Archive for the ‘New start businesses’ Category

More workers aim to become self-employed

Posted on: April 10th, 2018 by Denise Roberts No Comments

The number of people who are planning to become their own boss has almost doubled in the past year, according to research.

Aldermore polled 2,003 adults and found that 29% aim to start their own business in the future – up from 15% in 2017.

Some 18% of those intend to make the switch in the next 12 months, while 28% believe they will give up full-time work to become their own boss within three years. (more…)

Brexit concerns for UK tech and innovation

Posted on: July 8th, 2016 by Mike Fenwick No Comments

Mike FenwickIn an age where disruption, innovation and adaptability are seen as everyday challenges in one of the UKs flagship sectors, is Brexit really a cause for concern for the tech sector, or is it already primed for such challenges?

It’s no secret that the majority of tech firms wanted a ‘Bremain’ result to carry forward the momentum for what has been a meteoric rise over the last six years. Just prior to the EU Referendum, The UK’s technology trade association, techUK, surveyed 277 technology business leaders and found that 70% were in favour of staying in the EU, with only 15% supporting a Brexit.

(more…)

Start up week: advice on starting your own business

Posted on: February 26th, 2016 by Denise Roberts No Comments

Denise Roberts (2)When starting up a business, people often find themselves in a very foreign environment. Aside from the passion and commitment required, there are a number of other factors which play an important role in ensuring that your business has the best chance of a success.

Firstly identify who your customer/market will be and ensure that you have a product or service that they want to buy. Market research is a good way of gauging whether there is a demand for what you’re offering and what the market is willing to pay. Armed with this knowledge you can then set out a clear business plan to identify your costs, the funding you’ll need, potential sales and ultimately the profit that the business will hopefully make.

(more…)

National Living Wage

Posted on: January 26th, 2016 by Sarah Curzon No Comments

Sarah CurzonThe National Living Wage (announced by the Chancellor in Budget 2015) is due to be introduced from April this year to £7.20 per hour for over 25 year olds. This could potentially cost small businesses as much as £2 billion, so planning cash-flow will be key for small businesses, especially as the National Living Wage is set to rise to £9.00 per hour by 2020.

The cost to business is likely to be significant, especially for businesses who are reliant on part-time workers such as the tourism and hospitality sector and those in the care sector.

From an employee’s perspective the Government have put a very positive spin on this announcement but for business owners this could have negative repercussions. Many businesses fear that they will be forced to make redundancies to manage ever increasing salary costs. This comes at a time when the Government are also ensuring employers provide pensions for employees through Auto-Enrolment. Many employers have still not yet gone through the Auto-Enrolment process and may have no idea of the impact of the cost increases that face them.

The wage hike will affect workers aged 25 and over, and is reportedly set to boost the salaries of over six million people. The National Minimum Wage rates will stay the same for workers aged 24 and under.

For advice on how this can affect your business and help with cash flow management and forecasting please contact us on [email protected]

Supporting drop-in workshops at Welsh ICE

Posted on: August 24th, 2015 by Denise Roberts No Comments

mentorgroup

MHA Broomfield Alexander are one of a number of high profile experts that have partnered with Welsh ICE to offer advice to start-up businesses.

The scheme will allow entrepreneurs and business owners to access free advice of the highest quality on subjects ranging from data protection and law to tax and accounting.

(more…)

Venturefest: Connect for Success

Posted on: August 12th, 2015 by Liz Mounfield No Comments

Broomfield & Alexander’s very own Mike Fenwick and Denise Roberts will be at Venturefest Wales, Swalec Stadium, Cardiff on Tuesday 29th September 2015.

Venturefest Wales 2015 is a free event that brings entrepreneurs, innovators and investors together to inspire business growth through collaboration. Make new connections while you visit the unique mix of workshops featuring inspirational speakers and one-to-one sessions with experts.

Mike FenwickMike will be available in the ‘Meet the Experts’ area for 121 sessions on Grants for Entrepreneurs, if you wish to discuss your plans, potential eligibility for R&D, capital expenditure and job creation grants, as well as discuss the importance of match funding and project presentation to provide you with the best possible chance to access funding. Match funding sources such as debt and equity can form part of an overall funding package and a number of competing issues may need to be considered so come and discuss your options.

Register here to book a 121 session with Mike Fenwick at Venturefest Wales 2015.

Denise Roberts (2)Denise will be leading a workshop entitled, Tax options for innovative companies: maximising your tax reliefs.

Businesses are continuing to operate in a challenging market with increasing pressures on margins. However, innovative businesses who are driving forward with investment in the development of new/improved products,  applications, or processes have found that they can use tax reliefs to improve their margins.

Tax reliefs such as R&D Tax Credits and Patent Box are much publicised but come along to this workshop and find out how to really maximise your claims and find out about the wide range of type of claims that can be made.

You can register to attend Denise’s workshop on the Venturefest Wales 2015 web site.

Rewards-based Crowd Funding: Why Start-ups needs to understand the VAT aspect

Posted on: August 10th, 2015 by Liz Mounfield No Comments
Liz Maher, Director, Centurion VAT

Liz Maher, Director, Centurion VAT

There’s no shortage of survey commentary in the business pages through the year to evidence how small businesses fear the complexities of the VAT legislation. A recent commentary from a Direct Line for Business commissioned survey suggested that around one in ten respondents had limited sales to ensure they remained below the VAT registration threshold.

Continuing pressures on accessing funding for small and medium sized business has seemingly added a further complication – with the growth in Crowd Funding as a route to raise monies to finance a business idea, creation or production.

For the vast majority of crowd funding projects where a share in the equity is the supply for the consideration of funding provided then nothing significant has changed from the VAT perspective. The challenge is in the area of “reward-based” crowd funding where in return for the finance provided the business enters into a promise to deliver some tangible benefit to the funder – some goods to be generated by the business in the future, a discount or voucher package perhaps?

(more…)

Summer Budget 2015 – Small businesses count the cost

Posted on: July 9th, 2015 by Leighton Reed No Comments
Leighton Reed, Director, MHA Broomfield Alexander

Leighton Reed, Director, MHA Broomfield Alexander

Small businesses may be disproportionally affected by the Chancellor legislating for a national living wage by increasing the minimum wage to £9 by 2020. Small businesses will now have to make real decisions on taking on more staff given the relatively high costs whilst those businesses with relatively low profit margins will also be affected by the new rules.

This measure will be partially offset by an increase to the employment allowance to £3,000 although this will give little comfort to those businesses that now need to pay higher employers national insurance contributions due to the higher wages imposed.

There was some good news for small business with the Annual Investment Allowance for Corporation tax being fixed at £200,000. This should allow 95% of businesses in the UK to get 100% relief for capital expenditure on plant and machinery.

Launchpad competition

Posted on: April 14th, 2015 by Denise Roberts 1 Comment
Denise Roberts, Tax Director, MHA Broomfield Alexander

Denise Roberts, Tax Director, MHA Broomfield Alexander

Aged 16-25 and an aspiring engineering entrepreneur? Could you do with some extra support? Have you heard about the Royal Academy of Engineering’s Launchpad Competition?

The aim of the Launchpad Competition is to enable an aspiring engineering entrepreneur aged 16-25 to start a new business based on their engineering innovation.

The winner will receive the JC Gammon Award, a prize of £15,000 and the support from a money-can’t-buy Membership of the Royal Academy of Engineering Enterprise Hub.

The Enterprise Hub is an initiative that sees some of the UK’s leading technology entrepreneurs and engineering business leaders volunteer their time to mentor the country’s most promising engineering entrepreneurs, who in turn form a highly valuable peer-support network. The Hub also runs a year-long programme of training courses, exclusively for Hub Members.

(more…)

VAT: New Place of Supply Rules – a headache for Tech businesses?

Posted on: July 30th, 2014 by Denise Roberts No Comments
Denise Roberts, Tax Director, MHA Broomfield Alexander

Denise Roberts, Tax Director, MHA Broomfield Alexander

At present the place of supply of most B2C services is the place where the supplier belongs.

This is changing from 1st January 2015 such that the place of supply becomes that of the customer. This means businesses in the UK supplying telecommunication services, broadcasting services and other electronic services to consumers will need to be able to establish where the customer belongs.

This may not be that straightforward as, normally, a supplier will only have limited access to information about a customer. The supplier will however be allowed under the rules to make certain assumptions concerning where their customer belongs. Examples include the following:

  • Services are provided via a mobile network- The business can assume the customer belongs in the country corresponding to the country code of the SIM card used by the customer to receive the services
  • Where the services require the customer to be physically present at a location to receive a service, that location can be assumed to be the customer’s place of belonging.

(more…)