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.
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!
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-
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:
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.
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