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...]
Are you ready to put your STAMP on 2020?
Strategy Targets Accounts Marketing People However you voted in December, and whatever your preferred outcome, we know the UK will be leaving the EU on 31st January. The clock starts on the transition period… but don’t worry, this is not a Brexit rant! The start of every New Year is the perfect time to restock your thought-bank, recharge your batteries and do some planning. Here’s how you can put your STAMP on your business in 2020 by focusing on these 5 important areas: Strategy Most small businesses do not have an up-to-date business plan, which means they tend to focus only on shorter-term outcomes. And as the Cheshire Cat in Alice’s Adventures in Wonderland once said, “If you don’t know where you are going, any road can take you there.” The classic result is an initial feeling that you are responding to the market and widening the range of services you provide, but this soon develops into a business spread so wide that it’s impossible for potential customers to define what … [Read more...]
How can your business become HR ready for expansion?
Expansion brings excitement, challenge, innovation, change to list but a few words. It might mean more product, wider and deeper services, perhaps greater specialisation to attack niche markets. It might mean expansion outside traditional markets. Whatever type of expansion you are looking at, one thing is for certain. You will need to bring new people on board. But more than that, you will need to put strategies and systems in place that will help you manage your expanding team to best effect. This article focuses on the people aspects of expansion and offers advice to MDs looking to improve their team expansion management skills. Building a picture of the future First off, it’s essential to map out your future team needs. Start by creating an organisation chart for your future business. At this point don’t include named individuals. Focus on the roles you perceive are needed to enable this expansion to take place. Taking names out of the equation for the time being frees you … [Read more...]
6 Good Reasons Why You Should Consider Exporting In Your Next Strategic Review
Quarter 4, planning the office party, trying to bring in orders before the second week of December. Oh…..and BREXIT and a General Election. Right now, thinking about a strategic review and thinking about growing your business through exporting maybe about as much a priority as a choice between parsnips or sprouts. You feel like you’ve got enough on your plate. But imagine selling your product or service to a whole new audience, imagine adding 10%, 20% to your bottom-line, imagine how it would feel to have a global brand. When businesses go global not only can revenues rise, but there are a host of benefits that can accelerate your growth that you may not be aware of, not forgetting the impact upon potential exit values. So is it really a good time to add ‘start exporting’ to your 2020 ‘wish-list?’ BBC News reported recently that despite US v CHINA and JAPAN v SOUTH KOREA trade disputes (and in the UK, the ‘B-word’) - global trade has grown at 3% this year. It's a really good … [Read more...]
Communication – the key to unlocking growth and success
At the heart of every business one factor continuously calls for our attention – improving communication with a view to unlocking business growth and success. Over the years many a consultant has advised and implemented varying communication scenarios for their clients; the Total Quality Management (TQM) business management approach enjoyed widespread attention during the late 1980s and early 1990s before being overshadowed by the standards specification of ISO 9000 and the improvement methodologies of Lean manufacturing, and Six Sigma. The common thread of all these procedures is communication. How do these approaches differ? TMQ consists of organization-wide efforts to install and make a permanent climate where employees continuously improve their ability to provide on demand products and services that customers will find of particular value. The ISO 9000 family of quality management systems standards is designed to help organizations ensure that they meet the needs of … [Read more...]
Financial information you need to run your business effectively
In order to manage your business effectively you need to be sure that it has enough cash to keep trading and that it is running profitably. To ensure this happens, I recommend you review your financial status at the start of each and every business week. You will have financial records, probably in one of the most popular accounting software packages such as Sage, QuickBooks or Xero. Either your own staff or your accountants will use these to prepare VAT returns and the other legal requirements such as the annual accounts required by Companies House. These accounting systems can also produce many of the essential figures you need to review on a weekly basis. Additionally, you need to forecast which clients are likely to pay their invoices this week. This is often not the same as those who should pay this week. Accurately forecasting your weekly cashflow is a skill every business needs to master. Not all of the figures in the list below will apply to all businesses. You … [Read more...]
How to continuously sharpen your company’s competitive edge
The use of the word ‘continuously’ is purposefully placed in the title of this blog article. Why? Because I fully believe that if a company does not continuously sharpen its competitive edge, it won’t be long before they do not have one in today’s ever-increasing pace. I’m sure we can all think of examples of companies who have been market leaders and no longer exist or have had to sell assets and/or shrink in size to survive. Eastman Kodak is a prime example. Kodak began to struggle financially in the 1990s when digital camera technology hit the retail market. Only recently they have emerged from bankruptcy, after selling many of its patents to current giants including Google, Apple, Samsung, Microsoft. Woolworths is another case in point. It used to be one of my favourite stores for spending my pocket-money. A few pence went a long way in Woolworths – a child’s paradise. Several months before they closed their retail outlets in the UK, I recall walking in and out of Woolworths, … [Read more...]
Why you need to focus on values and behaviours for business growth
In my experience of working with MDs of their own companies over the last 14 years it doesn’t take very long before they start talking about why they set up their business, what is important to them in running the business and keeping it solvent/profitable, the differences that exist between them and other Directors and shareholders or conversations that start about a manager who just doesn’t get it. There are many insightful stories and anecdotes. Passions and frustrations run high in equal measure. So in a very conversational way, the values of the MD become very clear i.e. what really matters to them. With a bit of gentle probing, it doesn’t take a lot to get an MD to define the behaviours that enable success in their business. ‘If only people did this, we would be even more productive.’ When the MD set up the business, working with a small team, direction, focus, consistent behaviour was all a lot easier because everyone could see what was happening, everyone was involved in … [Read more...]
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