Strength in partnerships - Haines Watts€¦ · Nurturing its talent pipeline has become paramount,...

Backing Your Business

Issue 50 | www.hwca.com

Talent has been a key component in the success of Burnetts Manufacturing, says MD Alan Murphy. Now his son Declan is continuing that legacy.

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2 magazine | Issue 50 | hwca.com

A fresh-thinking approach to your business

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Backing your business 3 magazine is published by Haines Watts and produced by

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“Nurturing our talent pipeline

has become paramount.”

Alan Murphy

Welcome to the 50th issue of One magazine. It feels good to celebrate a bumper year, when the

number at the bottom of your annual accounts is higher than last year. But is that enough and what does it really mean?

Does it show how your business is progressing – or is it just an arithmetic exercise?

Maximising short-term profits is rarely an effective business objective. Instead, an owner is more likely to meet their personal goals

Profit is not always progress

the bottom line

Andrew Minifie, Group Managing Partner

4How much are your people worth to you?

strategy

16 Business owners need to pay

more attention to their own tax affairs.

source

9Transparency has become the latest weapon

against crime.

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and aspirations by setting a medium or longer-term strategy.

This may mean, of course, that profit is not maximised in the short term. Profits are affected by short-term measures such as cash maximisation, which can result in a period of price

cutting to reduce stock levels; or profits may be restricted due to investment in additional plant, or the recruitment and development of people.

Numbers’ true meaningThere are many reasons why profits

fluctuate. The important thing is to be aware of why your profits are in motion and what the long-term effect is.

After all, the numbers simply measure progress towards the achievement of your strategic objectives, and are rarely important on their own.

Accountants wouldn’t normally say that numbers are unimportant; but then we at Haines Watts are not normal accountants. We’re more interested in working with our clients to help them understand their businesses and achieve their goals. Sometimes that means more than just numbers.

“Numbers simply measure progress towards the achievement of your strategic objectives, and are rarely important on their own.”

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103 simple tips to improve

cyber-security.

12Five steps to negotiating

your property lease.

opinion

15Navigating ever-shifting rules

around tax relief takes expertise.

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strategy

An exit is sometimes the first time that business owners truly appreciate that it is the people who form the heart of their organisation, says Haines Watts’ Ian Durie.

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Backing your business 5Backing your business 5

strategy

to their continued professional development,” he says. “After all, it’s unlikely you’ll maximise the value of your sale if your business is in decline because of a lack of skills or high staff turnover.”

So, alongside making sure that plant and equipment are well maintained and fit for purpose, an owner has to think about how they retain key members of staff. “There are several strategies which can help,” Ian says. “These include loyalty bonuses or share schemes, which mean staff also benefit from the owner’s exit, for example.”

Managing value expectationsThe value of any business depends on finding a buyer that’s prepared to match the seller’s valuation of it. Unfortunately, Ian says, this sometimes results in sellers expecting more than they are offered.

“As you will have done during your leadership of the business, it’s important to continue investing in your workforce.”

“At Haines Watts, we make sure we understand the business we are selling. The last thing you want to do is agree a deal in principle only to identify an issue during due diligence. You don’t want any surprises.”

But the other risk is also about the seller – being human. “Sometimes, you get all the way down the line only to find the seller has had a change of heart. So, as exciting as a sale is, the owner has to hand over the process to someone they trust and simply get on with running their company.

“Whatever you do, don’t let the sales process get in the way of running your business,” Ian says. “This means that when there is a knock at the door from a potential buyer, you and your business are both in a good position to take advantage of the opportunity.”

Promoting change as a good thingIan points out that managing morale is the final human hurdle during a sale. “People don’t like change. So, when there are key employees involved in a business, it’s important to tie them in somehow.

“By doing that, you’re sharing your intention to sell the business, so timing is key – make sure you get advice about when is the best time to tell them, and how.”

As well as managing your internal reputation, your external brand is just as important.

“Maintaining your reputation should be an ongoing challenge in any event. But damage to your brand takes a long time to repair, so during an exit, it is more important than ever to dot your Is and cross your Ts,” he concludes.

The moment an owner makes the decision to sell their business is often accompanied by the realisation that their venture

is not simply a collection of assets, such as plant or intellectual property.

Instead, it is the people, from the management team and employees to suppliers and customers, who

represent its true value. “Understanding this point is an

important first step in any strategic exit plan,” says Ian Durie, Head of Corporate Finance, Glasgow. “This is because, in an ideal world, the best time to sell up is when your business has a strong, motivated workforce driving its growth.”

Big exit pictureIn some instances, Ian has found that – incredibly – the beginning of a sale process is the first time that key people in the business have sat down together to talk strategically about its future.

“Yet, it’s a vital process: it’s a chance for everyone to

discuss their personal aspirations because, in the end, a sale might not

even be the right way forward to ensure everyone gets what they want,” he says. “This sometimes leads to the realisation that a management buyout or succession may be a better strategy.”

If a sale goes ahead, it’s important to be aware of what buyers are interested in. “Yes, they want to know about opportunities such as new markets or geography, types of products, integration or rationalisation, but they will also want to know about the talent

you have and the strength they bring to the organisation,” Ian adds.

A robust management team, for instance, is a must, as these are the people who will be taking the business forward under new ownership, Ian highlights.

“As you will have done during your leadership of the business, it’s important to continue investing in your workforce, from finding the best new employees


factfile

Sector: ManufacturingTurnover: £7.5mLocation: NorthamptonEmployees in group: 80Challenges: Talent pipelineOpportunities: Moving up the supply chain

story

Being on the cusp of major growth meant taking a key strategic decision: to find the right partners – both in-house and external – to drive the business forward, says Burnetts Manufacturing MD Alan Murphy.

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Rubber and plastic moulder Burnetts Manufacturing supplies an astonishing 69 million components to clients across six

sectors every year, from automotive and marine to industrial batteries.

It has enjoyed strong growth under the leadership of Managing Director Alan Murphy, with its turnover increasing by about £6 million over the past decade.

But, as the firm sets its sights on transforming from a second tier to first tier supplier to Jaguar Land Rover, it has identified that an ageing workforce is a key risk. And, says Alan, this is a specialist sector where talented, experienced people are thin on the ground.

Nurturing its talent pipeline has become paramount, especially at the

top of the business. Fortunately, one recruit is making his presence felt.

“My son Declan was able to gain his graduate training and valuable experience working for a large automotive customer before joining Burnetts in 2014,“ Alan explains. He quickly progressed to the role of Commercial Director and, for many customers, has become the face of Burnetts. “For me he is the perfect

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Backing your business 7

partner, challenging strategic decisions and bringing a fresh perspective to the future of the company.”

Team under developmentPrevious corporate experience means that Alan has always been confident in his ability to be on top of the numbers. But, as the leadership team has expanded and he has looked to delegate >

“Moulding parts is now only one facet of our ability to make an income.”Alan Murphy, Burnetts Manufacturing

responsibility for key decisions, he realised that the team needed

expert support to upskill.So, Haines Watts’ Chris Beale and

Chris Timms came on board, bringing with them specialist expertise in areas

of particular interest to the business, such as corporate tax. First stop was to make sure the business claimed any R&D reliefs it was entitled to.

“Our clients do not simply send us drawings of the products they want us to manufacture. Often, we work with them to develop designs, and research which new technologies and manufacturing techniques could benefit their business,” Alan says. “So, R&D goes hand-in-hand with this, and it means moulding parts is now only one facet of our ability to make an income.”

Haines Watts has also reviewed the corporate structure, including how property is managed under a family-owned partnership, as well as potential risks to their bottom line. “As we export 70% of our products overseas, the effect of Brexit on foreign exchange is a concern,” Alan explains. “So, we now have a strategy in place for this.”

New era of businessFor Alan, there is one other important role for Haines Watts as the manufacturer moves into its next

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L-R: Chris Beale, Haines Watts;

Alan Murphy, MD Burnetts Manufacturing;

Declan Murphy, Commercial Director

Burnetts Manufacturing


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phase of growth. “As someone who has always filled the role of Financial Director as well as Managing Director, I wouldn’t sleep at night if I didn’t understand the numbers,” Alan says.

“But if Declan learned how to manage financials from me, it would be ad-hoc and unstructured. So, I will be looking to the team at Haines Watts to upskill Declan in a formal and organised way. In the coming weeks, we’ll be taking part in Haines Watts tax and strategy workshops, for a start.

“Declan has driven our agenda to target the automotive sector, securing a contract for first tier supply that will see us develop new products for future models, introduce stringent automotive systems and invest in more new talent,” he adds.

Continuing to serviceHowever, it is not all about change. Declan is moving forward with one important family business motto in

>

“It’s important to take carefully considered risks. With Haines Watts on the team, we know we can make well-informed decisions,”Declan Murphy, Burnetts Manufacturing

mind – know the customer. “We put the customer first, which means knowing how our part integrates into their design, knowing their systems and strategy, and striving to exceed their expectations,” he concludes.

“But, as the business has grown, we know that it’s important to take carefully considered risks. With Haines Watts on the team, we know we can make well-informed decisions.”

“Our relationship with Burnetts Manufacturing may be in its infancy, but we already have a clear vision of how we are going to work together.

Alan doesn’t see Declan as merely his son or the new Commercial Director – he sees him as a partner. And Declan, in particular, sees Haines Watts as the partner who will help him achieve great things.

We are now making sure that the business has access to all the specialist expertise that Haines Watts can offer, in areas from company structure, tax relief and general business planning to finding new talent and making sure their people have the right training and support.

I see the company’s future growth being exponential, reaching at least £10m over the next two years, thanks to plans to achieve the standards required to become a tier one supplier to their major clients.

In many ways Burnetts Manufacturing is the perfect client for us. Alan has a unique mind, being both technically and commercially savvy. Declan, on the other hand, has vision and energy and is working closely with us to drive the business forward.”

CHRIS BEALE, Haines Watts

expert


New laws which aim to fight financial crime require anyone who has significant control in a business to be registered. Haines Watts’ Genti Krasniqi reports.

Enforcing greater transparency is a key part of the government’s battle against money laundering and the financing of terrorism,

covered by the new Small Business, Enterprise and Employment Act 2015.

The important difference is that Companies House must be notified about anyone who has ownership and control of UK companies, says Genti Krasniqi, Director, Haines Watts Company Secretarial.

Help is at handBut, while there has been some confusion among business owners – who face the threat of tough financial and criminal penalties if they fail to meet the new Act’s requirements – with a little help, they can submit the right information, he explains.

“It is now a legal obligation for UK companies and LLPs (and the equivalent of public companies in Europe) to create a register of persons with significant control, or PSC,” Genti continues.

The annual return was replaced with the new confirmation statement in 2016. But the procedure is much the same, except for this requirement to register PSCs – an individual or corporate shareholder (if it’s a corporate body it’s referred to as a relevant legal entity).

In brief, these include any person who holds, directly or indirectly:• More than 25% of the shares in the

company • More than 25% of the voting rights • The right to appoint or remove

the majority of the directors from the board

• The right to exercise a significant influence or control over the company.

Two-week windowBusiness owners need to identify anyone who is a PSC, confirm their information, complete their company’s PSC register and file it at Companies House, together with their confirmation statement.

There’s a short window to update your statutory register after any changes, such as shares being sold or a change of address. Companies House must be informed within 14 days, Genti says.

“Some of my clients have voiced concerns about having to register personal information – such as their home address – but these details are not made public, only their name and business address,” he states.

As a business becomes more complex, so do reporting requirements. “It’s a good idea to get regular expert advice in this area,” Genti concludes.

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People in control:

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“Doing nothing is simply not an option. But… you don’t need to spend millions to protect your business.”

It’s no longer a matter of if but when SMEs will be targeted by cybercriminals, so forming a robust response plan is essential, says Haines Watts’ Steven Connors.

Companies are sharing more information digitally along their supply chains. This connectedness that means the

majority – no matter their size – are likely to become a target for cybercriminals, says Steven Connors, Partner, HW Controls & Assurance.

“We’ve seen corporates investing in the detection of online criminal activities – by creating dashboards which identify where there is suspicious systems activity in another time zone, for instance – but, as yet, there’s no scalable equivalent product for SMEs,” he explains.

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Simple solution to online securityA cyberattack can cost an SME between £20,000 and £60,000 per incident – which brings major implications for a business that may only turn over £1m a year, he points out.

“I still find some business owners either don’t believe it can happen to them because they are not an ‘online’ business or, when it does, are shocked by how many of their systems it shuts down,” he says. “Doing nothing is simply not an option. But, at the same time, you don’t need to spend millions to protect your business.”

cyberattackspreventHow to


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3 simple steps to robust cyber-security:1. Train your people: they are both your greatest strength and your biggest weakness. They need to be aware of risks, question any suspicious communications and be reassured that they should act on their suspicions.2. Practise good IT: make sure your antivirus software is up to date, allow your operating system to automatically accept patches, keep an eye on network speeds and make

sure your data and systems are properly backed up.3. Plan for the worst: it’s worth asking yourself some important questions now – such as, in the event of an incident, how quickly could your IT provider send over replacement equipment? What calm and reassuring message will you send to customers and suppliers? What alternative systems and processes could you put in place?

A cyber-case studyOne client fell victim to a type of cyberattack called ‘spearfishing’. In this case, the criminal made contact with the MD pretending to be a long-lost school friend. After an exchange of emails, the fraudster was able to collect essential personal details, such as email signature and the fact that he was about to go on a business trip.

They then sent an email impersonating the MD saying, in just the right syntax, that a payment must be made that day to secure advanced new technology. With a little background research, this criminal was

able to persuade employees to transfer over £180,000. Fortunately, someone became suspicious before any further payments were made.

“We discovered that there were two reasons that this attack was possible,” Haines Watts’ Steven Connors explains. “Firstly, they didn’t have suitable checks and processes in place – no one contacted the MD to confirm the request, for instance. Secondly, this was a business led by an MD with a dominant personality who expected employees to follow his instructions – without questioning them.”

request of someone impersonating the business owner. So, building awareness is important – and free.

“This kind of security breach can incur the cost of bringing in a consultant to get systems back online, but also has legal and reputational damage implications,” he says. “An incident like this means everyone is distracted and there’s unlikely to be any business conducted for a period of time, which could potentially damage your relationship with a key customer.”

This is because many attacks still rely on involvement from a member of staff, who may be tricked into clicking on an attachment or responding to a fake email from someone impersonating the business owner.

This is more common than people think, Steven emphasises, as it’s easy to copy a corporate email layout. “Attackers may also use a similar domain name to that of the company’s, simply replacing the letter ‘w’ with ‘vv’, for instance, in what is known as ‘spoofing’,” he says. “This type of incident can result in unsuspecting employees transferring funds at the

And, unfortunately, once an organisation falls into such a trap, they often find that they end up being targeted by fraudsters multiple times.

Prove your cyber-awarenessBut with this challenge comes an opportunity to stand out from the crowd. Many organisations, from government to large manufacturers, now insist that companies along their whole supply chain have robust cybersecurity processes.

And, with the General Data Protection Regulation (GDPR) coming into force next year, this is likely to become the norm as everyone takes on responsibility for protecting customer and staff data.

“Any business which can demonstrate that it has robust procedures for detecting and resolving such incidents will find it is a selling point during the tender process,” Steven concludes.


opinion

Getting a good deal when negotiating a new lease for your business property is complex. Shorter leases are

becoming more common, but a contract will still generally be about three to 15 years in length – a period which could see big changes in your circumstances.

That’s why it pays to get expert support. I often work with clients to look at the bigger picture, from the economy and local market conditions to their individual long-term business plan, so they can find the right site, in the best location and negotiate a good deal.

Here are the top five clauses that I regularly discuss with my clients, whether they are looking at a new building or renewing an existing lease:

1 Know your valueTaking advice means you are aware

of your true negotiating power – to get the right deal, you need to factor in the market at large, how your business is growing and number of other potential tenants who are interested.

clausesSharpen

thoseNegotiating a new lease for your property? Haines Watts’ Tom Dymond highlights five clauses in your contract that will have the most impact on your business.

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Most agents factor in some room for negotiation in their quote and it’s not difficult to get a small discount. But truly understanding the market can open the door to significant savings, such as long rent-free packages.

It’s also essential to consider your future business plan to ensure you do not become trapped in a contract that may not suit your business’s needs in the future.

2 Acting in the interests of the tenant

A tenant is protected by the Security of Tenure Provisions under the Landlord & Tenant Act 1954, so you have a right to renew a lease unless your landlord can prove they have good reason not to do so.

Landlords often try to remove this clause from the contract, but they can only do so if the tenant explicitly agrees. There may be a reasonable circumstance for a landlord to do this, but a tenant who is committed to this type of lease should ensure they proactively renegotiate ahead of the expiry date of their lease if they wish to stay.

3 Take a breakA long-term business plan will factor

in property requirements. While this offers a view of the future, it’s still wise to build in some flexibility to your lease to ensure you maintain flexibility with your property holdings.

For instance, one of my clients always takes five-year leases, with a ‘break option’ at year three on any new lease. This flexibility means that, if they do win a big contract, they can relocate to a bigger site in the area without being tied in on their existing site for years to come.

4 Market performance versus inflation

It’s important to consider if you should choose a retail price index (RPI)-linked or open market rent review. An RPI-linked review will rise in line with how much the index has increased over that period. It’s a predictable choice, but negative inflation is rare, so it’s likely that you will see a noticeable increase of about 2-3% per year on review.

An open market review, on the other hand, is based on the valuation of the property at the date of your review, as if it is a new lease. The experience of one of my clients, who chose an open market over an RPI-linked review, illustrates the difference this can make to your bottom line. Their annual rent increase was £10,000 lower as a result.

That’s because rents across the UK haven’t generally shown much increase in recent years. However, if you happen to be located near a new development – a shopping centre, for instance – it may be a different story.

5 Lack of schedule is a liabilityWhen you move into a new

property, you’ll also need to agree on who manages repairs during and at the end of the lease period. It is you, or the landlord?

With ‘full repairing liability’, the tenant is responsible for handing the building back in good condition, having fully redecorated and refurbished, regardless of the condition in which they take it.

A schedule of condition is useful under these circumstances as it provides a record of the condition of the building at the start, limiting the tenant’s repairing liability at lease expiry. That could avoid a repair bill running to tens of thousands of pounds.

So, no matter what property, location or terms you are seeking, getting expert advice can ensure that you have the right clauses in your lease to support your business as it grows.


As Britain’s largest employers prepare to report differences between male and female salaries as part of new

government rules, owners of smaller companies could be forgiven for thinking responsibility for closing the ‘pay gap’ lies elsewhere.

If they do, they’re missing the point, says Alexandra Garner, Director of HW Human Resources. This is because exploring and addressing gender pay discrepancies is not only fair, she says, but offers an opportunity to attract the best talent.

“Be brave and open about your commitment to equality and you will have much better access to the talent pool.”

opinion

Ensuring that employees are recognised for their value, not just in terms of revenue but also culturally, is simply good business, says Haines Watts’ Alexandra Garner.

paysEquality

Creating a positive culture“Many small businesses are still broadly unaware of the debate around the gender pay gap,” she says. “They dismiss it as something that only big corporates have a responsibility to address. There’s a bit of a disconnect.”

Indeed, while owners understand the importance of due diligence when it comes to the practical, day-to-day running of their business, many fail to take the time to identify the potential value of their employees to the business.

“They know if they’re making a profit and can afford to pay their bills, but not

how the quality of their workforce boosts their revenue and promotes a positive culture,” Alexandra says.

Talented people, she adds, tend to be attracted to companies that openly promote the value of ability, experience and knowledge – rather than directly or indirectly focusing on gender, age, ethnicity or any other factor.

Cost effective tipsAnd it requires little investment, she says. “Candidates will assess you online,” she explains, citing Glassdoor, the ‘TripAdvisor for employers’, as an example.

“Social media and your website, with careful management, are great tools to demonstrate why people should work for you. You will also be ‘called out’ publicly if you’re not acting equitably and being transparent. Be brave and open about your commitment to equality and you will have much better access to the talent pool.”

Where Haines Watts can help is to make sure that clients who seek advice on related issues, such as finding and attracting the best talent, understand the importance and benefit of equality.

“We help business owners to explore the benefits of being transparent and positioning themselves as employers that offer equal opportunities. To do so, we disrupt their thinking, educate and remove bias that may have been created and never challenged,” Alexandra adds.

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A recent court ruling has changed how Business Property Relief (BPR) may influence the business planning process, particularly around inheritance tax, says Haines Watts’ Jennie Brown.

This case could mean that, where a genuine business’s main or only source of income is generated from land and property rental, it could now qualify for BPR, explains Jennie Brown, Director and Regional Head of Tax.

Legislation currently means that a business that has a high balance of cash or investments is prevented from claiming capital gains tax relief and BPR relief. However, while HMRC currently has no clear formulae to calculate what constitutes a ‘high level’, legislation refers to ‘20%’, which can be tested against the balance sheet.

“This is yet another grey area affecting business owners,” says Jennie. “In my opinion, it’s about whether cash or investment balances feel excessive when compared to the overall size of the business. And, if they do, asking if there are commercial reasons why this is the case?

“This might include the need for future reinvestment in new premises or plant and machinery, for instance. This lack of clarity around BPR means it’s important to seek expert and tailored advice.”

“The lack of clarity around BPR means it’s important to seek expert and tailored advice.”

Does your business simply hire out land or provide a service? This was the question at the heart of a recent court case

which saw representatives of an estate challenge a decision by HMRC.

The case centres around whether the deceased’s DIY livery business was an investment, where the owner simply received payment in return for land use, or a business which offered services to its customers.

The court ruled that the deceased had been running a legitimate business, a decision which has implications for business owners who are considering Business Property Relief (BPR) and inheritance tax as part of their business planning.

Businesses which add valueSo why is this important? In the past, businesses such as caravan parks and holiday homes have had to prove they are more than investment businesses, but offer additional services.

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You’ve put blood, sweat and tears into growing your business. Just make sure you do the same for your personal finances, says Tilney’s Ann-Marie Atkins.

SME owners commonly anticipate that their business will be the one asset that will support them in retirement. But, according

to Tilney Managing Partner for the North-West region, Ann-Marie Atkins, this focus often means they neglect their wider personal financial planning.

Selling a business is a completely different remit to selling any other financial asset. “It often needs a different mind-set. With financial planning advice, however, owners can ensure they are prepared,” she says.

“One of my clients – a Manchester-based children’s clothing supplier – is a great example of an owner who we’ve helped to prepare for a business sale. We worked with him so he and the company structure will be ready for selling in the future.”

A change in statusIf anything happens to the business owner, capital in the company is protected from tax on death, Ann-Marie

“When a company is sold, bringing wealth into a personal estate means it could be subject to inheritance tax.”

Take yourwealthhome

highlights. “Once you’ve removed the capital from the business, however, that changes,” she says.

“When a company is sold, bringing wealth into a personal estate means it could be subject to inheritance tax on death, if appropriate planning is not done. Indeed, most of my clients want to know what this change in status means for them and their families.”

With the help of your accountant, you may have been using your available allowances to take income out of your limited company. “However, thinking about which income options, tax

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“We understand business structures and work closely with accountants, such as Haines Watts, so we know that, to achieve a successful business exit, there must be a joint effort between the client’s accountant and other professionals they work with.

“In my client’s case, Haines Watts and I have worked together as a team on his behalf for five years to get the best outcome. So, the sooner you start working with a financial planner the better!”

Ann-Marie also emphasises that if the business is being passed on and not sold, it’s still important to work with a financial planner. “The company structure can be altered to make sure that there are long-term benefits for everyone involved and the business is protected from various unforeseen circumstances,” she says.

“It’s rewarding work because we’re taking a journey with our client that is likely to set them up for life. We can give them the peace of mind that allows them to go and enjoy the lifestyle they have worked so hard for. It’s a fantastic feeling,” she enthuses.

Talk to usTilney’s financial planners can help you prepare for a business exit and transfer your business wealth into personal wealth. If you’d like to learn more about their services, contact your local Haines Watts office.

allowances and tax structures are available is also very important following a business exit,” she says.

“You will need to consider the best way to make this capital work for you, but at the same time maximise your tax allowances, and in the longer term reduce the tax burden on family members.”

Thinking about the futurePension savings are also important, Ann-Marie says. “Once you’ve exited your business, you may not have earnings to put into a pension, so it’s crucial to make the most of these beforehand so you

benefit from tax reliefs and potential succession planning.

“We often help clients exiting a business who haven’t worked with a financial planner before. Unfortunately, this means that they have missed out on many available allowances, such as pension carry-forward or tax-efficient wrappers such as ISAs.”

Building a solid financial planning structure pre-exit can help to control the amount of tax you pay post-exit, so the earlier you start planning for personal finances, the better.

“My client told me that what has been most helpful are the regular meetings we have, because this means I have a thorough understanding of his needs,” Ann-Marie continues. “I’ve been able to challenge him on his decision-making and discuss tax solutions.”

In-depth understandingAnn Marie also explains why the needs of entrepreneurs and managers are well catered for at Tilney.

update


Every year, the Swedish city of Gothenburg embraces the world’s biggest youth football tournament: the Gothia Cup. This year a Scottish team entered the fray with sponsorship from Haines Watts Edinburgh.

Currie Star FC were among 1,700 teams from 80 nations taking part in the contest, which involved an amazing 4,500 matches. Live games were streamed free on the tournament’s website, drawing over 2 million views.

Currie Star Team Coach and client Phil Hay says: “We won two matches and lost two – we just missed out in

For many, Christmas is a time to indulge – but for the 13 million Britons who live below the poverty line, simply getting by will be an achievement.

That’s why Haines Watts has chosen to help local people in need for its Christmas campaign this year.

We’re asking everyone to consider donating items to local food banks run by the Trussell Trust. These can be food (tinned or dried items, including

Stars shine in Sweden

Currie Star FC Team

qualifying for the A finals. That said, we genuinely could not have asked for any more from the boys on tour.”

cereal, soup, pasta, tea and coffee), or non-food items (essential toiletries and hygiene products).

Local coordinators will be gathering donations in each office. Haines Watts will also be acting as collection points for clients who want to donate.

Look out for the donation boxes and publicity in your office – and give a helping hand to people in crisis this Christmas.

Help fight food poverty at Christmas

The freedom

factor

Smart SaturdayAn annual campaign to promote small businesses in contrast to phenomena such as Black Friday has been launched, listing 100 of Britain’s most innovative and creative SMEs.

Small Business Saturday promotes one of its listed businesses every day on social media, up until its annual event on 2 December, 2017. Michelle Ovens, Director of Small Business Saturday, says: “The campaign has really captured the hearts of communities and it gains in traction year on year.”

Offering staff greater flexibility around their working hours and location could increase employee motivation and loyalty, according to a new report.

Figures published by OddsMonkey showed a 12% increase in flexi-time working between 2012 and 2016. The number of people working remotely has increased by almost a quarter of a million over the past decade.

Working away from the office is estimated to increase employee productivity by 16%.


Publication Date: October 2017

© 2017 Haines Watts Limited. All rights reserved. All published material remains the property of Haines Watts Limited and is replicated with the permission of Haines Watts Limited. All contents of the publication are correct as of publication date.

Haines Watts and The Haines Watts Group generally refer to the network of member organisations, each of which is a separate and independent legal entity. Each entity has signed a participation agreement with Haines Watts Limited, or is controlled by such a firm. Member organisations are not members of one legal partnership and are only liable for their own acts and omissions, and not those of each other.

The majority of these firms are not authorised under the Financial Services and Markets Act 2000, but because they are licensed by the Institute of Chartered Accountants in England and Wales, are able to offer a limited range of investment

services to clients if they are incidental and / or complementary to, or arise out of, the other professional services they have been engaged to provide.

It is Haines Watts Group policy to refer most investment business, excluding corporate finance work, to Financial Advisers, authorised and regulated by the Financial Conduct Authority. The Financial Adviser will take full responsibility for compliance with the requirements of the Financial Services and Markets Act 2000.

This magazine is designed for the general information of readers. The information represents Haines Watts Group’s present understanding of current and proposed legislation and HM Revenue and Customs practice. Whilst every effort has been made to ensure accuracy, information contained in this briefing may not be comprehensive and recipients should not act upon it without seeking professional advice from their usual adviser. The values of investments may go down as well as up and are not guaranteed.

Haines Watts people showed their true colours to honour the life of six-year-old football fan Bradley Lowery.

Sunderland FC supporter Bradley won the hearts of the nation during his battle against cancer. After he died, his family suggested those who wanted to pay tribute hold a dress-down day at work on the day of his funeral.

Staff in many Haines Watts offices came to work in their football

Hundreds of small business owners faced operational delays last month as the result of a crackdown on financial crime by HSBC.

The bank received large numbers of complaints after many business accounts were frozen or closed, leading to breakdowns in fulfilling customer orders. HSBC stressed the problem occurred after businesses with overseas suppliers failed to respond to letters requesting information related to their accounts.

Accounts frozen

Kitted out for Bradley

Haines Watts’ sponsorship of the Ampthill rugby union side is taking a new turn – with players stepping in to our regional press ads.

After beating local rivals Old Albanian in their first home game of the season, the Ampthill team went before the cameras for a Haines Watts photo shoot.

The results will be used in a campaign linking success in business to triumph on the field.

“The challenges in sport and running a business both require a highly motivated and focused team, a sound strategic approach and an unquestionable determination to succeed,” explains Head of Marketing and Operations, Chris Dell.

Players add power to our ads teams’ colours

on the day. They raised £1,050 for the foundation that bears Bradley’s name.

Laura Evison of the Liverpool office organised the fundraising

at short notice. She is pictured (far right) alongside Haines Watts Partner Russell Silverman, presenting the cheque to two representatives of the Foundation after a special football match at Everton’s Goodison Park ground. Looking on is one of the celebrity players, Calum Best.

Businesses of all sizes are being encouraged to focus on the quality of their customer communications.

This follows new findings from Mailjet that 93% of consumers are put off within seconds by sloppy emails containing poor grammar or spelling, or missing confirmation emails.

Conversely, companies that address issues with emails promptly are more likely to win back customer faith in the brand.

The cost of lost emails


HELPING OVER

BUSINESS OWNERSREACH THEIR GOALS

35,000

VIA OUR INTERNATIONAL ALLIANCE

WINNERACCOUNTANCY FIRM

OF THE YEAR

FUNDRAISINGFOR OVER 100 LOCAL CHARITIES

WINNERAUDITOR OF THEYEAR FOR SMES

2012 & 2013

OVER 1,000 PEOPLE

AROUND THE UK WORKING TO SUPPORT CLIENTS

ACCESS TO

SPECIALIST SERVICES

TO HELP WITH EVERY ASPECT OF LOCATIONSAROUND THE UK YOUR BUSINESS & PERSONAL NEEDS

OVER 100

EXPERTS IN OWNER-MANAGED BUSINESSES

OVER

60 SMES AT FD EXCELLENCE AWARDS

WINNERACCOUNTANCY FIRM

- LARGER CLIENTS

PRESEN

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Having advisers that can add expert advice and value to both your business and personal wealth aspirations is important for most business owners. By understanding what you want to achieve, Haines Watts is able to work with you to identify opportunities for growth, saving money and managing risk to help you reach your goals. If you have an hour to spare, why don’t you arrange a meeting with Haines Watts to find out

how we can help you with your business needs? Contact your local office: www.hwca.com/offices

http://www.hwca.com

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