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News

01 October 2011
Bookkeepers Newsletter September

ICB September Newsletter 44,799 Subscribers  

 

ICBenefits - discounted shopping for members

Students and members spend £35,000 through new discounts website in opening month The new discounts for students and members have been warmly welcomed, with www.bookkeepers.org.uk/benefits being used for £35,000 worth of shopping since the beginning of September. If you have not yet registered, you can start using ICBenefits to start saving money straight away by visiting www.bookkeepers.org.uk/benefits   and registering your details and your six digit...

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HMRC clamp down on VAT registration

HMRC has launched a new campaign targeting individuals and businesses who should be VAT registered. Those above the VAT registration threshold, with a turnover of £73,000, but who haven't registered will be the main focus of the campaign which will run until 30 September 2011. The Target sectors include: construction, business services, hair and beauty, hotels and catering, retail distribution, recreational services, motor vehicle...

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Minimum wage rates up from 1 October

Following the annual review by the Low Pay Commission, the National Minimum Wage is set to increase from October. The following rates apply from 1st October 2011:  The rate for workers aged 21 and over increases to £6.08 per hour.  The 18-20 rate increases to £4.98 per hour.  The 16-17 rate for workers above school leaving age but under 18 increases to £3.68 per hour.  Finally the apprentice rate, for those under 19 or 19 or over and in ...

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New guide to paying work experience staff

The Government has issued new guidance for businesses that offer work experience, placements and internships that is designed to clarify when someone is entitled to the National Minimum Wage (NMW).The key message is that entitlement to the NMW does not depend on a job title but on whether the arrangement they have with an organisation makes them a worker for NMW purposes. Where an individual is a worker - and no exemption applies – then they must be paid at least...

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Self Assessment Penalty Reminder

HMRC has issued a reminder about the new self-assessment penalties for late returns and late payments, which come into effect this autumn and apply to returns for 2010/11 and all future financial years....

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Modern Workplace Part II

Diana Bruce – August 2011 Senior Policy Liaison Officer for the Chartered Institute of Payroll Professionals  
In the last two updates from the CIPP the four part consultation on Modern Workplaces was covered.  The consultation asked for views on the following proposals:   the introduction of a system of flexible parental leave; a right for all employees to request flexible working; changes to the Working ...

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Bookkeepers truly now on the map!

With reduced rate early bird tickets only available until 5th October, tickets are selling fast for this year's conference, The Bookkeepers Summit. To secure your ticket please visit http://bookkeeperssummit.com/Tickets.html or call us on 0845 060 2345. The impressive organisations on the list of speakers are a testament to the value of the bookkeeping profession and the importance placed upon ICB members as exemplars in the field....

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Conference Speaker Announced

CONFERENCE SPEAKER: JACK MANSFIELD We are pleased to announce that Jack Mansfield will be presenting an update from Companies House at this year's conference, The Bookkeeping Summit, which is being held in London on 17th and 18th November. Jack Mansfield is director for the accountancy profession at Companies House, where he was previously the finance director for several years. He is working with the professional bodies and the providers of software to the a...

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HMRC: VAT is Moving Online

The threshold for filing VAT returns is changing.  From April 2012, all businesses with an annual turnover under £100,000 will have to file their VAT returns online and make all other VAT payments electronically. The new electronic payment options are: Direct debit, BACS direct payment, internet or telephone banking, billpay, CHAPS transfer or bank giro credit. HMRC will be appearing on Thursday 17th at our annual conference, The Bookkeepers Summit, to...

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Conference Speaker Announced

CONFERENCE SPEAKER - MEMBERS PANEL: SHARON LIDDON We are pleased to announce that Sharon Liddon will be appearing as part of the Bookkeepers Panel discussing her experience of running a practice including how she dealt with a VAT fraud investigation and her experience of taking over the accounts of a £1m turnover company. The Bookkeepers Panel is made up of ICB members who are running their own businesses and is a great opportunity to hear targeted a...

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Conference Speaker Announced

CONFERENCE SPEAKER: MANDY BAGOT We are pleased to announce that Mandy Bagot will be presenting a talk on 'The Secrets of Successful Homeworking.' at this year's conference, The Bookkeeping Summit, which is being held in London on 17th and 18th November. Mandy Bagot is a chartered certified accountant and bookkeeping franchisor. Mandy used her 28 years experience setting up bookkeeping systems for small businesses and their accountants, to found Cloud Bookkeeping...

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Conference Speaker Announced

CONFERENCE SPEAKER: STUART MORRIS We are pleased to announce that Stuart Morris will be presenting a talk on The Professional Bookkeeper, making ethical decisions when running your business and the practical application of the Professional Conduct Regulations. More information regarding this year's conference can be found on the dedicated conference website www.bookkeeperssummit.com  Stuart Morris FICB FFA FFTA FCIB MCMI Stuart gained wide-ranging experience working ...

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Valerie Chaplin
AICB CB. Dip PM Dip

Interview with Valerie Chaplin AICB CB.Dip PM.Dip, recent achiever of the Level III Diploma in Manual Bookkeeping.

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Clamp Down on MLR-Late
I am sorry to hear that whilst most of our practices are on the ball in regard to their annual declarations; some members are failing to keep up. ICB members in practice that have persisted in failing to submit their MLR8 annual returns will shortly be summoned to attend a disciplinary hearing and will face fines and possibly other penalties including exclusion.
As an HM Treasury appointed supervisor, the ICB is mandated under the Money Laundering Regulations (MLR) to monitor members to ensure that they are compliant with the MLR.  The ICB decided that the most efficient way to do this was to provide all members in practice with the Practice Guidance Manual, which incorporates all the instruction and forms that are required to enable members to be fully compliant with their legal obligations under the MLR.  By completing the MLR8 Annual Return, members can show that they have carried out the required Risk Assessment and Due Diligence on each client.  It also indicates to the ICB where a member might need additional support, guidance or even education.  However, the ICB cannot properly carry out its supervisory function if members do not comply fully with the ICB rules of supervision...

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Upcoming Events

20 October
East Region Branch Meeting
6.30pm Stoke Ash White Horse Inn

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17 and 18 November
The Bookkeepers Summit
10am, Savoy Place

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