GIvInG yoU ThE hEAdS UP…

Monthly newsletter of tI Payroll & accountIng

TIP the WinkWelcome to January ’s NewsletterJanuary 2013, Edition 10

January 2nd office re-opens

11th Pink link furness - abbey house hotel

14th National Dress your Pet up day

19th Payment to hMrc

19th cIs submission Due

24th the Business network - castle green

February 8th Pink link furness -custom house

14th Valentine’s Day

14th the Business network - lancaster

19th Payment to hMrc

19th cIs submission Due

Dates for your Diary

twEEtEr oF thE monthColin Shelbourn

@colinshelbourn

Cartoonist. Author. Illustrator – not necessarily in that order. http://radiocartoonist.com, www.shelbourn.com

Colin Shelbourn is a very good friend of mine who I met over twitter his talent for cartoon drawings is infectious or you could just follow him for his “obsession with all things ‘Space’”.

december went past in a bit of a blur here at TI Payroll & Accounting, one of the busiest months of the year and it’s the shortest for working. With some of our clients wanting to slow down for the festive period or being so busy themselves, it seems a really hard month to get answers out of people. however, we survived with all deadlines met and my staff have enjoyed their festive break.

I’m quite sad to say goodbye to 2012, it has seen some extremely happy times for me both personally and in my business, with getting married, my daughter turning 18, winning my 2nd Eva Award and buying premises (more about that next month – I promise) it has been a really fantastic year – let’s hope 2013 is as great – if not even better.

I was wondering what new year’s Resolutions have you made for 2013? To eat less, drink less, do more exercise? These personal resolutions are all good to try to motivate yourself, however I believe business resolutions are much more important, if you want to achieve anything in 2013.

So many businesses go year upon year treading water and thanking their lucky stars they are still ‘surviving’ when the next year comes round. This is no way to grow your business – you wouldn’t set off in a car without knowing your destination would you? yet so many of us set off in business without knowing where we want to go.

Social Media Tip Email Signature:

follow us on twitter. @tr4cyirwin

find us on

Cont. on Page 2

to carry on from last month, do you have a list of servies you provide at the bottom of your email? When you are emailing someone and they deal with you for one of your services, they already like and trust you, if they don’t know what else you do then you could be missing out on a very easy referral.

real time reporting of payroll data starts in full next april and tough penalties were threatened for employers who don’t comply. what’s the latest on this?

rti recapFrom April 2013, employers must send, via the Internet, details of salary, tax deducted, nI, etc. To the Taxman each time they pay an employee, instead of just at the end of the tax year. one advantage to this is that you won’t need to complete the end of year return Forms P35 or P14. naturally, as these are being scrapped so are penalties for submitting them late. The trouble is that tough new penalties for missing Real Time Information (RTI) deadlines will be imposed instead.

Consultation

In April the Taxman issued a lengthy consultation paper suggesting how and when the new penalties would apply. he wanted these to be automatic with little room for an appeal. This, and other aspects of the consultation, rang alarm bells with tax professionals. organisations like the Chartered Institute of Taxation wanted bedding-in period before penalties took effect.

Penalties unveiledIt seems that the Taxman does listen once in a while. on november 29 he announced that late notification penalties won’t apply for the first year of RTI, the Taxman says that he’ll continue to charge penalties under existing rules on employers who make PAyE errors.

Late PaymentsInterest and penalties on late PAyE tax

and nI payments wont’ be affected by RTI. But employers need to be aware that RTI will make it simple for the Taxman to check that the payments due are being made on time. Even those a day late can result in a fine, so make sure your payroll staff are aware of this.

There are no penalties for late RTI reports until April 2014. But those for late payments continue to apply, so make sure your payroll staff know when payment of PAyE is due.

Taxman unveils RTI penalty plans

This doesn’t mean you have to have the next 20 years planned out ahead (although if you could do that it would certainly be easier to get there) you need to plan smaller journeys to get to your final destination. I always set my forecast for the next year over the Christmas break, it helps focus my mind on what I want to achieve in the forth coming year. By doing my bookkeeping monthly I already know which months are my quieter months, where I can plan more marketing and those which are the busier months where we need to focus on various deadlines. With this information to hand, the world is my oyster so they say. I have been bolder with our goals

for 2013 than I have been in the previous couple of years and I hope that stretching the goals this year will give my staff, and me, something to push for over the year.

I am very open with my staff about my aspirations and goals as they are a key part of me getting to where I want to be – it also helps with staff motivation as if they are not sure what your goals are then how are they meant to help you get there!

If you are a sole trader and you don’t have staff then discuss your goals with someone else, your partner, a sibling, or a trusted business acquaintance – you’d be surprised

how much more “real” things become once you have shared them with someone.

So if you do nothing else this week – set a goal ….Any GoAL. you’ll be surprised how easier it is to achieve if you have it down on paper!

And remember – if you don’t know where you are going, how are you meant to get there!!

I hope you all have a prosperous 2013.

Tracy x

Business Quote

2 1 4 6 5

4 9

3 6 1

8 7 3 2

9 8

5 9

6 9 1 7 3

7 8 3 2

9 4 7

5 3

9 1 6 4 8

7 5 3 9

8 6

1 7 6 4

8 7 1 3

6 5 7 1 2

1

5 8 3

Business opportunities are like buses, there’s always another

one coming.

richard Branson

“”

Energy assessor adele has ‘lofty’ ambitions for her businessWith her business, Cumbrian Energy Assessors, Adele Broadhurst certainly moves in powerful circles. Adele set the business world ablaze when her business was one of the finalists in a business acceleration competition run by deborah Meaden (check SP)

Cumbrian Energy Assessors produce energy performance certificates for both domestic and commercial properties, digital floorplans and professional property photography. helping homes and businesses to save energy and money has no flaws!

Adele set up her business in 2009 when she started doing work for an estate agent. This has since expanded to include work for 9 local estate agents, 5 lettings agents and 6 solicitors.

A change in the law meant that the lights nearly went out on Adele’s burgeoning business. Just four months after setting up, the law changed and abolished the home Information Packs. Adele says it was largely due to her existing client base that she survived.

With the present government incentives to reduce carbon outlay, Adele thinks the ‘green deal’ is quite a steal for landlords and homeowners. This government scheme to help reduce energy bills is likely to light the way forward for Adele’s business, as she prepares to launch Cumbrian Energy Corporate to meet

Business of the Month

expected demand. Judging by this potential for growth, Adele hopes her business continues to be a ‘glowing’ success.

Looking into her (energy efficient) crystal ball, Adele thinks that few businesses will be insulated from the struggling economy. however, with the government’s green deal, the drive for energy efficiency will allow her business to put the afterburners on and get ‘crackling’. Adele says that last year she was doing up to eight surveys per day, but this has since halved. If the green deal is successful, she hopes to be back up to full power.

Adele enjoys the basis of her work – assessing the energy rating of properties and loves the fact that this makes a real difference to the wider world. These assessments have reduced the carbon footprint of the UK by £10 billion since they were launched four years ago. Adele says ‘we are on track to be carbon neutral by 2030’. That’s enough to put the wind back into anyone’s sails!

Adele reckons that the government could turn down the heat on small businesses by reducing fuel tax duty about spiralling fuel costs. It would mean that people in a similar situation to Adele wouldn’t have to worry so much about getting on the gas.

Adele really keeps the home fires burning with her family business providing employment for her mother and brother.

They all have a ‘burning’ passion for what they do.

Even a highly self-motivated person like Adele can’t keep going like the duracell bunny! So how does Adele renew her energy away from the ‘coalface’?

Adele grew up in a hotel and loves to do some house ‘warming’ of her own by having the family over and cooking a roast dinner – in an energy efficient way, of course.

It’s clear that remaining adaptable to the changing energy market really keeps bright spark Adele on the go. how has TI Payroll and Accounting helped her business?

Adele says that TI have reduced her annual accounts bill by £400. They also give her a deadline to work towards. Being self-employed can mean that accounts are left on a low heat. By helping Adele to keep her invoicing up to date, TI Payroll ensures that nothing boils over. She even admits to enjoying doing her monthly bookwork now! This means that Adele has more energy to power her business. TI Payroll really lights Adele’s fire – why not find out how TI can help your business with its accounting needs?

Tracy and her team have been doing our bookkeeping for over a year now and she provides a great personlised service for an excellent price.

She is patient in awaiting the invoices and provides responses to questions outside of ordinary business

hours. She has also done an astounding job at growing her business over the last few years which is every credit to Tracy’s hard work and

commitment.

Christopher Coles, PC Support

“”

TI Payroll and Accounting Phoenix Business Centre

Phoenix Road Barrow-in-Furness

Cumbria LA14 2UA

tel. 01229 490343

email. tracy@tipayroll.co.uk

web. www.tipayroll.co.uk

payroll administration

bookkeeping services

construction industry scheme

self employed limited companies

tax returns

SAGE training

bespoke social media training

secretarial services

If you would like to receive this newsletter posted direct to you on a monthly basis please visit

www.subscribe.tipayroll.co.uk and fill in the online form, or

ring Tracy on 01229 490343

payroll andaccounting