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Welcome to Maple Accountancy
A leading accountancy practice based in Derbyshire for trusted advice to businesses and individuals. Accounting, Tax and Business Services tailored to the owner managed business.
We work closely with our clients and act for a broad range of business and personal clients and have a first class reputation for what we deliver. Apart from the more general accountancy services we can also assist you with business development and specialist tax services. We can help you with a very broad range of services and are familiar with business clients from many sectors including...
Maple offer accountancy services, tax and business advice to owner managed businesses. Use the site www.maple.uk.com to find out what makes us different and why you should appoint us. There's also FREE access to all sorts of useful resources. Accountants and Business Advisors Auditors Business Recovery and Debt advice Tax Advisors Corporate Finance Advisors
AWR - New temporary worker law comes into force
New legislation for temporary and contract workers come into force on 1 October. The fundamental principle of the agency workers regulations is to provide agency workers with the same basic working and employment conditions of a comparable permanent employeeThe rules, which apply to agency workers supplied by a temporary work agency to a hirer, including those supplied via intermediaries, mean that from day one of their employment, an agency worker will be entitled to the same access to facilities such as childcare and canteens as an employee, and must be informed of any job vacancies.After 12 weeks, an agency worker will be entitled to the same basic conditions of employment as if they had been employed directly. This specifically applies to pay, including any fee or bonus, commission or holiday pay, as well as working time rights, including any annual leave above what is required by law.Agency workers will also be entitled to paid time off to attend ante-natal appointments during working hours.Any employers who fail to comply with the regulations after 1 October face a fine of £5,000 per worker wronged from an Employment Tribunal.Commenting on the shakeups, and warning employers to make sure they gear up for them, chief executive at employment relations body Acas, John Taylor said: "Businesses really need to make sure that they have a handle on these changes. It's not something to think about down the line and get it wrong, as it can be costly to your business."Some employers may try to get round the regulations by hiring and rehiring temps on a succession of shorter periods. But they need to be careful of the many provisos within the new law. We would always urge employers to take a fair approach as the basis for any workplace relations."The agency workers regulations will create a shift in the way temporary workers are managed; whether via a recruitment agency, an umbrella company or directly with the end client, all contracters, freelancers and temporary workers need to be aware of these changes. The implications of AWR need to be assessed by recruiters, agency workers or hirers.The Department of Business Innovation and Skills have now released the full guidance. You can download it by clicking here.Tags:AWR agency workers regulations, Contractors, and freelancers, Umbrella companies, The Department of Business Innovation and Skills, recruitment agencyPosted in Business Advise and Tax Tips, Accountants Blog
Cashflow and Raising Finance
Three steps to cheaper financing Many businesses can grow quicker and better with a little extra liquidity, naturally many look to external sources to finance growth, whether it is to invest in new equipment or machinery, to purchase property, to upgrade technology, or to maintain cashflow while a new product line kicks in. The cost of external financing can be considerable and keeping it down is a key element in maximising your profitability. The key thing to remember is nobody likes desperate, Here are three ways in which you can do this:1 Plan aheadPlan your financing requirements well in advance - if possible as much as a year before the funds will be needed. This will give you time to prepare a robust application, shop around for the best source, and negotiate the most favourable terms. Indeed, the mere fact that you are planning your funding so far in advance will earn you brownie points with most sources! If you leave your funding to the last minute, not only will you limit your negotiating power, you might also give the impression that your expansion plans are not very well thought-out. Of course business owners need to be agile and respond to opportunities swiftly, but this does not alter the basic fact that quick money is almost invariably expensive money.2 Make the lender bid for your businessApproach a number of sources with a well-prepared funding requirement and ask them to submit a proposal. These days, even banks are used to having to bid for your business. Ask banks for an overall proposal that covers every aspect of your business. But don't just look at the costs - consider also factors such as the quality of the working relationship, depth of knowledge of your industry, etc. Use your track record to leverage a better deal on charges or the amount of collateral required. Remember, the main concern for a lending source is the degree of risk involved, and a good track record will help mitigate this.3 Ask for more than you needMany business owners are overly modest in their funding applications fearing that if they ask for too much it will reduce their chances of success. But it is much worse to underestimate your requirements. Returning a few months later to ask for a top up not only sets alarm bells ringing about the reliability of your business plan, it is also a lot more expensive to process two applications rather than one.Tags: commercial finance, cost of external financing, Liquidity, negotiating power, Plan your financing
VAT issues to deal with before 4 January 2011
Apart from its effect on the cost of living, the hike in the standard rate of VAT to 20% on 4 January next year will have ramifications for registered traders. We have outlined a few of the likely topics that should be considered prior to this date, see below: 1. Make sure you are clear what changes need to be made to your accounting software to accommodate the rate change. There will also be added complications if you have adopted the cash accounting or flat rate scheme.2. If you have supplies that will run over 4 January date, for instance construction contracts where part of the work is done before and part after the date of the rate change, care is required. Explaining the correct strategy to adopt is beyond the scope of this article but please call for more information if you will be in this position next year.3. Clubs and sporting organisations will need to take care when charging members annual subscriptions that bridge the 4 January 2011 date. The legislation that you will need to observe over the rate change period next year is known as the "anti-forestalling legislation". This was introduced to stop large transactions gaining an unfair advantage and accordingly its application in practice will be fairly limited.In summary the anti-forestalling legislation applies taking into account the following factors:If your customer can reclaim the VAT you charge then the rules will not apply.The rules only cover transactions that cover supplies of goods and services that overlap the rate change date, 4 January 2011.If your customer cannot reclaim VAT and the supply does overlap the 4 January date, you will need to consider four further questions:1. Will you raise advance invoices (i.e. invoice raised on or before 3 January 2011 for goods or services supplied after this date) or receive advance payments from persons connected to your business? Note - connected parties includes husbands, wives, parents etc.2. Will you raise advance invoices or receive advance payments on or before 3 January 2011 for amounts exceeding £100,000 (excluding VAT) to any customer? 3. Will you raise invoices on or before 3 January 2011 that do not have to be paid for at least six months?4. Will you provide or arrange funding to enable customers to pay you in advance i.e. before 4 January 2011 for goods or services to be supplied after this date?If you answer yes to any of these four questions you may possibly have to pay an additional 2.5% VAT on the affected supplies.
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About Maple Accountancy Derby
Maple Accountancy are a firm of Chartered Management Accountants offering accountancy services, tax and business advice to owner managed and family owned businesses.