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Why Accountancy Is A Great Career Choice

As National Careers Week took place at the beginning of March, we thought we would share why WE think a career in accounting is number one! There are many different paths to choose in accountancy but each route is clearly signposted with qualifications to progress...

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Spring Statement 2019 Summary

Chancellor Philip Hammond presented his Spring Statement on 13th March 2019. The Spring Statement generally reports the state of the economy and Government finances to Parliament. In a time of such domestic and international political uncertainty, it was a welcome...

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Is It Possible To Prepare For Brexit?

Planning for what a post-Brexit business world will look like is incredibly hard when we don’t know what the final outcome will be, but that doesn’t mean we should stick our heads in the sand and ignore the situation – this isn’t going away and there are steps we can...

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Building partnerships for good – Charity begins at CRM

The CRM charity partner for 2018 was Sobell House Hospice in Oxford. Along with other regular charity support, we were delighted to be able to fundraise throughout the year and donate a fantastic £8,100 to Sobell House, a wonderful charity which has a personal...

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How to become a 360 Degree Manager

At CRM, we think it is important to support our clients in so much more than their accounting. When Hayley Monks, managing director of Think Inspire & Create Ltd approached CRM MD Tony Hobbs with a new business proposition, he gladly offered his business guidance...

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Planning to get away this year?

January is supposedly the most depressing month of the year so naturally, our thoughts turn towards warmer and happier times to come – our summer holidays! Holidays are important – giving us something to look forward to, helping us to rest and recharge our batteries,...

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Is your fitness business as fit as you’d like?

  It’s January, the month when thousands of health and fitness resolutions are made (and broken). Consequently it’s the busiest time of the year for fitness instructors, personal trainers, physiotherapists and wellness coaches. January is also a very busy month for...

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Navigating the choppy waters of overseas VAT

VAT is one of the most complex areas of tax that CRM advises on. When you add into the equation overseas sales, exchange rates and rules with lots of exceptions, some key points can get lost in translation! We have distilled the most important details we consider when...

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Avoiding common tax return pitfalls

Suffering from the January Blues? With the self-assessment tax return January deadline looming large and the sparkling memories of the festive season fading fast, many people feel gloomy and uninspired in the first month of the year.   If your tax return is keeping...

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Making the most of our valuable time

“The Bad News: time flies The Good News: you’re the pilot.”   Here we look at some of the useful advice on effective time management to take into 2019 and beyond. Successful people put a very high value on their time and work hard to become better organised and more...

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The power of failure

None of us like to fail, and it is natural to be upset and disappointed when it happens.  This is true in both our personal and business lives, and our business failures can often be very public which makes the whole experience worse. So where should we look when...

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Can I claim Employment Allowance?

What is Employment Allowance? An Employment Allowance of £2,000 was introduced by the government in April 2014 and in April 2016, the Allowance increased to £3,000 where it has remained up to the current tax year 2018/2019.   How does it benefit employers? Employment...

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Transferring property to a spouse – a wise move?

Have you wondered whether it would be beneficial to transfer a property you own to your spouse? There are certainly Capital Gains Tax (CGT) and Inheritance Tax (IHT) savings to be made for married couples (or civil partners) by transferring property between spouses....

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Can I claim on Entertaining?

There are many forms that entertaining can take, usually it is food and drink but you can also include things such as gifts, free products or event tickets. Regardless of who it is for you can include these in your business accounts, if it is a genuine business...

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Key Performance Indicators: What are you measuring?

Key performance indicator (KPI) measurement helps you manage both your financial and non-financial data. You can measure your team’s performance as a whole or on an individual performance basis.   This can bring a sense of shared accountability, whilst informing your...

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What is your member Churn rate?

What is your member Churn rate? For any business which has a subscription-based model, or a service with a repeating membership fee (such as a leisure or fitness facility), then tracking the total number of total members is one of the important means of measuring...

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Can I claim tax relief on business travel?

Business travel expenses, wherever you are in the world, can be claimed as long as they meet the HMRC rule of being “wholly and exclusively” (and for employees/directors, also “necessarily”) for business purposes and there is no personal benefit in the cost.  As...

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Autumn Budget: October 2018

Chancellor Philip Hammond presented his second Autumn Budget on 29th October 2018. This was notable for being the first Budget on a Monday since 1962, and the date itself is several weeks earlier than initially planned to allow time for Brexit legislation to pass...

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How much should you borrow to grow your business?

Growing a sustainable and profitable business is something every entrepreneur and business owner most likely dreams about.  It can be the route to financial independence, the ability to make positive decisions about your future, and to invest to take of advantage of...

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Cash flow can be one of your biggest challenges and threats

As anyone who has started their own business can attest, cash flow can be one of your biggest challenges and threats. Even successful businesses can experience periods where cash flow is extremely tight and they struggle to meet their monthly overheads. Keeping your...

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Recognising the signs your business needs investment

When you start a business, you make all kinds of investments to get off the ground. First and foremost you invest your own time and effort, sometimes referred to as ‘sweat equity’.  You might also invest savings, or borrow money from family and friends. Then there is...

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Motor Expenses: Is your workplace permanent or temporary?

In our recent article, we covered how the business owner can claim back the cost of their business trips. When claiming motoring costs, you must also consider which journeys made can be classified as business, and which are private. Travel to a permanent workplace is...

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Limited Company – the Pros and Cons of Incorporation

When considering the most appropriate and advantageous structure for a business, it is important not to focus purely on the headline direct tax position, although of course this is a significant consideration. Apart from the annual corporation tax/income tax...

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Can I claim for my motoring costs?

You can claim ‘allowable business expenses’ for vehicle insurance, repairs and servicing, fuel, parking, hire charges, vehicle licence fees and breakdown cover. You can not claim for non-business driving or travel costs, fines or travel between home and work There are...

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Can I claim tax relief on what I wear for work?

There seems to be a lot of confusion when it comes to what can be claimed as workwear/clothing costs when it comes to most businesses.  The simple HMRC rule basically boils down to if the item of clothing can also be worn for non-related work occasions, tax relief...

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Making Tax Digital for VAT

Making Tax Digital for Business (MTDfB) is the government’s policy to move ALL business-related tax reporting online for a modern, digital tax system. The objective is to make tax reporting more accurate, more reliable, and more efficient. Making Tax Digital for VAT,...

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12 focus areas for any business start up

There are many areas for a new business owner to focus upon and of course there are many views or opinions on what could be the most critical areas to support the initial survival and later growth for success. Each business is perhaps different and has different...

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Can I Claim Tax Relief on Food & Drink?

Self-employed For a self-employed person, the general rule is that there is no relief for subsistence costs – this case has been tested in the courts – unless it is an incidental part of the job. So, lunch whilst you are working would not count as you need to eat to...

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How to finance your start up and ongoing running costs

Your new business could be financed in a number of different ways and quite often a combination is used. You can consider: Personal monies – savings Conventional bank finance – overdrafts, commercial mortgages, business loans, commercial investment mortgages...

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The power of reflection

When considering your valuable time, the one thing you can’t do is worry about the past. It is a reality that you can not do anything about the past, it’s gone, it’s already happened. However, you can always reflect and learn from any outcome. You...

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Can I claim tax relief for working from my home?

One of the questions we are often asked or discussing with our clients. Here are our thoughts in our latest ‘Can I claim…..’ article. Self-employed If you are self-employed you can either calculate a proportion of your household bills or...

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The Early Warning Signs of Business Distress

For this article, we invited expert Graeme Lipman at Begbies Traynor to contribute. When a business is beginning to struggle, it is often the case that it starts to exhibit varying signs of this impending trouble both internally and externally. When a business is in...

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New VAT Reverse Charge Rules for the Construction Industry

HMRC has published draft legislation proposing a VAT Reverse charge for construction services. This has been introduced in order to combat fraud in the construction sector, where VAT is not paid over to HMRC by the subcontractor/supplier. The legislation is currently...

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Moving with the times in the Health & Fitness industry

Working closely with business owners in the Health and Fitness industry, we are seeing evidence that the numbers for some are positively changing. They are increasing sales with more focus on innovative activities such as Personal Training and BootCamps. This may not...

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The Rent a Room Scheme

If you use the Rent a Room Scheme you don’t have to keep a record of your expenses since you don’t claim relief for them under the scheme.  You will need to keep a note of any capital improvements to mitigate any Capital Gains Tax liability on disposal of the property...

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Managing your Business finances – keeping your books

Often a business owners financial records is heard referred to as the ‘shoe box’, rather than an organised financial management system. As a business owner you must keep business records and documents for tax purposes. Keeping good records of your transactions will...

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Employing someone for the first time

Taking on your first person and then hiring a team of people can help you develop and build your business. However, becoming an employer does bring additional responsibilities that is often an area of the unknown until you have done it a few times! For example, a fair...

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Should I be VAT registered?

Most people are aware that once your annual turnover breaches the VAT registration threshold (currently £85,000), VAT registration is compulsory. However, there are two further things to consider: Firstly, it is the VATable (including zero rated) turnover in ANY...

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Something different with CRM at Business In Oxford 2018

Our team enjoyed a great day at Business In Oxford on Wednesday 23rd May. BIO is an event that showcases businesses across the county and offers something for everyone with keynotes, seminars, activities and an exhibition. The team at B4 delivered a fantastic...

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CRM become Handpicked Accountants

We are delighted to announce that Chapman Robinson & Moore have been selected as the latest addition to Handpicked Accountants. Handpicked Accountants is a fantastic new service which aims to connect individuals and business owners with an accountant they can...

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6 non-taxable benefits that should not be on your P11D

A P11D is for each employee in receipt of benefits in kind and expense payments. By the 6 July, following the end of the tax year, employers should have submitted your P11D forms online to HMRC, given your employees a copy of the information on your forms and told...

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Are you correctly treating costs incurred as disbursements

Disbursements can be added to invoices without the addition of VAT on top.  However, we regularly identify the overuse of this.  An item is only a disbursement if the cost is actually the customer’s legal responsibility to pay, and you have paid this on their behalf...

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CRM to boost employee volunteering and staff development

Directors at accountancy firm Chapman Robinson and Moore (CRM) have committed to giving every staff member three hours per month to become regular volunteers at a charity of their choice. CRM had been considering ways to share their staff’s time, talent and skills...

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CRM take your data seriously under GDPR

The EU General Data Protection Regulation (GDPR) replaces the Data Protection Directive 95/46/EC and was designed to harmonise data privacy laws across Europe. The enforcement date is 25th May 2018. To demonstrate our accountability and show we take Data Protection...

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Playing your part… Helping to build a cleaner society

I have just finished reading through the Statistical Press Release on UK Energy Statistics for 2017 and Q4 2017 which has just been released online. At an event, I heard someone saying that he didn’t expect much change from this, and he did not expect to see any...

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Fraud – Don’t just trust an email, text, phone call etc

In our last enewsletter, we reported a conversation with Barclays Bank and how Email is not always a secure channel of communication and is increasingly targeted by fraudsters. Fraudsters are intercepting emails and tricking members of staff at organisations into...

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CRM raises over £3,000 for Sobell House

We are delighted to advise that our Charity Race Night on Friday raised £3,445 for our charity of the year, Sobell House //www.sobellhouse.org/ Our special thanks to Barclays Bank, who demonstrated their commitment to the local community and supporting the work...

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Business In Oxford 2018

We are exhibiting at the fantastic Business in Oxford 2018 event on Wednesday 23rd May 2018. This is a showcase event for businesses in Oxfordshire and will provide keynote speakers, seminars, an exhibition and networking opportunities. As part of our stand, we are...

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What is your activity gap?

A common phrase often used in business terms is ‘if you always do what you have always done, you will always get what you have always got’. We offer support to help you make the change needed in your business, so that it delivers the results you want to meet your...

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Spring Statement 2018

Our Technical Director, Alan Sowden, provides his usual overview and some planning points for your consideration. Chancellor Philip Hammond presented his first Spring Statement on 13th March 2018.  As announced in the Autumn Statement 2016, the Spring Statement will...

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The Step Change to Significant Business Growth

Our Commercial Director, Mike Foster, was recently asked to speak at a local networking group for business owners looking to develop their business. Mike’s presentation was titled ‘The Step Change to Significant Business Growth’ and covered 10...

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How does your construction business compare?

INDUSTRY FINANCIAL DATA AND RATIOS Industry: 41.2 – Construction of residential and non-residential buildings Prepared: 02/2018 A sample of our report data, based on businesses in the stated industry, providing real time industry metrics and identifying industry...

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Inheritance Tax (IHT) – What you may want to know

Inheritance Tax (IHT) is a tax on the estate (the property, money and possessions) of someone who’s died. IHT on death When an individual dies, all assets and liabilities (including reasonable funeral costs, taxes other than IHT etc) are valued at the date of death...

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Simple Stuff That Works

A short video to introduce the content from a recent seminar of the same title looking at business development and the fact that cash is...

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Wages to Income: a relevant measure across many sectors

Here at CRM, we work with a variety of businesses as well as having our more narrow areas of specialism. However, one measure that we find is often considered in most sectors is the amount it costs a business owner in wage costs to deliver the income levels they...

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A guide to Income Tax Self-Assessment

Increasing numbers of tax payers are affected by self-assessment, including the self-employed and paid company directors. If you are one of them, there is no need to be concerned. As long as you keep detailed financial records and meet the deadlines for completing the...

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HMRC are changing their VAT Portal

HMRC have confirmed that from 14 February 2018 the Electronic Data Interchange (EDI),  the current platform used to submit VAT Returns electronically, will be decommissioned and replaced with a new platform. From that date, all electronic Returns must be submitted via...

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Allowable expenses for subcontractors

As a subcontractor, it can be difficult to know which of your expenses are allowable for tax purposes, and are therefore able to reduce your tax liability or increase any repayment due. Below are common expense categories, and the associated costs within them which...

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Are you giving up too soon on your prospects?

From statistics shared by the National Sales Executive Association, 48% of people never follow up with a prospective client. 25% of people never make a second contact and 12% of people only make a maximum of 3 contacts and stop. Your marketing activity is an...

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Bookkeeper or Accountant?

We are often asked the difference between bookkeeping and accounting. The work of a Bookkeeper and Accountant can overlap, as Bookkeeping is part of Accounting. We agree there are many similarities, but there is often a misconception that bookkeeping and accounting...

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Autumn Budget 2017 Review from CRM

On Wednesday 22nd November The Chancellor, Philip Hammond, presented his latest and second Budget to Parliament reporting on an economy that “continues to grow, continues to create more jobs than ever before and continues to confound those who seek to talk it down”....

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CRM represented at Number 10

We were delighted that our Commercial Director, Mike Foster, was asked to represent CRM and Entrepreneurship at Number 10 Downing Street. Enterprise Nation invited a group of business owners and ambassadors to meet with the Prime Minister’s business adviser to discuss...

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Reducing the cost of online shopping

HM Revenue & Customs (HMRC) have announced changes to import duties, which should make it cheaper to purchase goods from outside the EU. The following in an excerpt from HMRC’s website: From next month, internet shoppers will no longer have to pay customs duty on...

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What could you be measuring?

Are you making your numbers work? Do you measure, analyse, consider and improve those real numbers that impact on your performance? Have you considered what numbers you could be measuring in your business? Yes, here at Chapman Robinson & Moore, we love our...

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Challenges facing professional service providers

Professional Service Providers are set to face a number of challenges in the near future with changes in the following areas- Changes to taxation on property in come profits Restricted relief for finance costs to the basic rate of income tax Landlords no longer able...

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New tools for New Businesses from the Pensions Regulator

The Pensions Regulator has launched a new online suite of information and tools to assist new businesses who from 1 October have a legal duty to put staff straight into a workplace pension as soon as they employ them. From 1 October, new businesses will no longer be...

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Parents and grandparents missing out on gifting reliefs

The Bank of Mum and Dad is more in demand than ever before, helping the younger generation join the property ladder, pay for university tuition fees, purchase a vehicle or contribute to other costs. However, new research shows that almost half of parents and...

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Childcare vouchers and Tax Free Childcare

Childcare vouchers are being phased out in favour of the new Tax Free Childcare scheme: From April 2018 childcare vouchers will be closed to new entrants: if parents are not already signed up for vouchers at that time they will not be able to claim them in the future....

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Save time on your bookkeeping

It is unlikely you started your business to be a bookkeeper or an adminstrator of your financial record keeping. It is more likely you set up your business to utilise your own knowledge or skill, offer something you are passionate about and / or fill a gap that the...

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Avoid the cost of a HMRC Tax Investigation

As a result of recent increases in investigation activity by HMRC, many business owners are considering the impact of any potential cost of a possible investigation. The investigation process can be extremely stressful as you are required to ‘prove your innocence’ to...

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Capital Gain Tax (CGT) in brief

Who is liable to CGT? CGT is payable by UK resident individuals and trustees (incl. personal representatives).  It is also payable by non-residents on disposal of UK residential property. Partnership gains are apportioned to the partners.  Limited companies pay...

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A Quick Quiz

Let’s try this quick quiz! How much do you know about your business? What’s your net income? What is your gross profit? How are you doing in comparison to last month? Or your budget? How much are you spending on wages versus income? How’s your cashflow looking? We...

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