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JW Hinks
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The biggest challenges facing SMEs in 2018 - A new study carried out by Barclays Business Banking claims to have mapped out the biggest challenges facing British small and medium-sized enterprises (SMEs) over the course of 2018. The survey, which asked SME owners about their biggest fears in the run-up to the New Year, found that rising inflation and the ever-increasing threat of cyber attacks were the top two things business owners were worried about. It found that almost half (43 per cent...
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The nuances of the new property allowance explained - Landlords are being urged to pay close attention to the rules governing the new property allowance, which was phased in earlier this year. As of 6 April 2017, individuals who rent out property are entitled to a £1,000 tax-free allowance – known as the property allowance. HM Revenue & Customs (HMRC) introduced the property allowance to provide greater certainty regarding income tax obligations on small amounts of income brought in from le...
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Business hopes up ahead of holidays - Business owners are more confident in the future of the British economy than they have been in the past five months, according to new research. Lloyds Bank, which published the report, found that confident firms outweighed those that are pessimistic by a lead of 28 per cent. Confidence in business prospects rose for the fourth consecutive month by four points to a balance of 48 per cent – the highest level since April 2017. But SMEs’ hiring intentions d...
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Finance chief gets the axe after major accounting error - A chief financial officer has been forced to resign after an accounting error put his company into disrepute. In a profit warning, Luceco, based in Telford, revised down its projected profit for the year ending 31 December 2017 from £16.7 million to £13.2 million. The London Stock Exchange-listed company said a gross margin weakness was not identified due to an incorrect assessment of the value of the group’s stock. It said its group...
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SMEs concerned about cash flow - A new study suggests that many small businesses are concerned about their cash flow. In a survey carried out by Barclaycard, 69 per cent of small and medium-sized enterprises (SMEs) said that cash flow was a ‘key worry’ for their business, while a similar number added that insufficient working capital was having a negative effect on their growth plans. More than a third (38 per cent) of SME bosses and decision-makers said that they thought their cash flow wo...
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How embracing technology can improve productivity - According to a recent survey, the number of formal digital transformation strategies adopted by small and medium-sized enterprises (SMEs) has doubled in the last year, which is great news for productivity. However, as the survey’s authors point out, businesses need to see technology as an enabler of new revenue streams and business models and not just a cost, which they can do by adopting technology that are guaranteed to improve productiv...
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HMRC warns about new tax scam costing victims thousands - HM Revenue & Customs (HMRC) has issued a warning about a new tax scam tricking victims into handing over thousands of pounds. The tax office said fraudsters are preying on victims by cold calling them and impersonating an HMRC member of staff. Once they’ve gained the victim’s trust, the scammer will tell them they owe large amounts of tax which they can only pay off through digital vouchers and gift cards. HMRC says Apple’s iTunes St...
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Room for improvement in handling of client complaints, says SRA - Solicitors are not always on the same page as clients when it comes to measuring success and delivering effective client service, a new study has revealed. The Solicitors Regulation Authority (SRA), which published the research, found that in 64 per cent of cases, law firms believe the end result is the client’s top priority. While a third of clients agreed with this sentiment, two thirds (62 per cent) said they were more int...
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HMRC to address concerns raised about proposed MTD penalty model - HM Revenue & Customs (HMRC) has confirmed that will address a number of concerns raised by tax and accountancy bodies regarding its newly-unveiled Making Tax Digital (MTD) penalty regime. In recent days, the tax authority has published details confirming that penalties for late submissions and payments under MTD will follow a ‘points-based model’. This model will see system users receive a ‘point’ each time they fail to subm...
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Drop in GP partner pay - Despite favourable contract announcements in England, Wales and Scotland, around half of GP partners claim their takings have decreased by more than four per cent since April. According to a survey undertaken by Pulse magazine, only one in 10 said they had experienced a pay increase despite an uplift across the board that should have resulted in a one per cent rise in take-home pay. However, the British Medical Association (BMA) says that this is because the increas...
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