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Reading Time | < 1 min 09 May 2016

Confirmation statement to replace annual return

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A new confirmation statement is due to replace the annual return from June 2016.

Companies will be required to provide information to the registrar at least once a year. This can be delivered as a confirmation statement.

Unlike annual returns, there are no set dates to submit a confirmation statement during the year. However, no more than 12 months can be passed from the original statement when submitted.

Companies will need to ‘check and confirm’ their information and inform Companies House if any changes would like to be made.

The differences between the confirmation statement and the annual return include:

  • where elections have been made to keep any legal registers at Companies House, a statement confirming all information on those registered will need to be submitted
  • where a company is exempt from keeping a PSC register, a statement is required of the fact that it is exempt, unless the information has not changed since it was last provided
  • a requirement to supply the information on a company’s PSC register, unless the company is exempt or has elected to keep its PSC register at Companies House.

All companies and limited liability partnerships (LLPS) must now keep a register of persons with significant control (PSC).

Companies are required to record the information of individuals with significant control on a PSC register and filed with Companies House from 30 June 2016.

Contact us today to discuss business compliance.

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Reading Time | 2 mins 09 May 2016

Introducing BHP Prosper

Reading Time • 2 minsBHP Prosper is an innovative and unique concept which provides extensive and highly effective financial, technical and commercial support to Small and Medium Sized enterprises, at a fraction of the usual cost.
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Reading Time | < 1 min 06 May 2016

The enterprise bill becomes law

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The enterprise bill received royal assent on 4 May 2016 and officially became the enterprise act. 

The act looks to deliver a range of measures such as reforming business rates, tackling late payments and improving the quality of apprenticeships.

The following measures from the act will be introduced:

  • establish a small business commissioner to help firms resolve issues such as late payments
  • set up regulators and increase transparency through annual reporting requirements
  • improving business confidence and grow by extending the primary authority scheme
  • protect and strengthen apprenticeships, introducing targets for public sector bodies and set up an “Institute for Apprenticeships”
  • legal obligation for insurers to pay claims to businesses on time.

The enterprise bill was introduced on 16 September 2015 and received royal accent on 4 May 2016. Some of the measures will commence automatically, while others will require secondary legislation.

Business secretary Sajid Javid said:

“The Enterprise Act will help deliver the growth and security that benefits every single person in the country. It is proof that this government is delivering on its commitment to back the business owners who are the real heroes of our economic recovery.”

Talk to us today about your business.

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Reading Time | < 1 min 05 May 2016

Call for businesses to bear more responsibility for online scams

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Businesses have been urged to take greater responsibility in protecting customers from online fraud and scams.

6 in 10 people have been targeted by online fraud and scams in the past 12 months, according to research by Which?

The government launched the Joint Fraud Taskforce in February 2016 to improve businesses across all sectors to protect the customers from fraud and scams.

The research also found that consumer behaviour is being affected by the fear of scams. 50% of those surveyed reported staying away from online products, services and apps for fear of being targeted by scammers.

3 of the most common online scams identified include:

  • phishing emails claiming to be from a bank or payment service
  • messages that seek money for services or help 
  • bogus computer support.

Which? has called on the Joint Fraud taskforce to:

  • find out if businesses are taking responsibility to protect their customers from fraud and scams
  • what improvements should be made to the processes, systems and practices
  • recommendations by the end of the year to implement the solutions.

Which? executive director, Richard Lloyd, said: 

‘When we know that even the savviest people can be scammed by fraudsters, it's vital that everything possible is done by businesses to better protect consumers. And where firms haven't done enough to protect their customers, it's entirely right that the responsibility to put things right should be with them.”

Contact us today to discuss insurance.

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Reading Time | 4 mins 05 May 2016

Taxbreaks – May 2016

Reading Time • 4 minsWelcome to taxbreaks, your regular update designed to keep you informed of the latest business and tax issues.
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Reading Time | 2 mins 05 May 2016

Charity Accounts – is the lesson being learned?

Reading Time • 2 minsThe Charity Commission has just published a report following research done which shows that less than half of small charity annual reports and accounts meet acceptable standards. A worrying statement, but this needs to be balanced by the comments in the same report that larger charity accounts are getting better!
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Reading Time | < 1 min 04 May 2016

Changes to annual accounting regulations for businesses

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A number of important changes to the way that small and medium-sized companies prepare and file their accounts with Companies House have been introduced.  

The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 came into force on 6 April 2015.

Small and medium-sized companies can no longer file abbreviated accounts to Companies House. Smaller businesses can still prepare micro entity accounts, while others can prepare abridged accounts for members within the company. 

The regulations apply to accounting periods beginning on or after 1 January 2016, while some companies may choose to apply earlier for accounting periods on or after 1 January 2015.

Other changes include:

  • required statement - to deliver small company abridged accounts to indicate that the members have agreed to the abridgement
  • changes to small company size threshold – for small companies the turnover limit rises from £6.5m to £10.2m and the balance sheet total limit rises from £3.26m to £5.1m
  • changes to medium-sized company threshold – turnover limit rises from £25.9m to £36m and the balance sheet total limit rises from £12.9m to £18m
  • employees – the total number of employees remains at 50 for small companies and 250 for medium sized companies.

Contact us today to discuss your accounting obligations.

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Reading Time | < 1 min 03 May 2016

Parents loan £5 billion to children each year

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Parents looking to help their children purchase their first home will loan an estimated £5bn in 2016, according to research from Legal & General (L&G).

The “bank of mum and dad” and financial support from family and friends is expected to help fund £77 billion worth of housing purchases this year. 

L&G claims that 25% of all mortgage transactions – at an average amount of £17,500 – will be funded through inter-family loans.

The main ways buyers receive help from their family and friends are:

  • a gift (57%)
  • a loan with no interest (18%)
  • a loan with interest (5%).

L&G has also warned that the average loan size could wipe out more than half of family net wealth by 2035 – leading to a lack of disposable funds available to help young people onto the property ladder.

L&G chief executive Nigel Wilson said that the “bank of mum and dad” plays a vital role in helping young people take their first steps onto the housing ladder. 

However Wilson warned of important issues such as house prices being “out of sync with wages”. 

"We need to fix the housing market by revolutionising the supply side - if we build more houses, demand can be met at a sensible level and prices will stabilise relative to wages."

Talk to us today about gifting assets to your family.

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Reading Time | < 1 min 03 May 2016

Apprenticeship levy could lead to businesses abandoning training

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The Confederation of British Industry (CBI) has called for a ‘radical rethink’ of the apprenticeship levy ahead of its April 2017 introduction.

Carolyn Fairbairn, CBI director general has warned of fundamental flaws to the levy’s guidelines which could encourage employers to abandon their existing training programmes in order to cover the levy’s costs.

From 6 April 2017, businesses with annual earnings of more than £3 million will need to pay a 0.5% levy to fund apprenticeships. 

Employers will also receive a £15,000 allowance, available through the Digital Apprenticeship Service to offset the levy costs.

The CBI has called for the following:

  • stronger role for the institute for apprenticeships, including measuring and managing the system around the levy
  • more flexibility on the levy and the way it is spent, including training and high quality support
  • the digital system for managing levy spend needs to support the delivery of apprenticeship training for businesses.

Fairbairn, added:

“Currently, the levy misunderstands training only as apprenticeships and the current design encourages firms to rebadge their existing programmes.

“Companies are having to change the ‘spec’ of graduate or management training schemes - programmes that are working perfectly well - just to fit apprenticeship standards.

“The government needs to work with business to resolve these issues before the levy launches. This means taking the time to get this right to design a flexible, business-led system – through the Institute – that encourages employers to spend on quality training opportunities.”

Talk to us today to find out more about the apprenticeship levy.

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