Finance Briefs: Murphy Salisbury; CB, Chartered Accountants; JW Hinks

Murphy Salisbury tees off with Ryder legacy sponsorship

STRATFORD-UPON-AVON chartered accountants Murphy Salisbury is to sponsor a golf event in the town to honour the legacy of Ryder Cup founder Samuel Ryder.

Being staged at Stratford-on-Avon Golf Club on June 23, the Murphy Salisbury Lodders Samuel Ryder Pro Celebrity Golf Day recognises Samuel Ryder’s special connection to the golf club and town, while raising money for The Shakespeare Hospice.

Celebrating its 15th anniversary, the hospice is hoping to raise more than £30,000 for its new Building the Future Together appeal for young people, which is aiming to raise £1.2m to create new bespoke facilities.

The event will feature Ryder Cup golfers from the past, together with a number of celebrities, PGA professional and local golfers.

Steve Smith, partner at Murphy Salisbury, said: “We are delighted to associate our name and heritage with the founder of the Ryder Cup and his close connections to Stratford-upon-Avon, whilst giving our support to The Shakespeare Hospice and its new appeal for the caring of young people.”

Francis Prentice, a founding trustee of The Shakespeare Hospice and member of Stratford-on-Avon Golf Club, said: “This unique biennial event is set to become one of the biggest golf days ever staged at Stratford-on-Avon Golf Club and we are thrilled to be welcoming Murphy Salisbury as our title sponsor.”

Samuel Ryder first came to Stratford-upon-Avon to pursue his interest in William Shakespeare. As a keen golfer, he soon became a country member of Stratford-on-Avon Golf Club in 1927 when he helped to arrange an exhibition match to celebrate The Ryder Cup’s inaugural year.

CB warns offshore income holders to come clean

John Painter, managing partner of CB, Chartered Accountants Worcester A WORCESTER accountant has warned people who hold undisclosed income offshore to come clean or risk going to prison.

John Painter, left, managing partner of CB, Chartered Accountants Worcester said those who sought to avoid paying tax by hiding their money overseas could face a prison sentence under new laws currently being discussed by the Government. The move is an attempt to recoup some of the estimated £5bn in unpaid taxes as a result of outright tax evasion.

The changes, which are expected to come into effect next year, would give HMRC the power to prosecute people who do not declare their foreign income, even if they did not deliberately intend to avoid payment.

This is a major change to current laws which demand that prosecutors show that individuals intended to avoid paying tax on foreign income.

“Whilst the sentiment of the initiative is good in theory, I do share concerns with its practical application, where those people, who had no intention of avoiding tax could receive a prison sentence,” said Painter.

“I would urge anyone that holds income offshore to seek advice as a matter of urgency. If these plans become law, ignorance will be no defence, and you could be faced with a custodial sentence.”

JW Hinks warns of consequences of unpaid NICs

Claire Richards, payroll manager, JW HinksBIRMINGHAM-based chartered accountants JW Hinks has warned people with unpaid national insurance contributions that private debt collectors could be used to recover the money they owe HM Revenue and Customs.

It said people paying tax through Pay As You Earn (PAYE) as an employee, or who receive a taxable, UK-based private pension, may have received a P2 annual coding notice for the 2014-15 tax year, which sets out their tax code for the year so that their employer or pension provider can deduct the correct amount of tax and national insurance.

Some people receiving the notice may find that their tax code has changed, because HMRC can now collect outstanding Class 2 national insurance contributions, paid by people who are self-employed, by adjusting the tax code.

HMRC has already written to those with Class 2 NIC debts to request payment and is warning that those who do not pay in full could find their debt passed on to a private debt collection agency, if it is not collected via their PAYE code.

Claire Richards, (pictured) payroll manager at the Edgbaston firm, said: “If you have already received a letter informing you of an outstanding NIC debt then, as with any tax matter, it is important to deal with the matter as soon as possible.

“If in doubt, it is always best to seek expert advice at the earliest opportunity – burying your head in the sand will not make the debt go away and could lead to much bigger problems.”

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