Octopus Personnel counts on Ward Goodman

Blackmore Vale award winners, Octopus Personnel, count on Ward Goodman for business success

Dorset based Chartered Accountants and Independent Financial Advisers, Ward Goodman, is delighted to count Blackmore Vale award winners, Octopus Personnel, as one of its valued clients; having provided the Gillingham based company with its professional services for over 8 years.

Fresh from celebrating winning best small business at the Blackmore Vale Business Awards, Sandra Smart, Managing Director at Octopus Personnel commented: “The award was judged and given to the business that is able to best demonstrate how it has overcome the challenges faced by smaller businesses, and how it manages to uphold the highest standards of service. Part of that success for Octopus Personnel is down to having Ward Goodman to provide us with all the back-office support, book keeping and accounts services, so as myself and my team can get on with what we do best; providing a top service and staffing solutions to our clients. I’m not a numbers person, and having Ward Goodman to entrust that side of things to, simplifies my life as a busy small business owner.”

Teresa McGuire, Client Services Manager at Ward Goodman, said:

“I’m always impressed by the leadership and team spirit at Octopus Personnel. Their passion for customer service make them stand out from the crowd and it’s a pleasure working with such a professional and dedicated team. With new legalisation affecting small business owners in 2018, and the introduction of HMRC’s Making Tax Digital, it’s our job to unravel what can seem like a minefield of confusing information in order to help our clients make the best decisions for the success of their businesses.”

Ward Goodman join THIS Workspace

Ward Goodman join THIS Workspace to offer clients a central Bournemouth meeting place at the renovated Daily Echo building

Ward Goodman, the Dorset based firm of Chartered Accountants and Independent Financial Advisers has announced it has joined THIS Workspace in Bournemouth, located in the newly renovated former press hall and offices of The Daily Echo building, Richmond Hill, Bournemouth.

Ian Rodd, Managing Director at Ward Goodman, said: “We are absolutely delighted to be able to offer this convenient venue, to meet by appointment, our clients in and around the Bournemouth area. The space itself is in such an iconic building, stripped back to its 1930s fixtures and renovated to retain all the historic features which reflect the Echo’s heritage. Joining THIS Workspace is a fantastic opportunity for Ward Goodman to increase its presence within the Bournemouth area, and form mutually beneficial relationships within the wider business community.”

Chester Righton, Opportunity Maker at THIS Workspace, commented: “We warmly welcome Ward Goodman in joining our thriving & vibrant business community at THIS Workspace, which is now at 91% occupancy! We look forward to their team capitalising on the many opportunities to network and collaborate with our ever-growing diverse community of 220+ members and 35+ companies that use THIS Workspace daily.”
To make an appointment with Ward Goodman at THIS Workspace, 18 Albert Road, Bournemouth, call: 01202 875 900

Tax return myths

Ward Goodman’s Tax Consultant, Rose Duly, unravels some tax return myths

Rose Duly, Tax Consultant at Dorset based Chartered Accountants and Independent Financial Advisers, Ward Goodman, has addressed some common misconceptions and queries surrounding tax returns, what to do if you are sent one, and what to do if you have not been asked to complete one.

Rose explained:

“Most people aren’t sent a tax return and don’t need to do one, but it’s always helpful to be aware of what the law says. The UK tax year 2017/18 ended on 5 April 2018, and HMRC will soon be sending out ‘notices to complete’ returns. If HMRC sends you a self-assessment tax return you have to fill it in. If you really do have nothing to declare you can call HMRC and explain this. Don’t just ignore it – you will be fined.

“But what if you haven’t been sent a return? What does ‘self-assessment’ mean? The key is in the name. Everyone is required by law to tell the government if they need to pay any taxes, and that means it’s up to you to decide if you need to ask for a tax return. People who should think about getting professional advice in order to avoid falling foul of HMRC include those with dividends over the £5,000 tax free amount for 2017/18 as these are now taxed at 7.5% unless you fall into a higher rates band.

“Bank interest is no longer taxed at source, so this income needs to be declared. If you have more than £500 bank interest each year, you need to be aware that there are different tax-free allowances depending on your overall income.

“If you have rental income you should be completing tax returns. Be aware that the way tax is worked out has changed. If you are used to thinking that you do not need to declare this income because you think you make losses after taking off mortgage interest, this needs reviewing.

“International information exchanges between countries are becoming easier. If you complete overseas tax returns for overseas income this should also be shown on UK tax returns. There are special adjustments to stop you being taxed twice. Penalties for undisclosed overseas income will be increasing from September this year, so anyone with undeclared foreign income should seek professional advice at the earliest opportunity.

“Other possibilities include starting to be self-employed, cashing insurance bonds, or receiving money from any kind of trust.

“Selling small items for under £6,000 is usually tax free but, if you sell a valuable asset there may be capital gains tax to pay. Selling your main home is usually tax free but this depends on exact circumstances, and again, it is best to seek advice to make sure.

“HMRC has smart systems to identify people who have undeclared income. Undeclared rent and investment income is easy for them to spot, and HMRC then asks people to make a disclosure, and will charge penalties and interest as part of a settlement agreement.

“If you have tax arrears to sort out it’s better to make a voluntary disclosure as the penalties are significantly lower than they will be if HMRC spots your tax arrears first. Instalment payment agreements can be agreed to help you catch up. These examples are not an exhaustive list, so if you have any concerns, it’s best to come and talk things through with us. You never know, you may even be due a refund of tax!”