PENSIONS!!

Studies suggest that millions of people of working age in the UK are living without any private or company pension. This could lead to individuals facing years of financial hardship during their retirement.

With this ageing population it is vital that you consider the options for your retirement whilst there is still time to plan ahead.

Auto Enrolment is a new law that means that every employer must automatically enrol workers into a workplace pension if they work in the UK, earn more than £10,000 per year and are aged between 22 and the state pension age. This scheme will be introduced gradually over six years.

Firms with less than 50 workers will not start enrolling their staff until June 2015 at the earliest but even the smallest employers will eventually be obliged by law to enrol their staff.

Part time workers who earn less than £10,000 a year can ask to take part. If they earn above £5564 their employer will also be obliged to contribute.

Employees are able to opt out of this scheme if they fill in a form within a month of the scheme beginning in their workplace.

To find out more about Auto Enrolment and how Business Works can help you with your business pension scheme please attend one of our seminars.

Exceptions to the entitlement of statutory sick pay include:

• They have received the maximum amount of SSP which is 28 weeks.
• They are already receiving Statutory Maternity Pay as different regulations apply.
• They have already taken 3 year or more ‘linked’ periods of sickness.
• If employees were in custody or on strike on the first day of sickness as different rules apply.
• If employees work outside the EU and are not liable for National Insurance Contributions.
• If they have received employment support allowance within 12 weeks of starting or returning to work for you.

You cannot reclaim statutory sick pay after the 5^th of April.

If you require any assistance regarding statutory sick pay please see the HMRC website.  https://www.gov.uk/employers-sick-pay/overview

As technology becomes a necessity in the modern world it is even more important to protect your personal data whilst online.

Companies House advise that they would never request personal information or payment details via email. If you doubt the authenticity of an email from Companies House avoid opening any attachments, following any links, disclosing any personal information or responding to the email.

You are advised to send the original suspicious email to phishing@companieshouse.gov.uk then delete it.

To find out more about phishing follow this link:  http://www.companieshouse.gov.uk/phishingAdvice/index.shtml

Protect Your Personal data

• Keep your login details secure do not write them down or tell them to anyone. Passwords ought to be obscure you are advised to use a combination of word and numbers which cannot be easily guessed. Avoid using common phrases, names or your date of birth.
• Use and update antivirus software on a regular basis to protect your online details and files from viruses and software.
• Keep updating your web browser and operating systems by installing updates as soon as they are available.
• Be careful whilst social networking by never including personal information.
• Never include sensitive information in emails such as account information, passwords and PIN numbers.

According to the office of national statistics two thirds of new jobs created since the financial crisis have been people becoming self-employed. The increase in self-employment has led to a growth in the labour market for the past 30 years hence the continued support for entrepreneurs.

It has also become an alternative to retirement. The office of national statistics stated that self-employment among the over 50’s is up by 36% compared to 10 years ago. This could be due to the changes to pensions and the ageing population.

The most popular sectors for self-employment include

• Construction and building: 167,000 people
• Taxi Drivers and Chauffer’s: 166,000 people
• Carpenters and joiners: 144,000 people

The increase in self-employment could be due to the fact that many people have aspirations to be their own boss. This would allow them to take more of the profits and have increased flexibility for their hours of work.

If you like the sound of becoming self-employed or need advice on whether it would be an advantageous career move for you please contact us.

Fraudulent emails can contain links to webpages similar to the HMRC website however these are used to trick people into disclosing personal/confidential information. You should also be aware that fraudsters customise their emails with links to genuine HMRC websites. Fraudsters often send high volumes of phishing emails in one go therefore you should be wary of generic greetings like ‘Dear customer’. Also attachments on fraudulent emails can often contain viruses which are another way to obtain personal and financial information.

The HMRC can act upon phishing emails by removing reported fraudulent websites. If you have already given any personal information away to an email you suspect is fraudulent you can still report this to the HMRC. You can report phishing and bogus emails relating to the HMRC by forwarding the email to this address phishing@hmrc.gsi.gov

It aims to provide an alternative source of finance to the usual bank loans and other lending resources. The process should be completed within minutes after the application is sent.

New plans announced by Business Minister Matthew Hancock at the first ever ‘Home Business Summit’ in London encourage the growth of home businesses. Entrepreneurs will be given greater freedom to start and grow their businesses from home under these new announcements.

It was revealed that 70% of new businesses begin in the home and contribute £300 Billion to the economy. To encourage more entrepreneurial home businesses the government has announced plans to make the process easier.

This includes new legislations to make it easier to run a business from a rented home. A new model tenancy agreement will outline the effect on landlords and tenants. Planning guidance will also be updated to ensure that planning permission will rarely be needed to run home businesses. New business rates guidance will highlight that home based businesses will not attract business rates.

Business Minister Matthew Hancock explores the effect of home businesses on the economic recovery “home businesses don’t just fire up the economic engines and create jobs, they turn dormitory towns into living communities, they keep our streets safer, and by driving down car emissions, cleaner too.” 

If you would like to find out more about running a business from home or need advice on the benefits of home businesses please contact us for a free consultation.  Call 0113 2864486 or email admin@businessworksuk.co.uk

Wouldn’t life be easier if you could enter your accounts on the go rather than losing invoices here and there? …Well now it is! Introducing the new Sage One mobile app for all of your accounting needs.

This new app is available for clients using Sage One accounts and Sage One Accounts Extra. It allows clients to view and edit their expenses, sales and debtors list whilst on the go. The function of mobile map integration also allows businesses to find clients easier. They can also contact Sage clients on their mobile and issue sales invoices as well as paying for purchase invoices.

The app is available to download from the App Store on Apple mobile devices and will soon be available to download on android devices too.

If you require any assistance on Sage or wonder whether this accounting software would benefit your business please call us on 0113 2864486 or click the button below to book a free 1 hour consultation.

The HMRC business records checks were introduced to identify businesses with poorly kept records. These checks have increased by 60% its highest level since 2011. According to a Spokesman for HM Revenue and customs they were “designed to help our small and medium sized business customers to keep better records leading to more accurate tax returns.”

Businesses with poorly kept records can face up to £3000 fines in advance of any unpaid tax or interest penalties.  After the investigations, 73% of the companies reviewed were found to have no significant errors. This is a 15% increase on the previous tax year which highlights the success of the improvements after the scheme was reviewed in 2012.

At Business Works UK we support our clients through all kinds of HMRC activity including record checks as we understand that this can be a stressful exercise for a small business.  Why not book for a free 1 hour consultation to find out more?

Let us take the hassle out of your tax and accounts, so you can spend more time doing the things you enjoy.

This £100 million investment from the Advanced Manufacturing Chain Initiative will provide funding for domestic supply chains and re-shoring.  It will be used for research and development, skills training and investment capital.

It is hoped that this investment will encourage production within the UK as manufacturing contributes £140 billion a year to the UK economy supporting two and a half million jobs. Research shows that one in six companies have re-shored production back to the UK bringing custom for other UK businesses in the form of parts and components.  This continued support to businesses will secure more highly skilled jobs and promote a stronger economic recovery.

The new funding scheme is available for companies based in England and will be allocated after a bidding process.  Businesses will be applicable for this funding if they hope to strengthen their supply chains with the help of capital investments, research and development and skills training.