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We provide advice, comment, information, and technical tips across all our services and sectors.

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Scavenger Hunt, 2nd September

Posted on: June 25th, 2015 by Liz Mounfield No Comments

Join the Broomfield Million Makers team as we raise money for Prince’s Trust Wales, at our charity Scavenger Hunt—full of fun, photos, frolics and challenges that will pit you against other businesses around Cardiff City Centre.

Perfect as a team building or networking opportunity, sign up now to take part and support a great local cause.

Date: Wednesday 2nd September

Time: 4-7pm

Start: Upstairs in O’Neills, St Mary’s Street, Cardiff

Cost: £55 per team of 5 (inc. buffet and prizes)

RSVP to thomas.edwards@broomfield.co.uk to enter a team of 5.

Changes in UK accounting prompt consultation on Charities SORP

Posted on: June 23rd, 2015 by Sarah Case No Comments
Sarah Case, Director, Broomfield & Alexander

Sarah Case, Director, Broomfield & Alexander

Changes to UK-Irish accounting practice due to take effect from 2016 mean that the Charities SORPs (Statements of Recommended Practice) will need to be updated. The Charity Commission for England and Wales and Office of the Scottish charity Regulator, who together are the SORP-making body, have recently launched a consultation to hear charities’ views on proposed changes to the SORP. These proposed changes anticipate the implementation by the Financial Reporting Council (FRC) of its proposed changes to accounting standards in 2016.

The SORPs have to be updated to comply with the expected changes to accounting standards by the FRC. The FRC requires that a SORP must:

  • be prepared in accordance with the FRC’s Policy and Code of Practice on SORPs
  • include no fundamental points of principle that are unacceptable in the context of current practice or to conflict with an accounting standard

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Manufacturing and Engineering Survey 2015

Posted on: June 23rd, 2015 by Ian Thomas No Comments
Ian Thomas, Managing Director, Broomfield & Alexander

Ian Thomas, Managing Director, Broomfield & Alexander

This year’s 2015 survey is sponsored by Lloyds Bank and will focus on 7 core areas; the business as a whole, your post-election wish list and views concerning the EU referendum, recruitment and skills, funding, energy & sustainability.

The survey will be sent to thousands of manufacturers and engineers across the UK.

Along with our colleagues in the Manufacturing Group of our national association MHA, we will look at the anonymised data and use it to summarise trends, identify opportunities and threats for manufacturers and look at other ways in which we can help our manufacturing clients. Where appropriate, we will also be putting pressure on the government to take more action to support manufacturers and engineers.

As specialist advisers to the sector, we want to understand your view of the upcoming year so we’re asking you to help us by completing our brief online survey.

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The Sweet Smell of Success

Posted on: June 17th, 2015 by Mike Fenwick No Comments
Mike Fenwick, Director, Broomfield & Alexander

Mike Fenwick, Director, Broomfield & Alexander

A Cardiff entrepreneur who started a premium online beauty retail business from his parents’ garage has just completed a move to a 36,000square foot site  in Cardiff which will create an additional 100 jobs.

Rakesh Aggarwal who started Escentual.com in 2000, after completing his MBA from Cardiff University, was assisted by the Welsh Government to move to new premises in Ocean Park, under two miles from Cardiff city centre.

The move was backed by Welsh Government business finance and ensured the expansion went ahead in Wales and will create 100 jobs over the next two years and safeguard a further 20.

The new Operations centre and headquarters for Escentual.com which sells luxury cosmetics and fragrances from brands including Dior and Clarins, is triple the size of their previous site, and will enable Escentual to increase the number of product lines from 5000 to 15,000 items.

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Advisory Fuel Rates from 1 June 2015

Posted on: June 11th, 2015 by Sarah Curzon No Comments

HMRC have announced new fuel rates for company cars, to apply to all journeys from 1 June 2015 . Petrol hybrid cars are treated as petrol cars for this purpose. The amounts can be used for VAT, but employers will need to retain receipts.

Engine size Petrol – amount per mile LPG – amount per mile
1400cc or less 12p 8p
1401cc to 2000cc 14p 9p
Over 2000cc 21p 14p

 

Engine size Diesel – amount per mile
1600cc or less 10p
1601cc to 2000cc 12p
Over 2000cc 14p

Hybrid cars are treated as either petrol or diesel cars for this purpose.

Source: HMRC, June 2015

Impact of the recent General Election Result on the M&A market

Posted on: June 5th, 2015 by Katherine Broadhurst No Comments
Katherine Broadhurst , Assistant Manager, Corporate Finance, Broomfield & Alexander

Katherine Broadhurst , Assistant Manager, Corporate Finance, Broomfield & Alexander

The quarter before the recent General Election was full of uncertainty about what the political landscape would look like. The Conservatives won a majority and the resulting certainty is likely to appeal to investors.

Taxation remains a key policy area for the Conservatives. The two key policies which have been seen as key to the attractiveness of the UK for investors are:

  • The reduction in the corporation tax rate to 20%, increasing the ability of companies to make returns to investors; and
  • The raising of the Entrepreneur’s Relief lifetime limit to £10m, which makes investments for serial entrepreneurs and acquirers more attractive as it reduces the tax due on gains achieved.

In addition, the increase in the Entrepreneur’s Relief limit reduces the gross proceeds required for exiting owners to achieve their expectations and therefore can make succession easier to achieve, securing a business’ future.

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Xero: Introducing the Business Performance Dashboard

Posted on: June 5th, 2015 by Judith Mallen No Comments
Judith Mallen, Business Services Assistant Manager, Broomfield & Alexander

Judith Mallen, Business Services Assistant Manager, Broomfield & Alexander

Earlier this week Xero released the Business Performance dashboard, a new way of giving you better visibility of how a business is performing.

The dashboard provides easy access to a range of metrics automatically generated from the transactions in Xero. Track against standard financial ratios including gross profit, net profit on net sales, and debt to equity.

This means that when you need assistance with your accounts, as your accountants, we can work with you to understand which metrics are important, and how you can – over time – improve the performance of your business.

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Getting the most out of the accountants visit

Posted on: June 2nd, 2015 by Sarah Curzon No Comments
Sarah Curzon, Tax Director, Broomfield & Alexander

Sarah Curzon, Tax Director, Broomfield & Alexander

At this stressful time of year, the NHS year end the practice accounts year end, of coincide. Its important therefore to get the most out of your accountants visit during this very busy period as practice managers often feel under pressure.

All the paperwork to have ready:

  • Invoices
  • Receipts
  • Bank statements and loan statements
  • Bookkeeping up to date and reconciled with a list of unpresented lodgements and expenses provided
  • Stock take at year end
  • Payroll records
  • Outstanding payments
  • Outstanding income
  • GMS statements
  • Profit shares and capital shares
  • Prior shares and charges
  • Then there’s organising the partners:-
  • Have they completed their personal expenses?
  • Have they completed their tax questionnaire?
  • Are their company accounts up to date?

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Small employers begin auto-enrolment process

Posted on: June 2nd, 2015 by Liz Mounfield No Comments

Small and micro businesses employing fewer than 30 employees have begun auto-enrolling their staff onto workplace pension schemes.

The process will last until April 2017 and the exact timing of business’ staging dates will depend on the last 2 characters of their PAYE reference numbers.

Firms employing between 40 and 49 workers will stage in August 2015 while those with 30-39 members of staff will start complying in October 2015.

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Top tips for approaching your bank for funding your business

Posted on: May 20th, 2015 by Liz Mounfield No Comments

Banks such as Santander are raring to lend to UK businesses – indeed, there has never been a better time to seek financing. To maximise the support a bank can give you, there are a few simple tips to bear in mind:

  • Plan ahead – give your bank a reasonable amount of time before the funding will be required to ensure everything will be ready in time for when you need the funding. Having a well thought out plan in advance of any meetings can also help make the process more efficient.
  • Have the right statistics and up-to-date financials to hand – being able provide the correct financial information on past performance and realistic forecasts on potential future growth can help ease the process along.
  • Give a clear rationale as to why the business needs the funding – let the bank see that you have done the right research and have the right insights into your market
  • Keep an open mind – when it comes to types of funding, there are many more options than just a loan or overdraft so it’s best to look at the full range before deciding what to go for. Be flexible and open to suggestions and alternatives.
  • Finally, ensure that the agreed solutions match what your business needs, but also give some headroom for any additional slippage. Flexibility is key in business.

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Latest From The Blog


Scavenger Hunt, 2nd September

Join the Broomfield Million Makers team as we raise money for Prince’s Trust Wales, at our charity Scavenger Hunt—full of fun, photos, frolics and challenges that will pit you against other businesses around Cardiff City Centre.

Perfect as a team building or networking opportunity, sign up now to take part and support a great local cause.

Date: Wednesday...

Read more

Changes in UK accounting prompt consultation on Charities SORP

Sarah Case, Director, Broomfield & Alexander

Sarah Case, Director, Broomfield & Alexander

Changes to UK-Irish accounting practice due to take effect from 2016 mean that the Charities SORPs (Statements of Recommended Practice) will need to be updated. The Charity Commission for England and Wales and Office of the Scottish charity Regulator, who together are the SORP-making body, have recently launched a consultation to hear charities’ views on...

Read more