FCA-Regulated Companies

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In the current economic climate there is now increased scrutiny of companies regulated by the FCA. This means that a thorough knowledge of the rules and requirements in place is vital for these companies, as the FCA has the power to intervene and potentially stop companies trading if a serious breach is discovered. With this in mind, compliance is an issue that should be prioritised and given due attention by FCA-regulated companies.

There are two main methods of ensuring your company is complying with all relevant rules and requirements: the use of an in-house member of staff or director who has a comprehensive understanding of these issues, or the use of an external compliance consultant.

One of the responsibilities imposed on FCA-regulated companies is the submission of various reports throughout the financial year, including ‘GABRIEL’ online reports, and the CASS report (in relation to the holding of client assets), if the company exceeds certain thresholds. The expert on the topic will be able to identify the compliance requirements of the company based on its individual circumstances.

Green & Co have experience in the preparation of CASS reports. If you would like to find out more on this topic please contact us.

Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.

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Residential Care Fees Planning

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If you have a relative in a residential care home suffering with Dementia or Alzheimer’s you may be able to take advantage of a little known rule that could mean you qualify for free residential care.

Under section 117, aftercare services must be provided for patients sectioned (compulsory detained) under section 3 of the Mental Health Act 1983. This would result in funding being provided to allow for patients to receive care home fees.

To be admitted under section 3, their illness must pose a risk to their own health or safety, or to that of others.

Section 117 aftercare means if a patient needs to be moved from a hospital to a care home, their fees must be paid for.

How the law works

Patients with dementia must be sectioned under section 3 of the Mental Health Act 1983 to qualify for free aftercare. The act has different relevant sections.

Patients can be held in hospital for 28 days under section 2. This can be extended by transferring the patient to section 3. By detaining someone under section 3, they can be detained for up to six months, which can be extended.

If the patient needs to be moved from hospital to a care home their care home fees must be paid for.

If someone is sectioned under section 3, even if they are later ‘downgraded’ to section 2 they are entitled to free aftercare funding.

From day 29 they must either be discharged or re-sectioned under section 3 which means they receive free aftercare.

Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.

Written by guest blogger Andrew Tucker, Financial Planning Solutions Ltd.

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Best Foot Forward To Help Raise A Sum For Charity

Coverage in today’s South Wales Argus of our sponsored walk taking place tomorrow from 9am-5pm.

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If you would like to sponsor us, please visit our JustGiving page:

www.justgiving.com/GreenandCo

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Tax Advantages For Innovative Companies

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New and innovative products which will change how we conduct our lives are being thought up, it can seem, every day. It is products like these which keep the majority of businesses profitable, which is extremely important for maintaining an already fragile economy in the UK.

HM Revenue & Customs tries to incentivise companies to conduct more research and development into advances in fields such as science or technology, where there is a scientific or technological uncertainty, by offering Research and Development (R&D) Relief. R&D Relief enables qualifying companies to reduce their Corporation Tax liability, or, in some circumstances, to receive a tax credit instead, by way of a cash sum paid by HMRC.

R&D Relief Schemes 

A company or organisation can only reclaim R&D Relief if it is liable to corporation tax. For small to medium-sized enterprises, the scheme for claiming relief is: The Small or Medium-sized Enterprise (SME) Scheme

SME Scheme – How much R&D Relief can you claim? 

The tax relief allowable on R&D costs is 225%. This means that for every £100 of qualifying costs, you could reduce your Corporation Tax profits by an additional £125 on top of the £100 spent.

What if I make losses?

If your company makes a loss for the period, this can be increased by the additional R&D Relief (an additional 125% of the costs for SME Scheme). You then choose to either carry forward the losses to offset against future profits, or convert it to tax credits.

R&D Tax Credits

George Osborne recently delivered promising news in this year’s budget for SMEs claiming R&D relief in the 2014/15 tax year. As of April 2014, companies claiming R&D tax credits under the SME Scheme will benefit from an increase in the rate to 14.5% compared with 11% in the last tax year.

Am I Eligible?

Companies in many sectors are eligible for R&D Relief. Green & Co are a proactive firm of accountants who can, and have, helped many businesses in identifying eligible criteria for successful R&D claims. If you are thinking of innovative ways to stay competitive in your sector, then you may benefit from speaking with us.

Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.

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Prize Draw Winner – June 2014


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The winner of the feedback prize draw for June 2014 is Torfaen People First. A box of chocolates is on its way to them.

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Energy – Are You Paying Too Much?

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Over the last 10 years, energy prices have doubled and experts predict a further 50% rise in costs over the next 10. The question is, is this something that you as a business owner can control?

Yes, in short. They are one of the few costs you can control. Key to controlling this cost is understanding where your business currently experiences these high energy costs. When you understand this there are essentially three phases of energy saving tactics that you can employ, depending on how you feel your individual company would benefit most.

Phase 1

General behavioural practices such as:-

  • Switching off electrical equipment when not in use.

Experts have indicated that making this small effort can reduce energy costs by up to 10%.

Phase 2

Investing in more energy efficient equipment like:-

  •  Sensors for lighting
  • Improved insulation
  • Energy efficient white goods

This can generate up to a 30% saving on energy bills, and whilst you have to invest initially, with these changes you can expect a payback period of 1-4 years. Thereafter any savings will be as a result of the initial investment.

Phase 3

Investing in clean and renewable energy sources such as:-

  • Solar PV technology
  • Wind turbine generators
  • Bio-gas generators

Whilst these investments can be costly, in the long term they are the most beneficial. Payback periods can vary but such investments can attract government incentives such as feed-in tariffs which give a fixed rate for every unit of electricity generated on site, even if it’s used for your business.

Regulatory changes

Whilst none have been officially announced, there are rumours of regulatory changes by the government regarding energy efficiency of businesses/buildings. For example, larger firms are going to be subject to energy efficiency audits as of December 2015 as a result of the EU Energy Efficiency Directive.

Experts say 9/10 companies don’t employ any energy saving tactics and are thus spending un-necessarily on energy costs.

Please do not hesitate to contact us at Green and Co if you have any queries.

Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.

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Receiving Rental Income: Should You Be Completing A Tax Return?

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Rental income does have to be disclosed to HM Revenue and Customs but whether or not you have to complete a tax return to disclose the income will depend on your circumstances.

You will not need to complete a tax return if:

  •  The gross rental income is below £10,000 per annum, and
  •  The net rents you receive after expenses are less than £2,500, and
  • You have no other taxable income

In these circumstances you merely need to report the income to HMRC.

If your income falls outside the above limits you will need to register for self assessment and complete tax returns.

For those landlords who have not realised that they should be reporting this income, HMRC have launched a let property campaign which will provide the opportunity to bring your affairs up to date and get the best possible terms to pay the tax you owe. This facility is not available to companies or trusts.

There are various expenses you can claim against the rental income, e.g. repairs, mortgage interest, rates, insurance…the list is extensive. The position for repairs is complex as HMRC only allow repairs which are classed as a revenue expense as opposed to capital, for example where a repair is actually a refurbishment or an improvement.

Should you require further information please do not hesitate to contact Green & Co

Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.

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