acqValue chartered certified accountants

Business Blog 16 May 2016

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Acqvalue – Business News Roundup

A number of new stories and issues caught our attention recently. You will find more details and useful links in our tweets, Facebook posts and May newsletter.

Security

It’s important for all businesses to keep security under constant review to protect assets.  This is not just about having proper protocols around passwords, backups etc.  Remember other things count too, for example, adequate insurance cover, buildings security, controls over cash…and much more.  The small business owner, who has to wear many hats, must ensure that this hat is not neglected!  

Technology

Clearly technology plays a big part in all our lives and this continues at a rapid pace.  If small business owners do not embrace this reality, they will not survive.  Technology plays a vital role in accounting, cash flow management and marketing.  When the right technology is used properly staff can concentrate on more productive tasks and on business growth.  For example, a small takeaway food and drink business can save around 40 hours per week by adopting a cloud-based electronic point of sale system. That’s a saving of one full time member of staff. Indeed, cloud-based technology is vital to give small businesses the edge when competing against their larger rivals.

A study by the CBI and IBM found that many firms are struggling to keep up with the pace of technological change and that about half of UK firms are falling behind when it comes to digital capabilities.  For more information see link:  http://www.itdonut.co.uk/news/it/does-your-business-have-digital-vision- 

Funding

 
 

Businesses who are seeking Enterprise Investment Scheme (EIS or SEIS) funding should take note of a great article by Startups listing 7 pitfalls to avoid when seeking the tax breaks offered via the scheme.  One point to note is that tax relief is available for the issue of newly subscribed shares.  Get the cash before issue of the shares.  It is also vital to declare as much information as possible during the assurance process.  Note that “passing” the assurance process means that a business is likely to qualify based on the facts and information provided.  Undisclosed information may affect eligibility. The article can be found using this link:

http://startups.co.uk/eis-and-seis-7-pitfalls-your-business-needs-to-avoid-when-you-raise-finance/ 

Expenses Management

Small business owners are missing out on millions in tax relief by not including all tax-deductible expenditure in their accounts.  We have all done it!  That receipt that is left in your pocket and ends up going through the wash!

However, there apps on the market that allow you to take a photo of your receipt using your mobile phone and then post the expense with a photo of the receipt to your accounts. Xero, Receipt Bank and Concur for example.

At the other end of the spectrum HMRC has ruled that the security firm G4S cannot use parking fines to reduce expenditure for tax purposes.  This underlines a long held view by HMRC that fines for breaking the law can’t be used to reduce your tax bill.  The tribunal believed that G4S staff deliberately failed to comply with parking restrictions for commercial gain.

If you have any questions or views on the above please feel free to get in touch. We would love to hear from you.

Auto Enrolment

 
 

Please don't ignore auto enrolment.  Penalties are on the increase.  You could be fined up to £500 per day.

 

Acqvalue

www.acqvalue.com

0208 004 8828

Auto Enrolment into Workplace Pensions - Don't ignore it!

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The Department of Work and Pensions and the Pensions Regulator have launched a new advertising campaign promoting auto enrolment which aims to change the country’s perception of pensions in the workplace.

Workie, ‘a striking physical embodiment of the workplace pension’, will be seen visiting people in different work environments over the coming months, asking them not to ignore him.

The advertisements come with a message, whilst automatic enrolment into workplace pensions has been rolling out across the UK since 2012, it is only now that 1.8 million small and micro employers need to act. In a phased process over the next three years, every employer will have to enrol their eligible staff into a pension scheme, by reference to their staging date.

Pensions Minister, Baroness Altmann, said:

"This is a fun and quirky campaign but behind it lies a very serious message. We need everyone to know they are entitled to a workplace pension – and we need all employers to understand their legal responsibility to their staff, but also to feel more positive about engaging with workplace pensions.

Free Workshop in Association with Taxwise Rewards

Join us free of charge to understand your legal obligations with regards to the new pension reforms.   Lunch will be provided. 

Listen to our expert speakers.  The workshop will cover:

  • A clear understanding of pension reform
  •  Information on what you need to do to prepare for compulsory Auto Enrolment
  • Changes to contract of employment as a direct result of the Act
  • Advice on handbook content and policy updates
  • How to communicate contractual changes to your employees
  • "Asks the Experts" session

Venue:  Jurys Inn Croydon, Wellesley Road, CR0 9XY.

When: 14 January 2016 AM.

Time: 09:30 to 12:30.  Coffee and Registration at 09:30. Event starts at 10.00.

Book Now: By completing the form below:

 
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