Member News & Events



JP Morgan support Young Enterprise

Dorset and South Hampshire students are set to benefit from J.P. Morgan’s support to gain new employability skills and experience, as part of an innovative 2-year employability programme from Young Enterprise.

The JPMorgan Chase Foundation has provided a grant to Young Enterprise, the UK’s leading enterprise education charity, to support the delivery of a new innovative employability journey called ‘DASH’. The Foundation’s two-year grant will support the delivery of the programme in schools and colleges right across Dorset and the New Forest.

As part of DASH over 1800 students will undertake a 12 hour employability masterclass with many then taking up the opportunity of a local workplace visit or experience. The programme will build their confidence, enhance their communication, team work, planning and leadership skills, and provide an insight into business and employment life, especially among ‘in-demand’ sectors such as STEM. The programme culminates each year with a ‘key competencies’ event where students will have the opportunity to ‘match’ their skills with the employability skills demanded by local employers.

As a result of the programme students will be better prepared and make more informed decisions on their educational/career pathways, new relationships will be formed between schools and local employers, young people will have an increased awareness of STEM sector employment opportunities and apprenticeship offers promoted.

J.P. Morgan has a Technology & Operations centre in Bournemouth with a strong history of community engagement with partners such as Dorset Young Enterprise. Over the past 10 years, the two organisations have collaborated on a number of community development and education-based initiatives in the Bournemouth and Poole area.

Gary Ford, Managing Director, J.P. Morgan, Bournemouth said, “J.P. Morgan firmly believes that all members of our local communities should have a chance to take part in and benefit from the wider economy. As the way that people work and the types of jobs available are ever-changing, now more than ever it’s crucial that young people, particularly those who may need more support, are able to make informed choices about their future career choices. We are proud to be supporting the DASH project and are keen to see the project have a positive impact on the lives of local young people.”

Michael Mercieca, Chief Executive Officer for Young Enterprise says “we are grateful to J.P. Morgan for this funding which will directly enable young people to develop essential employability skills and mindset, understand local employment opportunities and be inspired to improve their own prospects for sustainable employability in the 21st Century”

Businesses, community organisations and individuals who would like to be part of this exciting project should contact Hannah Cook on 07918564958 or e-mail hannah.cook@y-e.org.uk

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Club scores with World Cup event

More than 150 football fans congregated at AFC Bournemouth’s Vitality Stadium to watch England play Belgium in the World Cup as part of a social event organised by AFC Business, the club’s commercial arm, and local digital marketing agency Bespoke 4 Business

Despite the disappointing result, business folk from throughout the region enjoyed curry and drinks laid on in the club’s Champions Top Floor Restaurant, as well as a half-time quiz presented by AFC Bournemouth player liaison and hospitality host Jimmy Glass.

AFC Bournemouth Partnerships Manager Amy Marks said: “We had a splendid evening with an excellent group of business people, including a lot of new faces. It was very much a World Cup party and England’s 1-0 defeat did nothing to dampen spirits.

“We are grateful to Bespoke 4 Business, headquartered at Poole’s Albany Business Park and with clients in Dorset, Hampshire, London and across the UK, for sponsoring the event.”

Bespoke 4 Business Marketing Director Hayley Baverstock said: “These events always prove extremely popular and are a great way of bringing people together to watch some football, have a fun evening and also network in a relaxed manner.”

AFC Business is AFC Bournemouth’s free-to-join business club which offers a host of benefits to its 1,600 members, such as attendance at regular events and breakfast networking meetings and enables the club to maintain a high profile in the business community.

Bespoke 4 Business specialise in web design, digital marketing and business management systems. Their enviable client base includes a number of the South’s leading businesses such as Carpet Barn, W&S Recycling, Broadview Shading Solutions, Town & Country Communications and Trethowans, all of whom were in attendance on the evening.

For details about AFC Business see  www.afcb.co.uk/commercial-and-afc-business/afc-business

For details about Bespoke 4 Business see www.bespoke4business.com

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Plane speaking at AFC Business directors’ lunch

A former RAF Tornado pilot is set to help entrepreneurs and decision makers reach for the sky at a business lunch.

Motivational speaker Mandy Hickson, who flew fast jets for the RAF for 17 years, is the inspirational guest speaker at the AFC Business directors’ lunch next month.

The Southampton-based former pilot will be flying high at the picturesque Harbour Heights Hotel, Sandbanks.

Up to 80 leading members of the central south region’s business community are expected to attend.

The July 4 lunch is the second such event organised by AFC Business, Premier League AFC Bournemouth’s commercial arm, and is again sponsored by international property company Savills, which among other things is the UK’s largest planning consultancy.

Savills acted as AFC Bournemouth’s planning consultant for the recent planning application for a new training complex at Canford Magna and for the renewal of planning permission for the Ted MacDougall stand at the club’s Vitality Stadium.”

AFC Bournemouth partnerships manager Amy Marks said: “We are delighted to have someone of the calibre of the inspirational Mandy Hickson as our keynote speaker and grateful for the backing of Savills once again.

“Mandy was only the second woman to fly a Tornado GR4 on the front line, completing three tours of duty and 45 missions over Iraq.

“Mandy succeeded in a male dominated environment by being her own person and not by using the fact that she was female

“She draws on her unique experiences of flying in a front line Tornado Squadron within hostile environments to train and inspire others.”

“Mandy has inspired corporate audiences, women’s groups and schools on her approach to the building and empowerment of effective teams and inspired goal setting and ultimate focus.

“She also looks at decision making under extreme pressure, maintaining momentum despite losing top talent and nurturing a culture of self-confidence and aspiration.”

Karl Cradick, planning director with event sponsor Savills, said: “The AFC Business directors’ lunch provides a great opportunity to meet local business leaders in a convivial setting.  Savills is delighted to continue its association with this event”.

Limited tickets are still available at £55+VAT each for the fine dining event, including a two-course lunch with wine and coffee, plus networking time. To book emailaysia.smith@afcb.co.uk

AFC Business is AFC Bournemouth’s free-to-join business club which offers a host of benefits to its 1,600 members, such as attendance at regular events and breakfast networking meetings and enables the club to maintain a high profile in the business community.

AFC Business Breakfasts resume on Wednesday, September 5 after the summer break.

For details about AFC Business see  www.afcb.co.uk/commercial-and-afc-business/afc-business

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Bournemouth & Poole College are on the lookout for the best bacon BAP(TA)s!

Bournemouth & Poole College are playing a vital role in this year’s newly created Bournemouth and Poole Tourism Awards (BAPTAs). Not only are they sponsoring BAPTAs Best Breakfast Award category, they also hosted the VIP Launch Event at their Poole site in September and will be hosting the semi-finals event at their Bournemouth site in the New Year. Students at the college are engaging with the awards and will be hosting guests, providing entertainment, assisting with the catering, producing videos and encouraging entries and nominations too.

Bournemouth & Poole College is the largest provider of Further Education (FE), Apprenticeships and professional training in the area. Their core focus is on developing the work skills of their students, so that when they leave they are ready to start or to progress within their chosen career. They are home to around 11,000 students from across the region, the UK and internationally, including 2000 apprentices.

 Michael Johnson, Vice Principal, Finance and Commercial Development said “Bournemouth & Poole College are excited to be sponsoring the Best Breakfast Award.  Just as a healthy, hearty breakfast is the perfect start to the day, we believe obtaining appropriate skills and training is the perfect start to any career. Continuing to develop and update these skills through further training and higher-level qualifications will help ensure a long and successful career and we can offer a great training partnership through professional qualifications and Apprenticeships.”

Jackie Phillipson from ROUTEpr and the BAPTAs, “We are absolutely thrilled at the energy, enthusiasm and support Bournemouth & Poole College have provided us since the start. They are 100% behind the awards and this is what makes the awards what they are. The team at the BAPTAs are excited for what’s to come and appreciate all that the staff and students at the college are contributing to the awards.”

The BAPTAs Best Breakfast Award is open to all businesses in the BH postcode area who supply a breakfast offering, and have been trading for over 18 months.

To enter the awards please visit www.bapta.co.uk. Tickets to the Final Gala Dinner (15th March 2018) are available at: http://bapta.co.uk/buytickets/

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Support from Morebus helps Bournemouth’s Town Pastors provide more comprehensive assistance 

Go-Ahead Group owned Morebus is lending its support to Bournemouth’s Town Pastors – an important local service aimed at helping those who find themselves in need of emotional or practical support whilst on weekend nights out.
The operator provides 24-hour bus services across its M1 and M2 routes, and is keen to highlight the work that the Pastors carry out to help keep late night revellers safe and sound.
“Bournemouth is a popular destination among visitors and local people – not only during the daytime hours but also in the evenings, especially at weekends,” said Adam Keen, Morebus area manager.
“We provide around-the-clock bus services in the town centre, allowing residents to leave their cars at home, and make their way into Bournemouth for evenings out.
“There is a great atmosphere here, providing nights to remember for many. But there are times when people need the kind of support offered by Town Pastors – and they do a superb job here.”
The Pastors are Christian volunteers who go out onto the streets, listening, talking and providing practical support to those in need.
“Sometimes people just need someone to talk to – and others require extra assistance and advice,” added Adam. “The volunteers cover large distances over the course of the weekend, so we’re delighted to be helping them in their endeavours by allowing their team to travel across our network free-of-charge.”
Garry McDermott, from Bournemouth Town Pastors, said: “This is a wonderful gesture from Morebus, and will allow us to freely move around the town to help as many people as possible here. Although we are a group made up of local Christians, this isn’t about religion – it’s about providing support to anyone who needs it, regardless of faith.
“Thanks to Morebus, we’ll be able to cover greater distances and hopefully provide  more comprehensive support here in Bournemouth.”
For more information about Bournemouth Town Pastors, please email chrismcdermott@bournemouthtownpastors.org.uk
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AFC Business riders go the distance for cancer charity

NINE AFC Business members have raised more than £3000 for local cancer patients by getting on their bikes.

The cyclists, led by AFC Bournemouth Commercial Director Rob Mitchell, cycled a total of 450 miles in the Heartbeat Cycle Ride 2017 to raise funds for [ww.dccf.co.uk]Dorset Cancer Care Foundation (DCCF).

Rob explained: “It’s one of the toughest things I’ve ever done, but one of the most rewarding too.

“Riding 70 or 40 miles is no mean feat and I’m so grateful to all the other riders from the local business community who got on their bikes to join me.

“We set out to raise £2500 for the Dorset Cancer Care Foundation, but we are already at £3162 and the money is still coming in.”

Rob and his team joined a host of other riders in the annual Heartbeat Ride which is organised by the Wessex Heartbeat charity and traces a route across the picturesque Test Valley, from Romsey through to Winchester and Salisbury and back to Romsey.

Rob, along with Richard Osborne of Hill Osborne Chartered Accountants and Ally Case of Travel Counsellors, tackled the 70-mile route. While their team mates Dan Buckley of AFC Bournemouth, Peter Hann of Techclean Services Wessex, Sharon Cummings from Hays Recruitment, Stephen Goulter of Portmore Life and Stuart and Susan Green of Sue Green Property Letting completed the 40-mile route.

Rob said: “The ride was impeccably well organised and took in some lovely scenery and although the weather was quite changeable, we were pretty lucky with the rain.

“There was a lot of encouragement amongst our own riders and from others on the ride and I think we all felt a massive sense of achievement when we completed it.”

AFC Bournemouth has been supporting Dorset Cancer Care Foundation (DCCF) all year.

The charity, based in Poole, offers financial help to cancer patients across the county, giving grants to pay for everything from household bills and mortgage payments to much needed short breaks.

The Wessex Heartbeat charity, which organises the bike ride, supports the work of the acclaimed Wessex Cardiac Centre at Southampton General Hospital.

Wessex Heartbeat has recently partnered with DCCF and agreed for all the money raised by the AFC Business riders to be split equally between the two charities.

 

DCCF trustee Anne Rowland said: “We want to say a massive thank you to Rob and his fellow riders for their incredible efforts on our behalf. They should be extremely proud of themselves.

 

“The money they raise will provide a financial lifeline for many local cancer patients.”

 

Money can still be donated to the team via: https://www.justgiving.com/fundraising/afcbusinesscycle

 

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Taylorcocks September Update

Xero Update

With the build up to XeroCon in October, Xero have gone very quiet on the update front. Word has it that we can expect some rather exciting updates to be released at XeroCon so we will keep you posted.
So, what has happened in the past month?
1) Depreciation – There have been two main updates here. The first being that you can now easily roll depreciation forward for the months were there are no depreciable assets. Previously you had to create a dummy asset to achieve this. The second update is the addition of a Pool Detail Report, allowing for significantly improved depreciation reporting.
2) Auto-enrolment – The only real change here is an improvement to the on-boarding process for both the auto-enrolment and pension syncs.
3) Statutory Sick Pay – Again, a very minor change but a number of new statutory payment types have now been added, which should make your payroll process a little easier.
4) iOS – The iOS app has undergone quite a significant change, albeit to many minor features rather than one or two major changes. The most significant of these are the improvements to the dashboard – allowing you to view overdue invoices, unpaid invoices, approved expense claims and quotes sent. You can now also add / edit contacts with the app. The biggest improvement for us has been the integration of Xero contacts with Apple Spotlight.

Xero Tip of the Month
Multiple PagesYou can view multiple pages in your Xero organisation at the same time by using tabs: • To open a link in a new tab on a PC, right-click on a link and select Open a new Tab.
 • To open a link in a new tab on a Mac, hold down the Command key and click on the link.Do not use tabs to view multiple Xero organisations.
Multiple OrganisationsIf you need to view multiple Xero organisations at the same time, open each organisation in a different browser. For example, log in to your first organisation in Chrome and your second organisation in Safari.
If you don’t use separate browsers, your changes may be saved in the wrong organisation. Different browsers ensures that each organisation has its own separate data session.

Xero Add-on Review
Do you have a lot of recurring invoicing on Xero? It’s nice to know just how much your monthly billing will be worth across the next 12 months, especially if you’ve been winning a lot of new clients. Well, in this edition we will be looking at DonkeyBean.
DonkeyBean is a great, inexpensive, app that allows you to easily run reports looking at what your monthly billing will be each month. You can also drill down into this and see which repeating invoices are due to end soon. A very simple idea, that provides exactly the information you need.

High value dealers need to register for cash payments
Businesses accepting cash payments of €10,000 or more in exchange for goods are required to register with HMRC under money laundering regulations (MLR).
Recent changes to regulations mean that companies accepting cash payments on or above the threshold limit (or equivalent in sterling) will be classed as high value dealers.
Transactions that are considered high value payments include:  • single cash payments of €10,000 or more for goods
 • several payments for a single transaction totalling €10,000 or more • payments of €10,000 or more divided into smaller amounts so they come below the high value payment limit.The types of businesses that may be classed as high value dealers include: • jewellers
 • dealers in cars, boats, art or antiques • builders • bathroom or kitchen suppliers • auctioneers and brokers.Registering
If your company is currently accepting or making high value cash payments then you are immediately obliged to register with HMRC under MLR.
There is a non-refundable fee of £100 when you first register and you must pay £115 for each of the premises you include in your application. You will not need to register under MLR if your business: • only receives payments for services or for a mix of goods and services where the value of the goods is less than €10,000
 • only accepts large payments by credit card, debit card or cheque.


We can assist with your business compliance.

Rising national living wage hits SME profits
64% of small businesses are seeing profits fall as a result of the national living wage (NLW) rise, according to research.
The NLW increased from £7.20 to £7.50 per hour on 1 April 2017.
Out of 835 businesses surveyed by the Federation of Small Business (FSB), 39% have put up prices to cope with the NLW increase.
Almost one in four (24%) firms either cancelled or downscaled investments, while 22% reduced working hours and 19% hired fewer employees.
43% of businesses increased wages in line with the NLW, suggesting the majority of owners are already paying their workers above the new rate.
Mike Cherry, national chairman at the FSB, said:
“Small businesses owners have demonstrated their resilience in meeting the challenge set by the NLW, with many cutting their margins or paying themselves less to pay their staff more.
“In sectors where margins are tight, small firms are resorting to more drastic measures to cope with the NLW. It is vital the NLW is set at a level the economy can afford, without job losses or harming job creation.”Dealing with the wage rise
Less stressful, but far from straightforward, ways to manage the costs of the NLW include: • increasing productivity • streamlining your processes • passing on additional costs on to your customers.Penalties
If you fail to pay staff the NLW, you will face a fine based on the underpayments.
The penalty for firms who do not comply with the NLW is 200%, although this will be halved if employers pay within 14 days. The overall maximum penalty is £20,000 for every underpaid worker.

Recruiters working harder to fill vacancies
Recruiters are finding it difficult to hire new staff due to increasing competition for highly skilled employees, a study has found.
Of 400 recruitment agencies surveyed by IHS Markit for the Recruitment and Employment Confederation (REC), 40% found the availability of temporary staff had got worse in July 2017 compared to the previous month (35%).
In addition, 43% said it was the same for permanent staff (up from 41% in June).
This has generally resulted in permanent staff commanding better starting salaries, with earnings growth reaching a 20-month high.
Demand for staff in private sector businesses outpaced demand in the public sector over the same period, while the biggest increases in year-on-year demand for workers was felt in: • engineering (66% – up from 57% in July 2016) • accounting (65% – up from 56%) • IT (65% – up from 57%).Kevin Green, chief executive of the REC, said:“It’s clear employers are having to work even harder to fill jobs as vacancies rise and candidate availability shrinks.
“Employers are not just struggling to hire the brightest and the best, but also people to fill roles such as chefs, drivers and warehouse workers.”
Incentives
With employers facing stiff competition for staff, it’s proving more challenging to attract and retain the best talent.
There are ways, however, to attract new workers or retain your existing skilled staff. These include: • offering flexible working arrangements • investing in career development • providing additional benefits, i.e. attractive pension contributions, company cars, entertainment incentives • performance-related pay rises.Get in touch to discuss your business.

Businesses urged to prepare for Data Protection Bill
Individuals will be able to legally ask businesses to delete certain personal data under new proposals outlined in the Data Protection Bill.
The Bill forms part of the EU’s General Data Protection Regulation (GDPR), which is due to come into effect on 25 May 2018.
The legislation will allow individuals greater control over their personal data, including the right to fully close accounts or data to be erased.
Some of the proposals outlined in the Bill include: • making it simpler for people to withdraw consent for the use of their personal data • allowing people to ask for their details to be deleted • requiring companies to obtain ‘explicit’ consent when they process sensitive personal data • making it easier for people to require firms to disclose the personal data they hold on them.Adam Marshall, director general of the British Chambers of Commerce, said:“This is a complex set of changes, so firms must be helped to get them right – and no small or medium-sized business working hard to adapt to the new regime should be hauled over the coals for unintentional mistakes in the early days.”
Preparation
Businesses need to manage and secure data property or risk significant fines if they fail to protect data or suffer a breach.
Some steps you can take to prepare for GDPR include: • reviewing and updating your existing data protection policies • reviewing and updating your policies and privacy notices • use of up-front payments or taking down payments • having suitable systems in place to manage potential data breaches.Chat to us about how this may affect you.www.taylorcocks.co.uk enquiries@taylorcocks.co.uk 0330 088 7111

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AFC Bournemouth Cherries Community Fund help for children affected by domestic abuse

A member of staff from a Women’s Refuge in Bournemouth collected a cheque for £1,000 from AFC Bournemouth Cherries Community Fund to support children who are impacted by domestic abuse.

The refuge, which is run by local housing and support provider BCHA, plans to use the donation to convert a garage, which is damp and used for storage, into a computer room for the children to use. Currently the refuge has no computer access for the women and children and the building also has no wi-fi service.

Naomi James, BCHA’s Project Leader for Domestic Abuse Services in Bournemouth, said, “We are very grateful for the generosity of AFC Bournemouth Cherries Community Fund. Our ambition is to have a computer hub with 3 work stations that would give children the opportunity to learn, complete school or college homework tasks and projects and also have fun in a safe environment.

However, the refuge still requires an additional £6,000 of funding to complete the project, so will need to find the remainder via donations, fundraising and grants.

Naomi, added, “While the AFC Bournemouth donation won’t pay for the whole project, it will be an enormous step forward in helping to kick start the refurbishment. If there are local people or businesses out there that could possible donate time, resources or materials to help us complete the conversion, we would really love to hear from them.

When women get into the refuge their priority is their children, so we desperately want to provide a computer room that would benefit both women and children and help promote digital inclusion.”

If you would like to help with the refuge’s refurbishment project, please call Naomi James at BCHA on 01202 410500.

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Taylorcocks Spotlight Aug 2017

Xero Update
There are very few big updates to report at the moment, as Xero are holding a lot back to release at Xerocon, their cloud accounting event being held in London in October.
1) status.xero.com – Following a brief, and also very rare unexpected period of downtime on 13th July, Xero are promoting their live status website, which documents any known issues with the software and updates on progress to resolving. Should you not be able to access Xero, or are having issues with a certain aspect such as payroll, it is worth checking this website to see whether it is a known issue affecting others too.
2) Xero Subscription – Whether you buy your Xero license through us or pay it directly, you should be made aware that Xero has now introduced a 30 day notice period, meaning that you will still receive one invoice after cancelling.
3) Office 365 integration – Xero is now integrated with office 365, and in the next few weeks are about to launch further improved features. If you are an Office 365 user, you can quickly follow up on emails directly in Xero. So go ahead and initiate a new quote, send an invoice or attach key documents to a contact record – all without having to switch screens. With Xero + Office 365 working together beautifully, information on outstanding quotes, tasks and jobs is on hand when you need it.

Xero Tip of the Month
Do you have a number of duplicated customers or suppliers on your Xero, or old accounts that are no longer used? Do you have the contacts you have had to rename to ‘Do Not Use’ to ensure invoices are put on the correct account?
This does not need to be the case. From the contacts screen you can merge contacts, which brings all the transactions from each account into one place. You can also archive contacts you no longer need, which will help prevent misallocations.
Keeping your sales and purchase ledgers tidy helps improve cash flow, as it ensures you are not paying invoices twice in error, and can keep on top of the debts you are owed. Bookkeeping on Xero
Over the past few years, Xero have significantly improved the reporting side of their software. To new users, the number of reports often make it seem basic, especially when comparing to more traditional software such as sage. However, each report is very flexible and often they can be viewed in a multitude of ways. The reports that have ‘new’ written next to them are particularly flexible, with a whole host of options and filters, to ensure you can view exactly what you are looking for. As always, these reports are also easily exported to excel, google docs and as a PDF.
These reports are particularly good for your day-to-day bookkeeping requirements such as viewing outstanding debts. They are a little more limited for trying to manage a business from a higher level, for viewing where the strengths and weaknesses lie within your business and for monitoring your Key Performance Indicators.
If you are keen to see how your debtor days are impacting on your cash, how you are performing against last year or your forecasts, or how your stock levels are a risk to the business, then just ask your account manager to demonstrate TCVision to you.
TCVision is a piece of software developed for and by taylorcocks. It links seamlessly with Xero to report all your financial needs, from KPIs to Forecasts, from Profit & Loss accounts to Cash Liquidity. As it is cloud based, and with a live link to Xero, all the financial information you need to run your business is at your fingertips, wherever you are in the world! We can even report on non-financial data such as customer numbers or website visitors, and track them against your finances.
For more information about how taylorcocks can help you with your reporting needs, please contact one of your relationship manager or one of our many specialist Xero advisors.
Bring your accounting into the cloud! For more information about TCVision and our online accountancy offering, visit our website or give one of our Xero experts a call on 0330 088 7111.

HMRC take a step back on quarterly updates
Due to various comments and technical issues raised, HMRC have announced that they are shelving the original Making Tax Digital timescale which planned to introduce quarterly updates for businesses and landlords.
Rather than Self Assessment, HMRC are focusing on VAT. They are introducing mandatory digital record keeping and quarterly updates for businesses above the VAT threshold from April 2019.HMRC have commented that they are continuing to work with the software industry and agents to implement Making Tax Digital for Business. However, business owners and landlords can breathe a sigh of relief that they can continue submitting tax returns annually, for now.

Sick pay valued over other benefits
Self-employed people would prefer to receive sick pay than any other statutory benefit, a study has found.
FreeAgent and The Freelancer & Contractor Services Association (FCSA) polled 900 micro-business owners and found 76% do not currently offer sick pay and other benefits such as maternity leave, holiday or redundancy pay.
Attitudes towards statutory benefits varied depending on business structure, with sole traders more likely to value sick pay compared to those working through their own limited companies.
Furthermore, 35% of self-employed people have no plans to fund their own retirement.
Julia Kermode, chief executive at the FCSA, said:
“For many people who work for themselves, self-employment is a career choice and those who choose it know this way of working does not come with statutory benefits.
“However, it is clear from our research that many have not made appropriate provisions to cover benefits that employees receive.“The government should find a way of offering additional benefits, specifically to those people who want and need them.”
“We are seeing more estates than ever subject to inheritance tax and larger estates can take a long time to wind up.
“Many executors may have no idea they could be responsible for finding the money for a large tax bill before money in the estate is available.”
Savings for self-employed people
Compared to full-time employees, self-employed people don’t have access to benefits or employer pension contributions to support their savings.
However, there are options available. You can save up to £40,000 per year tax-free into a pension, while you can save up to £20,000 a year into an ISA.

Lack of funds holding back start-ups
Almost half (40%) of aspiring entrepreneurs cited lack of funds as the main barrier to starting a business, according to research.
Out of 1,500 people surveyed by Yell Business, 51% thought about starting their own business but barriers such as risk of failure (25%) and not knowing where to start (23%) were preventing them from doing so.
However, the study found 40% of businesses were started on under £500, while 32% were formed on £250 or less.
Further findings:  • 93% who started a business recorded a profit last year
 • 85% considered their business to be successful.Mark Clisby, marketing director of Yell Business, said:
“As our research found, the current catalysts for taking the leap and starting a business include inheriting funds and being made redundant.“Hopefully, the positive revelations around low start-up cost and high success will give the inspiration needed to entrepreneurs so they don’t wait for scenarios like this to happen to them.”
Loans for start-ups
Government funding can help individuals who are unable to obtain investment, mentoring or support to launch their business.
The Start-Up Loan scheme is available if you’ve been trading for less than 12 months. The size of the loan is determined by the direction of your business plan.
There are other regional funding opportunities for start-ups depending on your eligibility, which can be accessed via thislink.

 

Important changes to PSC reporting
Changes to the people with significant control (PSC) register have come into force.
All companies and limited liability partnerships (LLPs) are required to identify and record the people with ‘significant control’ over their company.
Previously, a company or LLP would make changes to the PSC register as part of its annual confirmation statement submitted to Companies House.
As of June 2017, all PSC changes must be directly reported to Companies House and not via the confirmation statement procedure.
Instead, companies and LLPs must internally update their PSC register within 14 days.
The new 14-day filing period does not apply to companies and LLPs who filed their PSC registers before 26 June 2017.
However, those with outstanding updates to their PSC registers following the filing of their annual confirmation statements on or after 26 June 2017 will be subject to the 14-day deadline.
Identifying people with significant control 
Companies need to identify and record on their PSC register, all individuals (Persons with Significant Control) who meet one or more of the following conditions: • owns more than 25% of the company shares • owns more than 25% of the voting rights • has the right to appoint or remove a majority of directors on the board • has significant influence or control over the company • has significant influence or control over a trust or company that meets one of the other conditions.Companies will also need to include the following details for each PSC: • name • address (both residential and service) • country of residence • nationality • date of birth • date the person became a PSC • which of the five conditions they meet • any restrictions on the disclosure.
  Get in touch to discuss PSC registers.
Businesses prepare for data protection changes
Businesses are preparing for the General Data Protection Regulation, which comes into force from 25 May 2018.
The PPC sets the standards for best practice for businesses and suppliers chasing overdue payments and invoices, ensuring everyone is paid on time and offered clear guidance on procedures.
Suppliers to the government have willingly committed to pay 95% of invoices within 60 days and are working towards making 30 days the norm for deadlines.
It is estimated SMEs are collectively owed more than £26 billion in overdue payments.
Philip King, chief executive of the Chartered Institute of Credit Managers, said:
“The PPC allows suppliers to raise a challenge if they feel they are not being treated fairly by a signatory, and such challenges are proving successful – not only in delivering payment, but also in further improving practices and processes.“It’s vital businesses feel confident and have certainty they will be paid on time, as well as having a route to challenge if they need to.”

Handling late payments
If a business has unpaid invoices, it may not be able to pay its suppliers on time.
Several actions can help reduce the impact caused by late payments. Some of these include: • ensuring all transactions are under a contract which sets out payments and penalties • charging interest on late payments • use of up-front payments or taking down payments • discounts for prompt payments.

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