Companies House fees increase?

Companies House have published information that suggests their fees may be increasing in the near future. And it’s all to do with the ECCT Bill currently passing through parliament.

To give it its full name, The Economic Crime and Corporate Transparency (ECCT) Bill will change the role and purpose of Companies House and will provide the powers needed to improve the accuracy of the information on their registers and to play a significant role in tackling economic crime.

Companies House are quoted as saying:

“We want to be ready to take action, and we’re working hard on a number of different workstreams to make sure we’ll be ready to implement many of the measures as soon as possible after the Bill achieves royal assent.”

As a reminder, the measures in the ECCT Bill include:

  • introducing identity verification for all new and existing registered company directors, people with significant control, and those who file on behalf of companies;
  • broadening the registrar’s powers to become a more active gatekeeper over company creation and a custodian of more reliable data;
  • improving the accuracy of financial information on the register so that the register is more reliable and accurate, reflects the latest advancements in digital technology, and enables better business decisions;
  • providing Companies House with more effective investigation and enforcement powers, and introducing better cross-checking of data with other public and private sector bodies; and
  • enhancing the protection of personal information provided to Companies House to protect individuals from fraud and other harms.

If implemented in full, Companies House costs will increase to meet the additional functions dictated by the Bill.

Companies House fees are set on a cost recovery basis. This means their fees must cover the cost of the services delivered. They do not make a profit on fees charged.

In a recently published blog post Companies House said:

“We review our fees every year to make sure they’re set at the right level. This year, we’ve taken new future expenditure into account as well as making sure we recover costs from our existing expenditure.

Companies House fees are much lower than the global average and have not changed since 2016. Many believe our fees are too low. During the debates while the ECCT Bill has moved through Parliament, there’s been a focus on the low levels of our fees and on making sure we’re adequately funded in the future.”

Source:Other| 11-09-2023


About the Author
Haroon Muhammad

Haroon Muhammad boasts 17 years of comprehensive experience in tax, financial services, and local government. His sheer love for tax drives his mission to save clients money and optimise their financial strategies. Haroon is dedicated to navigating complex financial landscapes with precision and delivering exceptional results for his clients.

Are you a company director?

There is more to being appointed a company director than accepting the title.

According to Companies House directors formal, statutory duties and responsibilities include:

  • filing an annual confirmation statement;
  • filing your company annual accounts – even if the company is dormant;
  • notifying Companies House of any change in your company’s officers or their personal details;
  • notifying any change to your company’s registered office address
  • filing details of any allotment of shares;
  • dealing with the registration of any charges (mortgage); and
  • notifying Companies House of any change in your company’s people with significant control (PSCs) or their personal details.

Additionally, directors need to record minutes of company meetings that impact returns to Companies House and HMRC. For example, when dividends are voted and paid.

Directors should be aware that if you use a sensitive address like your home address as your company’s registered office or single alternative inspection location (SAIL), it will be available to the public. You cannot remove a registered office or SAIL address from the public register, even if it’s your home address.

If you are a director of a registered company, some of your details will be made public. This includes your:

  • name
  • nationality
  • occupation
  • month and year of your date of birth

A director must provide two addresses:

  • a correspondence address for the public register – known as a ‘service address’; and
  • their home address – known as the ‘usual residential address’.

A correspondence address is one you can use to receive communications about the company. This can be the same as the registered office address of the company, or it can be somewhere different.

A residential address is a director’s usual home address. You must tell us your home address, but it will not be available on the public register for everyone to see. It’s kept on a private register.

We will only provide home address information to credit reference agencies and specified public authorities, such as the police. In certain circumstances, you may be able to restrict the disclosure of your home address to credit reference agencies.

Source:Other| 28-08-2023


About the Author
Haroon Muhammad

Haroon Muhammad boasts 17 years of comprehensive experience in tax, financial services, and local government. His sheer love for tax drives his mission to save clients money and optimise their financial strategies. Haroon is dedicated to navigating complex financial landscapes with precision and delivering exceptional results for his clients.

The best and worst of British banks

Personal and small business current account holders were asked how likely they would be to recommend their provider to a friend, relative or other business. The survey also covered the quality of online and mobile provision, branch and overdraft services and, for small businesses, the quality of the relationship management they receive.

The results show customers how their bank is ranked on quality of service and make it easier for people to compare offers. They also promote competition between providers, resulting in better experiences for all account holders. Customers who find another bank offering a better deal can use the Current Account Switch Service to help make the process of switching much simpler. This free service is available to anyone with a personal or business current account in the UK.

Results are for the period July 2022 to June 2023.

Overall, the top-ranked personal current account providers in Great Britain are:

  • Monzo (1st)
  • Starling Bank (2nd)
  • First direct (3rd)

Overall, the bottom-ranked personal current providers in Great Britain are:

  • Virgin Money (=15th)
  • Royal Bank of Scotland (=15th)
  • TSB (14th)

Overall, the top-ranked business current account providers in Great Britain are:

  • Monzo (1st)
  • Starling Bank (2nd)
  • Handelsbanken (3rd)

Overall, the bottom-ranked business current account providers in Great Britain are:

  • HSBC UK (15th)
  • The Co-operative Bank (14th)
  • Virgin Money (13th)
Source:Other| 20-08-2023


About the Author
Haroon Muhammad

Haroon Muhammad boasts 17 years of comprehensive experience in tax, financial services, and local government. His sheer love for tax drives his mission to save clients money and optimise their financial strategies. Haroon is dedicated to navigating complex financial landscapes with precision and delivering exceptional results for his clients.

Who is your ideal customer?

If there is a particular type of customer that is ideally placed to benefit from the goods or services you sell it makes sense to target any marketing activity in their direction, rather than adopting a scatter gun approach.

Take a good look at your present customers and select those that buy from you on a regular basis and seem to appreciate your company’s supplies. For example, are they:

  • Easy to deal with.
  • Pay on time.
  • Reorder on a regular basis.
  • Approachable for cross-sales.

These will be your “A” clients/customers. Once you have your list look for similarities. Are they:

  • In a specific market sector.
  • Is location a feature, local to your base of operations.
  • Are they owner managed.

Once you have defined these characteristics you have a “prime avatar” of your ideal customer, and you can start to market to win more customers with similar characteristics.

To assist with these marketing efforts, approach your present “A” list and ask for testimonials. These are likely to resonate with prospects you approach.

As you are fishing for customers in a pond alive with many different types, many of which you may not want as customers, it makes sense to get clear on who your ideal customer is and concentrate your marketing activity in their direction.

Source:Other| 13-08-2023


About the Author
Haroon Muhammad

Haroon Muhammad boasts 17 years of comprehensive experience in tax, financial services, and local government. His sheer love for tax drives his mission to save clients money and optimise their financial strategies. Haroon is dedicated to navigating complex financial landscapes with precision and delivering exceptional results for his clients.

Landlords’ obligation to repair property

Landlords have a legal obligation to keep their rented property in good condition, and any gas or electrical systems must meet specified safety standards.

There are different rules for making repairs in Scotland and making repairs in Northern Ireland.

When you can enter the property

You have a legal right to enter your property to inspect it or carry out repairs. You must give your tenants at least 24 hours’ notice, although immediate access may be possible in emergencies. Your tenants have the right to stay in the property during the repairs.

You are normally responsible for repairs to:

  • the structure of your property
  • basins, sinks, baths and other sanitary fittings
  • heating and hot water systems
  • anything you damage through attempting repairs

If your property is seriously damaged by a fire, flood or other similar incident, you do not have to rebuild or renovate it. However, if you do, you cannot charge your tenants for any repairs made.

Common areas

If you own a block of flats, you are usually responsible for repairing common areas, like staircases. Councils can ask landlords to fix problems in common areas, or to repair a tenant’s flat that’s been damaged by another tenant.

If the property is temporarily unfit to live in

You can ask tenants to move out during major repairs. Before this happens, you should agree in writing:

  • how long the works will last
  • the tenants’ right to return
  • details of any alternative accommodation

You cannot repossess a property to do repairs. However, if you’re planning substantial works or want to redevelop the property, you can apply to the courts for an order for your tenants to leave. The courts are more likely to grant this if you provide alternative accommodation.

Repairs and charging rent

If the repairs are very disruptive, your tenants may be able to claim a reduction on their rent known as a ‘rent abatement’. This will depend on how much of the property is unusable.

You may have the right to increase the rent after carrying out repairs and improvements, depending on the tenancy agreement.

Source:Other| 13-08-2023


About the Author
Haroon Muhammad

Haroon Muhammad boasts 17 years of comprehensive experience in tax, financial services, and local government. His sheer love for tax drives his mission to save clients money and optimise their financial strategies. Haroon is dedicated to navigating complex financial landscapes with precision and delivering exceptional results for his clients.

Amazon offers to change Marketplace rules

Amazon has offered to change the way it treats third-party sellers using its Marketplace platform in the UK, by submitting proposed commitments to the Competition and Markets Authority (CMA) in response to competition concerns it raised with the technology giant.

The CMA considers that these commitments – if accepted – will ensure third-party sellers’ product offers have a fair chance of being prominently displayed to customers in the ‘Buy Box’ on a product page when they are competing against Amazon’s own product offers. The commitments also aim to prevent Amazon from using data that it obtains from third-party sellers to give itself an unfair competitive advantage.

The CMA launched an investigation in July 2022 into concerns that Amazon was abusing its position as the UK’s leading online retail platform by giving an unfair advantage to its own retail business over competing sellers that use Amazon Marketplace, or to sellers that use Amazon’s own warehousing and delivery services, rather than rival organisation businesses.

The CMA’s preliminary view is that the offer from Amazon addresses its competition concerns, and the CMA is now consulting on the commitments put forward before deciding whether to accept them.

The commitments offered propose to:

  • Ensure Amazon does not use rival sellers’ Marketplace data to gain an unfair advantage over other sellers. This follows concerns that Amazon’s access to commercially sensitive data relating to third-party sellers helped its retail business to decide which products to sell, manage stock levels for those products, set prices and make other important commercial decisions.
  • Guarantee all product offers are treated equally when Amazon decides which will be featured in the ‘Buy Box’. This relates to concerns that products being offered by third-party sellers were less likely to appear in the Buy Box than similar offers from either Amazon’s own retail business or third-party sellers that use Amazon’s delivery services.
  • Allow third-party businesses using Marketplace to negotiate their own rates directly with independent providers of Prime delivery services so that customers can benefit from lower delivery costs where better rates are negotiated.
  • Require Amazon to appoint an independent trustee who will monitor the company’s compliance with these commitments. The CMA will have a direct say in this appointment, ensuring they have the necessary skills and expertise for the job.
Source:Other| 01-08-2023


About the Author
Haroon Muhammad

Haroon Muhammad boasts 17 years of comprehensive experience in tax, financial services, and local government. His sheer love for tax drives his mission to save clients money and optimise their financial strategies. Haroon is dedicated to navigating complex financial landscapes with precision and delivering exceptional results for his clients.

South Yorkshire first UK Investment Zone

South Yorkshire Paves the Way as UK's First Investment Zone

In an effort to stimulate economic growth and create new job opportunities, the UK government announced in its Spring Budget 2023 the establishment of twelve Investment Zones throughout the country. Taking the lead in this groundbreaking initiative, South Yorkshire has been declared the first UK Investment Zone.

As a business in the UK, it’s essential to understand what this significant development means for you, especially if you’re in or around South Yorkshire. This transformative venture is designed to spur investment, generate new economic activities, and support growth and jobs.

Investment Zones: The Gateway to Business Prosperity

Investment Zones are strategically designed to fuel business investment and speed up development. Businesses operating within these zones will benefit from more relaxed planning frameworks and lower taxes, ultimately catalysing growth and promoting innovation.

Require accounting services?

Get in touch with our expert accountants today! Contact us via WhatsApp for personalized financial solutions.

South Yorkshire Investment Zone: A Hub for Advanced Manufacturing

The inaugural Investment Zone in South Yorkshire will specifically target Advanced Manufacturing, a sector with strong roots and potential in the region. If your business operates in or relates to this sector, this presents a golden opportunity.

Cities within South Yorkshire, including Sheffield, Rotherham, Doncaster, and Barnsley, are expected to reap significant benefits. By 2030, it is projected that this Investment Zone will deliver an estimated 8,000 new jobs and £1.2 billion of private funding.

Notable partners such as Boeing, Spirit AeroSystems, Loop Technology, and the University of Sheffield Advanced Manufacturing Research Centre (AMRC) have already pledged support for the initiative, with an initial investment exceeding £80 million.

Looking Ahead: Investment Zones Across the UK

This new economic venture will also extend its reach beyond England. The government is collaborating with devolved administrations and local partners to drive local growth in Scotland, Wales, and Northern Ireland.

If your business is situated in or connected to these regions, keep an eye out for more information on prospective Investment Zones. Glasgow City Region and North East Scotland are reportedly the front-runners for hosting Investment Zones in Scotland.

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About the Author
Haroon Muhammad

Haroon Muhammad boasts 17 years of comprehensive experience in tax, financial services, and local government. His sheer love for tax drives his mission to save clients money and optimise their financial strategies. Haroon is dedicated to navigating complex financial landscapes with precision and delivering exceptional results for his clients.

What do we mean by cost of living?

A simple dictionary definition of cost of living would probably say something like:

The level of prices relating to a range of everyday items…

The problem is, the price inflation for food, or fuel for your car, or heating costs will vary. Although inflation is quoted as just under 9% in the UK, this disguises the true rate of cost increases in different sectors. For example:

  • Petrol and diesel prices were much higher in 2022 that currently. In which case prices in this area have reduced.
  • In the year to May 2023, food and non-alcoholic beverages rose by 18.4%, much higher than the current rate of published inflation.
  • According to the Office of National Statistics energy prices rose 8.1% in the year to May 2023. However, energy price caps will have artificially held down price increase due to government interventions.

To further complicate the issue, inflation is measured in two ways:

  • CPI – the Consumer Price Index, and
  • RPI – the Retail Prices Index

The Retail Prices Index (RPI) is no longer classified as a National Statistic because the way it is calculated does not meet international standards.

In general terms, when the press discuss inflation, the measure they are quoting is the CPI. The CPI inflation rate in May 2023 was 8.7%, the same as in April 2023.

The other factor that is entering the equation on this topic is interest rates. The Bank of England only has one weapon in its armoury to bring down inflation and that is to increase interest rates to dampen demand.

As rates increase, the cost of repaying loans – particularly mortgages – is increasing. Stories abound of monthly repayments doubling in recent weeks.

And so, care should be taken when interpreting price increases. The CPI hides a wealth of price increases and decreases that are no where near 8.7%.

Source:Other| 18-07-2023


About the Author
Haroon Muhammad

Haroon Muhammad boasts 17 years of comprehensive experience in tax, financial services, and local government. His sheer love for tax drives his mission to save clients money and optimise their financial strategies. Haroon is dedicated to navigating complex financial landscapes with precision and delivering exceptional results for his clients.

Ideas for increasing your cash flow

Business owners are not exempt from the effects of inflation, but unlike waged individuals, they may have more options to increase cash flow. Here’s a few ideas you may like to consider:

  • If you have slow-moving or dormant stock sitting on your storage racks, consider a sale. Anything you can convert into cash will have a positive impact on cashflow.
  • Are staff fully utilised? If not, could you offer short-term placements via employment agencies? Failing this option, do you need to consider redundancies?
  • Do you have unused storage or production space that you could rent for short periods?
  • Are your company vehicles fully utilised? Could they be hired to other firms on short-term hire contracts?

Wage earners will have other options to increase their monthly cash flow. For example:

  • Taking on a second job, albeit part-time.
  • Make a list of all those unwanted items languishing, unused, in your loft, outhouse or storage spaces and consider selling on E-Bay or similar platform.
  • Could you let out your drive 9am to 5pm to workers unable to find regular parking spots in your area?
  • Do you have underutilised equipment that you could hire out?

And earning £1,000 or under in a tax year from either renting out part of your home or selling/hiring under-utilised assets is tax free.

And finally, if you have spare rooms in your home, you may be able to rent these tax-free as long as annual rents received do not exceed £7,500 and you are resident in the same building.

If you would like to expand on any of these ideas, be happy to discuss your options. Please call.

Source:Other| 10-07-2023


About the Author
Haroon Muhammad

Haroon Muhammad boasts 17 years of comprehensive experience in tax, financial services, and local government. His sheer love for tax drives his mission to save clients money and optimise their financial strategies. Haroon is dedicated to navigating complex financial landscapes with precision and delivering exceptional results for his clients.

How copyright protects your work

Copyright protects your work and stops others from using it without your permission.

You get copyright protection automatically – you don’t have to apply or pay a fee. There isn’t a register of copyright works in the UK.

You automatically get copyright protection when you create:

  • original literary, dramatic, musical and artistic work, including illustration and photography
  • original non-literary written work, such as software, web content and databases
  • sound and music recordings
  • film and television recordings
  • broadcasts
  • the layout of published editions of written, dramatic and musical works

You can mark your work with the copyright symbol (©), your name and the year of creation. Whether you mark the work or not doesn’t affect the level of protection you have.

Copyright prevents people from:

  • copying your work
  • distributing copies of it, whether free of charge or for sale
  • renting or lending copies of your work
  • performing, showing or playing your work in public
  • making an adaptation of your work
  • putting it on the internet
Source:Other| 05-07-2023


About the Author
Haroon Muhammad

Haroon Muhammad boasts 17 years of comprehensive experience in tax, financial services, and local government. His sheer love for tax drives his mission to save clients money and optimise their financial strategies. Haroon is dedicated to navigating complex financial landscapes with precision and delivering exceptional results for his clients.

Protecting intellectual property

Having the right type of intellectual property protection helps you stop people stealing or copying:

  • the names of your products or brands;
  • your inventions;
  • the design or look of your products; and
  • things you write, make or produce.

Copyright, patents, designs and trademarks are all types of intellectual property protection. You get some types of protection automatically, others you have to apply for.

You own intellectual property if you:

  • created it (and it meets the requirements for copyright, a patent or a design);
  • bought intellectual property rights from the creator or a previous owner; and
  • have a brand that could be a trademark, for example, a well-known product name.

Intellectual property can have more than one owner, belong to people or businesses, and be sold or transferred.

If you have concerns that your ideas or business brands are vulnerable contact a professional patent or trademark attorney.

Source:Other| 26-06-2023


About the Author
Haroon Muhammad

Haroon Muhammad boasts 17 years of comprehensive experience in tax, financial services, and local government. His sheer love for tax drives his mission to save clients money and optimise their financial strategies. Haroon is dedicated to navigating complex financial landscapes with precision and delivering exceptional results for his clients.

New powers for charities

From 14 June 2023, the latest set of changes mandated by the Charities Acts 2022 came into force.

Changes now in place include simplified legal requirements that charities must comply with before selling, transferring or leasing land, and new statutory powers to enable:

  • Charities to spend, in certain circumstances, a proportion or all of their permanent endowment fund where the market value of the fund is (£25,000 or less) without Commission authorisation.
  • Charities to borrow, in certain circumstances, up to 25% of the value of their permanent endowment fund without Commission authorisation.
  • Charities that have opted into a total return approach to investment to use permanent endowment to make social investments with a negative or uncertain financial return, provided any losses are offset by other gains.
  • The Commission to direct a charity to stop using a working name if it is too similar to another charity’s name or is offensive or misleading.
  • The Commission to delay registration of a charity with an unsuitable name or delay entry of a new unsuitable name onto the Register of Charities. Working with the principal regulator, the Commission can also use these naming powers on exempt charities.

The Director of Legal & Accounting Services at the Charity Commission said:

“The latest changes introduced by the Charities Act 2022 give the charities we regulate more flexibility and greater powers. These are positive changes that will impact a significant number of charities, so it is important all organisations, big or small, take the time to check what this means for them. This is especially important if they are looking, for example, to dispose of land. We have updated our guidance to help trustees understand the changes, and our contact centre is open to those who need further support.”

Source:Other| 18-06-2023


About the Author
Haroon Muhammad

Haroon Muhammad boasts 17 years of comprehensive experience in tax, financial services, and local government. His sheer love for tax drives his mission to save clients money and optimise their financial strategies. Haroon is dedicated to navigating complex financial landscapes with precision and delivering exceptional results for his clients.

New life sciences growth package announced

The Chancellor, Jeremy Hunt, has announced a new £650 million package of measures to help boost UK life sciences.

The new ‘Life Sci for Growth’ package brings together 10 different policies including £121 million to improve commercial clinical trials to bring new medicines to patients faster, up to £48 million of new money for scientific innovation to prepare for any future health emergencies, £154 million to increase the capacity of the UK’s biological data bank – further aiding scientific discoveries that help human health – and up to £250 million to incentivise pension schemes to invest in our most promising science and tech firms.

The package also includes plans to relaunch the Academic Health Science Network as Health Innovation Networks as well as changes to planning rules to free-up lab space and updating a route for East West Rail to improve connections between the UK science powerhouses of Oxford and Cambridge.

Launching the package, the Chancellor said:

‘Our Life Sciences sector employs over 280,000 people, makes £94 billion for the UK each year and produced the world’s first covid vaccine.

These are businesses that are growing our economy while having much wider benefits for our health – and this multi-million pound investment will help them go even further.’

Source:HM Treasury| 11-06-2023


About the Author
Haroon Muhammad

Haroon Muhammad boasts 17 years of comprehensive experience in tax, financial services, and local government. His sheer love for tax drives his mission to save clients money and optimise their financial strategies. Haroon is dedicated to navigating complex financial landscapes with precision and delivering exceptional results for his clients.

What you can and cannot patent

The GOV.UK website offers the following guidance if you are considering a patent application.

A UK patent may help if you want to take legal action against someone who uses your invention without your permission. For example, if they sell or manufacture your product in the UK.

A patent lasts 5 years. If you want it to stay in force after that, you must renew it every year, up to a maximum of 20 years.

What you can patent

Your invention must be:

  • new – it must not have been made publicly available anywhere in the world, for example it must not be described in a publication
  • inventive – for example, it cannot be an obvious change to something that already exists
  • either something that can be made and used, a technical process, or a method of doing something

What you cannot patent

Things you cannot patent include:

  • literary, dramatic, musical or artistic works
  • a way of doing business, playing a game or thinking
  • a method of medical treatment or diagnosis
  • a discovery, scientific theory or mathematical method
  • the way information is presented
  • ‘essentially biological’ processes like cross-breeding animals or varieties of plants
  • software that has a ‘non-technical’ purpose

Only software with a technical purpose can be granted a patent. For example, software to control a driverless car could have a patent, while a chess playing app could not. If your invention is software, you may need professional advice whether it can be patented (for example, by consulting with a patent attorney).

Source:Other| 11-06-2023


About the Author
Haroon Muhammad

Haroon Muhammad boasts 17 years of comprehensive experience in tax, financial services, and local government. His sheer love for tax drives his mission to save clients money and optimise their financial strategies. Haroon is dedicated to navigating complex financial landscapes with precision and delivering exceptional results for his clients.

Voluntary “give-aways”

In a recent post we warned of the likely loss of billing opportunities if you give away service advice just to demonstrate how informed you are.

In this post we outline when it may be appropriate to volunteer information or other free offers in order to secure additional sales.

For example, when you deliver goods to your customers, do you insert information about other goods or services that they might find of interest? A car dealership may be the place where you go to purchase or lease a car, but once you have chosen your vehicle you will likely be offered insurance or service plans as add-on sales.

Fishermen will “give-away” bait by broadcasting it in areas of water where it expects fish to reside. This process is an invitation. Invite your customers to sample more of your goods and services, don’t be shy.

Don’t assume that customers will know what is on offer, tell them.

You have done the hard work and converted business prospects into business customers. Be sure that each sales point is also a business development opportunity.

Source:Other| 05-06-2023


About the Author
Haroon Muhammad

Haroon Muhammad boasts 17 years of comprehensive experience in tax, financial services, and local government. His sheer love for tax drives his mission to save clients money and optimise their financial strategies. Haroon is dedicated to navigating complex financial landscapes with precision and delivering exceptional results for his clients.

Involuntary “give-aways”

Unlocking the Power of Value in Service-Based Businesses

Are you a service provider looking to maximize your earnings? If so, it’s crucial to be mindful of the potential pitfalls of giving away your expertise for free. While there may be situations where offering complimentary advice can be beneficial, it’s important to strike a balance that ensures your services are properly valued.

So why would you ever consider giving away your hard-earned knowledge without charging a fee? There are a couple of scenarios where it might make sense. Firstly, if you’re enticing a prospective client to join your customer list, offering free advice can serve as a valuable incentive. Additionally, if you have existing clients who are experiencing a temporary downturn in their business, you might be willing to provide limited pro-bono advice to help them weather the storm.

Require accounting services?

Get in touch with our expert accountants today! Contact us via WhatsApp for personalized financial solutions.

However, it’s essential to exercise caution when faced with a client’s specific problem that you can solve immediately. While it may be tempting to blurt out the solution, it’s important to resist this urge. After all, the skills you’ve honed to deliver your services deserve a return on investment, and giving away solutions, while pleasing the client, undermines the purpose of being in business.

Instead, when confronted with such situations, consider suggesting that you have a potential solution to their problem. However, explain that you’ll need time to gather additional details and propose a comprehensive plan. Promise to get back to them the following day. This approach allows you to solidify your ideas, present a clear outline of what you can achieve, highlight the benefits for your client, and, importantly, discuss the cost associated with delivering the solution.

By adopting this approach, you’ll not only safeguard the value of your expertise but also ensure that your services are appropriately compensated. Remember, striking a balance between providing value and maintaining a profitable business is key to long-term success.



About the Author
Haroon Muhammad

Haroon Muhammad boasts 17 years of comprehensive experience in tax, financial services, and local government. His sheer love for tax drives his mission to save clients money and optimise their financial strategies. Haroon is dedicated to navigating complex financial landscapes with precision and delivering exceptional results for his clients.

The importance of being interested

Conversation takes a turn for the worse if you have an opinion that your client has no idea how to solve their problem(s) and all they need to do is listen to your solution.

And you may be right in your interpretation of the facts, but will the client appreciate your apparent unwillingness to listen?

If AI systems ever crack this particular nut and develop the ability to listen, empathise and then advise, human advisors will quickly find themselves out of a job.

Being interested in your clients’ problems is different to knowing what they need to do to solve the problem. For instance, how is the problem impacting their stress levels, their family life. Have they been so worn down by their issues that their GP has prescribed anti-depressants?

Sometimes, we need to be heard, and communicating how we feel is as important as having the underlying problem solved.

As a bonus, if you are interested in your clients, they will return – and willingly – to share their difficulties and seek out your advice knowing that you really understand how they feel.

A simple process to exercise your empathic muscles is to ask open questions. It may take no more than a “How are you?” to create additional advisory fee billing opportunities.

Source:Other| 23-05-2023


About the Author
Haroon Muhammad

Haroon Muhammad boasts 17 years of comprehensive experience in tax, financial services, and local government. His sheer love for tax drives his mission to save clients money and optimise their financial strategies. Haroon is dedicated to navigating complex financial landscapes with precision and delivering exceptional results for his clients.

The winds of change

A new King, the possibility of a change of government next year, and signs that we may, at last, be emerging from the disruptions created by Brexit and COVID.

Meanwhile, back at helms of our small business sector firms, entrepreneurs are obliged to deal with the challenges that have arisen in recent years. Including:

  • Inflation
  • Crippling energy cost rises
  • Supply chain difficulties, and
  • The lack of qualified staff – affecting service industries, farming and manufacturing.

It’s as if the UK economy is becalmed, in the doldrums, waiting for the winds of change.

What do we need?

  • Price stability, inflation reduced to 2% not 10%.
  • A reduction in the cost of energy.
  • Less red tape when trading (importing and exporting) in the EU post Brexit.
  • Access to European and other global labour markets.

Readers who are suffering from these and other issues would do well to keep revisiting their business plans for the coming year to head-off cash-flow and solvency concerns. Please call if you would like to discuss your options.

Source:Other| 08-05-2023


About the Author
Haroon Muhammad

Haroon Muhammad boasts 17 years of comprehensive experience in tax, financial services, and local government. His sheer love for tax drives his mission to save clients money and optimise their financial strategies. Haroon is dedicated to navigating complex financial landscapes with precision and delivering exceptional results for his clients.

More financial support for energy intensive sectors

Some businesses could see their bills slashed by as much as 20% off predicted wholesale prices, thanks to further government support launched on 26 April 2023 for sectors using high amounts of energy.

Applications have now opened for energy and trade intensive sectors that are most affected by the unprecedented rise in global energy prices to claim further discounts on their bills between 1 April 2023 and 31 March 2024 – helping deliver on the government’s priority to halve inflation.

Ceramics and textiles are among the wide range of sectors potentially in line to benefit. These companies use high amounts of energy to deliver their goods, but also are exposed to strong international competition, meaning they cannot raise their prices to cover the increase in costs they have faced.

Ministers are today urging companies to check their eligibility and submit their applications at the earliest opportunity, as the government continues its unprecedented support package that has protected businesses and as of April has saved them £5.9 billion on energy costs – over £30 million a day.

Source:Other| 01-05-2023


About the Author
Haroon Muhammad

Haroon Muhammad boasts 17 years of comprehensive experience in tax, financial services, and local government. His sheer love for tax drives his mission to save clients money and optimise their financial strategies. Haroon is dedicated to navigating complex financial landscapes with precision and delivering exceptional results for his clients.

Less could be more

Is there mileage in the old adage that it is unwise to keep all your eggs in one basket?

Most businesses build an expanding customer list; each customer a separate income stream for their business.

Compare this with being employed; one employer, one income stream.

The other business dynamic that requires attention is what you sell to your customers. Would it pay dividends to explore what your customers need rather than what it is you want to sell them?

The idea being that it is your customers who ultimately chose to buy what you sell, and therefore checking out ideas for products with customers is not a bad idea.

But how many products or service plates can you keep spinning on sticks and still have time to manage your business effectively? There is mileage in the idea that by reducing your focus to fewer items you may achieve a bigger impact; more sales, more profits.

This process may also help to improve efficiency. For example, with fewer projects on the go you will have fewer key performance indicators to create and monitor.

Perhaps, after all, less could be more…

Source:Other| 23-04-2023


About the Author
Haroon Muhammad

Haroon Muhammad boasts 17 years of comprehensive experience in tax, financial services, and local government. His sheer love for tax drives his mission to save clients money and optimise their financial strategies. Haroon is dedicated to navigating complex financial landscapes with precision and delivering exceptional results for his clients.

Starting a new business?

One of the issues you will need to consider if you are starting a new business is the business structure. There are three commonly used forms to choose from, each with advantages and disadvantages.

  • A sole trader – this is the simplest way of starting and running a business. However, you are personally responsible for your business’s debts.
  • A limited company – this means that the business is a distinct legal entity in its own right; quite separate from you as a person, but there are more reporting and management responsibilities. It also means that you cannot simply draw money from the business without considering tax and legal implications.
  • Partnership – There are two main types of partnership, a conventional version where you work with one or more partners in the business. This is the simplest way to run a business for two or more people, however, partners can be personally liable for partnership debts. There is also a limited liability partnership or LLP, this is a more complex structure that provides you and your partners with the protection of limited liability, just as with a company.

Which business structure is best suited to you will depend on a host of factors. This could include your cashflow projections, your longer-term plans for the business, whether or not you need the protection of limited liability, your willingness to comply with legal and administrative obligations and the nature of any inward investment you are seeking.

If you are contemplating a new business venture, please call so we can help you choose the right structure for your business.

Source:Other| 17-04-2023


About the Author
Haroon Muhammad

Haroon Muhammad boasts 17 years of comprehensive experience in tax, financial services, and local government. His sheer love for tax drives his mission to save clients money and optimise their financial strategies. Haroon is dedicated to navigating complex financial landscapes with precision and delivering exceptional results for his clients.

What is profit?

When accountants or other interested parties refer to business profits, they are likely to mean the difference between sales and costs, and more concisely, that sales exceed costs.

However, the word “profits” can prove to be a moveable feast as HMRC, banks and traders will likely have a different interpretation.

For example, do costs include:

  • intangible overheads like depreciation;
  • the write-off of goodwill; or
  • taxation.

The distinctions can prove to be important especially if comparisons are being made between business profit centres or different businesses.

Company accounts display sales, costs, intangible write-offs and Corporation Tax charges, but any dividends taken by directors as part of their remuneration package – most directors of small companies take low salaries and high dividends to save NIC costs – are not deducted as a cost in the Profit & Loss account. And so reported profits after tax are not the complete story; any dividends taken by working directors need to be considered.

The question, what is profit, is therefore dependent for its usefulness as an indicator of a businesses’ health, only if its definition is fully appreciated.

Source:Other| 16-04-2023


About the Author
Haroon Muhammad

Haroon Muhammad boasts 17 years of comprehensive experience in tax, financial services, and local government. His sheer love for tax drives his mission to save clients money and optimise their financial strategies. Haroon is dedicated to navigating complex financial landscapes with precision and delivering exceptional results for his clients.

UK tax changes in 2023 spring finance bill; london accountant

Unpacking 2023 Spring Finance tax changes


The 2023 Spring Finance Bill consolidates changes proposed in the 2023 Spring Budget as well as additional changes to tax duty rates and tax relief allowances.You can
click here for our breakdown of the relevant changes to income tax, corporation tax, and tax-free allowances.

In this post, we will outline the changes to capital allowances and tax relief schemes for businesses. We will also cover changes to pension allowances, alcohol duty, and air travel taxes which were also included in the Spring Finance Bill.

Permanent increase to £1 million for the Annual Investment Allowance

Capital allowances allow businesses to deduct a portion of the value of assets they purchase from their taxable profits each year. You can claim capital allowances on items that you keep to use in your business – these are known as ‘plant and machinery’.

The primary types of capital allowance are ‘writing down allowances’. Under this scheme, most assets qualify for the ‘main rate’, allowing you to deduct 18% of their value from taxable profits each year, with a 6% ‘special rate’ for assets like integral features of buildings.

The Annual Investment Allowance is a 100% capital allowance available for the cost of most plant and machinery incurred by most businesses up to a specified annual amount. This means you can deduct the full value of purchased assets from your taxable profit in the year of purchase. You can do this until the total value of assets purchased exceeds £1 million, after which you will have to use writing down allowances at the rates described above.

The AIA was temporarily raised from £200,000 to £1 million in 2019, and the 2023 Spring Finance Bill makes this permanent. The measure aims to provide a continued incentive to support business investment with a simple legislative change.

 

Full capital expensing and extension of 50% special rate

Capital allowances allow certain capital expenditure to be deducted when calculating a business’s taxable profits. As described above, writing down allowances are 18% per year for main rate expenditure and 6% per year for special rate items. For main rate assets, this means you can deduct 18% of the asset’s value from your taxable profits each tax year.

Special rate items include assets with an expected lifetime of over 25 years, integral building features, and cars in the higher bands of CO2 emissions. 

The 2023 Spring Finance Bill provides for 100% first-year allowances for main rate expenditure (known as full expensing) and the extension of 50% first-year allowances for special rate expenditure. This is subject to certain exclusions, most notably cars, and will last until 2026.

This change gives an increased incentive to invest in plant and machinery by providing higher rates of relief immediately in the year that assets were purchased, rather than over many years.

 

Expansion of R&D relief

There are currently two schemes aimed at providing tax relief for research and development (R&D) in science or technology. First is the ‘Small and medium-sized enterprise (SME) R&D tax relief’. For larger businesses, there is the R&D expenditure credit (RDEC) system.

The Spring Finance bill makes the following changes to these tax relief schemes:

  • Requiring claimants to submit a pre-notification of their claim, unless they are new claimants or have not claimed in the previous three accounting periods.
  • Expands the categories of qualifying expenditure to include data licences and cloud computing costs to better reflect developments in technology and the different ways that cutting edge R&D is now undertaken.
  • Require the provision of additional information to support claims.
  • Address several unintended consequences in the legislation.

Expansion of Seed Enterprise Investment Scheme

The UK Seed Enterprise Investment Scheme (SEIS) is a government-backed initiative designed to encourage investment in early-stage and startup companies. It offers tax incentives to individual investors who purchase shares in qualifying companies, including income tax relief, capital gains tax exemption, and loss relief.

The 2023 changes to the SEIS scheme raises limits on investment and expands which businesses are eligible.

To be eligible for the scheme, companies must have fewer than 25 employees, be less than two years old, and have assets worth less a certain amount. The Spring Finance Bill raises this from £200,000 to £350,000.

The Bill also increases the maximum amount that a company can raise through SEIS from £150,000 to £250,000. Investors can now also claim SEIS relief on investments up to £200,000 per tax year.

Pension lifetime allowance scrapped; allowances increased

The Spring Finance Bill will be abolishing the pension lifetime allowance and increasing pension-related tax-free allowances.

It also includes incentives to help get over 50’s back to work, including expanding the DWP’s “Mid-life MOT” Strategy. This helps people to access financial, health and career guidance ahead of retirement. There will also be a new kind of apprenticeship targeted at the over 50s who want to return to work, called Returnerships.

What is the lifetime pension allowance?

The UK’s pension lifetime allowance (LTA) is a limit on the total amount of pension benefits an individual can receive without incurring an additional tax charge. For the 2022/2023 tax year, the LTA was £1,073,100. If the value of an individual’s pension savings exceeds this limit, they may be subject to a tax charge of up to 25%.

The LTA was designed to limit the amount of tax relief that high earners can receive on their pension contributions and to ensure that the pension system is sustainable. However, it can also affect individuals with long careers or high salaries, as their pension savings may exceed the LTA even with relatively modest contributions over time.

Changes to pension allowances

The 2023 Spring Finance Bill removes the tax charge on pension savings that exceed the lifetime allowances for the 2023/24 tax year. Future legislation will aim to remove the concept of an LTA for pensions entirely.

The Bill raises the pension annual allowance from £40,000 to £60,000, allowing individuals to make more pension contributions each year without incurring tax charges.

The adjusted income threshold for the Tapered Annual Allowance will also be increased from £240,000 to £260,000 from 6 April 2023. This means that those earning over £260,000 (from 6 April 2023) will begin to see their £60,000 annual allowance tapered. For every £2 that your income exceeds £260,000, your annual allowance is reduced by £1.

The annual allowance cannot be reduced to be less than £10,000 (up from £4,000 in 2022/23).

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Changes to alcohol duty

 

HMRC’s Spring Budget also announced changes to the tax charged on alcoholic products. The policy document outlines how these changes will affect the average consumer:

  • 4% ABV pint of draught beer will be 0 pence higher.
  • 4% ABV 500ml bottle of non-draught beer will be 5 pence higher.
  • 5% ABV pint of draught cider will be 2 pence higher.
  • 5% ABV 500ml bottle of non-draught cider will be 5 pence higher.
  • 40% ABV 25ml serving of whisky will be 3 pence higher.
  • 5.4% ABV 250ml can of spirits-based RTD will be 6 pence lower.
  • 11% ABV 250ml glass of still wine will be 5 pence higher.

The document also states that individuals who drink stronger alcoholic products may pay more through the revised duty structure. Individuals who drink draught products in on-trade venues (such as pubs) will pay less tax than on the equivalent non-draught product in off-trade venues (such as supermarkets).

Air Passenger Duty changes

Air Passenger Duty is charged on commercial passenger flights. Previously, these charges had two bands based on distance travelled. Band A is for flights with a distance between 0 and 2000 miles, and Band B for those over 2000 miles.

The Spring Finance Bill introduced two new bands – one for domestic flights and one for long-haul flights of over 5500 miles. These changes will reduce the tax burden on domestic flights while increasing taxes on ultra-long-distance trips.

The full table of Air Passenger Duty rates is below. The reduced rate applies to the lowest class of travel available on the aircraft, and the standard rates to any other class. The higher rates apply to aircraft of 20 tonnes or more equipped to carry fewer than 19 passengers.

Bands

Reduced rate

Standard rate

Higher rate

Domestic (within UK)

£6.50

£13

£78

0 -2000 miles

£13

£26

£78

2001 – 5500 miles

£87

£191

£574

over 5500 miles

£91

£200

£601



bottom line

The 2023 Spring Finance Bill is broadly aimed at stimulating the UK economy by lowering limits and taxes on business investment, and encouraging individuals to work more (via increased annual pension allowances) and longer (via incentive schemes for over 50’s).

Most notably, the Bill makes permanent the previously temporary £1 million Annual Investment Allowance, and provides ‘full expensing’ for most capital purchases until 2026.

We're here to help protect your business interests

We strive to bring a creative, quality and commercially focused approach to all of our work.  We’re here to guide you, so speak to us today to see how we can help to protect your business interests.



About the Author
Haroon Muhammad

Haroon Muhammad boasts 17 years of comprehensive experience in tax, financial services, and local government. His sheer love for tax drives his mission to save clients money and optimise their financial strategies. Haroon is dedicated to navigating complex financial landscapes with precision and delivering exceptional results for his clients.

Cause for optimism?

As we have moved into the new tax year, since 6 April 2023, the March hares have had their opportunity for madness and there is just a glimmer of warmer weather ahead. And perhaps, we may even witness a growing measure of control over rising prices.

There were a few good tidings for business owners in the recent Budget, for example, the unlimited expensing (100% write-off) of qualifying capital expenditure for companies, and the abolition of the lifetime limit on pension pots.

But whilst we may draw deeper breaths and enjoy the sun on our faces in the coming weeks there are still challenges ahead and we would do well to be mindful…

Is now a good time to take stock? To quantify any damage to balance sheets and to reappraise our trading prospects in the coming year? We would say yes, it is.

And whilst we can undertake this “planning” while we soak up the spring sun, it is more productive to give yourself half-a-day away from your desk and create a formal business plan that you can use to measure performance in the coming months.

Every business and business owner will have a unique set of circumstances to deal with during 2023. If you are keen to make the most of any upturn in trade, now is the perfect time to consider your options.

We can help.

Source:Other| 10-04-2023


About the Author
Haroon Muhammad

Haroon Muhammad boasts 17 years of comprehensive experience in tax, financial services, and local government. His sheer love for tax drives his mission to save clients money and optimise their financial strategies. Haroon is dedicated to navigating complex financial landscapes with precision and delivering exceptional results for his clients.

Energy Bills Discount Scheme

The new Energy Bills Discount Scheme replaces the Energy Bill Relief Scheme which came to an end on 31 March 2023. The new scheme will offer support to eligible non-domestic energy customers, including UK businesses, the voluntary sector, for example charities, and the public sector such as schools and hospitals from 1 April 2023 – 31 March 2024.

The new scheme has been designed to help support businesses over the next 12 months whilst at the same time limiting the taxpayer’s exposure to volatile energy markets, with a cap set at £5.5 billion based on estimated volumes.

Under the new scheme, eligible non-domestic customers who have a contract with a licensed energy supplier will see a unit discount of up to £6.97/MWh automatically applied to their gas bill with a price threshold of £107 per MWh and a unit discount of up to £19.61/MWh applied to their electricity bill with a price threshold of £302 per MWh. The relative discount will only be applied if wholesale prices are above the stated price thresholds.

The government has also confirmed that a substantially higher level of support will be provided to businesses in sectors identified as being the most energy and trade intensive – predominately manufacturing industries. These businesses will receive a gas and electricity bill discount based on a supported price which will be capped by a maximum unit discount of £40/MWh for gas with a price threshold of £99 per MWh and £89/MWh for electricity with a price threshold of £185 per MWh. This discount will only apply to 70% of energy volumes.

As with the original scheme, suppliers will automatically apply reductions to the bills of all eligible non-domestic customers.

Source:Department for Business, Energy & Industrial Strategy| 27-03-2023


About the Author
Haroon Muhammad

Haroon Muhammad boasts 17 years of comprehensive experience in tax, financial services, and local government. His sheer love for tax drives his mission to save clients money and optimise their financial strategies. Haroon is dedicated to navigating complex financial landscapes with precision and delivering exceptional results for his clients.

Powering Britain from Britain

Britain’s rollout of clean, affordable, home-grown energy is moving full speed ahead, with the UK government offering £205 million in its latest renewables auction, boosting energy security, growing our economy and powering more of Britain from Britain.

The Contracts for Difference (CfD) scheme is the government’s flagship mechanism for supporting new British low-carbon electricity generation projects, so far awarding contracts to projects totalling nearly 27GW of low carbon capacity. This has helped accelerate plans to diversify, decarbonise and domesticate our energy supplies, with the last round (AR4) securing almost 11GW of low carbon capacity – enough to generate sufficient electricity to power 12 million British homes.

A recent announcement confirmed a budget of £205 million for the fifth CfD allocation round – which is the first CfD auction to run annually – confirms another year of significant financial backing by government for green industries and jobs. This will bolster investment into the sector every year, helping to support green energy and jobs of tomorrow, level up Britain, and replace expensive fossil fuels with cheaper, cleaner, domestic sources of energy.

Source:Other| 26-03-2023


About the Author
Haroon Muhammad

Haroon Muhammad boasts 17 years of comprehensive experience in tax, financial services, and local government. His sheer love for tax drives his mission to save clients money and optimise their financial strategies. Haroon is dedicated to navigating complex financial landscapes with precision and delivering exceptional results for his clients.

Solvency continues to be a pressing issue

The recent rise in inflation and interest rates underlines the fact that the UK and world economies are still suffering from the effects of the continuing war in Ukraine.

Accordingly, if you have managed to retain profits in your business this buffer will help to see you through difficult trading periods as we endeavour to emerge from current challenges.

How long these reserves will last depends on how effectively you manage the process.

Planning is absolutely vital.

You need to figure-out what your short-term prospects for trading are likely to be and then quantify the minimum level of costs that you will need to carry in order to meet:

  • existing fixed commitments, rent for example, and
  • other variable costs to deliver any future trade.

If these calculations reveal that you will be trading at a loss for an extended period, the only way your business can survive is if:

  • your retained profits and personal capital introduced cover these losses; and
  • if reserves are exhausted, you are prepared to borrow to fund any shortfall.

Having real-time data at your fingertips will help, as will creating a forecast or budget for at least the coming year to see how expected trading will affect cash flow and solvency.

Please call, we can help you consider your options.

Source:Other| 26-03-2023


About the Author
Haroon Muhammad

Haroon Muhammad boasts 17 years of comprehensive experience in tax, financial services, and local government. His sheer love for tax drives his mission to save clients money and optimise their financial strategies. Haroon is dedicated to navigating complex financial landscapes with precision and delivering exceptional results for his clients.

eligibility for UK employment allowance 2023

Eligibility for Employment Allowance 2023

If you’re a business owner in the UK, you may be eligible for the Employment Allowance, which can help you save money on your National Insurance contributions. This allowance can be a valuable resource for businesses looking to reduce their expenses and squeeze more into their bottom line.

What is the UK Employment Allowance?

The UK Employment Allowance is a government initiative that allows eligible small businesses to reduce their National Insurance contributions by up to £5,000 per year. This can be a significant cost savings for businesses, especially those with a small number of employees.

Who is eligible for the UK Employment Allowance?

To be eligible for the UK Employment Allowance, a business must have paid Class 1 National Insurance contributions in the previous tax year. However, the business’ Class 1 NI contributions must also have been less than £100,000 in that previous tax year.

Additionally, the business must have an employer’s liability insurance policy in place. The allowance is available to most businesses, including sole traders, partnerships, and limited companies.

However, businesses that employ only the owner or director are not eligible for the allowance. It’s important to note that businesses can only claim the allowance once per tax year, regardless of how many PAYE schemes they operate.

How much can businesses save with the UK Employment Allowance?

Businesses in the UK can save up to £5,000 per year on their National Insurance contributions with the UK Employment Allowance. This is the amount for the 2022/23 financial year. The maximum amounts for previous years were:

  • 2015-16: £2,000
  • 2016-20: £3,000
  • 2020-22: £4,000

Of course, you are not automatically entitled to this full amount. The allowance depends on the amount of National Insurance contributions being made – you can only claim the full amount if you’ve paid £5,000 or more in NI contributions that tax year.

How to claim Employment Allowance

Once you are sure your business is eligible, businesses can claim the allowance through their payroll software or by contacting HM Revenue and Customs. You’ll pay less employers’ Class 1 National Insurance each time you run your payroll until the £5,000 has gone or the tax year ends (whichever is sooner). It’s important to keep records of the claim and any adjustments made to National Insurance contributions.

We're here to help protect your business interests

We strive to bring a creative, quality and commercially focused approach to all of our work.  We’re here to guide you, so speak to us today to see how we can help to protect your business interests.



About the Author
Haroon Muhammad

Haroon Muhammad boasts 17 years of comprehensive experience in tax, financial services, and local government. His sheer love for tax drives his mission to save clients money and optimise their financial strategies. Haroon is dedicated to navigating complex financial landscapes with precision and delivering exceptional results for his clients.

Keep talking

During recent disruptions to trade, ascribed to Brexit, COVID, the war in Ukraine or other global economic challenges, we have become used to online meetings and facetime calls to keep in touch with business associates, staff and friends.

Now that restrictions are easing it is worth reconsidering the value of face-to-face conversations.

Experts agree that communication is more engaging when employees meet in person and that virtual meetings are less effective at building trust.

Psychologists would point to the non-verbal cues that are lost when we are distanced from those with whom we communicate.

Perhaps we should keep talking and re-establish face-to-face contact with our business contacts?

Keeping in touch, face-to-face, may help us relax and sharing problems, common experiences and figuring out how those problems can be solved may lead to more productive outcomes than those afforded by15-minute conversations online.

For example, in a business context, if you can call on customers to discover their challenges this may reveal opportunities for you to step in and offer a solution.

On the flip side of these arguments, virtual meetings can afford significant cost savings. And many jobs are now advertised where working at home is permitted for part of the week. Perhaps what we need is a sensible combination of the two processes. Key meetings where expected outcomes are required may benefit from sitting at a common table. Follow-up clarifications being settled online.

Source:Other| 21-03-2023


About the Author
Haroon Muhammad

Haroon Muhammad boasts 17 years of comprehensive experience in tax, financial services, and local government. His sheer love for tax drives his mission to save clients money and optimise their financial strategies. Haroon is dedicated to navigating complex financial landscapes with precision and delivering exceptional results for his clients.

New UK Data Protection rules

The Data Protection and Digital Information Bill was first introduced last Summer and paused in September 2022 so ministers could engage in a co-design process with business leaders and data experts – ensuring that the new regime built on the UK’s high standards for data protection and privacy, and seeks to ensure data adequacy while moving away from the ‘one-size-fits-all’ approach of European Union’s GDPR.

Data-driven trade generated 85% of the UK’s total service exports and contributed an estimated £259 billion for the economy in 2021.

The improved bill will:

  • Introduce a simple, clear and business-friendly framework that will not be difficult or costly to implement – taking the best elements of GDPR and providing businesses with more flexibility about how they comply with the new data laws.
  • Ensure our new regime maintains data adequacy with the EU, and wider international confidence in the UK’s comprehensive data protection standards.
  • Further reduce the amount of paperwork organisations need to complete to demonstrate compliance.
  • Support even more international trade without creating extra costs for businesses if they’re already compliant with current data regulation.
  • Provide organisations with greater confidence about when they can process personal data without consent.
  • Increase public and business confidence in AI technologies by clarifying the circumstances when robust safeguards apply to automated decision-making.

These data reforms are expected to unlock £4.7 billion in savings for the UK economy over the next 10-years and maintain the UK’s internationally renowned data protection standards so businesses can continue to trade freely with global partners, including the EU.

Source:Other| 12-03-2023


About the Author
Haroon Muhammad

Haroon Muhammad boasts 17 years of comprehensive experience in tax, financial services, and local government. His sheer love for tax drives his mission to save clients money and optimise their financial strategies. Haroon is dedicated to navigating complex financial landscapes with precision and delivering exceptional results for his clients.