WHERE LOCAL BUSINESS GROWS

How VAT Works

You can only charge Value Added Tax (VAT) if your business is registered for VAT. Find out what this involves and read an overview of how VAT works, including when to charge and what you can reclaim.


When can I charge VAT, and on what?
 

You can only charge VAT if your business is registered for VAT.

VAT is charged on things like:

  • business sales - eg when you sell goods and services
  • hiring or loaning goods to someone
  • selling business assets
  • commission
  • items sold to staff - eg canteen meals
  • business goods used for personal reasons
  • ‘non-sales’ like bartering, part-exchange and gifts
These are known as ‘taxable supplies’. There are different rules for imports and exports and charities.

Responsibilities

VAT-registered businesses:

  • must charge VAT on their goods or services
  • may reclaim any VAT they’ve paid on business-related goods or services
If you’re a VAT-registered business you must report to HM Revenue and Customs (HMRC) the amount of VAT you’ve charged and the amount of VAT you’ve paid. This is done through your VAT Return which is usually due every 3 months.

You may want to appoint an agent to deal with HMRC on your behalf.

You must account for VAT on the full value of what you sell, even if you:

  • receive goods or services instead of money (eg if you take something in part-exchange)
  • haven’t charged any VAT to the customer - whatever price you charge is treated as including VAT
If you’ve charged more VAT than you’ve paid, you have to pay the difference to HMRC. If you’ve paid more VAT than you’ve charged, you can reclaim the difference from HMRC.

VAT rates
 

There are 3 different rates of VAT and you must make sure you charge the right amount.

Get a list of reduced or zero-rated goods and services

Standard rate

Most goods and services are standard rate. You should charge this rate unless the goods or services are classed as reduced or zero-rated.

Reduced rate

When to charge this rate can depend on the item being provided but also the circumstance of the sale. For example:

  • children’s car seats and domestic fuel or power are always charged at 5%
  • mobility aids for older people are only charged at 5% if they’re for someone over 60 and the goods are installed in their home
Zero rate

Zero-rated means that the goods are still VAT-taxable, but the rate of VAT you must charge your customers is 0%. Examples of zero-rated goods include:

  • books and newspapers
  • children’s clothes and shoes
  • motorcycle helmets
You still have to record zero-rated transactions in your VAT accounts and report them on your VAT Return.

Rates can change and you must apply any changes to the rates from the date they change.

What you must do when charging VAT
 

You need to know the right VAT rate so you can charge it correctly and reclaim it on your purchases.

If a transaction is a standard, reduced or zero-rated taxable supply, you must:

  • charge the right rate of VAT
  • work out the VAT if a single price is shown that includes or excludes VAT
  • show the VAT information on your invoice
  • show the transaction in your VAT account - a summary of your VAT
  • show the amount on your VAT Return
You may be able to reclaim the VAT on purchases that relate to these sales.

You can’t claim back all of the amount you’ve paid if you pay the wrong amount of VAT on a purchase.

VAT-inclusive and exclusive prices
 

You’ll need to make a calculation when charging VAT on goods or services, or when working out the amount of VAT you can claim back on items which were sold inclusive of VAT.

VAT-inclusive prices

To work out a price including the standard rate of VAT (20%), multiply the price excluding VAT by 1.2.

To work out a price including the reduced rate of VAT (5%), multiply the price excluding VAT by 1.05.

VAT-exclusive prices

To work out a price excluding the standard rate of VAT (20%) divide the price including VAT by 1.2.

To work out a price excluding the reduced rate of VAT (5%) divide the price including VAT by 1.05.

When not to charge VAT
 

You can’t charge VAT on exempt or ‘out of scope’ items.

Exempt goods and services Exempt goods or services are supplies that you:

  • can’t charge VAT on
  • must not include in your VAT records
If you buy or sell an exempt item you should still record the transaction in your general business accounts. Examples of exempt items include:

  • insurance
  • postage stamps or services
  • health services provided by doctors

VAT registration

Businesses that sell only VAT-exempt goods and services don’t have be registered for VAT. If you start selling items that aren’t exempt, you can register for VAT voluntarily. You must register if the total value of non-exempt goods and services goes over the VAT taxable turnover threshold

Out of scope

Some goods and services are outside the VAT tax system so you can’t charge or reclaim the VAT on them. For example, out of scope items include:

  • goods or services you buy and use outside of the EU
  • statutory fees - like the London congestion charge
  • goods you sell as part of a hobby - like stamps from a collection
  • donations to a charity - if given without receiving anything in return

Charging VAT to charities
 

As a VAT-registered business, you can sell certain goods and services to charities at the zero or reduced rate of VAT.

It’s your responsibility to check the charity is eligible, and to apply the correct rate.

Community amateur sports clubs (CASCs) don’t qualify for VAT reliefs for charities.

Check the charity is eligible

To make sure the charity is eligible, ask them for:

  • evidence that they’re a charity
  • a written declaration or ‘certificate’ confirming they meet the conditions for the particular VAT relief
Evidence of charitable status

The charity should give you either:

  • their Charity Commission registration number
  • a letter of recognition from HM Revenue and Customs (HMRC) if they’re not registered with the Charity Commission for England and Wales (eg if they’re a Scottish or Northern Irish charity)
Written declaration

Charities are legally required to give you an eligibility certificate when you supply eligible building or construction services to them at zero VAT. The certificate must contain specific information.

A declaration is not legally required for other items you sell at the zero or reduced rate, but you should ask for one to prove the charity is eligible for the relief.

These sample declarations contain examples of the information a charity should give you when buying:

  • medical and scientific equipment, motor vehicles and computer software
  • charity advertising
  • goods and services for disabled people
The written declaration should be separate from the order form or invoice for the goods or services the charity is buying.

You must keep the completed declarations for at least 4 years.

Items that qualify for the reduced rate

You may be able to apply the reduced VAT rate when you sell fuel and power in certain circumstances to an eligible charity.

Items that qualify for the zero rate You may be able to apply zero VAT when you sell the following to an eligible charity:
  • advertising and items for collecting donations
  • aids for disabled people
  • construction services
  • drugs and chemicals
  • equipment for making ‘talking’ books and newspapers
  • lifeboats and associated equipment, including fuel
  • medicine or ingredients for medicine
  • resuscitation training models
Equipment for medical and veterinary use

You may also be able to zero-rate some other medical and veterinary equipment when you sell it to:

  • certain health bodies, eg NHS Trusts
  • not-for-profit research institutions
  • charities that provide institutional care, or medical or surgical treatment for chronically sick or disabled people
  • charities that provide transport services for disabled people
  • charities that provide rescue or first aid services to humans or animals
  • someone buying it specifically for donation to one of these bodies
The money used to buy the equipment must be from charitable or donated funds. This should be stated on the eligibility declaration.

The eligible items include:

  • medical, veterinary and scientific equipment
  • ambulances
  • goods for disabled people
  • motor vehicles for medical use<
  • rescue equipment
  • resuscitation training dummies

Returned goods
 

When you return goods to a supplier or a customer returns goods to you, the balance of payment can be settled by issuing either a:

  • replacement invoice
  • credit or debit note

If you exchange the goods for goods of the same value you don’t need to issue a new VAT invoice.

Credit and debit notes

These must show the same information as the VAT invoice and:
  • why it was issued
  • the total amount credited, excluding VAT 

  • the number and date of the original VAT invoice

Discounts and free gifts
 

Discounts

VAT may have to be charged on discounts and deals.

Offer How to charge VAT
Discounts Charged on the discounted price (not the full price)
Gifts Charged on the gift’s full value - there are some exceptions listed below
Multi-buys Charged on the combined price if all the items have the same VAT rate. If not, VAT is ‘apportioned’ as mixed-rate goods
Money-off coupons, vouchers etc No VAT due if given away free at time of a purchase. If not, VAT due on the price charged
‘Face value’ vouchers that can be used for more than one type of good or service No VAT due, if sold at or below their monetary value
Redeemed face value vouchers Charged on the full value of the transaction
Redeemed face value vouchers sold at a discount Charged on the discounted value of the transaction
Link-save offers (buy one get one free or discounted) VAT is apportioned as mixed-rate goods - there are exceptions

Exceptions for gifts and link-save offers

There’s no VAT due on gifts given to the same person if their total value in a 12 month period is less than £50.

VAT is charged on the combined value of link-save items if the incentive product:

  • has a resale value of less than £1
  • has a sale value of less than £5
  • costs you less than 20% of the total of the other items in the offer
  • isn’t sold at a separate price from the main product

Free goods and services

You don’t have to pay VAT on things like free samples if they meet certain conditions.

Supplies Condition to meet so no VAT due
Free samples Used for marketing purposes and provided in a quantity that lets potential customers test the product
Free loans of business assets The cost of hiring the asset is included in something else you sell to the customer
Free gifts The total cost of all gifts to the same person is less than £50 in a 12 month period
Free services You don’t get any payment or goods or services in return

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News

11 results found, page 1 of 2.  
Batley based haulage and storage companies bought out of administration

Friday 18 August 2017

Batley-based haulage solutions and storage companies have been acquired out of administration securing all 15 jobs. Charles Brook and Allan Cadman, insolvency practitioner partners at Poppleton & Appleby were appointed as the joint administrators of both companies on 10th August 2017. CIS Industrial Ltd and CIS Industrial Hire & Sales Ltd, both family businesses, have operated side by side dating back to the 1980s. They offer haulage solutions and storage facilities serving customers both locally and nationally from their premises in Birstall, Batley. Both Companies had suffered cash-flow difficulties in part caused by restrictive historic finance issues to the point where the companies were under imminent threat of being wound up through the Courts by HM Revenue & Customs. Immediately following Poppleton & Appleby’s appointment, the Joint Administrators undertook a ‘Pre pack’ sale of the business and assets of both companies, where the purchasers are the existing family management team. The deal saved the jobs of the workforce in its entirety and ensured the continuity of supply to their customer base. Joint Administrator, Allan Cadman, said “It is gratifying to be involved in such a matter particularly in a week where there has been a media spotlight on family-owned and run businesses. The deal not only saves the jobs of 15 people in the locality but provides continuity for customers and new opportunities for suppliers. The deal will ensure that the creditors’ position will be enhanced through this process as opposed to the winding up and shut down position which was narrowly avoided.”
Posted by Poppleton & Appleby Northern
Huddersfield-based Crowther Accountants strengthens management team with recruit from HSBC

Monday 14 August 2017

A former HSBC senior commercial banking manager has been appointed by Huddersfield-based Crowther Accountants as its new business development manager. David Busfield joins the firm’s 20-strong team with over 40 years’ experience in the banking industry. His role will see him generating new opportunities, working with existing relationships and managing sales activities. Starting his career with Midland Bank in 1976 — more latterly HSBC Group — he initially worked in the retail banking sector before moving into the commercial and corporate environment over 20 years ago. His career has seen him work in various roles, before being appointed to the senior commercial role five years ago. Throughout this time, he’s supported a wide variety of SME’s and corporate clients, covering both West and South Yorkshire. Whilst this is a new role created within the firm for David, he’s been an associate of Crowther Accountants for many years. He said: “In the past we’ve shared some of the same customers and I’ve always been impressed with the way Crowther do things. The team is extremely proactive, on-the-ball and quick to spot opportunities for clients. “So when this new role became available and I saw their plans for growth, I decided that I wanted to be part of it. I’m excited to be joining such a great team.” And David’s diary is already filling up with opportunities for the Crowther team – among both new and existing clients. Next month, the firm is hosting a social event at Huddersfield Tennis Club for Crowther Accountants’ clients, partners and contacts, as well as some of David’s own business and professional connections. Michelle Crowther, the firm’s business development director, added: “We’ve always had a fantastic working relationship with David — it’s been built on mutual integrity and trust over a number of years. He’s a very well respected member of the Leeds and Huddersfield business community and we know that he’ll be a great ambassador for the firm. “We’re delighted that he has joined us and, in fact, he’s already proved to be a brilliant addition to our team! His experience of dealing with small and medium enterprises across the region will only add to our reputation of delivering a first-class service to our clients.” Crowther Chartered Accountants provides accountancy, taxation and bookkeeping support to over 600 clients across Yorkshire and the rest of the UK. The firm is also set to further expand its team and is currently looking to recruit an accounts manager and has recently filled various trainee positions within the firm.
Posted by Byram, Amy
ABL Business expands into North Yorkshire

Wednesday 21 June 2017

Yorkshire-based business support consultancy ABL Business Ltd are expanding their operations into North Yorkshire. The company, which offers commercial finance and marketing support to SMEs, has engaged Fraser Irvine as an Appointed Representative to cover the county. Based in Harrogate, Fraser will be operating across the area, offering a full mix of commercial finance services. He will assist SMEs in raising the funds they need to trade, grow or stabilise their business, using all the funding lines and capabilities of ABL Business. It marks the third recent growth for the Cleckheaton-based company, who recently set up a new office in Scotland with two representatives just over a year ago and expanded into the North East region in March this year. Fraser Irvine is an experienced Independent Commercial Finance Broker and joins the company with an extensive career in financing businesses under his belt. He has spent almost 30 years working with asset and cash flow funders, which gives him a deep understanding of the financial needs of an SME business. Fraser has worked with new start businesses, as well as more established companies, arranging funding facilities to suit individual needs. His interest in business finance has also enabled him to gain extensive experience in the Management Buy-out, Management Buy-in and transactional market as a whole. He said: “I have known ABL Business and its owners, Andy Redman and Alex Beardsley for many years and really like the independent and client-focussed approach they adopt, so I’m very excited that I’m now joining the team. “ABL Business has access to a vast range of funders, which means I will benefit from being able to offer clients financial solutions that are tailored to bespoke needs. I am keen to help clients from new starts to multi-million turnover businesses to grow and achieve their full potential.” ABL Business Ltd and their appointed representatives have access to over 70 funders, enabling them to find an appropriate solution, no matter what a client’s financial requirements may be. ABL Business Director Andy Redman said: “We’re delighted to welcome Fraser to the team. He has a wealth of experience, which he brings with him from the financial sector, and in business too. Fraser, with his connections and knowledge, will be a real asset to ABL Business and to companies across North Yorkshire. His appointment has enabled us to expand our reach into yet another area and help even more businesses find funding packages that suit their specific needs”.
Posted by ABL Business Ltd
Trans-Pennine Merger for Insolvency Practice Firms

Tuesday 30 May 2017

Poppleton & Appleby Manchester and Brook Business Recovery are to merge. Poppleton & Appleby Manchester and Brook Business Recovery based in Huddersfield are to merge, creating an expanded Business Recovery and Insolvency specialist practice, which will be known as Poppleton & Appleby. Poppleton & Appleby Manchester is one of the UK’s longest established independent regional insolvency practices run by Stephen Wainwright and Allan Cadman, while Brook Business Recovery was established in 2011 after founder Charles Brooks’ lengthy professional career working within a number of national firm’s in the industry. Both focus on supporting business owners as they work through the consequences of commercial and financial challenges. United by a common business culture, one which seeks to obtain the best possible outcome for individuals and businesses affected by the spectre of insolvency, the merger has come about to combine expertise and resources, increase the breadth of each firms’ service offering and allow the trans-Pennine region to be better served from two fully-staffed and ideally situated offices. Stephen Wainwright commented ‘At Poppleton & Appleby I am proud of the level of service that we provide to clients and introducers. For the first time, we are looking to expand outside of the existing practice. We are delighted and excited at the prospect of integrating Charles and his team with our existing dedicated and vastly experienced team. We have an opportunity to develop fresh market opportunities and to add to the bespoke service that we provide.’ Allan Cadman added ‘The Recovery and Insolvency profession is undergoing significant change both in terms of statute and regulation, and also the changing needs of the market place. The skill sets of the individual practices are complementary and as a merged practice will enhance the offering to clients and add strength in the challenging times ahead.’ Charles Brook commented ‘The potential to be achieved from this merger is far too good to miss. Losing the Brook Business Recovery brand is a bitter-sweet moment because it not only carries my name but has also been my life for the past 6 years; growing from working with my first client from the spare room at home to the boutique operation and highly skilled team that we have 6 years later. However, I am excited about the future in combining forces to become one firm with my new partners under the highly regarded Poppleton & Appleby banner with the enhanced capacity to deliver more of the services that our clients require.’ The merged business will continue to focus on saving businesses and maximising value for all stakeholders. They will be officially merging on 1st June retaining all personnel and offices in both Manchester and Huddersfield. - END - For media information please contact Laura Batchelor at KC Communications on 01484 637980 or email laura@kccomms.co.uk Notes to Editor: About Poppleton & Appleby Manchester Located in Central Manchester, Poppleton and Appleby have the knowledge and expertise to handle any insolvency situation and produce the best outcome for all of their clients. Founded in 1885 and still highly respected more than 120 years later, their extensive experience, combined with a sensitive and client-focused approach has helped them to become one of the UK’s largest independent insolvency practitioners. Stephen Wainwright and Allan Cadman have worked at Poppleton & Appleby in Manchester for all of their respective professional careers, progressing through the ranks and maintaining the firm’s position as a cornerstone of the North West insolvency and business recovery profession. Allan is also currently Vice Chairman of the North West Regional Committee of R3, the representative trade body of the Profession. They offer truly independent advice, from their partner-led teams regardless of the size of the company or business issue at hand. About Brook Business Recovery Brook Business Recovery, based in Huddersfield opened 6 years ago, led by Senior Partner Charles Brook. He has over 25 years’ experience in giving all round advice in difficult circumstances. They offer a free, no obligation consultation in total confidence. They also offer support to relationships between Accountants, Lawyers, Financiers and other professional advisors and their clients. About Poppleton & Appleby Poppleton & Appleby will grow to a team of 10 and have over 100 years of professionally qualified experience shared amongst the 3 partners and it’s qualified personnel. It is committed to investing in the training and development of its staff to promote the very best of practices and highest quality levels of service. The newly combined team will work in unison and have specialisms across the broad spectrum of services that the former practices offered. The merged business will retain its full service offering in each location to maximise the benefit of its geographic coverage across the M62 corridor within the heartland of the Northern Powerhouse.
Posted by KC Communications
Sheards Kick Off Fundraising for Kirkwood Hospice

Thursday 18 May 2017

Over 50 local business professionals got together on Monday 15th May for Sheards Accountancy’s annual Curry Night to raise funds for Kirkwood Hospice. The event, held at Chilli Lounge, raised over £720 for the charity, who provide free of charge, specialist care to adults across Kirklees who suffer from advanced or progressive illnesses. Sheards announced their charity partnership with Kirkwood Hospice earlier this year. The partnership will see Sheards undertake a variety of fundraising activity throughout the year with a target of raising £4,000 which will go towards a pressure relief mattress – a vital piece of equipment to prevent patients developing pressure sores. The evening also included a raffle, which had prizes donated by a number of local businesses. Kevin Winterburn, Director of Sheards Accountancy commented: “Our charity curry night has become a popular event in the local business calendar and we were delighted with the turnout and the support at this year’s event. This was our first fundraising event for Kirkwood Hospice since announcing our partnership and we’ve already made a great start to reaching our fundraising total. I’d like to thank all those that attended and made the night a success." Kate Leadbeater, Partnership Development Manager of Kirkwood Hospice commented: “It was a pleasure to join everyone on Monday and to see so many local businesses supporting our charity. We can’t thank Sheards enough for choosing Kirkwood Hospice as their nominated charity this year. They have some fantastic events planned to raise funds and we’re really looking forward to working with them.”
Posted by Sheards Accountancy Ltd
Top 10 Tips for considering Final Salary Pension Transfer

Thursday 18 May 2017

1. Consider all your options Due to the pension changes introduced in April 2015, there has been an increased interest in final salary pension transfers. But there are risks involved so it’s important to consider every option available to you. 2. Be aware of scam schemes Those looking to cash in on final salary pensions are being put at risk of scams by advisers who aren’t doing proper transfer checks. Make sure you speak to your adviser and check they have a robust due diligence process. 3. Understand the investment risk The saying that “past performance is no guide to future performance” still rings true. A final salary pensions scheme mitigates many of the risks of retirement for you but that risk becomes yours if you transfer out. 4. Consider what you’re giving up A good question to ask yourself is “why do I wish to give up an index linked income stream that I cannot outlive and that goes to my spouse at 50% should I die?” 5. What is your marital position? Most schemes will normally pay 50% of your pension to the spouse on death, for single or divorced members this has no value, however, the transfer value includes the cost of providing spouses benefit and can therefore be realised to the member on transfer. 6. Consider the state of your health If your life expectancy is reduced then the opportunity to spend more income in the early years via flexi-access might seem more attractive which can be achieved through the inflexibility of a defined benefits scheme. 7. What is the value of your assets, other income and other pensions? If you aren’t dependent on the final salary pension as your only income in retirement, then it might be that a transfer is more appropriate. 8. What is your current expenditure? An increasing retirement income from a final salary scheme might be more appropriate for those who have a higher expenditure than someone who has more modest outgoings. 9. What is your current tax position? Another benefit of final salary transfer is that it gives you the ability to take income as and when required which might allow you to mitigate income tax. 10. Ensure you get sound financial advice A transfer offers you complete flexibility and control over your pension but as outlined there are a number of risks and other factors as to why it wouldn’t be suitable, so ensure that you seek an experienced specialist for advice.
Posted by Sheards Wealth Management
Sheards Director Appointed President of Huddersfield & District Society of Chartered Accountants

Monday 15 May 2017

Carolyn Atkinson, Director of Sheards Accountancy Ltd, has been elected President of the Huddersfield & District Society of Chartered Accountants. The appointment was confirmed by outgoing President, Mark Fielding, at the groups’ annual meeting on the Wednesday 3rd May 2017 at the John Smiths Stadium. Carolyn began working for Sheards in 1985 following the completion of a Foundation Course in Accountancy at Huddersfield University before qualifying as a chartered accountant and rising through the ranks to become a Director. Carolyn follows in the footsteps of two Sheards colleagues, Michael Dyson and Frederick Sheard who held presidencies in the late 70’s and 80s. Carolyn Atkinson commented: “I’m deeply honoured to have been chosen as the President of the Huddersfield & District Society of Chartered Accountants 2017/18. And as the second lady President to be appointed since the Society began.” “I intend to build on Mark’s good work by reaching out to the other professionals and business community in Huddersfield, and also to involve the students and younger members of the professions in our events.” “We are all very loyal to our Town, and I want to continue to build on those relationships which currently exist, but also to strengthen them and help our future business leaders along the way.”
Posted by Sheards Accountancy Ltd
We’re Hiring – Personal Assistant / Administration Apprentice

Monday 08 May 2017

Job Title: Personal Assistant / Administration Apprentice Apprentice Level: 2 Working Hours: 37.5 Wage: Minimum apprentice wage This is an exciting opportunity for an individual to be part of a hardworking and friendly team. The role as Personal Assistant / Administration Apprentice is to provide administrative support and deliver a high level of customer service and written communication skills to customers and colleagues. The role will include working with financial and personal information and producing reports. Role and Responsibilities: Act as a first point of contact for the practice by answering telephone calls in a polite and professional manner Forward calls to the appropriate person in a speedy and efficient manner Check voicemails and forward to the appropriate person Distribute incoming mail, faxes and courier deliveries Keep accurate and timely records of all communications with clients and product providers. Maintain diaries and make appointments Prepare meeting packs Update the database with relevant information Provide secretarial and administrative support to management and colleagues Interpret instructions and implement actions according to operating procedures Prepare and distribute mailshots including client correspondence Post mail and courier parcels Filing, photocopying, scanning and shredding Check stationery supplies, order stationery and deal with deliveries Input information accurately on to the various systems Correspond information by email and by letter accurately Produce reports as and when required. Continually seek to improve computer skills and the use of the computer as an effective tool to develop efficiency Keep up to date and understand all the company’s internal procedures as they apply to the performance of the role. Desired Skills: Somebody who is a confident verbal communicator who has a polite, clear and professional telephone manner. Written skills should be of a high standard. Good numeracy skills. Good IT skills in the use of Word, Excel, PowerPoint, Outlook and social media. Confident in using email and the internet. Attention to detail is essential when inputting and selecting information Must be able to work to targets and deadlines Must have good time keeping and attendance records. The successful candidate will be Highly organised with the ability to multitask. Willing to work effectively in the team. Personal Attributes: An enthusiastic individual with a positive attitude Friendly and approachable. Flexible approach to work, willing to go the extra mile to get the job done Must be punctual as well as having a good attendance record. Must have a mature attitude and be able to work effectively in a team A willingness to follow business processes and procedures Ability to work on own initiative, when required Ability to work effectively as both part of a team and as an individual Respond positively to the demands of a varied workload. Must be committed to develop skills throughout their apprenticeship training and thereafter. Please note that the successful candidate will be required to keep financial and personal information secure, in accordance with data protection and confidentiality policies. To apply for this vacancy, please email your CV to Saira Najma: sairanajma@sheards.co.uk
Posted by Sheards Wealth Management
The Importance of Making a Will

Monday 24 April 2017

It may not cross your mind how much you’ll be financially worth when you die and, unfortunately, many people don’t think about the impact that not making a Will may have on their family. A Will is the only way in which someone can express how they would like their assets distributing after they die, as well as who would be the nominated guardians for their children. In addition, it can be possible to reduce the amount of tax payable on the estate upon death if a Will is drawn up. What happens if you die without a Will? Over 60,000 estates a year are “intestate” in the UK. This is where no Will was written or where the Will is invalid. In this case, the Court would appoint Administrators to ensure that all debts are paid using the deceased assets, before distributing to the family. However, the spouse may not always inherit everything – for example, if they aren’t married. Similarly, it would not be the spouse’s choice who cares for the children – it would be the responsibility of Social Services. This process can take months and sometimes even years, leaving your spouse with all the expenses as the assets could be frozen until the distribution is complete. The estate would be distributed according to strict division rules – without making a Will, no one person can have an increased benefit. How can we help? We advise our clients on their assets and help them to plan their financial future, but often get asked what will happen to their assets when they die. We strongly advise in making a Will. With a great knowledge of your current assets and your plans for the future, we can help you in making a Will and ensure your family’s security. Speak to one of our advisers today on 01484 448 019 and find out how they can help.
Posted by Sheards Wealth Management
Smith Brothers appoints finance director as revenues soar

Thursday 20 April 2017

Following unprecedented success over the past twelve months, Elland-based high voltage electrical engineering firm Smith Brothers has appointed Richard King as their financial director. With over 30 years’ experience as a financial adviser, and previous directing roles within SMEs, Richard King brings a wealth of accounting and business expertise at an exciting time in the company’s growth. After a year of significant growth in which turnover increased to over £27m, the power contractor has secured a run of new projects. This will see revenue exceed £40m in the next financial year. Commenting on Richard King’s appointment, director John Smith said: “We’ve expanded our operations massively over the past 12 months, so taking on a financial director was the next logical thing to do. “His impressive track record made Richard an obvious choice for the role, and his effective decision-making and vast financial awareness will be pivotal to our continued growth over the coming year.’ With wide-ranging experience in property, manufacturing, the supply chain and public sector, Richard brings versatile financial management, budget strategy and fundraising skills to the position. He commented: “Joining a fast-growing, end-to-end business like Smith Brothers always brings excitement and challenges in equal measure, but I’m looking forward to both. “The company’s expansion over the past 12 months is certainly something to be proud of, and we’re focused on consolidating that growth this year, with our move to bigger premises and recruitment of additional skilled workers. This will set the groundwork for further expansion into 2018.” Taking charge of the firm’s finances, Richard King joins founders John and Richard Smith, as well as David Ogden and Craig Collinson, on the board of directors. Established in 1990, Smith Brothers works on high voltage power engineering projects up to 132kV, providing turnkey electrical and energy management solutions to a widening client base throughout the UK and overseas.
Posted by Scriba PR Limited
11 results found, page 1 of 2.  
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