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expertise in specialist areas George Osborne presented his first Budget on Tuesday 22 June 2010.
We have added a full analysis of the Budget to our website and it is available here:
http://www.humph-net.co.uk/general/budget2010/index.htm
A summary of the tax rates which will apply as a result of the Emergency Budget, please also take a look at:
Humphey & Co are pleased to welcome two new trainees to the firm, Emily Fletcher and Peter McMahon.
Both Emily and Peter will be based in our Eastbourne office, and will regularly attend Reed Business School in Gloucestershire, as they embark on their three year contract to become qualified ICAEW Chartered Accountants (ACA).
We wish them the best of luck over the coming three years and hope they enjoy working as part of the Humphrey & Co team.
BEWARE!
Various scam emails have been circulated in recent weeks from scammers who are impersonating HM Revenue and Customs.
The emails inform that you have a tax rebate due and will direct you to an online form to complete in order to claim this rebate.
The online form asks for personal information, including your bank or credit card details and mothers maiden name, under the pretence of issuing the overpaid tax directly into your bank.
Do not visit the website contained within the email or disclose any personal or payment information.
HMRC would not inform customers of a tax rebate via email, or invite them to complete an online form to receive a rebate of tax.
HMRC have warned that email addresses used to distribute the tax rebate emails include:
HMRC does not send out emails using these email addresses.
Examples of the Tax Rebate scams can be found using the following links:
Example 1 (PDF 43K) (added 6 July 2009)
Example 2 (PDF 211K) (added 7 January 2009)
Example 3 (PDF 286K) (added 11 June 2008)
HMRC have announced that mothers-to-be can now claim a tax free cash bonus of £190 under new law.
The new “Health In Preganancy Grant” is a one-off payment intended to help pregnant mothers stay fit and healthy in the run up to the birth, and help meet some of the costs as the big day approaches.
The money can be claimed from the 25th week of pregnancy, after recieving health advice from a midwife or other health professional. Expectant mums will be given a claim for to sign and send off… Once the claim is approved, the money is paid directly into a bank account.
More information can be found at:
Humphrey & Co recently prepared the annual statistics report on behalf of the National Association of Dental Accountants (NASDA). The main findings of the report were included in the following NASDA press release……
Small profit reduction for NHS practices
The changing nature of dental practice in England and Wales is reflected for the first time in the annual benchmarking exercise carried out by the National Association of Specialist Dental Accountants, NASDA.
The figures collected by NASDA accountants from annual tax returns relating to 2007/08 – which had to be submitted by January 31st 2009 – indicate that the practice is getting bigger and either employing more staff or generating more income through increased surgery time.
The 07/08 benchmarking statistics represent the end of the 2ndyear of the NHS dental contract. Last year’s figures included information relating to the pre-contract era making the latest figures the first which are fully representative of the 2006 contract. They show a small fall in profit for NHS practices, from £149k to £148k but an increase in annual profits in the private sector, from £131 to £137k.
Costs have gone up however and on average a private practice is now spending £250,000 on materials, laboratory bills, wages, direct costs, and overheads while NHS practices spend around £220,000, equivalent to 65 per cent and 59 per cent of practice fee income, respectively. Once again, the NASDA statistics show a considerable variation in the rate of Unit of Dental Activity with £24.38 being the average for practices and £16.20 the lowest. The average UDA rate for associates is £21.58.
NASDA is a grouping of 36 accountants who between them represent one fifth of dentists working in practice. Every year they produce a set of statistics based on a representative sample of 1000 of their clients as well as detail;ed bench-marking information.
Annual practice incomes are calculated by NASDA members who also compare the earnings of NHS and private dentists. Since the typical dentist still works in both systems, the dentist must have a bias of more than 80 per cent to fall into either the NHS or private category.
Ian Simpson, a partner in NASDA member Humphrey and Co, and responsible for the compilation of this year’s figures, commented: “From what we are seeing, despite this small drop in profit, NHS practices are generally more profitable because they engage more associates.”
“What we are also seeing are practices which are consolidating and operating more surgeries over longer hours or growing in size. This would appear to be the way that dentistry is going.”
The annual NASDA press conference was chaired by Nick Ledingham, NASDA media spokesman, who said: “The most important use of the NASDA statistics will be to allow accountant members to use the detail behind the figures to benchmark the results from their clients’ practices and thereby provide them with a a greater understanding of their finances.”
Nick also announced the results of NASDA’s latest quarterly study of dental practice valuations and sale agreements, carried out by Alan Suggett, technical committee member. Based on goodwill as a percentage of fee income, the figure for both valuations and sale agreements, for the quarter ending January 31st, stood at 77 per cent. This compares with an average figure of 94 per cent for valuations and 83 per cent for deals for the quarter ending October 08.
Lyn Randy, Receptionist and Typist at Humphrey & Co’s Eastbourne Office, will be climbing 134 metres (440 feet) over the Sydney Harbour Bridge in aid of St Wilfrid’s Hospice.
Lyn will be embarking on her sky-scraping challenge on the 5th November, whilst on holiday in Australia. To give you an idea of how high it is, the London Eye is only 10 feet taller!
Humphrey & Co wish Lyn the best of luck and hope that she reaches her £1,000 target for this worthy local Charity.
For more information on St Wilfrid’s Hospice, please visit their website at http://www.st-wilfrids.co.uk/
Good luck Lyn!
