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Welcome To Our March 09 Edition!
Greetings!
Welcome to e-FM, providers of flexible and scalable financial management solutions.
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All These Economic Stimuli Packages...
Ideas are running out and desperation is setting in as the slump remains unabated. Interest rates are so low, it is impossible to make further cuts. We had a £20bn loan guarantee plan, VAT slashed, quantitative easing to increase the supply of money... and the crisis progresses. Admittedly, none of these costly measures can produce an immediate effect, but while taxpayers are waiting for the tide to turn, more businesses are going under, unemployment remains on the rise, bills are incredibly high and families continue to face threats of repossession.
As the government continues to seek an effective stimulus program that will ameliorate our current economic situation, small businesses continue to suffer. With credit still expensive to obtain or unavailable altogether, SMEs are more susceptible in this downturn and are battling with massive cashflow problems. Many of these companies are seeking new ways to improve their position, as it is uncertain how many 'economic experiments' may be considered in the future, as has been the case with other countries such as Germany and Japan in the past - and which ones will prove successful. These business owners are under immense pressure to keep the business running, and avoid the need for external funding or to keep this to a minimum, where necessary.
If you would like to discuss ways of improving your working capital situation, please call us for a no-obligation meeting on 01582 516300.
e-FM can help provide relief to cashflow crises by reviewing existing credit policies and billing systems, re-negotiating banking facilities, spotting investment opportunties, and reviewing contract terms with your suppliers.
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New Tax Penalties.
A new system of penalties is due to take effect from April 2009. This system applies to Income Tax, Corporation Tax, Capital Gains Tax, National Insurance Contribution, PAYE, Construction Industry Scheme and VAT.
The system is based on the 'Potential Lost Revenue' that arises from making a mistake. The penalty will be calculated as a percentage of the Potential Lost Revenue (PLR) , based on your behaviour/level of care as well as your processes/systems.
For example, if you supply a brand new Ford to an employee as a company car and 'forget' to include it on a Form P11D; the PLR from that one mistake would be the tax due from the employee for the year,plus the NIC Class 1A payable.
The percentage applied to this total figure will depend on whether reasonable care was taken in spite of making the mistake or not. Higher percentages apply to delibrate and concealed errors. No penalty is applied if HMRC is convinced that your general accounting, recording and documentation systems show that your transactions are processed with reasonable care.
If you would like to review your bookkeeping/accounting systems, please give us a call. We may be able to help you avoid unnecessary fines by improving your systems.For more information about this new penalty system, please speak to a Tax Specialist. We would be glad to introduce you to one.
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Wecome: Paul Jesson joins us at e-FM. Paul is a commercially focused Chartered Accountant with extensive experience in financial management and reporting, business planning and operational support.
Prior to joining e-FM, Paul was Group Financial Director for 'Project First', and was responsible for all financial aspects of the company as well as being a key member of the Board of Directors. He also had responsibility for other major functions including HR, IT, Procurement and Property Management. Paul supported the business for 3 years in which the business grew from a single enterprise generating £12m revenue, to a group of 5 companies generating £60m.
During the course of his career, Paul has worked with several other organisations in various capacities, including being at Ernst & Young for 9 years, OSI International Foods Limited and GEI Group Plc, in which he was part of a business turnaround and VC backed MBO.
Goodbye: Barry Skeel leaves e-FM. It is so sad to see you leave, Barry. We will all miss you and we wish you the best as you pursue new opportuntities.
Movements: While Jonathan Gutteridge and Paul Hart have been poached by clients, Carmel McGrath and Barry Cooper have joined the e-FM team.
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Cradle To Grave Masterclass
(The Employment Life Cycle) Part 21
Having explored the need for recruitment advertising and the various recruitment options available, companies have to check and update every job description to ensure it is still relevant. It is also necessary to use the job description requirements to define the attributes required of the person to undertake the role, (called a personnel specification). For example, strict eye sight colour definition requirements required of airline pilots means that someone who is colour blind (especially red/green) simply cannot perform the job. Advertisers have to be sure that they do not introduce requirements which would indirectly discriminate by requiring a standard from an applicant that the job does not demand. A high standard of spoken and written English, for example, is not necessary for someone whose job is to pick out twigs/leaves, etc., from fruit passing along a production line. In most cases however, a good standard of English may help.
Once you know what the job is and what it requires of the individual, the advert can then be drawn up: The job title should be the prominent heading. Adverts with the salary displayed attract a larger and more relevant response. Display the skill requirements prominently or else too many unqualified personnel will apply accordingly. Highlight benefits, not just financial but growth or promotion opportunities, growing market sector/market leader, etc. - if your job is not as attractive as others on the page there is a chance you will lose the applicant to them. Consider where and when to advertise and target carefully. Obviously avoid using any potentially discriminatory language, e.g. 'Man Friday' wanted as this clearly discriminates against female candidates and may even be classed as racist as well. "Waiter" is not acceptable, "Waiter/Waitress" is. 'Manager' is acceptable, whereas it is not necessary to state 'Manager/Manageress' - but should there be any doubt make this clear. Clarify also how applications should be submitted, e.g. application form, letter, letter and CV, fax, e-mail, etc., and by what closing date.
Time taken to carefully decide the precise nature of the job and how this can best be translated to an advert is rarely time wasted. "Staff wanted", as an advert, usually is!
For information about meeting your short term financial management needs/accountancy services, without having to worry about complex recruitment principles, kindly contact efm on 08701219900, 01582 516300 or fill an online form at www.efm.uk.com
CONTRIBUTOR'S PROFILE:
Peninsula Business Services.
For more information, kindly contact Matthew Travis on 01618279915.
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