Greetings!
Welcome to e-Financial Management, providers of flexible and scalable financial management solutions.
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| The Small Businessman In The Current Climate
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 Despite major government stimulus packages and obvious recovery attempts from the Bank of England, there has been little improvement in economic activity for small businesses.
Our local economy is still plagued by unfavourable market sentiment and high demand for credit, a direct result of the unavailability and cost of credit. Quantitative Easing may have improved the liquidity position of banks, but most banks have only shored up their reserves with the excess, without significantly increasing lending or improving investor confidence. With small businesses unable to access trade finance or global credit lines in the same manner as major corporations with their inherent benefits of brand name, economies of scale and branding; they remain at risk.
Possible Outcome:
Fortunately, by resolving to implement G20 pledges on such issues as regulatory reforms for banks and financial institutions, capital standards and unemployment, there seems to be light at the end of the tunnel. The financial sector has now committed to take significant internal action to combat bad lending practices, and we might begin to experience enhanced credit support in the near future.
Internal Measures:
While we wait anxiously to reap the benefits of all the recent resolutions, small businesses can take inexpensive steps to improve their internal credit procedures and create more efficient asset utilization strategies. For companies experiencing cashflow problems, e-FM is willing to conduct a free no-obligation session to discuss your specific needs. The company has enabled many of its clients to achieve major cost savings and improve cashflow with its strategic support services, financial planning and performance analysis.
You may also wish to attend our Credit Control Workshop on the 13th of October, aimed at businesses encountering problems collecting cash by phone. This half-day course, only £49.00 (excluding VAT), will be held in conjunction with Credit Management Training Limited. Issues to be discussed include negotiation deadlocks, debtors with cashflow problems, and non-payment objections. For more details, please see below.
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Pay Changes
Minimum Wage & Redundancy Pay |
 Despite arguments to freeze the National Minimum Wage, a 1.2% increase has been approved and this takes effect from the 1st of October 2009.
From the 1st, the National Minimum Wage increases to £5.80 per hour for adults from the previous rate of £5.73. For employees aged between 18 and 21 years, the development rate will now be £4.83 per hour, while the rate for 16 and 17 year olds is now £3.57.
There is also a change to redundancy pay, as this increases from £350 to £380 per week from the 1st of October 2009; with confirmation that this limit will not be subject to increase again until February 2011.
Employers have the responsibility to ensure they comply with legislation and instruct their payroll staff to make the necessary changes. Remember that "if a dispute arises, the burden will be on the employer to prove that the minimum wage has been paid, rather than on the worker to prove that it is not". |
Compulsory Online Filing
PAYE, VAT and Corporation Tax |
HM Revenue & Customs (HMRC) plans to phase out paper returns and introduce compulsory filing and electronic payments in 2010. Taxes moving to compulsory online filing include:
1. VAT
2. Corporation Tax
3. End-of-year and in-year PAYE (Pay As You Earn) forms.
From April 2010, companies that are newly VAT registered, or have a turnover of £100,000 pounds or above, will have to submit their return online and pay VAT electronically.
End of year PAYE forms will have to be filed online byApril 2010 at the latest, and filing in-year forms online will become compulsory from April 2011 onwards. However, if you start filing your end of year forms online before these deadlines, you can claim tax-free payments.
The main change to managing your Corporation Tax will be that, for returns due after 31 March 2011, you'll need to supply your Company Tax Return and supporting documentation in Extensible Business Reporting Language (XBRL). You'll need to make sure your software can do this ahead of the deadline dates
Filing online and paying by direct debit can save your company a significant amount of time. e-FM are happy to help with setting up the new services.
Source: hmrc.gov.uk
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Credit Control Training Workshop
You can still book places! |
Cash Collection By Phone:
CPD certified training experts, Credit Management Training Limited in conjunction with financial management specialists, e-Financial Management invite you to a half-day training course aimed at improving employee skills in credit control and debt collection. Common problems which you may recognise include:
· Negotiation deadlocks · Non payment excuses and objections · Aggressive or difficult clients · Consistent late payments · Debtors with cashflow problems Course: Cash collection by phone. Venue: AW House, Luton Date: Tuesday, October 13th 2009 Time: Half day: 9.15am - 1.00pm Speaker 1: Steve Savva FACP FICM Speaker 2: Gary Jesson FCA mIOD Fee: £57.49 including VAT To book a place, kindly contact us at: Fax: 01 582 522266 Tel: 01 582 516300, 0845 129 9900 Email: clientcare@efm.uk.comPost: e-Financial Management, Maxet House, Liverpool Road, Luton, LU1 1RS
Speaker Profiles:
Stephen G Savva FACP FICM:
Steve is the Founder and Managing Director of CMT (Credit Management Training Limited). CMT deliver high quality, effective training courses developed to inspire and enable individuals to progress and seek promotion in their chosen career for the benefit of themselves on a personal level and for the benefit of their company.
Gary Jesson FCA mIoD:
Gary Jesson is Managing Director of e-Financial Management Limited. e-FM offers a unique, cost-effective solution for ongoing financial management requirements that cover all aspects of the finance function including bookkeeping, payroll administration, financial control and reporting, credit control, budgeting and forecasting. | |
For more information about our services ,kindly visit our website www.efm.uk.com
Sincerely,
Client Care
e-Financial Management Limited |
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Regional Offices
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Malcolm Holloway
eFM Northwest
Maurice Scott
eFM Midlands
Ruth Thompson
eFM Luton & NHC
Gary Jesson
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BUSINESS RATE APPEAL
You may be entitled to a refund! |
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The Valuation Office Agency (VOA) gives all business and non-domestic property in England and Wales a rateable value.
Rateable value is a professional assessment of the annual rental value of a property on a specific date.
For most properties, such as shops, offices, warehouses and other industrial property,evidence of actual rents being paid for similar properties in the area is used to assess rateable values.
For other types of property, such as pubs and other licensed premises, reference is often made to the business receipts being achieved to gauge the level of 'fair maintainable trade' that might be expected, using this as the basis for the assessment of rateable value
SCHEDULE:
1st April, 2008: Valuation date for all new 2010 rateable values. To ensure fairness and consistency, the same fixed valuation date is used for all properties.
30st Sept, 2009: The VOA publishes online the new rateable values, allowing six months for you to check that the valuation. We will also send details of the new valuations will be sent to the majority of ratepayers during October.
1st April, 2010: All new 2010 rateable values come into effect
Rental values in 2010 may be lower than they were in 2008 but that does not mean the Government will be collecting extra revenue. The new multiplier will be set to ensure the overall national rates bill will remain the same. Your new rates bill will depend on how your rateable value has changed relative to all other rateable values since the last revaluation, not on any changes in the rental market between 2008 and 2010
APPEALS
For clients whose rates bills are in excess of 50% of the rent, then there may be scope to appeal.
Any successful appeals against valuations, used from April 05 will result in a cash repayment of overpaid rates and result in an adjustment going forward.
An agreement has been reached with Montagu Evans surveyors that they will deal with appeals and charge clients a percentage of the savings achieved over the 5 year rateable value period.
Appeals will only be cost effective on rates bills in excess of £10,000 per annum.
If you think an appeal is feasible you can contact Maurice or Gary for more details.You will need to send your most recent rent invoice and the rate demand.
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