Nick has lived in St Just all of his life and has been with the Truro-based firm since he left Exeter University in 2004.

His fast career progression saw him qualify as a Chartered Accountant in 2007 and a Chartered Tax Adviser in 2008.  Today he deals with a range of businesses from sole traders to limited companies, advising on accounts, business and taxation matters.  Nick is also the firm’s specialist in probate and estate administration matters.

Senior Partner Paul Reed is proud of Nick’s historic achievement.

“Nick is forward thinking and incredibly driven.  He has impressed Partners and clients alike with his dynamic approach and commitment.

He has excelled from day one and it’s rewarding to see a person that we have trained develop so fast.  We are all very proud of him and wish him the very best as he goes forward.”

Nick is pleased with his promotion.

“As soon as I tried accountancy, I knew it was the profession for me.  It’s a great opportunity to meet new people and every day is different.  This is no normal office job as we have to be enormously reactive.  I enjoy helping people and giving business and tax advice makes a real and significant difference.

The size of the firm means that staff can specialize in different areas and we can be involved with a great variety of clients so work is always interesting.

As a proud Cornishman it’s important that I work in a thoroughly Cornish firm.  I’m pleased to be the youngest ever Partner at Robinson Reed Layton and I’m excited about what the future holds.”

At school, Nick was uncertain of his future career but while at Penwith College, he studied an accounts module and found that he loved it, so he went on to read accountancy at Exeter University.

Graduation was looming and he knew that he wanted to continue living in Cornwall.  Consequently he wrote to every accountancy firm in the county, thereby winning a position at Robinson Reed Layton which he began straight after university.

Nick lives in a house that he built himself in St Just with his wife Vicky.

We held one in the morning of 22 March at Truro and Penwith College and another at lunchtime in Carlyon Bay. The briefings were well attended by local businesses, charities and individuals keen to learn how the new Budget affects them.

The Partners delivered presentations which included the “Cornwall Perspective” and details of the forthcoming “pasty tax”.  Many guests were keen for some one-to-one time with our staff about their individual cases which allayed concerns for some and pre-warned others about imminent impact.

If you have concerns about how the new Budget could affect you, then please don’t hesitate to get in touch for a free consultation.  Call James Bailey on 01872 276116 or email him at james.bailey@rrl-truro.co.uk

No, your eyes are not playing tricks, but it may not be as good as it sounds!

The Revenue are introducing RTI a process where all payrolls will need to be performed on line.  The process is aimed to reduce the number of errors made in employees’ tax codes and the number of Tax Credit frauds.

Currently the Revenue issue tax codes and pay Tax Credits based on historical information leading to incorrect deductions especially where people’s circumstances change.  The Revenue may not be aware that an employee has another job or has pension income.

In one case a basic rate tax payer was getting 40% tax deducted from each of her 3 jobs and this took months to sort.

The idea of RTI is that with accurate data held on the Revenue’s computer, when employers log on to do the payroll the Revenue’s computer will check that employee’s data across the country and will advise the correct tax code to be applied automatically.

In fact it is one of the conditions of RTI that you cannot process your payroll before transmitting data to the Revenue’s computer.  This will include the proposed gross pay of each of your employees.

The Revenue will know exactly how much each employee is earning from each employment and pension and will therefore theoretically be able to ensure that the correct amount of tax is being deducted overall, as well as checking income for Tax Credits, or Universal Credits as they will be known.

In addition to this on the employer’s first submission they will have to include the normal working hours of each employee.  This is for the Revenue to look at Universal Credits entitlements but no doubt this will be used for other checks such as Minimum Wage.

Even where no payments have been made to individuals the process will need to be carried out.

The Revenue believe this process will reduce their costs and they will be able to focus on non-compliance issues, beware more PAYE visits and ensure your accountant’s fee protection scheme covers such visits.

So whilst a benefit for the Revenue there are several downsides for employers and also some practical issues in addition to the above, it appears that it may be the end of the straightforward sub to the employee prior to pay day as in the future such payments will be subject to an on line process before they can be made!

In order for the Revenue to match specific individuals the first Full Payment Submission will include details of all staff on the payroll for that year and this will be a data cleansing/checking process, ensuring that National Insurance numbers are correct and not AB123456C or NOTKNOWN!  This will also include getting everyone’s middle names entered correctly as well as their correct first names – apparently the Revenue believe this is quite a big task in itself.  This will also show how many employers are taking copies of the correct documentation when taking on staff, even casuals.

Penalties will be invoked for incorrect data as this will impede the ability to match individuals nationwide.

So when does it all start?  The Revenue are picking the chosen few for a pilot scheme from April 2012 but hope that most employers will have joined by April 2013 when a mandatory migration begins.  For those not joining the club at that stage they will have no option from October 2013.  There may be as little as 4 weeks notice of mandatory migration so it will be good to get information cleansed as soon as possible.

Signing up voluntarily for the “bedding in process” between November 2012 and April 2013 is supposed to avoid penalties for data error.  There are deadlines to do this which are as early as 20 April 2012.

It should be noted that the Revenue will not be accepting submissions in January and February 2013 as this is a busy time for their system to cope with Self Assessment – not a good sign that their computer will be man enough to cope with such a complicated process!

Robinson Reed Layton have held two workshops on RTI to show employers how to be RTI ready and how to process their payrolls with confidence.

Having qualified as a Chartered Accountant with the Cornish firm in 2011, Dan then moved to another regional firm of Chartered Accountants before returning to Robinson Reed Layton’s tax team last week.

He is pleased to be back.

“I am extremely excited about returning to the firm.  James Bailey and our tax team are nationally renowned for their expertise and throughout my training I was always impressed with the specialist advice they were giving to both clients and other members of staff.  When an opportunity came up to rejoin the team, I simply had to take it.”

Tax Partner James Bailey is also pleased.

“We are delighted to have Dan back in our tax department and wish him every success in obtaining his Chartered Tax Adviser status. Our already outstanding team has just become even stronger.”

Dan will now start to work towards his Chartered Tax Adviser qualification, boosting an already impressive tax team which includes four Chartered Tax Advisers.

He is looking forward to being able to fulfil his career ambitions whilst remaining in Cornwall, which is imperative to him as a keen surfer.

To contact the tax team please call 01872 276116.

‘This is potentially very good news for landlords of furnished holiday accommodation,’ said James.

‘Until 2008 HMRC accepted that owners of furnished holiday accommodation could claim business property relief for inheritance tax purposes, which meant that the value of such properties would not be included in their taxable estate when they died.  It also meant that it was easier to make lifetime gifts of holiday lets.

‘In November 2008, however, HMRC quietly altered one paragraph in their Inheritance Tax Manual to say that unless significant extra services were provided with furnished holiday lettings they no longer took the view that these were ‘business property’ for inheritance tax purposes, because they fell within the exclusion for ‘making or holding investments’.  In other words, HMRC took the view that there was no difference between a landlord of furnished holiday accommodation and an investor with a managed portfolio of office blocks and warehouses.

In December 2011, the First Tier Tax Tribunal decided a case involving the late Mrs Pawson, a lady who had died in 2006 owning a 25% share in a holiday cottage.  The services provided to the holidaymakers were only the basic ones such as cleaning and laundry, and Mrs Pawson was not personally involved in the provision of these as they were contracted out.

HMRC said that business property relief was not due as Mrs Pawson’s interest in the cottage had been more of an ‘investment’ than a ‘business’.

It is not an exaggeration to say the Tribunal poured scorn on HMRC’s contentions, pointing out that a businessman looking for a passive investment would not even consider furnished holiday accommodation because of the additional work involved in organising the necessary services and finding new tenants every week or fortnight.

They therefore allowed business property relief on the cottage.

Finally, James sounded a note of caution:

‘A decision of the First Tier Tribunal is not a precedent that HMRC have to follow, and it remains possible at this stage that they will appeal against the decision, but (along with another recent case which suggested that capital gains tax may also be less of a problem for furnished holiday lettings than has been thought) this does represent a significant piece of good news for an industry which is vitally important in our region.  I hope that HMRC, still smarting no doubt from the dressing down they were given by the Tribunal both for the arguments they raised and the way they presented their case, will decide to accept that holiday lettings are a genuine ‘business’ and to stop seeking to charge inheritance tax on them.’

If you are concerned about how this decision may affect you, please contact James Bailey on 01872 276116.

She has fifteen years worth of commercial experience and her indepth knowledge of the popular accountancy software will strengthen the firm’s busy Sage team.

Robinson Reed Layton provides Sage accounts software and contact management systems, together with related training and support, to businesses and charities of all sizes.  The firm also runs regular user seminars based on requests from clients.

Senior Partner Paul Reed is already impressed with the new appointment.

“Wendy is a real asset to our clients.  She is a Sage expert who can really help them get the best accountancy technology to suit their needs and then talk them through actually using it.  Her excellent communication skills and thorough knowledge are a winning combination.”

Wendy is pleased with her new role.

“Robinson Reed Layton has a strong reputation for professionalism and I am very proud to join the county’s only Sage Accredited Accountant Partner.

Having had an excellent relationship with the firm in the past as a client, I can use this as an advantage to better relate with current clients.

The firm’s independent Sage team helps clients to get the best of Sage, from an introduction for a new user to the delivery of advanced tailor made packages to suit clients’ individual needs.

I’m particularly looking forward to being part of the Sage seminars that the firm delivers as our clients really appreciate the extra support and software updates.”

Wendy has used Sage in a variety of sectors including retail, commercial and manufacturing.  She started using the accountancy software 15 years ago in a retail environment before becoming the Finance Manager and running the accounts department of a local export company.

Born and bred in Cornwall, Wendy has lived in Falmouth for the last four years.

James Bailey, Tax Partner for Robinson Reed Layton explains:

“We appreciate that Cornwall Hospice Care will benefit more if we give a donation than if we bought cards.  This way the money can be used directly by the charity, rather than just a percentage of the cards’ proceeds.  We used to send a huge number of cards to our clients and in these days of increased environmental awareness we think it important to act responsibly in reference to our natural resources.”

This festive charitable action further increases the amount given to the local community by the accountancy firm over the past year.  Most recently the staff got into the spirit of the Odd Sock Day for St Petroc’s Society by wearing strikingly mismatching footwear for a day.  Earlier in the year funds were raised for the Cornwall Blind Association through a sponsored walk and for a range of Cornish charities by taking part in the Truro Rotary Club Great Pancake Race.

Cornwall Hospice Care is an independent Cornish charity, uniquely placed within the community and committed to the delivery of excellence in Specialist Palliative Care across Cornwall.

Lynn Taylor from Newquay has worked at Robinson Reed Layton for just over twenty years while Carole Thomas from Hayle has worked with the firm for over twenty one years.

Lynn is an Assurance Manager who looks after quality control together with audits and a portfolio of clients that includes groups, companies, sole traders and partnerships.

Lynn’s start in accountancy was not a predictable move.  She left Bath University with a degree in Applied Biology, signed up to Chartered Accountancy training and has been with Robinson Reed Layton ever since.

She really appreciates the firm’s emphasis on career progression.

“What I like most about being part of Robinson Reed Layton is the training ethos.  We are Investors in People and have achieved platinum approved status for our trainee development with the Association of Chartered Certified Accountants so further development is actively encouraged at all stages of your career.  Here I can continue to grow.”

Today Carole manages a portfolio of sole traders, partnerships and limited companies and is a key member of the Sage team for the firm that is Cornwall’s only Sage Accredited Accountant Partner.

She started work at Robinson Reed Layton aged just 17.

“I don’t know where the time has gone and it’s strange to think that I have met and married my husband as well as having two children while working for Robinson Reed Layton.”

She continues:

“The firm really understands family commitments and is excellent about childcare in particular.  It operates a leisure bank system whereby I can work extra hours at certain times of the year in order that I can take time off during the school holidays.  This type of flexibility reflects the firm’s family values and makes an enormous difference to me.”

Senior Partner Paul Reed is both pleased and grateful for their commitment.

“Our training programme is vital to furthering the careers of our staff members and the commitment from Carole and Lynn is enormously appreciated.  Both ladies have shown fantastically loyal service that our clients and our own team benefit from.”

Robinson Reed Layton presented special commemorative gifts to thank the ladies for their dedication.  Lynn was given some furniture for her new home and Carole was given a Pandora bracelet.

The match is taking place at the Recreation Ground, home to Cornish rugby, and is set to be an exciting game.  Taunton are an up and coming side, having come fourth in last year’s division so there should be fireworks on the pitch this Guy Fawkes Day.

Paul Reed, Senior Partner at Robinson Reed Layton explains the reasons for continuing to support ‘the Reds’:

“The firm has a history of supporting our local sportsmen and this game in particular promises to be very exciting.”

Jeff Knuckey, Commercial Manager of Redruth RC explains why this corporate sponsorship is so vital to the Club’s success:

“The support of companies like Robinson Reed Layton is the life blood of Redruth Rugby Club. We do not have a single major benefactor at the club and therefore depend on the support of over 120 local companies in order to maintain the standard of our rugby.

“Within this group of sponsors there is a nucleus of some 20 Corporate Sponsors who are major supporters of the club. Robinson Reed Layton has been a member of this special group for over 10 years. We are extremely grateful for the continuing level of support they give us. Robinson Reed Layton are true friends of Redruth Rugby Club.

“We look forward to meeting Paul Reed and all our old friends from the accountancy firm again with their guests and will do our very best to ensure that they have an unforgettable day both on and off the pitch.”

For further information on Redruth RFC please visit www.redruthrfc.com

Ten youngsters from Pencalenick School, near Truro, will spend a day at BF Adventure learning survival skills and building shelters and campfires.

Helen Campbell, Deputy Head from the school says that the students are excited:

“So many of the students wanted to join in but we have chosen those that have worked really hard and made good progress.  It is very kind of our accountancy firm Robinson Reed Layton to think of us as the students will have a terrific time.”

Paul Reed, Senior Partner of Robinson Reed Layton is happy to help:

“We enjoy working with Pencalenick School and know what an excellent asset it is to the local community.  We are well known for our accountancy work with schools and academies but it is nice to offer something different once in a while!”

Robinson Reed Layton is one of the leading advisors to the education sector in the county.

Staff wearing odd socks

Staff at Robinson Reed Layton put their best feet forward to raise funds for a local charity today and wore odd socks to support the special fundraising day for St Petroc’s Society and raised £130 to boot.

Partner Stephen Gainey joined in the fun:

“The staff of Robinson Reed Layton are always keen to support local charities and Odd Sock Day for St Petroc’s Society is an especially fun way to do it.  Our clients were most amused at our loud socks!  It is certainly a good way to raise awareness of St Petroc’s excellent work with the homeless of our city.”

If you would like more information on St Petroc’s Society then please visit www.stpetrocs.org.uk