Here are our tips to help you achieve success:

• The presentations you prepare for the bank need to be succinct, accurate and positive and clearly set out the level of funding required for what specific purposes.  Forecasts need to include an integrated profit and loss, balance sheet and cash flow; 
   
• Ensure that you know exactly how and where the business is making profits; 
   
• Demonstrate that you have your costs and overheads tightly under control; 
   
• Show that margins and cash flow are sustainable; and 
   
• Address any customers or products that are underperforming in terms of margins or cash flows.

If you would like to discuss any aspect of the fundraising process, please contact Andrew Williamson on 01727 838 255.

You build up your estate over a lifetime paying taxes such as Income Tax and Capital Gains Tax along the way. Before you can pass this wealth on to your heirs, you face a final tax bill – Inheritance Tax (IHT).

It may seem unfair that you, or rather your family, are then taxed again on those accumulated assets on death. Nevertheless, this “double” taxation exists and dates back to the introduction at the end of the last century to what might generically be called death duties. Currently, the tax applies to all estates over £325,000 in value, and is levied at 40%. We believe there is considerable scope for reducing taxes paid in your lifetime, as well as mitigating the eventual potential IHT charge with specialist advice and sensible tax planning.

Presentations will be given by a team of experienced advisors from leading local legal, accountancy and financial advisory firms sharing their practical experience, including – WMT, a top South East Accountancy firm with strong advisory and tax specialisms; Taylor Walton, an award winning firm of solicitors and KDW Associates a firm of independent financial advisers offering a wide range of services to both private individuals and businesses.

Topics covered will include:

• Maximising Wealth
• Inheritance Tax Planning
• Trusts and their uses explained   
• Wills and Intestacy rules  
• Protecting wealth through investments and reducing risks

Attendance at this event is a real must for those looking to reduce tax and preserve wealth. We do therefore hope you can join us.

When: Wednesday 7^th March, 8.30am registration.  Presentations from 9 – 10.30 am start. Breakfast will be provided.
Where: WMT, Torrington House, 47 Holywell Hill, St Albans, Hertfordshire, AL1 1HD.

Spaces are limited, if you would like to reserve your place please contact Natalie Pouyiouros on 01727 838 255.

As reported in The Times it has been announced that HM Revenue and Customs (HMRC) have come up with an innovative way of encouraging the early submission of tax returns, by the introduction of an incentive.  The scheme led by David Cameron gives workers the chance of winning £100,000 if they file their tax return by the end of November, as opposed to 31 January.

This initiative which could start as early as this year is set to save HMRC tens of millions of pounds which would usually be spent chasing people who pay their tax bill late.  It could also save taxpayers millions, with an estimated £368 million in penalties being paid on self-assessment forms filled out late or incorrectly.

The tax return deadline for 2010/2011 is still 31 January 2012, hefty penalties are in place for late submission. To find out more about our tax return service and how we can help you please contact our Senior Private Client Tax Manager Paula Jeffs on 01727 838 255.

HMRC are stepping up their compliance activity for 2012 and have their sights on certain sectors, these include:

• electricians and electrical fitters
• commercial traders on e-marketplaces
• construction
• scrap metal dealers
• fast food outlets
• landlords owning three or more rental properties
• individuals who own properties overseas which are rented out
• offshore issues

If your business is in any of the above sectors or if you have offshore dealings and you believe your tax affairs may not be completely correct or up to date it will be vital to act quickly as HMRC have been actively using their legal powers recently to gain information in these areas. In some cases there may be ‘disclosure opportunities’ available giving you a window of opportunity to make disclosures, so we urge you to act now. 

Sectors that have been under scrutiny in the past have included plumbers and tutors, the plumbers campaign alone has generated over £2m for HMRC, and to date HMRC have arrested nine plumbers from whom disclosures were expected but not forthcoming and started almost 1,000 other enquiries.

An investigation by HMRC is a stressful and difficult experience. Tax can generally be recovered for up to 20 years together with interest. Penalties usually start from at least 30% (unless due to nothing more than carelessness) and can reach 100% of the tax due – or as much as 200% if relating to undisclosed overseas bank accounts. This year, for the first time, HMRC now has the power to publicly “name and shame” those found to have deliberately evaded or understated their taxes and to place defaulters under an intensive monitoring programme for up to five years.

For more details about the above, please read our full 2012 set to be a prosperous year for HM Revenue and Customs, don’t let this be at your expense article.

If you are affected by any of these issues specialist advice is essential and action should be taken before any direct contact from HMRC. For a confidential discussion please call Peter Davies on 01727 838255.

It had originally been proposed that the SRT would take effect in April 2012, however, this has now been postponed due to issues raised in the consultation and the legislation will be included in the Finance Bill 2013. It is proposed that the rules will take effect as of April 2013. 

For further information about the proposed SRT please view the full the full UK Residence – new statutory test proposed from April 2012 article.

Peter Davies, a nationally renowned expert in the hospitality sector and Senior Tax Manager at WMT accounts in St Albans comments: “HMRC are more vigilant than ever, if you haven’t complied with the rules, there is little hope when an enquiry starts and the inspector arrives. We are urging all businesses in the hospitality sector to seek advice, you may think you are complying with the rules, but as these are ever changing and increasingly complex, it is often easy to get caught out.”

Earlier this year HMRC announced a specialised taskforce focusing on the hospitality sector. To date over 500 enquiries have been started, including over 150 in London, and average bills for businesses have exceeded £14,000. Mora than 20 enquiries have found issues so serious that HMRC believe that fraud has taken place, and in December 2011 two restaurateurs from Edinburgh were arrested by HMRC and their homes and business premises searched.

WMT are offering a free tips, gratuities and service charge healthcheck questionnaire, which will be reviewed by Peter who will provide you with a free report of the findings. For a copy of the report please email WMT at info@wmtllp.com alternatively please call 01727 838 255.

Are you missing out on potential tax savings?
Join us at our free seminar to find out

Did you realise we specialise in accounting, tax and business advisory for the legal sector? WMT Chartered Accountants have been working with solicitors in Hertfordshire for over 30 years, in which time our experts have successfully been helping firms to maximise tax savings and promote growth.

We are delighted to announce that experts at WMT will be sharing their knowledge and offering key hints and tips for the legal sector at an exclusive seminar.

Specialists will be presenting an overview of the main SRA changes and will be leading a discussion on how they are likely to impact on your firm. We will also be considering from a tax perspective the alternative trading structures for solicitors following the change in law allowing solicitors to practice through limited companies. Key topics covered will include:

• Changes in SRA Rules
• LLP Vs Limited Company
• Corporate Structure

If you are in the legal sector and are looking to maximise tax savings and find out about the key changes affecting your sector then attendance at this seminar is a must.

We do hope you can join us at what aims to be an eye opening event.

When: Wednesday 29^th February, 8.30am registration for a 9am start. Breakfast will be provided.
The seminar is anticipated to finish at 11am.
Where: WMT, Torrington House, 47 Holywell Hill, St Albans, Hertfordshire, AL1 1HD.

Spaces are limited and in high demand, we would therefore urge you to register for this event as soon as possible. To reserve a place please RSVP to Natalie Pouyiouros at natalie.pouyiouros@wmtllp.com.

With the 12 days of Christmas coming up, we have drafted a few points to mull over during holiday period and 2012. 

There have been dramatic changes to the Charity and Not for Profit Sector over the last few years, with numerous updates to rules and regulations. One area that has seen recent changes is VAT within the sector. Unfortunately many people are not fully aware of the changes, are not aware of the consequences and do not know what opportunities are now available to them. If you would like to find out more about the VAT changes then we recommend you join us at our forthcoming workshop.

At our FREE workshop specialists in the Charity and Not for Profit sector will guide you through the changes and developments in VAT that will have a direct affect on your sector, the workshop will cover the following:   

• Changes in the HMRC policy
• Recent cases
• Property issues
• Further changes in HMRC policy regarding concessionary treatment
• Updates form the latest Budget.

If you are in the charity and not for profit sector then attendance at this event is a must, as our experts will be giving an update on areas that will have a direct impact on you and your sector. We do therefore hope you can join us.

When: Tuesday 27 March 2012, 8.30am registration for a 9am start. Breakfast will be provided
Where: WMT, Torrington House, 47 Holywell Hill, St Albans, Hertfordshire, AL1 1HD

Spaces are limited, if you would like to reserve your place please contact Natalie Pouyiouros on 01727 838 255 or email her at info@wmtllp.com.

As we start the New Year we would like to focus your thoughts on three key questions:

• Do you want to maximise your business potential in 2012?
• Do you want to optimise tax saving opportunities available?
• Do you want to be one step ahead of your competitors?

If your answer to the questions above is ‘yes’ then attendance at our free seminar is a must. With 2011 now behind us, it is essential for businesses to make plans to help ensure that they are well placed and ahead of the competition for 2012. With that in mind, WMT Chartered Accountants, advisory and tax specialists in Hertfordshire have put together a unique event, in which experts will cover the key business and tax points that all businesses should consider in 2012.  

Tax, business advisory and corporate finance specialists will be giving key hints and tips to help your business grow and to optimise your wealth in 2012, areas covered will include:

• Paying the right amount of tax
• Clever planning
• Protecting the cash
• Protecting your wealth

Join us at what will be an eye opening event, which can assist you to achieve your goals for 2012.

When: Tuesday 21^st February, 8.30am registration for a 9am start. Breakfast will be provided.
The seminar is anticipated to finish at 11am.
Where: WMT, Torrington House, 47 Holywell Hill, St Albans, Hertfordshire, AL1 1HD.

Spaces are limited and in high demand, we would therefore urge you to register for this event as soon as possible. To reserve a place please RSVP to Natalie Pouyiouros at natalie.pouyiouros@wmtllp.com.