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The recent problems for high street retailers were first illustrated with the demise of Woolworths.  Barratts, Peacocks, Game, Clinton Cards, Comet and JJB Sports followed and 2013 has already seen the administration of Jessops, HMV and Blockbuster.  One has to ask, who is next?

The departure of these well-known retail businesses illustrates just how difficult it is for high street retailers at the moment.  More and more people have less and less money in their pockets and the business environment is changing faster and faster.

In these difficult economic times many local retailers are finding the cost of maintaining a physical presence too much.  Many of the independent shops which enhance our region’s appeal are disappearing from our high streets.  The resultant abundance of charity shops, if left unchecked, will start to detract from the West Country’s charm. 

Retail is experiencing an unprecedented shift in business model.  Until very recently, the main requirement for any retail businesses was a physical shop with an enticing shop window and friendly, helpful staff etc.  The internet has changed this and businesses which are not adapting are dying.

We have probably all done it.  That is, visit a shop on the high street to peruse the latest washing machines or televisions.  Avidly consume all the advice we can from the helpful staff.  Touch, feel examine.  Then go home, switch the laptop on and check out the best price the internet can offer.  It is human nature to pay less, if we can.  But human nature has always had a self-destructive edge.  The victim, here, could be our high streets and independent, niche retailers.

The retail business model has changed and many West Country retailers are struggling with the cost of maintaining a high street presence.  All retailers must consider how the internet fits in with their business strategy.  Some businesses will adapt and thrive.  Others won’t.

Whether a business is viable or not, Lameys can help to achieve a beneficial outcome for all concerned.  The key to maximising the benefit is to take early advice which will enhance the options available.

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Banks will be encouraged to offer more accounts to bankrupts under new changes that will be made to insolvency law.

Most banks will not offer even basic accounts to undischarged bankrupts – those who remain legally bound by bankruptcy – because they can be pursued by trustees in such circumstances.

The Government wants to protect banks, so they give bankrupts more opportunities to get back on their feet.

Business minister Jo Swinson has announced that bankruptcy trustees will be restricted from holding banks responsible for the loss of any new money that has been paid out from a bankrupt's account.

The change will mean that a bankruptcy trustee – who acts as an impartial intermediary between a bankrupt and creditors to see how much of the debt can be reclaimed – will have to serve banks with a notice expressing interest in any new money entering a discharged bankrupt's bank account.

If they do not serve this notice, they cannot hold banks liable should the money leave the account.

Currently, no such notice has to be served and trustees can chase banks if they feel they were entitled to a share of the cash.

Jo Swinson said: "Having access to a bank account means being able to make vital transactions quickly and safely, avoiding the risk of carrying around large sums of money.

"Most of us take these everyday tasks for granted, but for bankrupts attempting to make a fresh start, they can be a whole lot more stressful.

"Offering an account will remain a decision for the bank, but I am pleased with the positive response we've seen already. I'm confident the change will offer a lifeline to vulnerable people who have struggled to access basic financial services."

The amendment to existing insolvency law is expected to be put forward when parliamentary time allows.

The move was welcomed by Gillian Guy, chief executive of Citizens Advice, who said: "It is vital undischarged bankrupts can get a bank account to get their finances back on track. Without one, it's difficult for them to receive wages or pay bills by direct debit."

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From April 2013, HM Revenue & Customs (HMRC) are introducing a new way of reporting PAYE, known as Real Time Information (RTI). The new system will see fundamental changes to the way in which employers and pension providers must report the payments and deductions they have made under PAYE. This guide aims to provide an overview of the RTI regime, and how the new requirements may affect you.

THE NEW RTI SYSTEM

While essential aspects of the system will remain the same (ie. tax codes, deducting tax and NICs, calculating pay), RTI will require employers and pension providers to submit information to HMRC regarding deductions they have made for PAYE, NICs and student loans when each payment is made, rather than at the end of the year.
The introduction of RTI will:

  • ensure individuals pay the right amount of tax following a change of job
  • remove the need to submit year end forms P14 and P35, and form P38A for casual employees – although you will still need to provide P45s and P60s to your employees, and complete forms P11D and P11D(b) in respect of taxable benefits and allowances
  • remove much of the uncertainty that leads to errors in the child tax credits system.

The information on individuals’ employment income will also be used to support the administration of the new Universal Credit welfare benefit, which is due to come into force in October 2013.

TIMESCALE FOR THE CHANGES

The new system is being phased in from April 2013.  The RTI will be mandatory for all employers from October 2013.  HMRC will notify employers 4 to 6 weeks before the employer must begin using RTI.  You may need to change some of your business systems and procedures to ensure that your information is correct and that your staff will be paid on time. Failure to submit PAYE data on time via RTI could lead to penalties.

LAMEYS AND RTI

HMRC are asking employers to ensure they get the correct information from their employees to ensure RTI operates smoothly. If Lameys operate your payroll scheme then you have nothing to worry about.   We have designed a new employee information form and our payroll software will be able to report the information to HMRC every time we do a payroll run for you. 
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As we will be submitting information to HMRC online at the same time as we do a payroll run it is important that we get the correct information from you including gross pay amounts etc.

As a result of RTI all payroll charges will be reviewed and we will be writing to you in due course.  It is Lameys objective to try to keep payroll charges the same where possible.

If Lameys do not currently operate your payroll scheme and you would like more information or a free quotation then please contact Vikky Cottrell on 01626 366117 or This email address is being protected from spambots. You need JavaScript enabled to view it.

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Lameys were delighted to present Bernadette Thoreau from Children’s Hospice South West with a cheque for £600.

The funds were raised during a charity 6-a-side cricket competition which Lameys organised in association with Edward Symmons.   The event was supported by many local businesses.

We would like to thank the following for their support:

Ashfords LLP Solicitors
Bliss Spa
Bond Pearce LLP Solicitors
Boringdon Park Golf Club
Bright (South West) LLP Solicitors
Clydesdale Bank
Diggerland
Foot Anstey LLP Solicitors
Fort Stamford Health & Fitness Limited
Jesters Limited
Kitsons LLP Solicitors
McCaulay’s Health & Sport Limited
Outset Finance
Plunkett-Yates Chartered Certified Accountants
Plymouth Albion Rugby Football Club
Plymouth Argyle Football Club Limited
Plymouth Gin
Plymouth Raiders Basketball Club
Plymstock Properties
Riley Chartered Accountants
Ross Sporting Activities Limited
RS Pools Limited
Staddon Heights Golf Club
The Wrigley Company Limited
Theatre Royal Plymouth
Thompson & Jackson Solicitors
Vickery Holman Property Consultants
Woodlands Family Theme Park


Picture (left to right) Julian Brailey from Lameys, Bernadette Thoreau from Children’s Hospice South West, Peter Luff from Edward Symmons.

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Despite the rain, charity golf day a great success!

Lameys Accountants and Business Recovery and Loughtons Independent Financial Advisers are pleased to confirm that our 8th Annual golf day in aide of Cancer Research and Rowcroft Hospice, at Dainton Park Golf Club on Friday the 6th July, was once again an outstanding success.
 
Whilst final figures are yet to be confirmed, Adam Buck the joint event organiser from Lameys confirmed that “With the support and generosity of a number of local firms we have once again exceeded expectation and hope to be able to send a cheque to our chosen charities for in excess of £3,000, which we are pleased to confirm is up on last year’s event”.


Players took part in both individual and team stapleford competitions as well as competing for various ‘longest drives’ and ‘nearest the pin’ prizes. In addition there were several donated items which raised over £1,000 in a very entertaining charity auction, compeered by Will Smith of Complete Estate Agents.  Adam commented “I would like to thank everyone that helped out on the day and a number of local and national businesses who supported the event or donated prizes, as without their help it  would not be possible”. Richard Loughton of Loughtons IFA’s, the joint organiser agreed and confirmed “Both Cancer Research and Rowcroft Hospice are charities close to our hearts and we are delighted to be able to support them.  Over the last few years we have managed to raise over £30,000 for very worthwhile causes and plan to hold, what has been a very successful event, next year.”  Richard also commented “We would also like to thank Dainton Park owner David Wood and all the staff at the club for helping make the day run smoothly”.

We would like to extend our thanks to Glyn Wills Photography for providing the photos.
Photos are available for £6.00 each A4, to view the whole gallery please click here

 

We would also like to thank the following:

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The inaugural Plymouth Professionals 6-a-side cricket tournament was held on 1 June 2012 at Plymstock Cricket Club.

The event, jointly sponsored by Lameys and Edward Symmons LLP saw teams made up of professionals from across Devon compete for the LaSy Trophy.

In addition to a competitive afternoon of cricket, the event raised over £600 for The Children’s Hospice South West. This money will provide funding for this very worthwhile charity who welcome families to its hospices during difficult times.

The LaSy Trophy was presented to ‘No We Are Not Estate Agents’ by Simon Hicks of Lameys.  ‘No We Are Not Estate Agents’ defeated The Bond Pearce All Stars in a closely fought final.  Pictured below is Ashleigh Phillips being presented with the trophy by Simon Hicks. Pictured from left to right - Dan Sercombe, Adam McKenna, Micheal Seddon, Nick Loewendahl and Ashleigh Phillliips from the winning team.

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Once again Lameys and Loughtons will be holding our Annual Charity Golf Day.  This year the charities we have chosen to support are Cancer Research UK and Rowcroft Hospice.

 The event is scheduled for Friday 6 July 2012 at Dainton Park Golf Club, with a shotgun start from approximately 1.00pm.  There will be a buffet and charity auction in the evening.

If you are interested in entering a team or supporting the day in any other way please contact Michael Manwaring on 01626 366117 or This email address is being protected from spambots. You need JavaScript enabled to view it. and we can provide you with further information.

 

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A recent report into the insolvency rates of businesses throughout the UK has shown that the financial health of all businesses is heading in the right direction.

The report, whose findings were out earlier this week have revealed that compared to last year, the number of businesses to become insolvent has decreased from over 1,800 last year to just over 1,500 last month.

Along with showing a decrease in the number of firms becoming insolvent, the report revealed that all areas of the UK saw their average financial health score improve from an average of 83.24 in April 2011 to 83.76 last month.

The latest figures make for particularly positive reading for medium sized firms, which have traditionally struggled, as it was shown that these were the most improved during April.

Businesses with fifty-one to one-hundred employees saw the biggest improvement from 0.22 percent April 2011 to 0.10 percent in April 2012.

A spokesperson for the report said of the findings: “The figures show a more stable business environment, with some areas and sectors that have historically seen the highest rates of business failures moving in the right direction.

“Since January 2009, when the average financial strength score of UK firms had fallen to its lowest level recorded, there has been a definite and positive upward trend.

“Combined, these two valuable indicators show how UK businesses are faring and highlight areas where there are opportunities, as well as risks.”

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BUSINESSWOMEN from across Exeter joined city legal firm Stephens Scown LLP recently to celebrate its annual pink event at its offices in Southernhay.

The evening of pampering, pink drinks and canapés was organised to raise money for Breast Cancer UK.

Attendees enjoyed an interactive presentation from a ColourMeBeautiful image consultant.

And beauty therapists from The Cove in Exeter gave manicures throughout the evening at the event.

Pictured below Charisse Crawford (Stephen Scown) and Emily Johnson and Sophie James (both Lameys)

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Lameys saved a Bovey Tracey firm from collapse.

Lameys secured the future of Jeffrey's Energy Ltd after completing a deal to sell it to Dorset family firm Northover Fuels.

Read the full article here

http://www.thisisdevon.co.uk/Race-time-save-energy-business/story-16077653-detail/story.html
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Figures released by the tax office show that almost a third more workers are set to pay tax at the higher threshold of forty percent during the current financial year; pushing the total paying the higher rate tax to over four million.

The increase in higher-rate taxpayers is being attributed to reductions in the threshold for the forty percent tax, combined with the “fiscal drag” which sees tax bands staying where they are, instead of moving up with inflation, which results in inflation-linked wage increases pushing more people into the higher rate tax bonds.

John Whiting, from the Chartered Institute of Taxation (CIOT): “The combination of that happy couple, fiscal drag and cuts in the higher rate threshold, is pushing more people into the higher rates where they can contribute more to cutting the deficit.”

However, a spokesperson for the Treasury has argued that the higher rate tax threshold remains the same as last year; adding: “The increase to the personal allowance in 2012-13 has not created new higher rate taxpayers, although there will be some people whose income increases over the two years, meaning that they move into the higher rate.”

Although the number of higher-rate taxpayers has been estimated to increase over the next year; figures from the tax office have also revealed that the total of taxpayers during the financial year is set to decrease to fewer than thirty million.

The drop in taxpayers is due to the lowest paid being removed from the tax system altogether following an increase in personal tax allowance.

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Lameys proudly unveiled their new office at Marsh Mills in Plymouth on Friday 23rd March.

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Following the Chancellor’s budget yesterday afternoon, the British Bankers Association has said the UK’s banks will not end up paying higher taxes; due to the government’s planned bank levy hike being offset by the drop in corporation tax.

During the budget speech, George Osborne announced that he was planning to increase the rate of the bank levy from 0.088 percent to 0.105 percent from the start of next year; however he also announced that corporation tax will be cut.

The government is looking to raise £2.5 billion a year from the bank levy, which was introduced last year in a bid to encourage banks to reduce short-term funding in an effort to avoid a repeat of the 2008 / 2009 financial crisis.

Chief Executive of the British Bankers Association, Angela Knight, said following the announcement by the Chancellor: “The government has previously said that it both wants the bank levy to raise a specific amount – two point five billion pounds - and that any reduction in corporation tax will be offset by an increase in the levy.

“The corporation tax cut would reduce the amount raised, so as before the percentage has been raised to correct this. The end result is that the banks pay the same.”

It is the fourth time since the controversial tax was announced that Britain’s banks have had the levy on their balance sheets increased.

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Ministers have called on Her Majesty’s Revenue and Customs (HMRC) to clarify how the introduction of real time information (RTI) for universal credits will affect SMEs.

In a report released today, the Parliament’s public accounts committee says HMRC must clarify how RTI, which is being developed by HMRC to support the introduction of the new universal credit, will affect small businesses and the self-employed who may not use electronic payroll systems.

Chair of the Public Accounts Committee, Margaret Hodge, said: “The sheer complexity of the benefits system places a heavy burden on claimants.

"People claiming multiple benefits, such as housing benefit and child tax credit, deal with different public bodies.
“This can be confusing and potentially discourage legitimate applications. Departments responsible for means testing must work together to get a better understanding of the burdens placed on claimants."

The report also states that HMRC need to develop an effective approach for those claimants and businesses that are likely to be outside RTI in order to try to prevent previous problems which have affected tax credits.

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