Archived News October, 2012

Heineken rugby - Scarlets v Leinster

As a keen rugby supporter Matthew Williams was kindly invited to the Scarlets match v Leinster by the Swansea based solicitors Morgan La Roche.

Whilst the Scarlets lost a tight match, the company and hospitality were fantastic which made up for the defeat. Hopefully the Scarlets can improve and qualify for the quarter finals.

Pictured L-R; Matthew Williams (LHP), Kevin Thomas (Morgan la Roche) & Howell Richards (Cwrt Malle)

West Wales Business luncheon

The inaugural business lunch was keenly supported on the 26th October at the Falcon Hotel.

With nearly 30 participants, an excellent presentation was given by Glyn Phillips of Bluewave Internet. He spoke for about 20 minutes on his business and rural broadband business he had started. Many questions were taken and the audience found the content very interesting.

The next lunch will be on Friday 30th November. Anybody who would like to attend, then please contact the office on info@lhphillips.com

In addition, if you have a topic or presentation that you would like to talk about, then please do not hesitate to contact our office.

Tax questions Carmarthen Journal 17th October 2012

I have recently received details about RTI (Real Time Information) for my PAYE scheme for the employees I have. What do I need to do?

In their drive to obtain up to date information on employees, HMRC will be introducing a system known as RTI which in its simpliest form will force employers to inform them on a regular basis what their Tax and National Insurance contributions should be. You will need to send that information to HMRC electronically on or before you make any payments to your employees. This will mean that year end forms P35 and P14’s will not be needed and if any employees move jobs or have more than one, they will get taxed the right amount. It has also been introduced to help with the new Universal Tax Credit which is set to be introduced in the future.

We have an innovative idea but it is going to take a while to develop. How can you help us with the tax side of things?

The Government is very keen to help companies who invest in research and development (R&D). Subject to certain criteria, companies can obtain tax relief on the costs they incur on their R&D. In fact you can obtain tax relief of 225% of the costs you incur, so for example if you spend £10,000 on development then you can actually have relief on £22,500. In addition, if you have not started to trade or are not yet making a profit, you can claim a cash payment instead. There is also a new initiative called the ‘Patent Box’ which again subject to certain rules, may reduce your rate of corporation tax from 20% to 10%. These reliefs are really exciting but they can come with complex rules and I would suggest you get specific tax advice on your particular idea.

Welsh Dairy Show 2012

Celebrating the Welsh Dairy Show 2012, LHP attended the show this year to support our local farmers.

We met lots of our clients as well as some new ones. It was a great event and well organised by the Showground committee. We at LHP feel that as many of our clients are agriculturally based we have the knowledge and experience to support and advise them whatever the issue. We can advise on both financial and non-financial matters.

Speak to our agricultural team for further information: Eirian Humphreys on 01267 237534 or eirian@lhphillips.com

Ffos Las racing

LHP invited clients and business contacts to join them at the Countryside Alliance day at Ffos Las in October.

A fantastic day was had at the racing, although not much money was won. Our guests from the agricultural industry in Carmarthenshire and came to support the Countryside Alliance cause.

West Wales new start business awards

LHP - Chartered Accountants have launched the new business start up awards for west Wales.

With cash prizes for the winners of each section, along with free accountancy services for the year and free South Wales Chamber membership, it promises to really support new businesses in the difficult economic times.

The awards are for:

The event will finish with a presentation and awards night in April.

In association with the Carmarthen Journal and the South Wales Chamber, entries will close on the 1st February 2013.

New brand launch LHP - Chartered Accountants

Friday 12th October at the Falcon Hotel, saw the re-branding of the firm to LHP - Chartered Accountants. Over 80 people from the business and financial community came to support our launch which also included a host of new services and the redesign of our brand.

In addition to the relaunch, we announced three new inititives:

These were warmly received and the day was a fantastic success. Thank you to all of you who attended.

LHP Business Launch

In line with our new logo, LH Phillips & Co have rebranded to become LHP - Chartered Accountants.

With a wealth of new services and a range of business advisors to assist our clients LHP are set to become a new form of accountants. Our launch on Friday 12th October 2012 at the Falcon Hotel promises to be an exciting event, showcasing the many qualities and strengths the firm has to offer.

Look out for photo's and updates next week.

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