People of Significant Control Register
The Small Business, Enterprise and Employment Act 2015 will require all UK companies (other than publicly traded companies) to maintain a register of those people who have significant control over the company to ensure that the individuals who are its ultimate beneficial owners and controllers are identified and details of their holdings made public. This move is a central part of the UK Government’s G8 commitment to greater corporate transparency, an issue the UK is leading the way on....
IMPORTANT CHANGES AFFECTING MVLs
Amongst the changes to the taxation of company distributions from 6 April 2016 include changes to treat some distributions in a winding-up as receipts of income, rather than capital gains. This affects individuals who within a period of 2 years after the winding-up of the company continue to be involved in a similar trade or activity. All individuals in receipt of dividend income will be affected after this date. Anyone hoping to claim entrepreneurs’ relief and thereby benefit from...
UK manufacturers suffer further drop in orders, CBI survey shows
Demand in January fell faster than in December although companies are keener to invest and recruit UK manufacturers have suffered a further drop in orders this month, according to a poll that suggests the slowing global economy is hurting demand for exports. The latest snapshot of industry from the CBI showed order books deteriorated again in January, at a faster pace than December and more sharply than City economists had been predicting. But the survey of 465 businesses also showed...
Financial troubles cause stress for over 40% of the UK
Research from Equifax reveals that 42% of people in the UK have experienced stress or anxiety due to financial difficulties and the majority of consumers (58%) are unaware that financial organisations and utility providers have a responsibility to help consumers if they encounter financial difficulty. The online survey, conducted by YouGov, highlights that when faced with financial difficulties people are most likely to confide in a partner (48%), while 46% said they would turn to a family...
Brantano collapses into administration, putting 2,000 jobs at risk
Shoe retailer Brantano has collapsed into administration, putting more than 2,000 jobs at risk. The Leicestershire-based business was bought just four months ago by specialist retail investor Alteri but has struggled amid tough trading on the British high street. Alteri bought the business for £12m along with better-known chain Jones Bootmaker from Dutch retail group Macintosh. Jones Bootmaker, which first opened in 1857 - making it one of the oldest names on the...
Business recommendation levels for banks increases
An ongoing comprehensive survey of business experiences of banking services has found bank recommendation levels improving among small to medium enterprises (SMEs). In 2015 26% of SMEs said they would recommend their bank to others, up from 23% in 2014*. The detailed survey of over 12,000 UK SMEs also found the firms most likely to report improved satisfaction tended to be younger and larger businesses. The Business Banking Insight report (BBI) was conducted in two waves in the first and...
UK200Group member comments on North-South divide in business confidence
A member of the UK200Group of independent accountancy and law firms has today commented on news that a poll of 3,000 firms by the Federation of Small Businesses (FSB) points to a growing North-South divide in business confidence for Q4 2015. Companies in the North East, Yorkshire and Wales reported a fall in confidence over the past year, whereas confidence levels elsewhere remained stable in the final quarter. The FSB’s quarterly index also shows small business confidence in Scotland has...
Banks charge small firms extra £4bn on top of standard fees for money transfers
New report slams lack of transparency over the spreads added to foreign currency deals Small firms are paying out £4bn a year in built-in costs when they transfer money overseas using the nation’s high street banks, a landmark study has estimated, and Barclays’ customers are said to be the worst off. The analysis by payments consultancy Accourt, which was commissioned by online currency exchange and international payments service Money Mover, looked at the fees charged by six...
Salaries in Leeds grew twice as fast as in London last year
London still has the highest overall salary – but Leeds, Sheffield and Bristol are catching up the quickest as CV-Library declares 2016 "the year of the candidate" with job hunters holding more power than recruiters. Salaries in Leeds grew almost twice as fast as in London in 2015, as earnings growth in the capital was outpaced by three other UK cities. While the average London salary remains the country's highest, pay climbed by 2.5pc to £37,443, compared to a 4.7pc increase...
Trade body warns over insolvency changes
THE government’s decision to prevent insolvency practitioners using no win no fee arrangements to pursue money owed to creditors could result in half a billion pounds a year remaining in the hands of rogue directors, the insolvency trade body R3 has warned. R3’s North West Chair Richard Wolff said he was ‘extremely disappointed’ by the announcement by the Ministry of Justice. Insolvency professionals regularly use no win no fee arrangements to recover funds in cases of suspected...
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