11
Nov
15

Insolvency fees rise but the number of insolvencies drop

Hart Shaw Business Recovery is reminding SMEs that revised fees for bankruptcies and company insolvencies will come into force on 16 November 2015.

Fees and charges are reviewed annually and the revised fee structure ensures that the cost of insolvency processes is paid for by those who use them.

The company winding up deposit – which needs to be paid to the Department of Enterprise, Trade and Investment – is set to rise by eight per cent to £1,350, whilst the company winding up administration fee will climb by five per cent to £2,520.

Christopher Brown, Business Recovery & Insolvency Partner, at Hart Shaw, a founder member firm of the UK200 Group said: “These changes will be subject to Parliamentary scrutiny, but the rise in fees is disappointing for SMEs. However, it is promising to learn that according to the latest figures from the Insolvency Service, there has been a fall in the number of company insolvencies in England and Wales over the last quarter.

“Some 3,539 companies entered insolvency in Q3 2015; a drop of more than ten per cent compared to Q3 2014. The decrease in compulsory liquidations mark a drop to the lowest level since 1989. In fact, the estimated liquidation rate in the 12 months ending Q3 2015 was less than half of one per cent of active companies, which is the lowest level since comparable records began in 1984.

“However, if you’re an SME owner that is worried about bankruptcy, insolvency and the associated fees, talk to an expert.”

Hart Shaw Business Recovery has a team of professionals that can assist in this area. To find out more, please contact Christopher Brown on 0114 251 8850 or chris.brown@hartshaw.co.uk.

 

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08
Oct
15

Do not bury your head in the sand

Sheffield based accountants Hart Shaw is urging business not to be complacent if they receive accelerated payment notices (APNs), after new figures reveal that the government has collected more than £1 billion through their use.

HM Revenue & Customs (HMRC) recently announced that it has collected more than a billion pound using APNs, since it was granted the new powers in 2014/15.

Under the accelerated payment rules, HMRC is able to make taxpayers pay disputed tax in advance, rather than waiting for the outcome of a tax tribunal ruling.

Once an APN is received taxpayers have 90 days to pay the outstanding tax, whether they feel it is due or not or face additional penalties. If the taxpayer wins the case the money is reimbursed to them with interest.

During the first year HMRC issued more than 10,000 notices to businesses or individuals who had used a disclosable scheme under the Disclosure of Tax Avoidance Schemes (DOTAS) rules.

Christopher Brown, Business Recovery & Insolvency Partner at Hart Shaw said: ““Receiving an APN should not be taken lightly, as it can have a serious effect on the liquidity and reputation of you and your business.

“The fact that HMRC have collected more than £1 billion, shows that they are serious when it comes to potential tax avoidance.”

Earlier this year, it was revealed in HMRC’s annual report on tax avoidance, that of the £596m received from APNs during 2014/15, some £28m was refunded after legal challenges.

“While many of those targeted by these new powers may have legitimately avoided paying tax, there will be some individuals and business who have been unfairly targeted and this is evident in the number of refunds already issued by HMRC,” added Christopher.  “Seeking professional advice sooner rather than later is critical.”

For more information please contact Christopher Brown on 0114 251 8850 or chris.brown@hartshaw.co.uk.

 

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30
Sep
15

New EU court ruling could have significant impact on businesses

Sheffield based Chartered Accountants Hart Shaw is warning businesses to be aware of a new European court ruling which has clarified that travelling time to and from work could itself be classed as work.

In a landmark ruling, the European Court of Justice has said that time spent to and from first and last appointments by workers without a fixed office should be regarded as working time and that wages should be paid in relation to this.

Within most businesses this time has not previously been considered as work and it means that firms operating without a fixed office may be in breach of EU working time regulations.

Failing to meet these regulations could see an employer brought before the Health and Safety Executive in the UK, which could lead to improvement notices being issued. Subsequent failure to comply can lead to unlimited fines and imprisonment.

Christopher Brown, Business Recovery Partner at Hart Shaw said: “This new ruling represents a significant change to the current Working Time Regulations and could have a number of implications on a business, ranging from additional wage costs for travelling time to fines or even imprisonment for those who fail to meet its requirements.

“While some business owners may not be happy with this new measure it is important that they comply with it, or face the prospect of an investigation that could have a significant effect on them and their business.”

Christopher added that this new ruling is most likely to affect care businesses, sales representatives and tradesmen who begin and end their working day at home.

“Speaking to a professional regarding your responsibilities as an employer in regards to the Working Time Regulations could save you a lot of problems further down the line,” added Christopher.

To help keep track of business and travel expenses please download our mobile app where such expenses can be logged and calculated accurately. 

For further information please contact Christopher Brown on T: 0114 251 8850 or email: chris.brown@hartshaw.co.uk.

 

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21
Jul
15

Business confidence remains high

Sheffield based Chartered Accountants, Hart Shaw has commented on news that, according to the latest Business in Britain report from Lloyds Bank, overall business confidence remains strong and stable.

This positive attitude is largely underpinned by companies’ expectations of an improvement in exports, as well as an anticipated increase in investment levels.

The twice-yearly Lloyds Bank report gathers the views of 1,500 UK companies – predominantly small to medium sized businesses, or SMEs – and tracks the overall balance of opinion on a range of important performance and confidence measures.

The report’s overall key confidence index, which looks at businesses sentiment over the coming six months, has remained stable at 43 per cent compared with January 2015. Although the latest reading is down from the survey’s high of 53 per cent recorded 12 months ago, it remains above the long-term average reading of 23 per cent. Expectations of employment growth and a resurgent export market suggest strong economic prospects for the second half of the year.

Christopher Brown, Business Recovery & Insolvency Partner at Hart Shaw said: “Some 29 per cent of the firms surveyed said that weaker UK demand poses the greatest threat to their business in the next six months. This could explain why firms expect to increase their sales in global markets.”

The net balance of exporters expecting an increase in total exports across the globe has risen to 46 per cent. This has been boosted by firms’ intentions to export to growing regions such as the Middle East and Africa. In particular, the increase in total exports has been driven by the number of exporters expecting an increase in trade with Europe in the next six months.

“Business confidence has remained relatively strong with encouraging expectations for sales, orders and profits for the rest of the year,” noted Christopher. “This has been underlined by a bounce back in exports to Europe as well as companies’ intentions to grow their presence further on the international stage. However, we’ll be keeping an eye on how the situation in Greece affects British SMEs,” they concluded.

For further details contact Christopher on 0114 251 8850 or chris.brown@hartshaw.co.uk.

 

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07
Jul
15

New website for Hart Shaw Business Recovery & Insolvency

Hart Shaw Business Recovery & Insolvency has developed a new website, embracing new technological methods for better usability.

The new mobile friendly website has better functionality for users accessing the site via different devices.

It is up to date with practical solutions and video content to address businesses and individuals who may be experiencing financial difficulty. In addition to this there is a section on how other professional advisers can access the range of services on offer from Hart Shaw to assist their clients who may be experiencing problems.

Hart Shaw Business Recovery & Insolvency website

The new Hart Shaw Business Recovery & Insolvency website

Brendan Hall, Marketing Co-ordinator at Hart Shaw comments: “The new website has been designed specifically to increase the user experience, making it easier to navigate and find information depending on the specific requirements of the visitor.

“We offer a range of services to businesses, individuals and professional advisers and have broken down these services to enable our visitors to find the information they require quickly and easily.

“Our website can be read easily on mobile phones and tablets, as well as PCs and Laptops to make it more accessible in the office, at home or on the move.”

 

View the new Hart Shaw Business Recovery & Insolvency website here: www.hartshaw-bri.co.uk.

23
Jun
15

Is your business experiencing financial difficulty?

Do you need to know what options are available to your business in troubling times? Companies in financial difficulty - Hart Shaw Business Recovery

Watch our service insight to gain more understanding of the options that can be available and how you can start taking the right steps to safeguard the long term future of your business.

The team at Hart Shaw Business Recovery & Insolvency have helped to turn around and keep trading over 60% of the troubled businesses that have sought help and advice from us.

Watch our ‘Companies in financial difficulty’ video here.

 

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19
Jun
15

More UK start-ups survive first year of business than European counterparts

Sheffield based Hart Shaw has commented on a recent study that shows more of Britain’ start-ups are surviving their first year of business than their European peers.

The research conducted by Rosseau Associates highlights that of the 234,000 UK businesses launched in 2011, 93 per cent of start-ups survived their first year of business. This compares to an average survival rate of 83 per cent across Europe.

Britain’s start-up scene has enjoyed considerably more robust health than Europe’s other major economies of France (79 per cent) and Germany (78 per cent), and has experienced the strongest economic growth in Europe as a whole.

Christopher Brown, Business Recovery & Insolvency Partner at Hart Shaw said: “This is very encouraging news for Britain’s SMEs and shows that we really are leading the way. Despite the tough economic conditions of recent years, the recession appears to have created innovation and entrepreneurs, so Britain’s start-ups are clearly flourishing. Add to that the recent Enterprise Bill and perhaps we will see an even higher survival rate in the coming years.

“Business Secretary Sajid Javid said last month that small businesses are ‘Britain’s engine room’ and at Hart Shaw, we’re proud to be able to assist SMEs and offer a range of services for business owners.”

If you would like advice on how to grow your business and achieve success, please contact Christopher on 0114 251 8850 or chris.brown@hartshaw.co.uk.

Christopher Brown of Hart Shaw

Christopher Brown, Business Recovery & Insolvency Partner at Hart Shaw

 

 

 

 

 

 

 

 

 

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