs, by a paragraph at the end of the Rule.
The 2011 SRA Accounts Rule 29.15, which supersedes the 1998 Rule, does not have that paragraph included, and therefore it is reasonable that you assume you no longer have to.
However, you could fall foul of other regulations if you continue to show unpaid disbursements without describing them as such.
SRA AR29 Guidance Note (vii) states: “Section 67 of the Solicitors Act 1974 permits a solicitor or recognised body to include on a bill of costs any disbursements which have been properly incurred but not paid before delivery of the bill, subject to those disbursements being described on the bill as unpaid.”
Sarah Case, Director, Broomfield & Alexander
If your charity holds investments, then it will need a written policy!
A written policy formally sets out what the charity aims to achieve through holding those investments.
A well documented policy provides the Trustees with a framework for making those essential decisions so that they can use the Charity’s resources effectively and demonstrate good governance.
Even if your charity uses an investment manager – the charity still requires a policy.
Just what needs to be included in an investment policy?
The following information needs to be included:
Seamus Gates, Director, Broomfield & Alexander
In the first of a series blogs on business growth, we look at how to develop a business growth strategy and identify growth opportunities.
A clear strategy detailing what you’re going to do and when is essential to any business growth programme. It’s the route map showing how you will take your business from where you are now, to where you want to be in three to five years’ time.
Planning for success
A strong business plan is a key to unlock funding and investment opportunities. Investors will be impressed by a plan that gives evidence-backed information on how you will develop your business, the track record of the management team driving this growth, and how you will handle financial management.
Austin Broad, Technical Director, Broomfield & Alexander Wealth Management
Retirement is often painted as an idyllic time where we decide which cruise to board and finally have time to do all those things that work stopped us from doing. The reality for many is often very different and retirement can be very stressful, even if their health remains good.
One of the main challenges is to convert the wealth we have accumulated while working, into an income that can sustain the retirement lifestyle we have in mind. This wealth is likely to be a combination of private pension schemes, investments, cash and perhaps, the value of our own home.
The options available when taking income from pension plans can fill the contents of an article on its own. So instead, here we will consider options for producing income from other assets.
With interest rates at an all-time low, and likely to stay that way for some time to come, generating good levels of income from cash savings alone can be a challenge. It is important to remember that you can be retired for over 25-years and inflation can have a major impact on the real value of a sum invested purely in cash. Cash rates rarely beat inflation and whilst providing an element of peace of mind, it is probably sensible to invest capital into a wider range of assets with the inclusion of some stocks and shares.
Sarah Case, Director, Broomfield & Alexander
Who are charities accountable to?
Historically, charities would have considered themselves accountable to their funders and donors i.e. upward accountability. Times are changing though and there are moves to making sideways accountability i.e. peer charities, your staff and volunteers and even downward accountability i.e. beneficiaries becoming more important and acting as part of the considerations in day to day decision making.
Charities have no choice in who they are accountable to; how they choose to be accountable is of course at their discretion. Whether they chose to demonstrate accountability to the whole range of stakeholders is another and more complex issue.
Financial accountability is usually strong even in the smallest of charities, demonstrating to the funders that the money is spent and has been audited with no issues is standard practice for most. How do you achieve similar results for sideways and downwards accountability?
Leighton Reed, Director, Broomfield & Alexander
In a year’s time there is good news for employees who have a cheap or interest free loan from their employer or for directors who typically have an over-drawn loan account during the tax year.
The chancellor has announced that the current statutory threshold for the cash equivalent of taxable cheap loans to be treated as earnings of the employment will be increased from £5,000 to £10,000. This will take effect from 6 April 2014.
The effect is that, provided the total outstanding balances on all such loans per employee do not exceed the threshold at any time in a tax year, there is no income tax charge, so details of small loans will no longer have to be reported. Where loans do exceed the threshold at some point during the tax year, forms P11D are required to be completed and submitted to HMRC by the filing deadline of 6 July following the end of the tax year. The benefit in kind is calculated by reference to the total amount of the loan and not just the amount exceeding the threshold for the period that the loan is above that threshold, ie if a loan reaches £12,000 during the period, then the benefit in kind is calculated by reference to £12,000 and not £2,000. There will be no change in the way the loan is treated if it is written off rather than repaid, in that the amount written off is taxable.
Mark Jones, Director, Broomfield & Alexander
The following offers are available, unless otherwise stated, until 5pm on Friday 31st May.
Buy in May, and save the VAT equivalent off an Upgrade or SageCover Extra
The price excluding VAT (net) will become the price including VAT (gross) during the promotion.
* Terms & conditions apply
If you are currently using software from another provider, you can receive this discount when switching over to the Sage 50 Range of software.
* Relevant proof required. Terms & conditions apply
Charities are able to receive a 25% discount off the RRP of many Sage products.
* Please contact us to confirm which products are eligible for this discount. Terms & conditions apply.
For more information on the deals available and to request a quote, please contact Mark Jones, or our Sage Solutions team.
Sarah Case, Director, Broomfield & Alexander
The future is bright for organisations in the third sector, but they have to adapt to a brave new world of funding if they are to remain financially stable.
That was the conclusion of a major seminar held by Broomfield & Alexander to identify some of the key issues concerning charities across the country in an era in which reducing public sector expenditure is combining with increasing scrutiny of charity accountancy practices in the wake of some high-prolife scandals.
The seminar, attended by representatives of 45 Welsh charities, was addressed by a series of influential speakers, who said the challenge for the third sector was to come to terms with very different ways of receiving and accounting for their income.
Jane Tully, Head of Policy and Public Affairs at Charity Finance Group described the situation, in which Government and local authorities were increasingly moving to formal contracting arrangements through tenders, rather than direct grant-giving, as a “perfect storm”.
The National Manufacturing Debate is an annual event hosted by Cranfield University.
This high profile event brings together manufacturing professionals from a range of sectors to discuss and debate current challenges in the industry, and encourage networking and collaboration across the sector to enable continued and long-term growth.
Now into its fourth successful year, this free event will take place over 20th and 21st May 2013 and will include:
Broomfield & Alexander, through our membership of MHA is proud to be sponsoring such a high profile event in the manufacturing calendar.
Register your free place and find out more here.
Click here to view the full programme for the event.
Ian Thomas, Managing Director, Broomfield & Alexander
Tax specialist Denise Roberts, a former senior tax adviser with a Top 4 firm and more recently a tax partner with a top 10 national firm of accountants, has joined our Cardiff office as tax director.
The news follows the recent announcement of Swansea-based director Matthew Thomas as an equity director with a seat on the board, and of Sarah Curzon as tax director in Broomfield & Alexander’s Swansea office.
A Fellow of the Association of Chartered Certified Accountants, Denise has over 20 years’ experience in advising entrepreneurs and businesses in all sectors, and specialises in Research & Development (R&D) Tax credits. She continues to advise one of the top three international aerospace manufacturers on such matters.
Ian Thomas said Denise’s extensive experience meant she was well placed to advise technology companies on the financial incentives available for R&D.
Linked to this specialism, Denise has for many years been advising new start up and growing technology businesses including many University spin outs.
Seamus Gates, Director, Broomfield & Alexander
The 1998 Solicitors Accounts Rule 32.8, told you to distinguish between paid and unpaid disbursements on the face of the bill or other written notification of costs, by a paragraph at the end of the Rule.
The 2011 SRA Accounts Rule 29.15, which supersedes the 1998 Rule, does not have that paragraph included, and therefore it is reasonable that...
Sarah Case, Director, Broomfield & Alexander
If your charity holds investments, then it will need a written policy!
A written policy formally sets out what the charity aims to achieve through holding those investments.
A well documented policy provides the Trustees with a framework for making those essential decisions so that they can use the Charity’s resources effectively and...
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