Merger With Tye Associates

We are delighted to announce that Baillie Chartered Certified Accountants has merged with another local firm, Tye Associates of Church Stretton.

The purpose of the combined firm is to provide existing clients with continuity of service and to increase our capacity to take on new clients by offering additional resource, skills and a greater collective knowledge.

The merger will be effective from 1st March 2015, we are really excited about the opportunity to work with and support a new group of clients and staff. Tye Associates has been part of the local business community in Church Stretton for 30 years and we are fully committed to continuing and enhancing that relationship.

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Some Questions and Answers

Q: Will there be any immediate changes?
A: Yes, with effect from 1st March 2015, to avoid confusion the combined business will be called Baillie Accountants, the existing telephone number will remain the same.

Q: What benefits will the merger bring to local businesses and individuals?
A: Plenty! Please see the attached news letter for details of the services and support we are able to offer local businesses and individuals

Q: Will the Church Stretton Office stay where it is?
A: Yes, we are totally committed to remaining in our Churchway offices for the long term and we are undertaking a refurbishment of the offices which will not impact client services.

Q: Will there be any fee uplift as a result of the merger?
A: No, the only time client fees would change is if there is a change to service requirements or if inflationary pressures force it

Q: Will there be any staffing changes?
A: No, the current team will remain in place and will be joined by additional staff to create a larger team with a greater collective knowledge

Tax Tables for 2015/2016

Hot off the press, our latest tax tables for 2015/2016 are now available for you to download. This handy guide has all the latest tax rates/allowances and is a must for every office!

Baillie 2015.16 Tax Tables

We’re more than happy for you to share these handy tax tables with your friends and colleagues!

If you have any questions regarding this subject or any other accounting/tax issue, please feel free to contact us.

New ISA allowance from 1st July !

From July 1 2014 all ISAs will become New ISAs (NISAs). This applies to all existing ISAs and new accounts opened after 1 July. The Government is changing the name to reflect the significantly increased limits and flexibility that will be available to account holders.

The NISA will be more generous and will offer flexibility to save your NISA annual allowance of £15,000 in cash, stocks and shares or any combination of the two. Under the NISA rules you will also be able to transfer previous years’ ISA savings freely between stocks and shares and cash if you wish.

What is changing on 1 July 2014?

From 1 July 2014, you will be able to split the amount you pay into an ISA between a Cash NISA and a Stocks and Shares NISA as you choose – up to the new overall annual NISA limit of £15,000. Previously, it has only been possible to save up to half of the overall ISA subscription limit in a Cash ISA.

Any subscriptions you have made to an ISA since 6 April 2014 will count against the £15,000 NISA subscription limit for 2014-15.

If you have paid into a Cash or Stocks and Shares ISA since 6 April 2014, you will not be able to open a further NISA of the same type before 6 April 2015. You may however make additional payments – up to the £15,000 NISA subscription limit – into your existing account(s) or by transferring those account(s) to another provider that will allow additional amounts to be added.

What does this mean for you ?  On a practical level, if you only use cash ISA’s, then from today you can invest an additional £9,060.

As always, please feel free to share this ! And if you have any questions, please do not hesitate to contact us.

Tax Guides Edition 8 – Pension Flexibility

In our latest guide, we address the matter of pension flexibility, not the most exciting topic I hear you cry, however with recent developments and particularly the 2014 budget proposals, pensions now offer a greater flexibility and control in addition to being a very tax efficient means of saving.

BaillieCharteredCertifiedAccountants-KeyGuides-PensionsFlexibility

Please feel free to share the guide with any of your friends or colleagues, and if you have any questions, please contact us.

Tax Guides Edition 7 – Business Succession Planning

This guide explains the issues faced by business owners when an unplanned business exit is forced upon us and the contingencies we should all consider.

Later on in our series we will issue a guide covering a strategically planned or managed sale of a business.

BaillieCharteredCertifiedAccountants-KeyGuides-BusinessSuccessionPlanning

We’re more than happy for you to share these handy tax tables with your friends & colleagues !

If you have any questions regarding this subject or any other accounting / tax issue, please feel free to contact us.

Posted in Tax

How to claim – £2k National Insurance Relief

Have you claimed your £2,000 NIC relief?

We have received a lot of questions on this topic. It’s not very often that the government give away money, so we just want to make sure that everyone is aware of this gift !  From 6th April almost all employers can reduce their employers class 1 National Insurance bill by £2,000.

Who can claim ?  Almost all companies that pay Class 1 NI on their employees or directors salaries.

How do I apply ? It’s easy ! All you need to do is claim through your 14/15 payroll software – most likely, it will just be a box you have to tick. Payroll clients of Baillie Accountants can rest assured, we’ll take care of it for you.

If you require more information, follow the link to the Government website at https://www.gov.uk/employment-allowance-up-to-2000-off-your-class-1-nics, or contact us.

Tax Guides Edition 6 – Taxation of investments

The latest in our series of key guides explains how investments are taxed and in what order. The recent budget announcement brought good news for investors with improvements to ISA’s (Individual Savings Accounts), flexibility with private pensions and increases to Premium bond holdings. Standard savings rates are still poor but there are plenty of other options, some of which are touched upon in our guide.

Baillie_Accountants_KeyGuides_Taxationofinvest.

Our business is built on delivering great quality service & client referrals, so feel free to share this with any of your friends & associates.

As always, if you have any questions, please contact us.

Tax tables 2014/2015

Hot off the press, our latest tax tables for 2014/2015 are now available for you to download. This handy guide has all the latest tax rates / allowances and is a must for every office !

BaillieCharteredCertifiedAccountants-FinanceActeditiontaxtable2014

We’re more than happy for you to share these handy tax tables with your friends & colleagues !

If you have any questions regarding this subject or any other accounting / tax issue, please feel free to contact us.

Profit Boosting Tips – Pricing Strategies

The price/rate you charge for your products or services can have a major impact on your turnover and profitability. Setting your prices too high can reduce sales growth, while undercharging can kill your profits.

Some say pricing is more of an art form than a science, however our top pricing tips should provide logical food for thought;

1)      Understand your market. Unless you have a complete monopoly of a unique product/service, your product’s value will depend on the competition. Identify who your competitors are; what they offer and the key features of the product/service and benefits. The objective should be to price at a level offering the best value to your customers.

2)      Regularly check your prices. Keep up to date with the market and what your competitors are doing. Has customer perception of your product/service changed that warrants an increase.

3)      Your Price point Offering. Break down what you can offer into separate categories. You may be able to target different market sectors with products or services that are applicable to that sector. Some customers want a Premium product or Service which can contribute higher margin.

4)      Pricing Strategy. Be clear on your pricing strategy and how it fits into your overall business positioning. For example are you bargain basement, market leader, niche player or a premium offering? This decision will affect how you manage other areas of the business too, for a low pricing strategy you will need to focus on achieving volume and minimising overhead as margins will be slimmer. We would also comment that even if you offer a premium product or service you should always aim to minimise cost.

5)      Aim High. Under- pricing what you do can be a lot more damaging than overpricing and reducing prices is easier than increasing them. A low price can be off putting and may impact brand strength if customers associate price with quality. Low prices can also attract unprofitable problem customers and those who are price sensitive and disloyal when prices increase.

6)      Understand Your Numbers. Pricing obviously has a huge impact on turnover and profit, therefore you must be comfortable with the effect that price changes can have on your financials. We recommend using basic modelling to see the effect that price changes can have on your business (including increases, discounts, promotion). Nothing flash is needed, a simple spreadsheet can highlight potential big gains and risks. We would also recommend that you get comfortable with your margins and profitability. If you can, benchmark against the market. If your prices are comparable but profit margin lower than the norm, this could indicate an issue with your purchasing and overhead cost. 

7)      Transparent Pricing. Customers hate unwelcome surprises therefore make sure that when you are quoting prices you spell out exactly what is included and that you are comfortable defending the price you quote.

8)      Increasing your Prices. Nothing can have as big a positive impact on your profitability like a price increase and making it stick. We recommend giving customers plenty of warning if they need to budget for an increase. We also recommend that you explain why the increase is needed. Customers don’t like unexplained increases and you can use the increase as an opportunity to reemphasise the benefits you offer. Alternatively you could try to hide the increase by gradually introducing higher priced products, making lower price products/services obsolete or lowering the specification or service level.

Baillie Accountants are dedicated to helping client businesses grow and achieve their objectives, to find out how we can help you please contact us.