Rothmans will be entering a number of teams and encouraging clients, business partners and friends to enter as well. The format will be teams of four; Stableford full handicap (max men 24, ladies 28) with best 3 scores from 4 to count. There will be team and individual prizes.

More details are available here.

KIDS Charity enables disabled kids and their families to enjoy their lives and its vision is a world in which all disabled children and young people realise their aspirations and their right to an inclusive community which supports them and their families.

Naomi House provides care to families living in communities across the seven counties of Berkshire, Dorset, Hampshire, Isle of Wight, Surrey, West Sussex and Wiltshire.

The presentation was followed by drinks and networking for the audience of Rothmans clients and contacts.

A copy of Tim Good’s presentation can be found here.

Looking at the global picture, Mr Berrisford-Smith said that future growth would be driven by the Far Eastern economies and, drawing a parallel with the football World Cup, he said that if results were judged on economic performance, China would defeat India in the final. On its economic performance, the UK would go out in the Round of 16.

Reviewing the implications of the Budget and trends in key economic indicators, he expected the recovery to continue, albeit in a somewhat lacklustre fashion. A double-dip recession was not inevitable, but much would depend on events elsewhere, especially the fall-out from the sovereign debt crisis in the Eurozone.

For the next five years, he expected growth of the economy to average around the 2% mark, compared with the more robust 2.5-3% that we had become used to before the recession. This was inevitable given that consumers would naturally be unwilling to take on debt in the way that they used to, and that the public sector would be contributing very little to growth. To make matters worse, there was little evidence that exporters had been able to take advantage of the lower pound to boost overseas sales.

While official interest rates would soon have to rise, the Bank of England was still hoping to delay the first move until early next year. But with the annual rate of inflation still above 3%, it was possible that they would have to act sooner. Whatever the timing of the first increase, interest rates were likely to remain at historically low levels of under 4% for several years to come.

For businesses he warned that credit would not be as plentiful or as cheap as it had been in the years prior to 2007. With subdued growth at home, he urged them to focus on exports to the Far East and other developing economies. Describing the Eurozone as the “Twilight Zone”, he suggested that British companies’ should seek to make inroads into faster-growing markets further afield.

Looking specifically at prospects for South-East England, he remarked on the significant positive difference between this region and the rest of the UK. He said, “The South-East will continue to power the UK economy, and possibly more so than in the past, partly because it is export-oriented and has a large concentration of value-adding businesses in sectors such as pharmaceuticals, defence, electronics, software and financial services. It also has a relatively low dependence on the public sector.”

Despite the austere background, Mr Berrisford-Smith ended his presentation on a note of optimism about conditions in the UK, pointing out that compared with much of the period from the 1960s to the 1980s, the country was not suffering from the rampant inflation or endemic industrial unrest that had blighted those years.

The event ended with questions, coffee and networking.

Click here to download the Rothmans' June 2010 Budget Report.

If you have questions about any aspect of the Budget, or have an accounting issue you would like to discuss, please contact your Rothmans team.

Click here to download the Rothmans' 2010 Budget Report.

2005 RATING REVALUATION – IT’S NOT TOO LATE

The deadline for appealing against your 2005 Rateable Value is 31st March 2010. If a reduction is achieved following an appeal, the refund can be backdated to the 1st April 2005 with full reimbursement of the overpaid rates.

2010 RATING REVALUATION – LOOKING FORWARD

The VOA has published the draft 2010 figures which become live on the 1st April 2010 and we anticipate that Rateable Values in general will increase by 15%.

Appeals against your new 2010 Rateable Value can be lodged after the 1st April 2010 and, if successful, RV reductions will run until March 2015.

WE CAN HELP

We have established a panel of surveyors who specialise in rating valuation appeals.

The surveyors on the panel will:

1. Advise you without charge whether an appeal is recommended

2. Conduct the appeal formalities on your behalf on a “no win, no fee” basis

3. The success fee charged to Rothmans clients will be on a discounted fee scale

THE NEXT STEP

If you consider that this may be relevant for your business please contact one of your team at Rothmans who can make the appropriate referral on your behalf.

Good credit management is always crucial to the profitability of your business, but during an economic downturn it can become a matter of life or death.

With traditional sources of credit tightening, businesses are currently forced to manage their cash as effectively as possible. But if customers delay or default on payments the flow of cash becomes tighter and the very survival of the business is threatened.

Currently three fifths of UK businesses are experiencing cash-flow problems due to late payments and defaults.

How effective is your credit management?

Many problems of late payment and bad debt can be avoided by making sound arrangements at the beginning of a trading relationship. How many of the following can you answer 'Yes' to?

• Do you run credit checks on new customers?
• Do you use credit application forms to gather key information on customers including where appropriate trade or banking references?
• Do you offer the minimum period of credit you reasonably can?
• Do you check that your terms are clearly understood by your customers?
• Do you insist on a written contract where appropriate?
• Do you include an 'all monies' retention of title clause in your contracts?
• Do you include your payment terms on all quotes, order confirmations, invoices, and statements?
• Do you have good relationships with your customers' accounts department and know who to speak to if a problem arises?
• Do you know when your customers' monthly cheque payments runs are and time your statements accordingly?
• Do you encourage customers to pay electronically?
• Do you offer discounts for early or up front payment?
• Do you stay in regular contact with your customers and keep your ears open for signs that they might be running into difficulties?

When is a sale not a sale?

Answer: When it hasn't been paid for! A sale is not complete until the cash is in the bank. Here are some suggestions for good credit management:

• Make sure everyone in your business knows your credit policy and who the key decisions makers are
• Consider subscribing to a service that enables you to monitor the credit worthiness of all your customers on a monthly basis
• Raise separate invoices for each dispatch and send them immediately by first class mail or email
• Be one step ahead of potentially difficult customers by finding an excuse to contact them before payment is due
• Establish clear procedures for dealing with disputed invoices and give them top priority
• Conduct an aged debt analysis at least once a week and apply debt recovery procedures immediately according to the size and age of the debt

Contact us if you require assistance in this area.

An increasing number of businesses are introducing measures to reduce their impact on the environment. They are driven in part by pressure from customers, shareholders, employees, and local communities concerned about the state of the planet we are passing onto the next generation, and in part by the need to comply with a raft of environmental legislation. But there are also sound business reasons for adopting green measures. Businesses can benefit from significant cost savings, greater efficiency, and possible reduced insurance premiums by introducing improved environmental practices. In some sectors at least having green credentials can provide a competitive edge and strengthen your position in the marketplace.

Developing an environmental policy

When developing an environmental policy for your business:

1. Make sure you are up-to-date and in full compliance with any relevant environmental regulations on air pollution, hazardous substances, waste disposal, water management, packaging, land use, etc.
2. Look for synergy between stakeholders concerns and regulatory requirements on the one hand and your business goals, organisational capability, and potential financial benefits on the other.
3. Pay particular attention to the evolving policies of existing and potential customers. For example, public sector agencies are now required to procure only products and services that meet certain green standards.
4. Keep a close eye on your competitors' strategies in this area.

Financial assistance

There is Government help available for small businesses to invest in green technologies. For example, businesses can now receive interest-free loans worth up to £200,000 to buy new energy-efficient equipment, such as lighting, boilers and insulation.

It is estimated that there is £1.2 billion in funds available from various sources to help businesses with projects such as introducing recycling schemes, switching to green packaging, purchasing hybrid vehicles, installing solar panels, and many more.

Entries will soon be open for what have been described as the ‘Charity Oscars’. The Wessex Charity Awards (WCA) are one of the region’s most prestigious events, where individuals and charities are honoured for their achievements and dedication, and for 2010 Rothmans is pleased to be sponsoring the Trustee Board of the Year category.

“It’s great to have Rothmans on board this year as it works with and advises a considerable number of charities,” comments Jenny Warner of PAS Charity Recruitment, lead organiser of the Wessex Charity Awards “No one is better placed to understand the vital role trustees play in a charitable organisation and Rothmans will make a valuable contribution to our awards.”

“Rothmans acts as auditors and accountants for a wide range of charitable and not-for-profit organisations and many of the partners also act as charity trustees," explains Rothmans partner Andrew Perriam. “So we are delighted to be able to take part in such a worthwhile event that recognises the valuable and at times difficult work of Trustee Boards.”

Rothmans has a thorough knowledge of compliance requirements for the Charities Act and SORP and its range of services includes tax consultancy, auditing, preparation of budgets and forecasting, analysing risks and opportunities, strategy planning and development, and investment procedures and policies.

For further information on the awards go to www.wessexcharityawards.co.uk or contact Jenny Warner on 01962 813300.

In addition for those earning over £100,000 the basic personal allowance is being withdrawn, with the affect that those earning between £100,000 and £112,950 can be taxed at up to 60%. The top rate on dividend income has also been increased to 42.5% from 32.5%.

Now is the time to start planning for those high earners whose top slice of income will be affected. What can be done to delay or avoid the effect of these changes? Here are some ideas that are worth consideration dependent upon individual circumstances:

• Businesses could bring forward the date of a bonus payment to directors or employees from 2010/11 to 2009/10.
• Companies could bring forward dividend payments to its shareholders from 2010/11 to 2009/10.
• A change of year end for sole traders or partnerships could be beneficial, particularly if its year end does not currently coincide with the 5 April.
• If any taxable share options are held, these could be exercised before 6 April 2010.
• For sole traders and partnerships, incorporation could be beneficial.
• For owner managed companies, profits could be retained, rather than paid out in salaries or dividends. It is possible that the 50% rate may be reversed after a period of time.
• Payments into pensions as an alternative to taking salary or dividends from companies should be considered.
• Where married couples are in business together, it may be possible to share partnership profits or dividends more tax effectively.

Under all circumstances, careful planning will be required. If you are an individual or business owner that may be affected, contact us for advice as early as possible.

From time to time circumstances may arise when an individual either no longer wishes to make decisions concerning their affairs (including their property) or their personal welfare.

In these situations the individual (the donor) can complete a Lasting Power of Attorney (LPA) whereby he or she chooses someone (the attorney) who is empowered to make decisions for the donor. The donor must have the mental capacity to complete the LPA.

In order for an LPA to be used it must first be registered with the Office of the Public Guardian (OPG). However it is permissible, and very common, for the LPA to be taken out but not registered until the donor wishes it to be registered or until the donor lacks the necessary mental capacity to make the decisions referred to above.

There are two different types of LPA:

· a Personal Welfare LPA; and

· a Property and Affairs LPA

A Personal Welfare LPA

This allows the Attorney to make decisions on the donor’s behalf concerning their personal welfare. This will include whether to give or refuse consent to medical treatment on the donor’s behalf and deciding where the donor is to live.

A Property and Affairs LPA

This allows the Attorney to make decisions on the donor’s behalf about his or her property and affairs, including paying the donor’s bills, collecting their benefits or other income, or selling their house, subject to any restrictions and conditions.

In addition to the donor and the Attorney (see above) there are three other important individuals, all of whom must be named in the LPA. These individuals act as important safeguards to protect the interests of the donor.

• The named person: This is a person chosen by the donor and stated on the LPA who must be notified when an application is to be made to register the LPA. The named person can object to the application.
• The certificate provider: This person must certify that the donor understands the LPA and has not been put under any pressure to make the LPA.
• A witness: The witness confirms that they witnessed the donor or Attorney signing and dating the LPA.

Our advice

Mental incapacity is not uncommon especially as age creeps in. Also, whilst an individual may still have mental capacity, they may lose the will or desire to make decisions simply because of their age. At times such as these the LPA can be of great assistance to the individual and can safeguard their interests.

Expert advice should, of course, always be taken when drafting and preparing the LPA. Please contact us if you require more details.

With savings rates having dropped to an all-time low, many individuals are actively looking for a better way of using their savings. For those savers who also have borrowings, there are two options to consider:

1. Do you wish to use your savings to pay off your borrowings; or

2. Continue to separate your savings and borrowings by taking out an offset mortgage.

Like many good ideas, the offset mortgage is simple to understand and is relatively straight-forward in its operation. Any monies you hold on linked current or deposit accounts are automatically offset against the amount you owe on your mortgage, thereby reducing the net debt with a consequent reduction in the interest you pay.

The reason that offset mortgages are particularly attractive in today’s climate is that the saving on the interest payable is greater than the amount that could be earned on a savings account and, in addition, is free of tax. Also of course you retain access to savings, which in these uncertain times can provide a degree of flexibility.

The tax effects assuming an offset mortgage interest rate of 4.5% are as follows. If you are a basic-rate taxpayer you would have to find a savings account that paid 5.6% gross to match a net rate of 4.5%. If you are a higher-rate taxpayer the figure climbs to 7.5%. In today’s marketplace such returns are extremely difficult to find, unless there is a high level of risk involved.

The offsetting is carried out automatically by the lender on a daily basis rather than monthly or annually as with a typical savings account, which normally results in a better return.

Our advice

If you do have savings and also have a mortgage, consider changing to an offset mortgage, but speak to us if you require further advice or assistance. You should also remember that should interest rates rise on savings then offset mortgages may become less attractive.

It is not only members of parliament that face difficulties in making expense claims. Many employees regularly make expense claims for costs incurred in their employment and it is important to be aware of current tax regulations.

There are a number of “tax deductible” expenses you might be able to claim. These include the cost of professional fees or subscriptions, business travel and subsistence, tools and specialist clothing. Most claims can be backdated for up to 6 years.

You can find out more about the types of expenses that you can get relief for in the H M Revenue & Customs guide “Tax allowances and reliefs – employees or directors”.

You can only get tax relief for allowable expenses. Expenses are allowable if they are for the cost of:

· travelling you had to do whilst doing your job;

· other expenses you had to pay whilst doing your job - and which related only to doing your job.

You cannot claim tax relief from HMRC if your employer has already reimbursed you for the expense.

You would normally claim relief on your self assessment tax return or on a claim form P87, which is available from HMRC.

If you are an employer handling many expense claims for the reimbursement of expenditure incurred by your employees in doing their job, you may want to consider applying for a “dispensation”. This, if granted by HMRC, avoids the necessity of reporting expenses and benefits on forms P11D and P9D. There are various requirements but once granted lasts indefinitely.

Our advice

Please contact us regarding any specific claims you wish to make regarding expenses if you are unsure whether or not they will be allowable expenses.

Also, if you are an employer, contact us if you want us to apply for a dispensation on your behalf.

For the second successive year, Rothmans entered a team into the Southern Chartered Accountants Student Society 5-a-side football tournament.

The team was made up of Natasha Wooton, Dan Langston, Andy Lee, Mark Milner and Alan Cooper from Chandler’s Ford office, Dom Currie from Havant, and Richard Pike from the Segensworth office. There was a large turn out of Rothmans colleagues, friends and families to support the team, which made good progress through the tournament.

‘It was a great day out for the team and all of our supporters,’ said Alan Cooper, captain of the Rothmans side. ‘We had a good run. However we were finally defeated in the quarter finals. Next year is our year!’

Alex Newman, Client Manager from Rothman’s Portsmouth North office, ran the cancer charity 5K Race for Life at Southsea this summer. Alex, who raised over £200 for the charity, including donations and sponsorship from her team at Rothmans, said she had always wanted to take part in this event, but had been prevented before because of studying for her ACCA accounting exams. It was the death of her grandmother from cancer that spurred Alex on to train and participate, coupled with a desire to help those who have to face cancer now and in the future.

‘It was an amazing atmosphere and very emotional. Everyone had pictures and messages of family members and friends who have been taken from us through cancer pinned on their backs. I ran the race in 40 minutes and I’ll definitely be doing it again next year!’

Habib Brora from Rothmans Eastleigh has been appointed director with effect from 1^st October 2009.

Habib commenced employment with Rothmans in 2000 at the Eastleigh office, qualifying as a Chartered Certified Accountant in 2004. After qualifying Habib gained an in-depth knowledge of tax which helps him give clients the best all round advice. Habib has built up a portfolio of personal, business, charity and trust clients.

Habib decided to enter the accounting profession after a family member received relatively poor advice from their accountant. It was then Habib decided he wanted to make a difference, providing good quality advice to business owners.

Habib concentrates on the owner, helping them make the most out of their wealth and assets – Habib comments ‘We pride ourselves in giving the all-round advice the “ordinary” business owners need and deserve – I enjoy dealing with people and solving their problems’.

The 2006 Companies Act is still being introduced in stages.

In October 2009 provisions come into effect increasing privacy for Directors by allowing the use of a service address on public file at Companies House.

Key Points

Based at the Portsmouth office, Adam has built an impressive portfolio of clients, many of whom are in the property and construction sectors.

Joining Rothmans directly from college, Adam started at the Portsmouth office in 1999, qualifying as a certified chartered accountant in 2005. Accountancy was actually his second choice of career, after narrowly failing to pass the entrance to become a pilot, but one he relishes. "I entered the profession thinking it was all about numbers, but quickly realised accountancy is about dealing with people and solving problems. I couldn’t have chosen a better life."