Oh what a night was the Streatham Business Awards 2014!
There were many businesses showcased during the night with some winning multiple awards.
Alfred A Malnick & Co. were the proud runners up for the Lifetime Achievement Award; the application submitted for this award is below:
“The firm has survived two major recessions (the early 1980’s recession and the early 1990’s recession) by being alert and responsive to the changing environment and understanding what our clients are going through, and how their requirements change during different economic periods.
We are pleased to say that we are also strongly continuing through the latest recession by keeping to our tradition of adaptability.
The firm has always been family owned and we take great pride in bringing the “family” aspect into all parts our business. We get to know our clients on a personal level as well as a professional one. Strengthening this bond has lead to great loyalty from a number of our clients.
This is shown by the fact that our firms’ growth is entirely organic – we have built our client based purely through referrals, new introductions and basic business marketing.
Our business marketing strongly focuses on referrals; the firm belongs to the Streatham BNI referral organisation which puts us in touch with many local businesses and individuals. This type of marketing in particular has worked very well for us as it helps us to reach our target demographic of owner managed businesses.
Although our main focus is on owner managed businesses, we ensure we can cater to all the accountancy requirements of most individuals and corporations. The director specialises in Audit, and the practice manager specialises in Tax. This permits us to offer a wide range of services to a variety of different types of organisations. We offer the full range of accountancy services with the intention of being a “one-stop shop” for our clients. This allows us to service them better as we are aware of all of their financial statuses (e.g. payroll, VAT, personal tax returns).
Our marketing and service strategy, we believe, is the reason behind our ability to add an additional 70 number of clients to the books during the 2013 period. This will inevitably lead to higher turnover and profitability in the coming years.
We are looking to maintain our loyalty base and increase it in the coming years.”
We look forward to adding more recognition to the firm’s portfolio in the coming years!
HMRC has recently been cracking down on buy-to-let Landlords, who have undeclared rental income.
Private landlords have been the subject of HMRC task force teams in Scotland, North Wales, London, East Anglia, North East, North West, and following the success of the scheme since November 2012, this has now been extended to South East England, covering almost all of the UK.
In the last few months, half a million letters have been sent out to individuals who HMRC believe have undeclared income in this sector.
As it stands, it is believed that only one in three landlords are declaring their rental income!
It is a common misconception that rental income need only be declared once the rented property becomes profitable. However this is not the case.
HMRC expect all forms of income to be declared, regardless of profitability.
It should also be noted that information technology is making it increasingly easier for HMRC to trace Landlords with undeclared income, for example, by asking letting agents to provide a list of landlords and properties they hold.
In addition, inspectors may also use the internet to search for means of additional income, such as tenant advertisements.
In our experience, tax liabilities on rental income are not traditionally crippling due to a combination of high mortgage interest (and other tax-allowable, deductible expenses) and the fact that rental losses can be carried forward (only) and set off against future rental profits.
If you would like more information, or any assistance with these matters, please feel free to contact us by phone or email.
Midnight on 31st January, 2013 was the deadline for submitting your Tax Return for 2011/12 and paying any tax due to HMRC.
According to HMRC, a record 9.61 million people found “inner peace” and sent their tax return on time this year. Read more →
If you are registered for VAT but have not sent in all of your VAT Returns, you may not be paying the right amount of tax. The VAT Outstanding Returns campaign is an opportunity for you to bring your VAT Returns and payments up to date. To take advantage of the best possible terms you must complete and submit your returns by 28 February 2013.
If your VAT Returns are still outstanding after 28 February, your tax affairs will receive closer attention from HM Revenue & Customs (HMRC). Read more →