At Thomas Westcott Business Recovery, one of the most important initial steps in any Liquidation or Administration is to make sure that employees are looked after as efficiently and empathetically as possible.
You may have just received notification that your employer is soon to be placed into Liquidation or Administration. This is often a time of worry and panic for many. How are you going to pay the mortgage, pay your credit card bill or feed the family? There are a few practical tips you should consider in these circumstances:
Several Thomas Westcott representatives attended the ICAEW Business Futures event in Coventry on Friday, they are pictured above with ICAEW President Andrew Ratcliffe. The interactive event considered the way in which businesses will need to continue to adapt in order to deal with the future. Topics were introduced by leading expert speakers across a range of subjects including energy and resources, financial markets, architecture and design and fashion.
The event closed with an uplifting key note address by Professor Brian Cox who gave his view on resourcing future energy needs, life beyond Planet Earth and the universe before the Big Bang. Professor Cox related his topics to business in the future and what life will be like on Planet Earth in thirty five years time.
In recent months, the Charity Commission have published reports following the conclusion of a number of statutory inquiries, many of which have been in respect of charities that have failed to file accounts for two consecutive years, these are known as double defaulter charities.
The published reports give brief details as to why accounts had not been filed and the reasons (or excuses) given by the trustees for their failings. It is important to note that a failure to file accounts is always due to the failings of trustees and is a criminal offence. Any new trustee assumes a responsibility to rectify the failings of the past as soon as they take on the role.
For many years small companies have been able to take advantage of the option to file abbreviated accounts at Companies House, thereby keeping to a minimum the information they put into the public domain about them. All this is about to change!
Effective from accounting periods commencing on or after 1 January 2016 this option is removed from company law. So what filing options will be available to small companies in the future?
Generally speaking, small companies will be required to file the version of the accounts that they prepare for their shareholders. They will, however, still have the option not to file the profit and loss account and/or the directors’ report at Companies House – although this does mean that more of the notes to the accounts are likely to have to be filed than at present.
Are there any other options available? Well, yes.
The Chancellor has confirmed that he will give his Autumn Statement & Spending Review on Wednesday 25th November 2015.
It will be a chance for the Chancellor to expand on announcements made in his July Budget, together with any possible further changes planned for the following year, as well as presenting the OBR’s forecasts and impacts of previously advanced changes.
As usual Thomas Westcott will be following the announcements carefully and providing comment on what any announcements mean for our clients and the business community across the South West on the day and the following weeks. Check our website for our commentary following his speech.
Find out what a 'green roof' is, and learn how the summer budget changes will affect the farming sector in our Agricultural Autumn Newsletter.
The team is hosting a series of seminars in Tiverton, Axminster, Holsworthy & Zeal Monachorum (near Crediton). Thomas Westcott representatives and guest speakers will be discussing the following topics.
- The Basic Payment Scheme and what you will need to know for next year’s application process.
- Getting your partnership agreement and wills in order to ensure your most valuable assets are protected.
- Changes to the permitted development rules and what they will mean in practice.
Click here to see more details, we look forward to seeing you there.
The new National Minimum Wage rates will come into play 1 October 2015.
Click here for more information on the changes and how Thomas Westcott's Payroll Bureau can aid you with this transition.
If you have any questions or need advice regarding these changes, please do not hesitate to contact Stuart Carrington or Debbie Cole.
As you may have read in the news recently, the law on workplace pensions has changed and these changes will affect every employer. You can use the Pensions Regulator's staging date calculator to confirm the date your automatic enrolment duties start.
Our Auto Enrolment Employer events in September 2015 will provide you with detailed information on automatic enrolment. Please see our events page for dates and venues.
If your business is in one of the following sectors, then the new South West Growth Fund may well be of interest: Advanced Engineering, Marine, Digital Creative, Environmental, Manufacturing, Food Processing, Electronics and Pharmaceuticals.
The South West Growth Fund (SWGF) is an £8.7M grant fund that is able to provide investment grants to small and medium sized enterprises throughout South West England and large companies within the Assisted Areas of South West England. These grants, ranging in size from £15,000 to £999,999, are awarded on a competitive basis to growing businesses that intend to make substantial new capital investments that will lead to quality, permanent job creation.
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