Blog Archive

Page 102

Leading West Midland based Chartered Accountants Clement Keys has boosted its international business portfolio with a new client that will be in the UK for the duration of the Olympics.

Ceska Olympijska, the official marketing agency of Czech Olympic committee has appointed Clement Keys to advise the company on its obligations under the relevant UK tax rules which includes registration for VAT and preparing and submitting quarterly VAT returns. The company will be operating from Czech House during the period of the Games and will be located in the Business Design Centre, London. It will host political, public, economic, business and cultural events as well as sports-related functions and will be a centre for interaction between the Czech Republic, the UK, the EU and the Olympic movement.

Steven Simmonds, Director of VAT Services at Clement Keys commented: “We are delighted to be acting for Ceska Olympijska and hope that their experience of being in the UK during the Olympics proves to be both successful and enjoyable.

“We were selected for this work because of our extensive experience in this complex and ever changing area of UK corporate legislation via our association with IGAF Polaris.
IGAF Polaris is the 3rd largest association of accounting firms in the world with over 350 member firms in 85 countries and more than 800 offices”



Editor’s notes:

Established in 1885, chartered accountants Clement Keys offer a range of general accountancy, auditing and business advice services. Specialist services include taxation planning, property service charges, pension schemes, charities and not for profit organisations, entertainment and sport, fully listed, AIM and PLUS Markets businesses and European and Local Authority auditing.

Accountancy Firm of the Year 2009 (6-25 partners), Medium Accountancy Firm of the Year 2008 (6-15 partners) and Accountancy firm of the Year (up to 10 partners) in 2003 and 2005 – as voted for by members of the West Midlands region of the Institute of Chartered Accountants in England and Wales (ICAEW) – Clement Keys now has 10 partners and is a member of IGAF Polaris, one of the world’s largest international accounting affiliations for independent professional accounting services.

Lack of awareness of the latest treatment for a benign and treatable condition is preventing patients coming forward so physicians can’t rule out more serious bowel conditions.

Haemorrhoids are a common affliction which will affect 1 in 2 of the general population before the age of 50 and yet many put up with the symptoms of discomfort and bleeding for months or even years before seeking medical advice.

The National Trainer for Minimally Invasive Colorectal Surgery and Colorectal Consultant Mr Arif Khan based at Mid Cheshire Hospital NHS Foundation Trust and BMI Hospitals explains how a new treatment, THD is helping to overcome this reluctance. NICE (National Institute for Health and Clinical Excellence) have issued their guidance in 2010 and current evidence on haemorrhoidal artery ligation and states that the procedure is an efficacious alternative to conventional haemorrhoidectomy and there are no major concerns.

“I am always surprised by the number of patients who have coped with their symptoms for so long. Mainly patients are put off by the thought of painful surgery and not being able to take time off work. THD however is a minimally invasive treatment that is relatively pain free and often can be carried out as a day case with the patient returning home the same day and back to work the following day.”

THD or Transanal Haemorrhoidal Dearterialisation uses ultrasound Doppler to target and stitch the haemorrhoidal arteries to reduce the blood flow to the haemorrhoids and achieve shrinkage. This minimises bleeding, prolapse and discomfort. Because it does not require scalpel surgery pain is much less and recovery much faster.

“It is important that more patients and GPs are aware of the treatment because as a referral centre for bowel disease, when we work up haemorrhoid cases, our primary aim is to exclude more sinister pathology such as polyps or bowel cancer.”

“We can also assess suitability for THD, providing other lines of treatment such as shrinking ointments, high fibre diets and banding have not resolved the issue, before taking the surgical option. Having said that figures show that the THD procedure produces excellent medium term results in 85 – 90 % of cases and where the problem recurs, THD is safe enough to repeat without side-effects.”

Don’t Ignore the five main symptoms of haemorrhoids:

  • Painless bleeding from the bottom
  • Mucus discharge
  • Itching around the anus
  • Fleshy lumps which protrude or prolapse from the bottom
  • Anaemia (caused by long term bleeds)


“If patients are experiencing any of the five main symptoms of haemorrhoids, they should consult their GP and rid themselves of an uncomfortable and embarrassing problem while ruling out more serious bowel conditions.”
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Retailers that have been hit by falling sales could face further losses, warns chartered accountants Clement Keys as HMRC has announced that it is to close a VAT loophole on face value vouchers that could leave certain retailers out of pocket.

The announcement follows a defeat in the Court of Justice of the European Union for the HMRC that is now looking for a way to make up a significant loss of revenue.

“The loophole arose from the way different member states interpreted the EC legislation on face value vouchers which meant that in certain circumstances VAT was never accounted for,” says Steven Simmonds, Director of VAT Services at Clement Keys.

Whilst the legislation is predominately aimed at telephone cards it will affect any ‘single purpose face value voucher’ and will mean that VAT will need to be accounted when the card is sold to the end user. At the present time the cards are treated as non VATable supplies.

Other face value vouchers affected include electronic download vouchers, where they can only be redeemed for downloads, electronic apps, file streaming or other electronically supplied services, group discount vouchers, where they are redeemed for a specific service or goods and vouchers for admission to amusement parks which cannot be exchanged for other goods and services in the park.
Although the necessary legislation will not be passed until the 2012 Finance Bill receives Royal assent HMRC have warned that the effects of the legislation will be backdated to 10 May 2012 in order to prevent tax avoidance. This means the retailer will have to account for the VAT from this date even if they have not specifically charged the customer that VAT.

Retailers will find themselves out of pocket when vouchers that were originally purchased before the 10th May are redeemed after this date. In this instance the VAT will be due on the face value, which includes the retailers profit and the amount of VAT could easily be more than the amount of profit included in the voucher.
Retailers that deal in such vouchers are advised to seek specialist advice.


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