New Advice: Employees Paid By Commission

July 15th, 2014

There is a recent European Court Ruling which stated that a worker’s right to be paid annual leave was infringed when his future remuneration was reduced because he had been unable to earn commission while on holiday.

What this means is, when an employee’s take home pay includes a significant element of commission they should not be paid on just purely their basic when away on holiday, but their holiday pay should reflect both basic pay and commission. The majority of employers pay just basic pay when an employee is on annual leave so the potential impact and cost of this ruling is huge.

For example, a salesperson earning £10k commission per annum with the statutory 5.6 weeks holiday entitlement would result in circa £1k additional holiday pay. The higher the commission the higher the liability.

All employees who fall into that category could make a claim, and the claims could go back up to 6 years so therefore the above example with an employee who had worked for 6 or more years would be in excess of £6k. Also in terms of any staff who have been employed for less than 6 years, failure to act now may mean that their entitlement continues to go on and on.

The above will probably be highlighted in the press soon and legal companies will try to encourage staff to make claims.

We recommend if you fall within this category you act now to mitigate any potential claims and consider all of your options.

This is a legal issue, however we can put you in touch with an employment solicitor if you need assistance.

Tree Puts Down Roots At SAScon This Week

June 4th, 2014

Tree is proud to be supporting SAScon, one of the UK’s leading Search, Analytics and Social Conferences this week.

Through our links with the two day conference on 5th and 6th June at Manchester Metropolitan University Business School we hope to provide financial, and business growth advice to the delegates attending the conference.

Tree Director Nik Hynes comments: “We are looking forward to partnering with this important conference which once again showcases the scale of digital talent in the city. Tree prides itself in its track record of supporting businesses in this sector as they grow, and we are looking forward to working with more digital companies in the future.”

 

Spring Budget Statement 2014

March 20th, 2014

In order to keep you up to date with all of the announced changes in the March Budget, we have put together a ’2014 Budget Report Summary’.

Click here to read the full summary.

Here are some of the elements we identified as most relevant to our clients:

Annual Investment Allowance (AIA) doubled to £500,000 and extended to the end of 2015.

Full rate of corporation tax is now 21%.

Research and development (R&D) tax credit payable to loss-making SMEs to increase from 11 per cent to 14.5 per cent from April 2014.

The choice of tax efficient investment vehicles grows wider every year with SEIS, EIS, VCT and now SI Relief. We expect the changes announced today to drive own the cost of these vehicles and refocus them on fuller risk investments.

New rules aimed at certain industries including recruitment and employment agencies will treat workers as employees rather than self-employed.

Personal tax threshold to increase to £10,500 from April 2015.

40p income tax threshold to increase to £41,865 from April 2014 and then to £42,285 from April 2015.

Cash and shares ISAs to be merged, with tax-free limit increased to £15,000 from 1 July.

Total pension saving taken as lump sum doubled to £30,000, while taxable part of pension pot taken as cash on retirement to be charged at normal income tax rate.

Tree to become Prolific Advisors

June 20th, 2013
Prolific Advice, an innovative new initiative created by Prolific North is going through its final testing phase and will be commencing in the next few days. Specifically developed for owners and managers of creative and media companies, Prolific Advice will be providing online professional advice and opinion at no initial charge. The service is being brought to fruition together with three media-savvy professional and financial services partners who have an established interest in and are keen to help SMEs and owner-managers across Prolific North’s readership to develop their businesses. The three partners are: Lucas Fettes – insurance brokers, Tree – accountants, Turner Parkinson – law firm
See more at: http://www.prolificnorth.co.uk/2013/06/prolific-advice-to-go-live-in-next-few-days/#sthash.oQNOsjCZ.dpuf

2013 Budget Report Summary

March 28th, 2013

In order to keep you up to date with all of the announced changes in the 2013 Budget, we have put together a ’2013 Budget Report Summary’.

Please click here to download a copy.

2012 Budget Report Summary

March 22nd, 2012

In order to keep you up to date with all of the announced changes in the 2012 Budget, we have put together a ’2012 Budget Report Summary’.

To download your copy please click here.

June 9th, 2011

Tree Accountancy to be guest speaker at event; ‘Top 5 Sins of a Creative Business’.

On Thursday 23th of June Launchpad will be hosting an event specifically for creative, digital, marketing and media firms. Tree’s own Nik Hynes has been invited to speak about accounting for creatives.

According to Launchpad, the number one deadly sin for creative businesses (although we’d argue ALL businesses!) is not having a firm grasp on the numbers. Nik intends to cover this in a friendly yet insightful manner, empowering the audience with some of the knowledge needed to make a real difference to their company.

Topics to be covered by other presenters include the sin of undercharging/over servicing, understanding new business, staff appraisals and development and the importance of planning.

Tree are always pleased to have the opportunity to support local businesses and are looking forward to the event (not least, the free lunch included in the ticket price!)

The event will take place at 1 Portland Street, Manchester.

If you are interested in attending the event, tickets can be bought by clicking here.  Early bird tickets are £40 but if you want that worm you will have to be quick!

More details can be found on the 5 Top Sins of a Creative Business website.

Northern Quarter Street Party Review

April 21st, 2011

Northern Quarter Street Party

Well, what a fantastic day had by all. The Northern Quarter was a roaring success and we are so proud to have contributed to that even in part. Organiser Carole Keating was looking ravishing in her forties get up, including a fantastic veiled mustard hat. But then, wasn’t everybody. The revellers took the forties theme to their heart and dressed to impress.

Party goers repose a while on the benches on Edge St

The day was a fun filled feast for all the senses. The street, complete with reams of bunting, was transformed into a nostalgic wonderland. Each side  was lined with stalls, around 50 in total, mostly representing the wonderful array of shops and cafes that the Northern Quarter is famous for. At the entrance of the event was a genuine WW2 military jeep complete with period dressed army guys and girls and later in the day out came a board of Wills and Kate with the faces cut out so people could pose as the happy newlyweds. The centre of the street was dominated by one long picnic bench adorned with jars of purple flowers, just like the good old days.

Northern Quarter Street Party 1940's Costumes & Jeep

Striking a pose in the original WW2 jeep

For the taste buds, Ning Restaurant were serving up some really tasty dishes, and we indulged in some of Grandad’s Sausages before a cup of ‘slow coffee’ from the North Tea Power stand. Delicious! Those with a sweet tooth were not disappointed either. Oklahoma cafe had sweet stall serving up all the sweets from your childhood and there were more macaroons on offer than you could shake a stick at!

Northern Quarter Street Party Olkahoma Cafe Cake stall

Some of the delicacies on offer

We got all hands on with the Manchester Craft Mafia designing some bespoke Tree Accountancy bunting which now hangs proudly on the string next to all the other (children’s) artwork. Check out the picture below! We managed to catch sight of a string quartet and a comic magician on the main stage. The golden oldies were playing on the gramophone and people were dancing in the street. Down by Common Bar it was Pimms o clock. Whilst people sipped they watched a graffiti artist at work on a massive mural on the side of the building.

Northern Quarter Street Party Tree Accountancy Manchester Bunting

Marketing Executive Lorna demonstrated her creative flair

For those who were feeling a little under dressed, there was no need to panic. Present was a vintage make-up artist, promising to turn the ladies into screen sirens such as Ginger Roger. There was also a lady offering pink transfers applied patterned with the royal couple’s portrait – we even saw a man getting into the spirit with that! You could also get the Union Jack adorned on your person with the Fancy Pants Face Painter.

Northern Quarter Street Party Nail Transfers

A young man gets a 'Royal' manicure

All in all, there were a lot of happy faces and calls to make this an annual event. We were delighted to have had the opportunity to sponsor such an amazing event, especially one which championed our beloved Northern Quarter. Tree had a spiffing time , we hope you all enjoyed it too!

Emma and Lorna at Northern Quarter Street Party

Our team members Emma and Lorna stand proudly under the Tree banner

Tree Accountancy Manchester to Sponsor Northern Quarter Street Party

April 21st, 2011

Tree are delighted to announce that we are now the proud sponsors of the highly anticipated Northern Quarter Street Party.

Where all the action will be taking place on May 29th

The moment we caught wind of the event through Twitter, we just knew we had to be involved. The forties style shin dig will be fun packed with entertainment galore, with all kinds of culinary and crafty delights available. Not only does it promise to be a fabulous event, but we also feel strongly about the sentiment it stands for. As organiser Carole Keating puts it, “a celebration of the Northern Quarter and all who do great things in it.”

Tree moved to the Northern Quarter almost exactly two years ago. We were drawn to the area because of its thriving network of eclectic businesses, its warm sense of community and not least because of the personality of the place. Our passion is to help businesses grow. Our office on Kelvin Street is right on the doorstep of so many exciting businesses, allowing us to give each one that personal touch which sets Tree apart from the rest.

As for the big wedding, there are mixed feelings in the office. Office Manager Zoe’s response was ‘roll out the bunting!’ and Accounts Assistant Katie is very excited on the blushing bride’s behalf. Amongst the boys there is much more apathy (quelle surprise), though all are grateful for the extra day off.

We’re particularly excited for the ‘Pimp my teatowel’ stall and the barber choir sing off. On the day you might spy our marketing exec Lorna around and about, she’ll be visiting all 50 of the stalls as well as posting updates to Twitter as well as pictures and videos. Follow @treeaccountancy if you aren’t already, for a live feed and pictures of the event as it unfolds.

It promises to be a spectacular event!

2011 Budget Summary

March 24th, 2011

For the 2011 Budget, Tree Accountancy have provided a budget summary.

Tree Accountancy 2011 Budget Summary Download

Here is a summary of the 2011 budget from Tree Accountancy. To download your copy please click here.