STOP PRESS
STUDENTS' HARD WORK PAYS OFF AS THEY QUALIFY AS CHARTERED ACCOUNTANTS
October 13, 2009
Two students of Derby-based Mabe Allen, leading East Midlands chartered accountants and business advisers, have qualified as chartered accountants.
Aaron Cooke, who works at the firm’s office in St Mary Street, Ilkeston, is one of only a few students nationally to have qualified without going to university.
Twenty-five-year-old Aaron, from West Hallam, started with Mabe Allen at the age of 16 and initially passed the Association of Accounting Technicians examinations.
Aaron then decided to progress to the full professional qualifications with the Institute of Chartered Accountants in England and Wales. This was a four-year course of intense training, including block release at Nottingham and study at home as well as learning while working at the firm.
Colleague Kim Glasgow (24), based at the firm’s head office in Osmaston Road, Derby, has also qualified, completing the professional qualification course in three years achieving first time passes in all subjects.
Kim, a graduate in economics accounting and finance at the University of Wales, Aberystwyth, joined the firm in September 2006, aged 21.
Kevin Slack, managing partner of Mabe Allen, said: “I am delighted that Kim and Aaron’s hard work has helped them achieve this status in pursuit of their careers.
“Aaron is a great example for all school leavers that with the right ambition, hard work and commitment they can achieve their full potential without going to university, proving that the chartered accountancy qualification is not solely degree entry only.
“It’s a difficult route to go and many students give up on the way but Aaron has persevered.”
Mabe Allen employs 52 people at its three offices – the other being at Derby Road, Ripley.
Both Aaron and Kim are now eligible to join the Institute of Chartered Accountants, with a world-wide membership of 132,000 members including leaders and advisors of organisations of all sizes across every economic sector.
For further information contact Kevin Slack at Mabe Allen on 01332 345265
CAPITAL
GAINS TAX REFORM AND ENTREPRENEURS’ RELIEF
In our Winter
newsletter we included an article covering the capital gains tax (CGT)
reform announced in the Chancellor’s Pre-Budget Report.
To summarise, in October
2007 Alistair Darling announced a series of changes to the CGT regime
for individuals and trustees. These changes included the abolition
of taper relief and indexation relief and the introduction of a single
rate of CGT of 18%. The changes take effect from 6 April 2008. On
24 January 2008, in response to pressure from the business community,
the Chancellor announced a new ‘Entrepreneurs’ Relief’.
The first £1m of gains qualifying for relief will be charged
at an effective rate of 10%.
We were expecting to have
further details of this relief to include an update in our Spring
newsletter. However these did not materialise in time for us to include
in the newsletter. Details known at the close of business Friday 15
February 2008
Gains in excess of £1m
will be charged at 18%. An individual will be able to make more than
one claim for relief, up to a lifetime total of £1m of gains.
Business leaders
had been calling for the re-introduction of a form of Retirement Relief,
which some of you may remember. The rules for Retirement Relief required
you to have been in business for a number of years but the new rules
are designed to be simpler:
· there will be
no minimum age limit; and
· relief will be available where the relevant conditions are
met for a period of one year.
It appears that the relief
will apply to gains arising on the disposal of:
· the whole, or
part, of a trading business that is carried on either alone or in
partnership; and
· shares in a trading company, or holding company of a trading
group, provided that an individual owns broadly a 5% shareholding
and has been an officer or employee of the company.
Certain other disposals,
particularly of property used in a trade, may also qualify for relief.
Please do get in touch if you have any immediate concerns. We will
let you have further detail once this is available.
FEE
PROTECTION SERVICE
H.M. Revenue and Customs
investigations are becoming more and more regular and in particular
every tax payer is now susceptible to random selection. The cost of
providing information and dealing with an investigation on your behalf
can often run into thousands of pounds in addition to any tax or penalties
that may be chargeable. We therefore offer a very good value for money
fee protection scheme. This facility is available to all clients,
either corporate or individual. For further details please contact
your relationship partner or senior manager.
PAYE
SAVINGS & ELECTRONIC FILING
E-filing of PAYE Returns
is now a 'hot topic' with the Revenue and they are actively encouraging
employers to file their End of Year Returns by electronic means. This
follows on from the introduction of filing Self Assessment Tax Returns
and Tax Credit forms over the internet and will take effect from 2004/05.
For employers with more than 250 employees, this becomes a mandatory
requirement for 2004/05 and for employers with between 50 and 249
employees by 2005/06 and for employees with less than 50 employees
by 2009/10.
However, for those small
employers with less than 50 employees, there is a financial incentive
to be gained of up to £825 over the next five years if the Returns
are filed electronically from the outset (i.e. from 2004/05 to 2008/09
and this is TAX FREE! The conditions are that the Returns are filed
on time, via electronic means, meeting 'quality standards' and that
they are fully completed and correct.The Revenue are obviously passing
on some of their cost savings to the tax payer and we would strongly
recommend cashing in on this opportunity. In particular, as the
tax year 2004/05 commences on 6th April 2004 it is recommended that
employers should ensure that the appropriate software is ready by
that date.
If you require any assistance
in the form filling of your End of Year Returns, need further advice
on e-filing or any taxation advice in general contact our Tax Manager
Roger Thickpenny at Mabe Allen on 01332 345265 or by e-mail Derby@mabeallen.co.uk.
STUDENTS' HARD WORK PAYS OFF AS THEY QUALIFY AS CHARTERED ACCOUNTANTS
October 13, 2009
Two students of Derby-based Mabe Allen, leading East Midlands chartered accountants and business advisers, have qualified as chartered accountants. Aaron Cooke, who works at the firm’s office in St Mary Street, Ilkeston, is one of only a few students nationally to have qualified without going to university.
Twenty-five-year-old Aaron, from West Hallam, started with Mabe Allen at the age of 16 and initially passed the Association of Accounting Technicians examinations.
Aaron then decided to progress to the full professional qualifications with the Institute of Chartered Accountants in England and Wales. This was a four-year course of intense training, including block release at Nottingham and study at home as well as learning while working at the firm.
Colleague Kim Glasgow (24), based at the firm’s head office in Osmaston Road, Derby, has also qualified, completing the professional qualification course in three years achieving first time passes in all subjects. Kim, a graduate in economics accounting and finance at the University of Wales, Aberystwyth, joined the firm in September 2006, aged 21.
Kevin Slack, managing partner of Mabe Allen, said: “I am delighted that Kim and Aaron’s hard work has helped them achieve this status in pursuit of their careers. “Aaron is a great example for all school leavers that with the right ambition, hard work and commitment they can achieve their full potential without going to university, proving that the chartered accountancy qualification is not solely degree entry only. “It’s a difficult route to go and many students give up on the way but Aaron has persevered.”
Mabe Allen employs 52 people at its three offices – the other being at Derby Road, Ripley. Both Aaron and Kim are now eligible to join the Institute of Chartered Accountants, with a world-wide membership of 132,000 members including leaders and advisors of organisations of all sizes across every economic sector.
For further information contact Kevin Slack at Mabe Allen on 01332 345265
CAPITAL GAINS TAX REFORM AND ENTREPRENEURS’ RELIEF
In our Winter newsletter we included an article covering the capital gains tax (CGT) reform announced in the Chancellor’s Pre-Budget Report.To summarise, in October 2007 Alistair Darling announced a series of changes to the CGT regime for individuals and trustees. These changes included the abolition of taper relief and indexation relief and the introduction of a single rate of CGT of 18%. The changes take effect from 6 April 2008. On 24 January 2008, in response to pressure from the business community, the Chancellor announced a new ‘Entrepreneurs’ Relief’. The first £1m of gains qualifying for relief will be charged at an effective rate of 10%.
We were expecting to have further details of this relief to include an update in our Spring newsletter. However these did not materialise in time for us to include in the newsletter. Details known at the close of business Friday 15 February 2008
Gains in excess of £1m will be charged at 18%. An individual will be able to make more than one claim for relief, up to a lifetime total of £1m of gains. Business leaders had been calling for the re-introduction of a form of Retirement Relief, which some of you may remember. The rules for Retirement Relief required you to have been in business for a number of years but the new rules are designed to be simpler:
· there will be
no minimum age limit; and
· relief will be available where the relevant conditions are
met for a period of one year.
It appears that the relief will apply to gains arising on the disposal of:
· the whole, or
part, of a trading business that is carried on either alone or in
partnership; and
· shares in a trading company, or holding company of a trading
group, provided that an individual owns broadly a 5% shareholding
and has been an officer or employee of the company.
Certain other disposals, particularly of property used in a trade, may also qualify for relief. Please do get in touch if you have any immediate concerns. We will let you have further detail once this is available.
FEE PROTECTION SERVICE
H.M. Revenue and Customs investigations are becoming more and more regular and in particular every tax payer is now susceptible to random selection. The cost of providing information and dealing with an investigation on your behalf can often run into thousands of pounds in addition to any tax or penalties that may be chargeable. We therefore offer a very good value for money fee protection scheme. This facility is available to all clients, either corporate or individual. For further details please contact your relationship partner or senior manager.
PAYE SAVINGS & ELECTRONIC FILING
E-filing of PAYE Returns is now a 'hot topic' with the Revenue and they are actively encouraging employers to file their End of Year Returns by electronic means. This follows on from the introduction of filing Self Assessment Tax Returns and Tax Credit forms over the internet and will take effect from 2004/05. For employers with more than 250 employees, this becomes a mandatory requirement for 2004/05 and for employers with between 50 and 249 employees by 2005/06 and for employees with less than 50 employees by 2009/10.
However, for those small employers with less than 50 employees, there is a financial incentive to be gained of up to £825 over the next five years if the Returns are filed electronically from the outset (i.e. from 2004/05 to 2008/09 and this is TAX FREE! The conditions are that the Returns are filed on time, via electronic means, meeting 'quality standards' and that they are fully completed and correct.The Revenue are obviously passing on some of their cost savings to the tax payer and we would strongly recommend cashing in on this opportunity. In particular, as the tax year 2004/05 commences on 6th April 2004 it is recommended that employers should ensure that the appropriate software is ready by that date.
If you require any assistance
in the form filling of your End of Year Returns, need further advice
on e-filing or any taxation advice in general contact our Tax Manager
Roger Thickpenny at Mabe Allen on 01332 345265 or by e-mail Derby@mabeallen.co.uk.