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Business and Tax Newsletter from Stewart, Fletcher & Barrett - March/ April 2010

Welcome to the latest Business and Tax Newsletter from Stewart Fletcher and Barrett. Please contact us on Nuneaton 024 7638 4171 or Hinckley 01455 633 966 if you have any questions about any of the articles. Remember, we're here to help. Paul Carvell Stewart, Fletcher and Barrett

In this issue: Medical practitioners to become business minded SFB News Company Cars - a changing landscape Technology at Work Powering Ahead Accountants With Rhythm Business and Tax Update

SFB Viewpoint

Medical practitioners to become business minded
Doctors, dentists and practice managers are being urged to get closer to the figures and become more business minded, in a bid to help them survive in a changing practice environment.

SFB partner Jon Sargent comments: "Doctors and Dentists face an everyday challenge to provide top notch patient care whilst also managing a complex business.

"The varied income sources, increases in competition being generated by the Department of Health, tax changes and the need to constantly try and find efficiencies in delivery means doctors need to be able to juggle their patients alongside their business and financial matters."

Jon, who advises a number of practices across Warwickshire and the West Midlands, said: "We've witnessed a dramatic shift in the market place for medical practices.  It is no longer sufficient for practice owners to have the right medical qualifications and experience.  Business skills, in particular financial skills are absolutely crucial to survive and prosper in times when traditional income streams are under pressure."

"Having looked after a number of medical clients for some time, we understand the market difficulties, recognise the opportunities and threats in their profession and know how best to adapt.

"The annual accounts are totally different from any other organisation and their income may depend on how they present their accounts. They really do need professional advisers are specialists.   At SFB, we have helped a number of clients facing these new challenges, from those merging with other practices to those struggling to prepare reliable management information.

Doctors, dentists and practice managers facing these new business challenges can take advantage of our expertise by calling Jon Sargent on 024 7638 4171.

SFB News

In the Know - Question Time with SFB and Lloyds TSB Commercial Bank
On 29th April 2010 SFB and Lloyds TSB Commercial will provide clients with an opportunity to hear tips from businesses that are booming in spite of the current climate.

"In the Know", a Question Time style event will be held at the Bermuda Park Innovation Centre, in Nuneaton. Attendees will be given an opportunity to ask questions of a highly experienced commercial bank director and a senior accountant and a network with like-minded business people.

This event is an opportunity to find out what is really happening in the Warwickshire Business Economy, and what tips others have that could move your business forward.  If you'd like to attend this late afternoon event please call Tracy Johnson on 02476 384171 or email tracy.johnson@sfb.uk.com.

Company Cars - a changing landscape
Options regarding running company vehicles have changed extensively in recent years. Taxation on vehicles is now based on the environmental performance of cars, primarily through CO2 emissions. Both the demand and supply of low emitting cars has grown substantially. Manufacturers such as Volvo, Audi and BMW have responded by launching premium executive cars which meet the tax friendly guidelines. The next two years will see an increase in the range of hybrid and pure electric cars and vans.

So business owners now have more options when it comes to choosing a car and like as well as one which is tax efficient. In response to this changing market place SFB has put together a fixed fee company vehicle review at £350 +VAT. The review involves assessing your company's vehicle needs and working out the most tax effective way to get your company moving.

If you would like Stewart Fletcher and Barrett to look at your company car options please call Tracy Johnson on 02476 384171 or email tracy.johnson@sfb.uk.com.

Technology at Work
Could your business benefit from free IT advice and support?

Business Link West Midlands through its Technology at Work programme provides eligible businesses with advice on how information technology could better support their business.  Support includes looking at how the web could generate more leads, reviewing the choice of hardware and software and help putting together a specification for new requirements. 

At SFB we're taking advantage of the service ourselves and using the programme as an opportunity to review our systems and see how we can better service clients through the use of more integrated data management systems.

If you'd like to see if the service can help you call Business Link on 0845 113 1234.

Powering Ahead
Do you remember the old Remington advert "I liked it so much I bought the company"; well former SFB client, Hannah Reynolds, enjoyed working with the firm so much she joined the team in February. Having run a successful marketing consultancy Hannah brings a different dimension to the 55-year old accountancy practice.

Senior Partner, Paul Carvell commented "It is the perfect time for Hannah to join as we have some superb services for clients and with Hannah's skills we are now able to actively raise the company's profile and make more businesses aware of the value we can add."

Hannah is very optimistic about the future of SFB, "As a practice we are constantly improving what we do and extending what we offer in line with our clients' needs. We have an opportunity to constantly innovate and bring new products to market. These are exciting times at SFB," she said.

Accountants with Rhythm

For Sports Aid SFB had a charity hula and even had a master Hula Hooper showing the eager hip swingers from SFB the magical formula a couple of days before the big event. The team at SFB raised money for Sports Relief as well confirming the theory it is the quiet ones you have to watch.

Members of the SFB team joined in   
the Sports Relief Hula Hoop Challenge   

Business and Tax Update in Brief

National Insurance - new EU rules
HMRC have released new guidance for employers about forthcoming changes to EU rules regarding national insurance for people moving around Europe for work. The rules apply from 1 May 2010. To read the guidance in full, please click here.

Payment of VAT
HMRC are advising businesses that from 1 April 2010 all cheque payments by post will be treated as being received by HMRC on the date when cleared funds reach HMRC's bank account. This change does not affect any cheque payments made by Bank Giro.

From 1 April 2010 it will be mandatory for all VAT-registered traders with a turnover of £100,000 or more, plus any newly registered traders (regardless of turnover), to submit their returns online and pay electronically.

A full round up of the latest business and tax news can be found on the SFB website.

Stewart, Fletcher & Barrett
www.sfb.uk.com

Stewart, Fletcher & Barrett (SFB) are business and tax accountants with offices in Warwickshire and Leicestershire.

The company offers accounts, taxation and business advice and support services and has vast experience in various trade sectors, including retail, manufacturing, healthcare, building and building services, and estate agents.