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The UK has voted to leave the EU, so how will this impact on the tax regime?

The UK has voted to leave the EU, so how will this impact on the tax regime?

The first thing to note is that there will be no immediate change. We are still a member of the EU. Until Article 50 is invoked, we will continue to engage with EU business as normal.

Once this is invoked, we will remain bound by EU law until the terms of our exit have been determined, this process is expected to take at least two years.

There will undoubtedly be a number of tax implications depending on the way that Brexit and ongoing trading is negotiated.

The most immediate issue will be Customs Duties and VAT.  Once we Brexit we are no longer part of the EU Customs Union, meaning that EU customs duties would apply to goods brought into the UK from the EU, and also UK exports to the EU.

In addition we will no longer be obliged to have a VAT system as this is currently governed by EU directives.  It seems very unlikely that the government will do away with VAT as it is a valuable source of revenue, but to continue it will require a UK legal basis giving the scope for changes.  UK businesses are unlikely to continue to benefit from the current EU simplification methods.

It is easy to speculate on the likely changes but ultimately only time will tell.  In amidst all of the uncertainty one thing is clear…this will not be a quick process.

Warning: Scam Letters

We have recently been made aware that a company called e-public, have been sending correspondence through to Directors, stating that they need to pay £190.00 or their company will be struck off. 

These letters look similar to the picture above.

We have spoken to Companies House who confirmed that these letters are a scam and no payments should be made to this company. They have received several enquiries regarding these letters and are in the process of letting companies know. 

If you have received one of these letters and would like to speak to someone, please do not hesitate to contact us. 

Still haven’t signed up for Pioneer 10? You’ll be missing out!

By being part of Pioneer 10 of the Pioneer community, you can access online tools and advice at any time. The workshops will be offered all through until the end of July – so make the most of them! After July, we will begin to search for the top 10 innovators in Nottinghamshire! These will be invited to join an intensive growth program which includes tools, coaching and support.

After this, the final 10 will pitch to business leaders and the judges will determine the two with the most potential. These winning two will receive support packages worth approximately £25,000!

So, if you haven’t signed up yet – can you really afford not to? 

Visit their website here.

Have you heard of Pioneer 10 yet?

Pioneer 10 is a new, exciting and free business growth and coaching programme for entrepreneurs in Nottinghamshire! It’s open to startup businesses and SMEs.

Every business participating in Pioneer 10 will be offered benefits through insightful, in-person workshops and (tried and tested) online tools.

These businesses will be narrowed down to 10 contestants all of whom will receive one to one coaching from experienced business experts, allowing the business owners to increase their chances of success.

Two of these final ten pioneers will be selected by a panel of judges (Femi being one of them) for a long term, high value, high impact support package.

Are you interested?

Registration remains open from July 2016 to October 2016.  Visit here for more information. 

Small and Medium Sizes Enterprises (SME’s) Struggling With Internal Credit Control

Many small businesses find it hard to maintain good internal credit control and as a result the majority of customers do not intentionally make late payments.

The lack of a substantive process to collect the debt that is the main problem and the longer invoices are not chased for payment, the harder it becomes for the debt to get paid and eventually the debt may become unrecoverable.

A great way to solve this problem is to use computerised accounting software like Free Agent or Digita Software by Thomson Reuters.

Many businesses are becoming more aware of bad debt issuesand are migrating from using spreadsheets for accounting purposes to reliable Computerised Accounting Software (CAS).

If you’re one of these businesses, make sure to first scope the market for CAS’s that are compatible with your business’s needs, size and suits the company’s budget.

Debt chasing becomes less of a hassle after programming the CAS to send reminder letters for overdue invoices thus freeing up your time for servicing clients and meeting new clients.

My previous article on LinkedIn gives 5 brief tips on how to avoid insolvency in your business and mentions Debt Chasing.

Exciting news – Femi is a judge!!

Femi has been appointed as a judge on Pioneer 10, an intensive programme for business owners. Operated by Oxford Innovation, the event will take place across Mansfield i-Centre, Newark Beacon and Worksop Turbine and is an opportunity for you to get some free tools and support to grow your business with.

What is in it for you?

There’s lots up for grabs! Led by business experts, attending the free workshops puts you in line for a chance of being selected to receive one-to-one coaching, and two “Pioneers” will be selected to receive extensive, long-term business support worth in the region on £25k! Interested? You should be!

Can you be part of it?

Pioneer 10 is available to entrepreneurs and businesses at all stages, to help drive growth. So, if you are interested – what are you waiting for? Visit their website here to find out when their next event is, alternatively contact us and we can point you in the right direction.

Are work obsessed employees putting company data at risk?

We are all guilty of checking up on our work emails or finishing that last piece of work at home after a busy day in the office (or in some cases, over a busy weekend!).

The UK have become a country of workaholics, with increased connectivity to their work outside of the office, which means in some cases checking work in the morning, evening, on public transport, in bed, in their cars and even on nights out!

But this dedication creates an increased risk to unauthorised people accessing the company data through unprotected devices.

It’s believed that one-in-ten employees would give colleagues access to their work device and even further, one-in-ten would give their partners access. Research carried out by OneLogin, stated that 35% of employees, would give their passwords to close friends and family.

Although employees remote accessing work is beneficial, it means that measure need to be in place to ensure remote workers are only accessing securely and not allowing others access.

Do you know who’s really accessing your company’s information? Make sure you have the correct policies and procedures in place.

For support on this, contact us on 01909 512 120 or email info@loftusstowe.com

Femi Ogunshakin Managing Director
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