Was this George Osborne’s last Budget?

Budget

This years Budget was pretty Political – which is no great surprise given the forthcoming general election in May. There can be little doubt that a number of the chancellor’s measure were designed to attract voters. Non-pension savers, for example, were offered a new personal savings allowance, which is worth up to £200 a year and are to be given more flexibility and investment options for their ISAs after the election. The Budget is also likely to be good news for existing pension annuity owners, who are to be allowed to sell their income in return for a lump sum.

House prices and the difficulties of getting onto the property ladder are rarely out of the news these days and the Chancellor has proposed to give those who aspire to own their own home a helping hand – a new Help to Buy ISA. This scheme, due to start in August 2015, will see the government provide a £50 bonus for every £200 of monthly savings deposited in this ISA, up to a maximum of £3,000 on £12,000 of savings.

Unfortunately, the Budget’s can’t all be good news for everyone. Those who have not yet retired received a bit of a blow in the form of a further reduction in the lifetime allowance, which the Chancellor has cut down to £1 million – a measure proposed by the Shadow Chancellor in February.

So, we heard lots of interesting announcements in this Budget but Whether these proposals become legislation very much depends on the outcome of the election.

Article by Taxwise.

“We Walk the Social Enterprise Walk”

OandK_logo

“We Walk the Social Enterprise Walk”

Here’s how we take Social Responsibility seriously……

Owadally & King have the pleasure of being a sponsor of Young Start-up Talent in Croydon 2015. We love getting involved with community based projects in Croydon as we believe in giving back to our community and to those less fortunate than ourselves.

Inspired by a seminar he attended, our partner Simon Maddox showed the global charity International Needs UK how it could enable businesses to give back to projects the charity supports. O&K are leading by example;

  • By giving life-saving vaccinations every time we complete an Annual Return for a client
  • By giving new school uniforms to third world schools every time we finalise a company Tax Return.
  • And by giving an African family a sustainable source of food and an income, in the form of chickens, every time we win a new client at O&K.

So far we have donated, 118 Child Immunisations, 478 School uniforms, 660 Chickens (33 families)

We wanted to make a real difference to our local community too, so when an innovative CIC Enterprise Cube came to us, having been let down by another firm, not only did we solve their accountancy issues within 24 hours, but we also got involved in their community work.

Enterprise Cube CIC runs business start-up training courses for the residents of Housing Associations. The courses are free to delegates, because they are paid for by the Housing Associations and give their tenants (many of whom are from disadvantaged backgrounds) the skills, knowledge and confidence they need to set up their own business.

Young Start-up Talent is a community based project helping 16-25 year olds with an entrepreneurial flair for business to make their dreams become a reality.

The judging will be ‘Dragons Den’ style pitch and the panel are made up of Local business leaders. The judges of the project will get to star in a video of the pitches, which will then be presented to the audience at the grand final which in the past has included heads of schools, politicians, teachers, local business leaders and the families.

This project has grown since its launch in 2010, there is a prize fund of £50,000 worth of products and services to help the winner start up their own business, and we are always looking at ways of helping entrepreneurs get their businesses up and running and we just had to be sponsors of this year’s Young Start-up Talent.

 natalie

Enough about us here is a little bit about the last winner of the Brighton 2014 competition and her business idea. 24 year old Natalie Evans wowed the judges with her company 42juice, which produces fresh organic juices made up of 100% raw, cold pressed fresh fruit and vegetables to provide instant nutrients and vitamins, 42juice offers cleanse and detox packages. Since winning the prize fund Natalie has appeared in The Sunday Times magazine and in Cosmopolitan. Natalie recently opened a shop in Market Square in The Lanes, Brighton and we wish her and all the other winners a bright and profitable future.

Success at The London Business Show – Olympia

What a success!
Our team worked very hard in the build up to The London Business Show Olympia and this hard work certainly paid off

Our Business Success Planning Workshops were fully booked well in advance, and proved to be one of the most popular seminars at the show.

Our ‘One Page Business Success Plan’ seems to have captured peoples attention, as did our ‘Head Start’ package for people wishing to start their own business.

Visitors were also asking about our Business Success Clubs, and of course the wide range of Accountancy and Tax Advice services that we provide.

We have also decided to give start up businesses a helping hand.

We have devised a business ‘Head Start’ package, designed to support new businesses in their first year, in the following ways:
‘Head Start’ Advice
Practical ‘down to earth’ advice, with everything new businesses need to know about
setting up a business.

First Years Financial Return
Comprehensive help with first self-assessment tax return or the first set of Annual Accounts.

‘Unlimited’ Practical Advice
Access to our advice all year!, by phone or email 9:00am – 5:00pm Monday to Friday

VAT Advice
Help with the first VAT return.(if VAT registered)

Access to our Business Advice Clinic
Held on the 1st Friday of each month in Central London

Marketing and ‘Growth’ Advice
A one hour consultation with a Marketing and Business Growth Coach

Quarterly ‘Start Up’ Success Booklets
Full of useful hints, tips and techniques delivered to an inbox each quarter

Business Success Clubs
10% off membership to this exclusive group of ‘like minded’ business people.
(Whether you are a start up, SME or just want more direction)

All this for only £47.50 + VAT per month

For more information, or to speak with one of our Client Managers, just CLICK HERE

‘The view from the new kid on the block’

by Li Khabo our new Audit and Accounts Senior

Starting a new job is always unnerving, and I admittedly haven’t had lots of practice in it despite my advanced years but either way the biggest fear is that you never know what to expect. I started at O & K accountants on the 25th of June (6 weeks ago) as part of the Audit & Accounts team and I am loving every minute of it.

From the first day, everyone had that warm welcoming look which makes you have that “I’m in the right place” feeling. My workstation was ready for me from the word go and I was offered a cup of tea (I’m thinking, NICE!, I could get used to this, but I also thought this could be a ploy to ease me in gently). I am happy to report that 6 weeks on the cups of tea have kept coming.

The work has so far been both interesting and stimulating. I’ve been involved in 5 audits so far including one for a charity started by a world famous footballer and prolific striker who has been the bane of defenders the world over for years . The charity was started for the benefit of building a free hospital in his home country. I have had to put aside my loyalty to Arsenal FC and acknowledge that this is a good cause that needs to be encouraged and supported, despite the years of pain this particular striker inflicted on mine and other teams who came up against him.

O&K Sponsors at Sutton United FC   It’s not all work at O & K it seems; the company is one of the
proud sponsors of Sutton United FC.
We’ve hence had the opportunity to watch some pre-season
friendlies against Arsenal one week and Chelsea on
another week.

Despite those comfy corporate hospitality seats at Sutton United, my allegiance remains with my beloved Arsenal FC (sorry Sutton United!!), so I was delighted when the Gunners won 4-3, and I think it should have been more, but that’s for another day.

This sums up my 6 weeks at O & K so far. Back in the office, I have had all the help I need to settle into my role as an Audit and Accounts Senior. Both Farook and Simon have taken a moment every week so far to ask how I am getting along and what I am working on. This makes me feel like I not just another employee.

This is my view as the latest member to join the O & K Team.

WE LOVE PROMOTING SOCIAL RESPONSIBILITY

At O & K we are committed to giving something back to our community and helping others.

As an accountancy practice in Croydon we have a young environment, and we are all socially connected. We believe we can make a difference in the world and especially in Croydon, even though we are a relatively small company.

“I truly believe that businesses that don’t address social responsibility, and more importantly, don’t put this at the heart of their operations,will suffer over the medium to long term” Richard Branson

“Do you want to spend the rest of your life selling sugared water, or do you want the chance to change the world?” Steve Jobs

 We have been sponsors at the Croydon Business Awards for the past three years and we will continue to support this local event.

Three of the biggest challenges of our time are

  1. Economic stagnation.
  2. Poverty and suffering.
  3. Youth unemployment                                                                                                     

O&K are committed to giving back to help empower those less unfortunate than ourselves. So here is what we are going to do…………

Firstly we have agreed as an accountancy firm in Croydon to support the work of Paul Funnell and his Croydon company Enterprise Cube C.I.C.

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Paul and his team have been working with housing associations, homeless hostels, even ex-offenders and ex-gang members providing 10 week business start up programmes.  

With a host of new partners in their work to help disadvantage people start businesses their first 3 months have been busy, and they’ve seen many businesses flourish, further convincing us that enterprise can change lives and of the benefit of Creating & Unlocking Business for Everyone!

The programmes have been so well received that Enterprise Cube is now running courses in Bromley and Maidenhead. They are pleased to announce they’ll soon be embarking on their next set of Strive programmes across England.
Up to 175 disadvantaged and local entrepreneurs will join them as they launch seven new Strive programmes during 2013 with a great collection of partners including Affinity Sutton, Genesis, Housing Solutions and Riverside Homeless Hostel.

At the end of a ten week programme residents / participants get the opportunity to present their business idea to a panel, who ask questions of them and give them advice.

Enterpise Cube in Maidenhead with Simon Maddox of O&K and Home Secretary Theresa May

I was lucky enough to be invited to Maidenhead for one such presentation and was asked to be on a panel with Cllr David Burbage, leader of Royal Borough of Windsor and Maidenhead and John Petit Housing Solutions Chief Executive. The panel awarded an incredible package of Housing Solutions backed start-up support including: social start-up loans, contracts, memberships to the chamber of commerce, free marketing and ongoing support from the CUBE team.

ImageTheresa May, Home Secretary and Minister for Women and Equalities, joined us  presenting the residents the numerous start-up support packages as they graduated from their Strive Further Start-up training programme. 

“It’s a great day and exciting to see the great work [Enterprise CUBE] are having in helping residents to start businesses”, said the Home Secretary before going on to present certificates to start-ups she hopes will go on to become successful businesses that will create employment for other people in the community.

It’s a great start to a relationship which we hope will make a real difference to peoples lives.

Call me Simon Maddox, Partner at O&K on 0208 686 7756 or Contact Here  for more information about our social enterprise initiatives

Paul Barber – star of legendary TV series ‘Only Fools and Horses’, ‘The Full Monty’ and soon to be released comedy drama film ‘One Night In Instanbul’ visits our team

Actor Paul Barber, who has appeared on our TV and Movie screens over the past 30 years, made a welcome visit to our offices in Croydon on Wednesday 24th April.

Paul, perhaps best known for playing Denzel in Only Fools and Horses, and for staring in The Full Monty, was visiting the team at O&K as they are the Executive Producers of the soon to be released film ‘One Night in Istanbul’ jointly produced by Big Ears Entertainment and Stray Dogs Films. For the latest behind the scene and teaser trailers go to www,oniimovie.com.

Paul Barber with the team at O&K2Quote from Farook Owadally – Senior Partner – Owadally and King

“In 2010 I was approached by a fellow Director of Big Ears Entertainment to get involved in the film which had already received rave reviews as a stage play in Liverpool. Not only was it interesting from a financial point of view in terms of helping to raise finance, but as an avid Liverpool FC fan it had obvious attractions. After extensive due diligence, it was satisfying to be able to make it an attractive investment proposition via an Entreprise Investment Scheme for our clients and business contacts. After having spent time with Paul on location it was great to see him at our Croydon offices giving him the chance to meet the accountancy team and telling them about the world of TV and movies”.

Quote from Paul Barber

“It was good to meet the team at O&K in Croydon and to have the chance to give them an insight into what the new movie is all about. I had a fab time making it and it’s a film that I am particularly proud of”.

HMRC Payroll Changes – Are You Ready For RTI?

From 1st April HMRC will be introducing a new system for the way they collect payroll information. It will be mandatory for all employers to process PAYE data using the new system.

Real Time Information, or RTI, is a new system that’s being introduced by HMRC to improve the operation of Pay as You Earn (PAYE). PAYE information will be collected more regularly and more efficiently when employers submit their regular payroll submissions. It’s one of the biggest changes to PAYE since it was introduced in 1944, and will ensure PAYE keeps pace with modern working patterns.

Payroll is changing

Payroll is changing

Under the HMRC RTI system, employers would be required to send data about salaries, PAYE, NIC and student loans every month whilst continuing to produce end of year employee returns.

At O&K Accountants in Croydon we are starting to prepare for this change so that it will be seamless and smooth for our clients.

So what are the key questions about the new arrangements?

Is RTI mandatory?
Yes RTI will become mandatory for all other employers, without exception, from April 2013 through to October 2013.

The Department of Work and Pensions is driving the deadline of October 2013 because RTI will have to be used employers by this date to support the introduction of the Governments ‘Universal Credits’.

“How often will my company have to send information about Payroll to HMRC?”
Instead of sending information once a year at the payroll year end, the information will be submitted electronically to HMRC for PAYE, NIC and student loans etc. every month.

HMRC state that over 80% of data quality problems are caused by holding incorrect information about an employee’s name, date of birth or National Insurance number.

Under PAYE Real Time Information, the information that is submitted to HMRC every month is matched against records HMRC store on their National Insurance and PAYE Service (NPS).

If the records submitted don’t match, it may trigger the creation of duplicate or inaccurate records which may result in incorrect tax calculations or HMRC compliance checks.

In addition to the monthly reporting the annual P60s will still be required.

At O&K accountants in Croydon we offer a full Payroll service and therefore can help, and offer practical advice, regarding these new arrangements.

“How will these new Payroll arrangements affect you business?”
Initially there will be extra administration for your business, there’s no doubt, this may result in some extra costs. You will also need to check that the software you use for Payroll can submit RTI data. If you don’t use software at the moment, perhaps it’s now time to start?

On the upside your year-end process of submitting P14s for all your employees and a P35 summary and employer declaration will no longer be required.

You will still have to issue P60s to employees and pension recipients following the end of each tax year.  Benefits in kind are not included under RTI so employers will still be required to submit forms P9D, P11D and P11D(b) if applicable, following the end of each tax year

Employers will still retain new starter forms P45 and P46, but you will not be required to send them to HMRC.The way in which tax and NICs are calculated remains the same, as do the regular payments to HMRC.

“How much will these changes cost my business?”
Well if you do nothing then you will certainly get into bother with HMRC, with the possibility of being fined .

There will be the inevitable monthly costs of administrating these new arrangements, so that HMRC have a more frequent and up to date position with regards to whom you are paying, by how much and how often.

“Will I need new Payroll software”
If you operate your Payroll manually, then the obvious answer is yes.
If you do not use Payroll software now is the time to make a start. It will save you and your business time and money in the long run, particularly with the new RTI changes.

“What do I need to do now?”
If you use payroll software, you will need to ensure it can submit RTI data. Check with your software supplier or call us on  for advice.

If you don’t use software it would be a great idea to start planning now to get a system that will be able to submit data RTI electronically when you have to.

It will save you time and probably money in the future.

Another important task, under RTI, is Employer Alignment Submission (EAS) i.e. the alignment of your employees details with the data held on HMRC’s NPS system.  If you have incorrect information about your employees then ‘matching’ payments to RTI, submissions will become erroneous with employees potentially paying the penalty. It’s really important that all data held you’re your payroll system is cleansed,

“What are the penalties for non-compliance?”
Whilst information is not yet available from HMRC surrounding penalties for late or non-submissions each month they have indicated that there will be monthly penalties.

Here at O&K Accountants we want to ensure that none of our clients are faced with the penalties. We will therefore be submitting the necessary returns on our clients’ behalf.

So if you feel you need help with the changes to Payroll then Owadally and King in Croydon are here to help you.

Contact us at info@oandk.co.uk , call 020 8686 7756 or go to our website www.oandk.co.uk and we can make sure you have no hassle from these mandatory changes.