Crowdfunding For Clear Books

Tim Fouracre, the founder and CEO of cloud-based accounting software business Clear Books, is looking to use crowd funding to raise additional capital by offering 275,000 shares at a subscription price of £12 per share when it goes live on to the general public from 4 August, and is initially open to existing shareholders.

Clear Books has increased its customer base from 5,000 to more than 7,000 small businesses since September 2013, and increased its monthly revenue from £60k to £100k, achieving a 74% increase in annual revenue to the financial year 31 March 2014.

Living In A Fools Paradise

Business confidence might be galloping ahead, but many companies - not just the fabled zombies - continue to live in a fool's paradise of low interest rates and bank forbearance. Such complacency about the levels of corporate insolvency would be premature at best and naive at worst. The modest overall fall in company insolvencies should not be confused with a sustainable recovery.

Inheritance Tax Still Takes A Big Bite

Families were charged £3.4bn in death duties last year, an increase from £3.1bn in the previous 12 months, the Office for National Statistics said. The total was only slightly below the £3.5bn anticipated by the Office for Budget Responsibility, the government's financial forecaster.

New Rules For Non Doms Living In The UK

Non-doms living in the UK are only taxed on their non-UK income to the extent that they bring it into the UK. The proposed change relates to a situation where a non-dom takes out a loan - in the UK or elsewhere - which they use in the UK, for example to buy a property. If that loan were repaid using foreign income or gains the law has always recognised that repayment as an indirect remittance & taxed it accordingly.

Less clear perhaps is a situation where the offshore income or gains are used as collateral for the loan. In most situations the collateral is just a safety net and the loan will be fully repaid using other means. HMRC previously took a view that this should be treated as a remittance only in obvious avoidance cases. The withdrawal of this treatment could mean that there is a remittance, even if the arrangement was always that the loan would be repaid using monies already in the UK.

Midlands Excellence Awards Finalist

We are pleased to announce that for the second year running the firm has succeeded in reaching the finals at the Midlands Excellence Awards.

The firm will be attending a prestigious awards ceremony to be held at the International Conference Centre Birmingham on 3 February 2011 where the key speaker will be Sir Ranulph Fiennes.

Walker Thompson are currently the only firm of Accountants in Coventry & Warwickshire who have been accredited against the IIE Standard of Excellence which is based upon the EFQM Quality Model.

“Clients can be assured of a high quality service by our dedicated team of accountants and support staff”