In this week’s episode of Impromptu Business Chat, James and Mark talk about the encouraging signs coming out of lockdown and the prospect of economic recovery and growth. They provide 3 top tips to help you grow your business over the coming months by proactively managing cash flow and managing working capital. Along the way they make reference to the Toyota production system, Johnny Cash, and Mark’s fridge freezer.
With Schools opening back up on the 8th March, we’ve put together a Back to School range of products to ensure the safety of all staff and pupils, with everything from Hand Sanitisers and Surface Sanitisers to PPE and Safety Screens. Get in touch now for your copy of the brochure or special bespoke pricing. 01328 851407 | sales@anglianchemicals.com
On the day The Chancellor of the Exchequer, Rishi Sunak, delivered his second Budget on 3rd March, TaxAssist Accountants was pleased to provide its franchisees with personalised versions of the Budget 2021 material to share and communicate with clients, prospects and business referral contacts.
This included a summary highlighting the announcements that will affect businesses and the self-employed, and an e-mail newsletter to its clients.
The latter was personalised for franchisees’ individual websites enabling them to share with their clients the changes pertinent to their businesses just hours after the Budget was delivered.
During the day, the Support Centre team posted live updates to the @TaxAssistUK Twitter, as well as posts on the national Facebook and LinkedIn accounts. The centralised mailing system meant franchisees were able to benefit from the Support Centre sharing the Budget Summary and Highlights to franchisees’ Facebook, Twitter and LinkedIn Business Pages and personal profiles on their behalf.
Over the next few days, the Support Centre will be posting the following Budget-related stories, all housed in the Budget Reports Hub, across franchisees’ social media profiles and pages:
TaxAssist Accountants will be also be running a client facing webinar covering all of the key topics announced in the Budget, which will be hosted by Daren Moore FCCA, Group Commercial Director and Andy Gibbs FCCA, Group Technical Manager on Tuesday 9th March 2021.
James Mattam, Group Business Development Director, said: “The Support Centre team pulled out all the stops to ensure we delivered bespoke Budget commentary in a timely and efficient manner for the benefit of both the accountants in our network and their clients. This Budget was hugely important for business owners across the UK to understand how the Government is going to support them as we come out of lockdown and get the economy firing on all cylinders once again.
“We emailed the Budget summary to over 77,000 clients on behalf of franchisees, leaving them free to concentrate on running their practices – one of the many beneficial services we offer to our network of accountants. The accountants and tax experts in the TaxAssist Support Centre who have put together all of the Budget content are digesting the deeper details released by The Chancellor and will present a webinar to franchisees this week to support them with many new updates we all need to be aware of, in order to advise clients of the changes that affect their businesses.”
If you are interested in joining the TaxAssist Accountants network, regular Virtual Discovery Days are being held, where you can find out more about the technical, marketing and business development support on offer. Call 0800 0188297 or submit an enquiry via the button at the top of the page to register your interest.
Aston Shaw, a fast-growing East Anglian accountancy firm has announced the acquisition of the Norwich-based practice, Tax Solutions.
Tax Solutions was created in Norwich by two partners in 2000, who having both experienced running companies in different business areas, pooled their knowledge and specialisms to create Tax Solutions, which was incorporated in 2003.
The small-scale accountancy practice is comprised of a team of four and has been servicing a wide-range of clients across East Anglia for almost 20 years. Tax Solutions has built a significant reputation for service excellence since then.
Mark Noakes, Director of Aston Shaw said: “We’re excited to begin working with the Tax Solutions team and we look forward to welcoming a new range of clients to our firm.” Adam Holloway, Accountant at Tax Solutions added: “My colleagues and I are very excited to begin working with Aston Shaw, I think that the fact we share such a similar ethos will make the transition process a smooth one for everyone involved”.
Tax Solutions are set to move from their current premises on Rackheath Industrial Estate to Aston Shaw’s head office in Norwich during early April.
www.astonshaw.co.uk
We’re delighted to share that Pop Connect Norfolk successfully launched two new business networking groups in Norwich this September.
And our brand new Great Yarmouth group launches on 22nd October.
If you’re looking to grow your network and connect with like-minded business owners and consultants, we’d love to welcome you as a visitor to one of our groups.
Visitors tickets are £30 and include tea/coffee and lunch.
To book your place, please contact me at sue.potter@popconnect.net or call 07486 073844.
The Brown&Co Partnership was created in 1993 and is celebrating its 25-year anniversary in April 2018.
The business was bought from Royal Life by twelve adventurous Partners with the philosophy of “making and taking opportunity”. Nothing has changed apart from the size of the business; now there are 30 Partners, some 250 employees and 15 offices in the UK and overseas.
The Firm’s first year of trading involved offering and selling three or four decent farms to a rising market, which very neatly helped to defray the outlay made for the business. Coincidently, 1993 was the first year of form-filling for IACS and agents and farmers were deflected from normal market purpose for two to three months, but when the market started it was confident and robust.
Nice 15-20 acre fields of Wisbech silt sold for up to £3,000 per acre, whereas a 3,600 acre estate in West Norfolk with thirty houses sold for only a little over £2,000 per acre! The early partnership had a positive age mix of thirty to forty year olds, with five main Partners leading and guiding and was based around an immediate sense of acceptable risk, entrepreneurship and initiative, which remains at the heart of the Firm.
Partnership philosophy and trust bound the Firm then and still does, with a common interest, which is to serve clients, make money, give honest, real and professional advice outside the confines of a corporate framework and “to be as good as we can be at what we do”.
https://www.brown-co.com/articles/brownandco-turns-25
Leading business process outsourcing company QX Global Group has been awarded the Master Franchise rights for Canada.
TaxAssist Accountants, the UK’s largest network of small business specialist accountants, and leading tax and accounting franchise, is now launching in Canada. This is following successful expansion to the Republic of Ireland, Australia and the USA.
The Master Franchise rights will cover the provinces of Ontario, Quebec, British Columbia, Alberta, Saskatchewan and Manitoba, with the operation headed up by Niraj Mehta, Senior Vice President of Business Operations at QX Global Group. Niraj is a qualified chartered accountant, with almost 20 years of experience spanning various roles in professional service organizations, including 13 years at KPMG.
Karl Sandall, Chief Executive Director of The TaxAssist Group, said: “We are delighted to have awarded our Canadian Master Franchise rights to the internationally known and respected QX Global Group. The team are all highly skilled individuals who share our passion and vision, which, combined with our 25 years’ experience in building and running a leading franchise network, bodes well for future success.”
QX Global Group is expecting a surge of interest in franchising in Canada during and post the coronavirus pandemic, as accountants re-think their professional lives.
TaxAssist Canada will be QX Global Group’s first big investment in 2021. Franchising is an area of strategic focus and continued investment for QX Global Group as it expands capabilities to help accountants in industry, individuals with a financial background, as well as those that already own an accounting practice and wish to develop as part of a global brand.
Chris Robinson FCCA, Executive Chairman and Founder of QX Global Group, stated: “We are constantly exploring strategic opportunities where we can add value, and this partnership with The TaxAssist Group hits all the right buttons. We look forward to building on our long-standing relationship with TaxAssist, and this just seems like a natural progression to establish a new line of services in the North American region.
“Canada has one of the largest franchise industries in the world, and there are currently no businesses in Canada which are offering a uniquely-packaged accounts, tax and advisory service dedicated to small businesses, so Canada represents a significant growth opportunity for the TaxAssist Accountants brand.”
The Master Franchisee team are looking to acquire an existing accounting practice and convert this to a TaxAssist Accountants operation by April 2021, along with launching franchisee recruitment activity and hosting Discovery Days, for anyone interested in finding out more about the franchise model. The team will be engaging with Rina Mancini who has a long standing relationship with The TaxAssist Group.
Attleborough-based renewable heating firm, Finn Geotherm, is seeking 10 new employees following the award of a multi-million pound contract to install 21 heat pump projects in the public sector.
Established in 2006, Finn Geotherm is one of the UK’s most experienced heat pump installers. The new contracts will see the company design and install 21 different air and ground source projects in public sector locations across East Anglia and further afield. These landmark installations will use the latest in large scale heat pump technology to deliver renewable heating systems which are highly energy efficient and will significantly reduce carbon emissions.
Finn Geotherm is recruiting for the following positions:
Guy Ransom, commercial director for Finn Geotherm, said: “Having been awarded these significant new contacts, we are in a privileged position to be able to appoint 10 new team members to join our award-winning business. We have been installing heat pumps for more than 15 years and there is no doubt that as the Government continues to press forward with its targets to meet net zero carbon emissions, heat pumps are the future of heating. This is an opportune time to join an expanding and very exciting industry. We’re looking forward to welcoming successful applicants to become part of our team and get straight to work on these brilliant green heating projects.”
Finn Geotherm recently completed the installation of a six-phase district (communal) heating scheme for housing association Flagship Group to provide heating and hot water for 113 homes in Felixstowe. Using a ground source heat pump system, this was the third project Finn Geotherm has completed for Flagship and the largest of its kind in the region.
Applications for all the vacancies can be made by emailing a CV to info@finn-geotherm.co.uk or see www.finn-geotherm.co.uk for more details.
The Norwich Good Economy Commission (NGEC) is a collaboration between Norwich City Council, University of East Anglia and other organisations in the local economy.
The NGEC will create a unique forum for our community to come together and address some of the problems in our city’s economy, by creating a space for sustainable, innovative projects, backed by consistent research and evidence.
The NGEC are currently offering an exciting opportunity to help promote the NGEC and its mission. They are calling for tenders to help them create a product or platform that can be used to initiate conversations about the economy and encourage community engagement with the Commission.
For more information about the opportunity visit their website: https://www.norwichgoodeconomy.com/invitationtotender
‘A tower of strength,’ ‘guardian angels’, ‘an inspiration’, and ‘selfless’ are just some of the descriptions for nominees of the Hopestead Community Champions initiative – with organisers saying they have been inspired and humbled by the response so far.
The initiative was launched in February to recognise, celebrate, and thank people in East Anglia who have made a positive difference in their communities during the challenges of the last year.
Over 100 nominations have been received so far with each one highlighting the incredible ways that people have been supporting others during the pandemic.
Now, with the closing date of 14 March fast approaching, people in Norfolk are being encouraged to nominate friends, family, neighbours, or themselves – who have gone the extra mile in their communities.
The initiative has been set up by Hopestead, the charity which aims to end homelessness in the East of England. Marie-Claire Delbrouque, CEO of Hopestead explained:
“At Hopestead, we believe in community and the response to our Hopestead Community Champions initiative is testament to the power of community, and the difference that we can all make for each other.
“Our nominations reveal kindness in abundance, and it is a privilege to read about the support and help that so many have given within their communities. It is truly humbling and reminds us that positivity can emerge from the most difficult of situations.
“If you haven’t yet nominated there is still time to do so. This is our opportunity to share your stories of support and shine a light on those people who have made a tough time a little easier through their actions.”
Nominating is simple, and can be done by emailing Weare@hopestead.org or by visiting www.hopestead.org. Alternatively, people are also encouraged to post pictures and their nominations on social media with the hashtag #HopesteadChampions
The deadline for nominations is Sunday 14 March and all nominees who have been making a difference in their communities will be recognised and provided with a thank you gift. Hopestead will also seek to announce and feature the Hopestead Community Champions on their social media channels.
Freebridge announce launch of annual community fund
The application process for the 2018 Freebridge Community Fund opens from Monday 9 April, with £5000 once again on offer to local community groups and charities.
The annual fund gives groups the opportunity to apply for grants of up to £1000 to support a community and voluntary activity that meets the needs of the community within West Norfolk.
Applications are welcome from organisations whose aims include:
– Promoting health and wellbeing;
– Tackling disadvantage;
– Supporting local solutions to local needs;
– Promoting community cohesion;
– Developing sustainable and supportive communities,
and – Improving the environment
The allocation of monies available is made by a panel made up of Freebridge employees and tenants, last year £5000 was shared between Solace End of Life Support, West Norfolk Mind, West Norfolk Riding for the Disabled Association, The South West Norfolk Youth Opportunities Project, West Norfolk Befriending, the Purfleet Trust and 4transform.
Freebridge Director of Housing, Robert Clarke, said: “Although our main role is to provide good quality affordable housing for people across the area, we feel strongly that we have a responsibility to play a role in supporting stronger, vibrant communities in West Norfolk.
“The Freebridge Community Fund provides to organisations on a very local level which we feel fills a need not met by either public funding or more major charities.”
The application process is open from Monday 9 April until Friday 9 June. Applications can be made by visiting www.norfolkfoundation.com/funds/freebridge-community-housing-fund/
The Coronavirus Job Retention Scheme extended until the end of September 2021
The Coronavirus Job Retention Scheme began in March 2020 and was introduced to assist both employees and employers from the impact of the coronavirus pandemic. The Scheme currently pays 80% of an employee’s wages when they are unable to work during the pandemic. At a cost of almost £50 billion, it has protected 11 million jobs so far and has already been extended twice with a further extension recently revealed until the end of September as part of the Budget for 2021. The price of not extending it would probably lead to a further rise in unemployment, which has already reached a new rate of 5.1%, the highest figure for five years.
What is furlough?
Employers might need to put some or all of their employees on temporary leave (‘furlough’) during the coronavirus pandemic. This means an employee can agree with their employer to be put on furlough to stop work temporarily but remain employed or to work some of their usual hours and be put on furlough for the hours they did not work; this is ‘flexible furlough.’
Who can be furloughed?
Employers can put someone on furlough provided they were employed on or before 30 October 2020. They do not need to have been on furlough before.
Employers can furlough employees who are temporarily unable to work because they are shielding, they have childcare responsibilities whilst the schools are shut or if they are caring for a vulnerable person in their household.
Extension of The Coronavirus Job Retention Scheme
Under the latest extension, employers will pay 10% of the furlough in July and 20% in August and September.
From 1 July 2021:
From 1 August to 30 September 2021:
As with the Scheme when it was first introduced back in March 2020, the employer should decide whether they will top up furloughed employees’ wages to 100% however, they are not obliged to.
Redundancy Pay and Notice Pay
When calculating Statutory Redundancy Pay or Statutory Notice Pay for furloughed staff, the employer must use the employee’s full normal pay, not their reduced furlough rate.
What furloughed staff can and cannot do
Furloughed staff can do:
Furloughed staff cannot:
How many people have been furloughed?
What help are self-employed getting from the government?
A fourth grant from the Self-Employment Income Support Scheme will be available from April 2021.
The Self-Employment Income Support Scheme is set at 80% of 3 months’ average trading profits, paid out in a single instalment and capped at £7,500. The fourth grant will take into account 2019 to 2020 tax returns and will be open to those who became self employed in the 2019/20 tax year – the rest of the eligibility remains unchanged.
Who can claim the fourth grant?
You must be a self-employed individual. To work out your eligibility, your 2019 to 2020 Self Assessment tax return is first looked at – your trading profits must be no more than £50,000 and at least equal to your non-trading income. If you are not eligible based on your 2019-2020 Self Assessment tax return, the tax years 2016-2017, 2017-2018 and 2018-2019 are then looked at.
You must have traded in both tax years:
You must either:
You must also declare that:
The UK government also announced that there will be a fifth and final grant covering May to September. You will be able to claim from late July if you are eligible for the fifth grant. The fifth grant will be determined by how much your turnover has been reduced in the year April 2020 to April 2021.
The fifth grant will be worth:
Hatch Brenner Solicitors offers Employment Law advice to Employers and Employees. Contact info@hatchbrenner.co.uk or call 01603 660 811.