All employer’s need to remember that there will be an increase in the National Minimum Wage from 1st October 2016. The National Minimum Wage should not be confused with the National Living Wage for 25 year olds and over which was introduced on 1 April 2016. The new rates of National Minimum Wage from 1st October are as follows:-
Individuals, partnerships, sole traders, and landlords will be the first to join HMRC’s brave new digital world in 2018. This will revolutionise the way many businesses keep their books and accounts. It is HMRC’s hope that by 2020 the tax return as we know it will have been entirely abolished.
All individuals and small businesses will have access to digital tax accounts, with the information HMRC needs already automatically uploaded. HMRC believe that you should never have to tell them of information they already have and therefore under and over payments should be reduced. Digital accounts will give you a single, personalised view of your tax position across all liabilities and entitlements.
The new Social Business Growth Fund, backed by £2.3m of EU funds, will make funding packages of up to £150,000 available to social businesses across Wales.
Managed by the Wales Council for Voluntary Action (WCVA), it will support the growth of Welsh social businesses and help develop new products, services and markets.
Investments through the fund will involve a mix of grant funding and repayable finance, with financial incentives for social businesses that exceed job creation targets.
The Welsh Government has launched a new £5 million Growth and Prosperity Fund to support SME’s in Wales. The fund is a non repayable grant fund to support capital investment and job creation/safeguarding.
The new fund is split into two phases with £2 million allocated for smaller projects with grants ranging from £5,000 to £50,000 (Phase 1) and £3 million allocated for larger capital investment projects with grants ranging from £50,000 to £500,000 (Phase 2). Phase 1 for smaller projects is now open for applications which must be submitted by 30 January 2017 at the latest. Companies are required to have completed the project by 31 March 2017.
Choosing auditors and accountants – why should you choose a specialist?
My clients are special, each and everyone of them is unique in some way and the team at Broomfield & Alexander ensure that they are treated accordingly. In the third sector, more so than in any other sector, no two organisations are the same whether that’s with a different structure, governance or income stream. However, there are common themes and regulations that cut across size, legal form, sector etc.
It’s clear that all small businesses need good cashflow to survive. But many don’t really understand or manage their cashflow. They also don’t have good visibility of their accounts.
If you are a small business owner there may be many reasons that you started your own company. You may have wanted to do something you’re passionate about, have control of your future or be your own boss, but whatever the reason, it’s likely that balancing the books wasn’t high on your list of things to do. Business accounts have a reputation for being complex and time consuming for anyone who isn’t an accountant.
Software that makes doing business a pleasure, can only be a good thing. Making money and seeing your business grow and develop should be fun. If the software is intuitive, it can actually be fun to use.
The client DVS Limited formed in 2003, established itself as one of Europe’s most successful multi-brand distributors of electronic surveillance products.
A fast paced and energetic organisation, DVS has embraced innovative technological advances in the industry and is now seen as one of the industry’s most proficient distributors of IP CCTV products.
DVS has built an enviable reputation in the industry that has helped to ensure that many of the industry’s leading manufacturers have decided that DVS is the best partner to introduce their products to the professional installer.
Accountancy firm Broomfield & Alexander has moved up to 77 from 82 in the Accountancy Age 2016 Top 50 + 50 annual survey.
The firm, with three offices across south Wales, in Cardiff, Newport and Swansea recorded fee income of £5.8m in 2016, a rise from £5.3m in 2015.
A recent focus for the firm has been on recruitment and 20 new members of staff have joined the teams across all service lines and at all levels from Director to AAT Trainees.
Ian Thomas, Managing Director of Broomfield & Alexander, said:
“Although not driven by such tables we are always interested in monitoring our progress. We are pleased to see that we are moving up the Top 50+50 national rankings based on our 2016 financial performance and delighted to see that we are the only independent firm of accountants in Wales in the results once again. Our rise in the rankings reflects the growth of the firm and the increase in the amount of work that we are undertaking for clients across our sector and service lines. This work is increasing year on year and we are fully supported by the talent and experience both within the firm and assisted by our membership of MHA and the UK membership of a dynamic international network in Baker Tilly international.”
To view the full Accountancy Age Top 50+50 survey for 2016, please click here.
In a further bid to clamp down on tax evasion through holding funds offshore, the UK has entered into agreements with many other countries (around 100 so far) that will result in the Automatic Exchange of Information between these countries. The agreements will take affect over the next few years but the first, with the Crown Dependencies (Isle of Man, Guernsey and Jersey) and the British Overseas Territories (Cayman Islands, British Virgin Islands, Bermuda, Anguilla, Turks and Caicos, Monserrat and Gibraltar) will take effect from 1 October 2016.