Businesses are being turned down for claims on their Business Interruption Insurance policy during the Covid-19 pandemic. Often their brokers or insurers are telling them that their cover is not valid for a claim due to the impact of a pandemic. They may still have a valid claim. On May 1st 2020, the Financial Conduct Authority announced that it intended to seek clarity on the availability of business interruption insurance by seeking a declaratory judgment through the courts. This will be helpful, but complex because of the huge variety of wording used in policies covering business interruption. It is unlikely to produce a speedy outcome and could cause more harm by giving insurers the opportunity to delay paying out on claims pending a court decision. It is important in these uncertain times for businesses to plan for the future with some clear idea as to whether or not they might be able to plan on some sort of payout under their insurance policies. Whilst insurance brokers do … [Read more...]
UK Business Advisors support provided to clients during Covid-19 – 01
Our UKBA teams regularly meet by Zoom video call. Today, our London and South East team reviewed the support given to companies in the last couple of weeks, and we would like to share this with you. You are also encouraged to visit our general support page at https://ukba.co.uk/coronavirus Here are examples of how we have helped companies and added value to them: Apply for Coronavirus Business Interruption Loan applications (40% approved and 60% pending to date) Plan for Furloughing, restructuring and assisting Coronavirus Job Retention Scheme applications from 20.1.20 Prepare business strategy, business planning and financial planning Assisting construction companies preparing to resume operations and resolve supply chain issues Applying for an Innovate UK funding competition Helping companies to claim R&D Tax Credits and get cash injections Completing the recruitment of a marketing manager and working with clients to plan their needs … [Read more...]
Survive and then Thrive – UK Business Advisors are ready to help
Other than the cruel personal impact of COVID-19, there is unequal pain and gain for UK businesses. Hospitality businesses are grounded and businesses with sought after services and products are struggling to cope with demand and managing their supply chain. There is no one magic solution for all! More than ever, business leaders need to keep a cool head and make the right short term decisions to enable their business to survive or operate differently. Supporting staff as far as possible is a defining characteristic of well-led businesses. The businesses that make the right decisions now and plan effectively for how to be prepared to thrive in the recovery should have a bright future post coronavirus. You are no doubt being bombarded by emails and other communications offering advice, help and “seven steps to solving everything”. The UK government has announced an unprecedented range and magnitude of support for businesses and employees – you will have found that many of the … [Read more...]
Urgent business support during Coronavirus/ COVID-19 Emergency. Nationwide network of Business Advisors available to support you
Businesses and individuals are facing unprecedented challenges and uncertain times due to the COVID-19 emergency. Our support page link is at the end of this newsflash. Like you, we are feeling the impact to our work, families and friends. UK Business Advisors (UKBA) have contingency plans in place and are we already remote working and communicating via phone and video calls to support our clients. As premier advisors to UK Small and Medium sized businesses, we are ready to play our part to help our clients and the wider business community during these difficult times. We remain confident that businesses that show decisive leadership can survive and bounce back. UK Business Advisors have activated our nationwide network of experienced advisors to help business owners and directors plan what is needed. Even with government grants, business rates relief or emergency loan support there will be difficult decisions to be made quickly. We can provide initial support and share our … [Read more...]
5 essential traits for Business Developers
Every business needs to make sales. From responding to leads to actively selling, you must ensure you have the right person in place to secure those essential business wins. LGBA’s international business development expert Lesley Rubenstein outlines the top traits you should look for when hiring for this crucial business role. Trait One - Outgoing Personality – on and off the phone. Having an outgoing personality is probably the no. 1 trait required to be a great business developer. No shrinking violets need apply! Why? Think about it! You will need to contact businesses you may never have been in contact with before, either on behalf of your own company, or someone else’s. You have very little time to convince that business to spend time with you to determine why they should do business with you. Basically, you need to excel at sales pitches – but what are you selling? This is a bit different from selling a product per se – it’s more about why the business you are contacting … [Read more...]
Why your numbers matter
Why keeping your accounts up to date could mean all the difference between running a successful business, limping along, or failing. Would you fly a plane while wearing a blindfold? I ask new clients ‘Would you fly a plane while wearing a blindfold?’. They look at me confused, and always reply ‘No, of course not!’. At this point they are probably wondering why they hired me. Stupid question, right? Wrong! Here’s why: A significant proportion of my clients proffer similar responses when I start to investigate their bookkeeping and accounting methodology. They invariably tell me that they hand over receipts to their bookkeeper and once a year the accounts are resolved and sent to HMRC, usually at the last minute. Many then look confused again when I don’t look happy with their response. Why am I not happy? Because their accounts are typically 17 months out of date or worse. They have been led to believe that the accounts are for tax purposes, rather than as a managerial tool. This … [Read more...]
Boost your exports – Tips for SMEs
One of the biggest assets to grow your exports is free - THE U.K. FLAG – are you making the most of it? 500 years ago, if a ship arrived offshore, would you run for the hills or fire up a feast? It's pretty likely you'd make a snap judgement based upon the flag you saw flying - and how fast you could run. A similar scenario still plays out if your product or brand is unknown when it reaches an export market for the first time. A customer will look for your flag. If your brand is relatively unknown and the perception of the U.K. as the 'Country of Origin' is positive in your target market, then leverage it. Not just a 'MADE IN THE U.K....' (or DESIGNED IN THE U.K.) on pack, but print the U.K. flag on packaging, build it into presentations and leverage iconic images from the U.K. on social. Landscapes, buildings, celebrities, you name it. It works. I’ve seen the boost it can make to a company’s sales many times. ‘MADE IN THE U.K.' not only plays an important role in first … [Read more...]
HMRC taxing Contractors deemed as Employees (IR35)
IR35 in the Public Sector How could this affect your business? Introduction IR35 is a piece of legislation that allows HMRC to collect additional payment where a contractor is an employee in all but name. If a contractor is operating through an intermediary, such as a limited company, and but for that intermediary they would be an employee of their client, IR35 applies. New rules for IR35 will apply from the 1st of April 2020 in the Private Sector as they have been applied in the Public Sector for the last two years. Each business needs to assess the Risk and implications of these new rules and make the necessary changes to procedures before early April 2020. Who will be affected in the Private Sector? Medium and Large Companies will be the initial target of the IR35 rules and they will follow the rules that now apply in the Public Sector. Small businesses do not have a definition for IR35 but the definition will probably follow the criteria in Companies Act 2006. How … [Read more...]
Important employment law changes coming in April 2020
As the New Year dawns, some changes to the detail of your employment contracts, leave arrangements and holiday pay will need to be made in April. Furthermore you will need to start to think about how you are going to resource your business with changes in how ‘temps’ are paid and, further down the line, how your company is going to employ contractors. Employment contracts Two changes may be necessary depending on your current contracts and your process for issuing them to new starters after April 6th 2020. Firstly, all new starters (including employees, zero hours’ workers, casual and seasonal workers) after this date need to be issued with a written statement on or before the first day of employment (rather than within the first 8 weeks of employment as is currently the case) Secondly, for new employment contracts issued after 6th April 2020, the mandatory information that needs to be included has been extended to include the following: normal hours of work, days … [Read more...]
Preparing for BREXIT if you export to the EU
Start with an EORI number Do you currently export with all or some of your international sales focused upon the EU? If that is the case, then after the UK leaves the EU, those firms that trade with the EU will need an economic operator registration and identification (EORI) number to comply with customs rules. A lot of EU-focused exporters have yet to apply for their EORI - so now's a good time to prepare for the future. Here’s a link to double-check if you’re all set, or guidance on applying for your EORI – a good thing to get sorted so you can get back to growing your exports. https://www.gov.uk/eori How BREXIT might affect you The Office for Budget Responsibility (OBR) has predicted that BREXIT could lead to tariffs of 4% being imposed on goods traded with the EU - up from zero currently - and that higher trade barriers with the EU would "weigh on exports". The OBR added this was "not necessarily the most likely outcome" but also "by no means the worst case scenario." (They … [Read more...]
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