National Business Awards’ New Partner Gets People Talking

Now entering their 13th year, the National Business Awards get underway in November this year to celebrate Britain’s most promising entrepreneurs and outstanding businesses. Helping to connect UK business leaders, big, small, More »

What sort of jobs are available in the IT industry?

There are many benefits to moving into the IT industry; firstly it is a booming sector with myriad job opportunities, then there is the fact that it encompasses such a wide variety More »

Worried About Cash Flow? Follow These 3 Tips

Cash flow is the very life blood of a business. Even if you’re managing to turn a profit poor cash flow can scupper your company before you know it. And it’s the More »

Direct Recovery of Debts – is it One Step Too Far ?  

Taxation has always been jokingly referred to as “legalised theft” but the humorous aspect of this description is starting to look increasingly threadbare with the government’s latest move towards direct recovery of More »

Satellite to Digital TV: What to Expect

Have you been using satellite TV for years, but feeling frustrated with the inflated price and the hassle of dealing with your dish? There’s definitely a different way to go, and it’s More »

National Business Awards’ New Partner Gets People Talking

Now entering their 13th year, the National Business Awards get underway in November this year to celebrate Britain’s most promising entrepreneurs and outstanding businesses. Helping to connect UK business leaders, big, small, private and public, it’s fitting that the awards’ newly announced partner is Vonage, a service that helps businesses do just that – connect.

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Vonage is in the business of communication, worldwide, helping friends, family and businesses keep in touch for less all over the globe with clever VoIP services. Itself a business that’s gone from strength to strength, now boasting over 2.4million users, Vonage is doing its bit to help other businesses get a foot up the ladder, not just in its partnership with the The Duke of York New Entrepreneur of the Year Award, but also in it products that help small and home businesses slash the costs of local, national and international calls.

 

Any company within the UK can enter the National Business Awards, be it private, public or third sector. The size of the business doesn’t matter, and nor does the industry – this is a truly cross-industry accolade that sets out to celebrate British business as a whole. There is a range of award categories that highlight all aspects of business best practices, including New Business of the Year, Employer of the Year, International Growth Business of the Year, and the Customer Focus Award. Promising start-ups are given just as much of the limelight as established SMEs and large private companies, and the awards also run a year-round thought leadership programme to inform and inspire.

 

This year the National Business Awards’ live judging event takes place as part of the International Festival for Business in Liverpool and will be staged at St George’s Hall. Each entrant gets to present a three-minute pitch on their business model, key achievements and their plans for future growth, with a panel of judges and a public vote deciding the winner who’ll be presented with their award at the NBA ceremony on 11 November.

 

If you’re a new entrepreneur and would like to be considered for the award, you can enter online at the National Business Awards site, before 23 May 2014.

What sort of jobs are available in the IT industry?

There are many benefits to moving into the IT industry; firstly it is a booming sector with myriad job opportunities, then there is the fact that it encompasses such a wide variety of job roles.

If you are a student looking for some advice on where an apprenticeship in IT could lead you, then this guide to the different careers within the ICT sector may help you.

Computer programmer

This is most definitely a desk-based role and requires you to write code to create software programmes. The job would therefore suit you if you enjoy working on your own, as well as occasionally being required to work as part of a team.

A software developer will write code and your job as a computer programmer would be to turn that into instructions that can be followed by a machine.

There are many emerging technologies that require programmers and so you could end up working in interactive television or games development, for instance.

From this type of role you may be able to graduate to team leader, project manager or even production manager.

If you have a logical mind, can work in a methodical manner and enjoy resolving problems, then this could be the right type of job for you.

Network architect

A network architect is responsible for designing and building a data communication network.

This could involve developing a local area network, wide area network or intranet. The scope for projects within this role is huge. You could find yourself responsible for building a small connection between two offices, or a series of globally distributed communications systems – it depends on the company and their needs.

As companies grow, they will require more mobile and wireless networks and so this is a good role to look into if you are searching for job security.

Systems analyst 

If you love analysing how something works and dreaming up ways of making it more efficient, then systems analyst could be the perfect role for you. It requires you to look at a company’s existing IT infrastructure and procedures, you will then be required to work out how they can operate in a more effective and efficient way. This means it is your responsibility to design information systems solutions that solve problems.

To be good at this type of role, you need a passion for both business and IT and how they can work together.

A boom in IT areas such as cloud computing, mobile networks and cybersecurity will mean these types of roles will become increasingly in demand.

Web developer

If you have ever harboured an ambition to design and build a website or have already done so, then this is the role for you. In addition to being responsible for the look of a site, you will also have to work out its performance, database aspects of the sire and you may be responsible for content.

This role is an ideal mix of technical and creative and would suit you if you think you have a logical mind, but can also look at the bigger picture.

      Business Tax services professionals warn employers to beware of PAYE penalties

In this age of fiscal discipline, controlling cash flow and bad debts is as vital to government finances as it is to businesses so it comes as no surprise that HMRC is in the process of introducing its Real Time Information (RTI) system to immediately pick up on employers who are either being just plain slapdash or are heading for serious financial trouble. All too often, the Exchequer either has had to wait for late PAYE payments or to wait at the head of the queue of creditors when companies went into liquidation. The total cost is substantial enough for HMRC to introduce this much tougher regime and one leading provider of business tax services, Baker Tilly, has been busy warning clients of what they need to do to avoid unnecessary penalties.

Make no mistake about it, those at the top of the business tax services industry insist that the taxman is determined to reverse a situation wherein he loses interest on late payers of PAYE into one where he earns interest from them and it doesn’t matter what the reason is; business tax services providers are making it clear that simple laziness or cash flow difficulties are not legitimate excuses and that the Revenue expects to be paid pretty much at the same time as employees.

Business tax services professionals say that the best way of avoiding automatic penalties and interest is to ensure that PAYE payments are made by the due date every month and that returns are also submitted on time. They remind employers that PAYE deductions should arrive at HMRC within 14 days of the end of each period i.e. by the 19th of the following month in the case of cheques while an extension until 22nd of the month is allowed for the arrival of cleared funds sent by BACS transfer. The same business tax services experts also stress that, where the 19th of the month falls on a weekend, it is not acceptable to wait until the beginning of the next week.

At least it looks as though HMRC is being reasonable and accepts that the lack of employer awareness and the inevitable glitches in the RTI system that seem to accompany any new change by the Revenue could lead to a major backlog of penalties and appeals to the tribunals. Accordingly, business tax services firms point to the fact that the RTI automatic penalty regime is being phased in gradually over a period of time. Moreover, a new generic notification service (GNS) is being introduced to forewarn employers of impending trouble.

Currently HMRC only charges penalties on an annual basis once it has seen how many late payments have occurred during the previous year. However, business tax services advisers are warning that, from April 2015, the system changes up a gear so that late payment penalties will be calculated on a quarterly basis with interest charges varying from 1% to 4% of the sums paid late with seriously late payers being slapped with an extra 5% or even 10%.

In view of the potential for enduring such harsh penalties it is no surprise to see accountants and other business tax services urging clients to not only pay on time but also to get into the habit of checking their tax account in the Liabilities and Payments Viewer or tax dashboard every month. This should help them ensure that all payments have been entered correctly and that any interest charges are accurate.

Finally, employers are urged by the business tax services experts not to overlook the fact that automatic penalties will also be applied in the event of late filing of PAYE returns from October 6th 2014 although, if the system works correctly, the GNS should forewarn employers of potential late filings.

If you need advice about PAYE regulations, or any aspect of taxation, Baker Tilly has a team of experts who specialise in business tax services ready to help you.

 

 

 

 

 

Worried About Cash Flow? Follow These 3 Tips

Cash flow is the very life blood of a business. Even if you’re managing to turn a profit poor cash flow can scupper your company before you know it. And it’s the issue of cash flow that keeps many business owners up at night.

Any business that is losing money hand over fist will find the cash pot empty, no matter what efforts are made. The real problem is those companies that are financially sound but suffer from cash flow problems. Fortunately, in most cases these businesses can be saved.

Back To Basics

It has to start right at the beginning. Too many people plunge in both feet first without a solid business model in place. If your basic model shows that the business should be profitable then you’re in a more secure place to address any cash flow issues you encounter. If your business plan wasn’t sound then it can be much harder, if not impossible, to salvage things.

Understand If Your Business Has Positive Or Negative Cash Flow

You would be surprised at the amount of business owners who don’t understand if their business is inherently cash flow positive or negative.
Here’s an example of a business that has positive flow. A take away. Here the payment for the goods are received instantly in the form of cash. The business owner then has a week to pay staff and a month to pay their rent, business rates and of course all the food items! Payment terms with suppliers are usually agreed in advance and so the owner of the business has cash coming in to meet his outgoings.
For negative cash flow let’s take another similar small business: a cleaning contractor working in the office sector. On completion of each job the company submits an invoice, expected to be paid within 30 days. The majority of expenses are wages for cleaners which, for argument’s sake, the company pays weekly. If several clients are late paying invoices the squeeze on cash flow needed to pay wages and cover other operating costs can be quick and possibly lethal.
If numbers and accounts aren’t your thing then be sure to employ the services of a good accountant or bookkeeper. They really are worth their weight in gold when it comes to the smooth running of a business.

Have Plans To Bridge The Cash Flow Gap

But what could the cleaning contractor do to make things better? Well for starters it would be more sound to pay employees monthly, to keep the outgoings more in-line with incoming revenue. They could also negotiate shorter payment terms of the invoice, say within 7 or 14 days, and include an incentive for this in terms of a discount for prompt payment.
Another aspect is to always have time set aside to chase debtors. For some business owners this may mean taking a couple of hours a week to make some firm phone calls and emails or having a member of staff who carries out this function. If that isn’t practical then it may be necessary to employ the services of a bookkeeper to do this for you.
If cash flow is still a problem then to save your business it may be necessary to consult with a firm of business accountants who can handle the issue for you. Money well spent if it keeps cash flow healthy.
If you’re concerned about cash flow in your business, or any other aspect of your company’s financial situation then HW Fisher’s team of expert accountants are here to help.