business focus 43
HW Chartered Accountants present a series of articles based around Tweets appearing on their Twitter pages. This month Rodney Style, partner, considers one particular aspect of:
‘Take positive steps to help your business’
2011 will be a trying year for many businesses for the most obvious reason of the troubled economic times in which we find ourselves. Here I want to focus on one concern which we deal with as accountants, which is no doubt exacerbated by issues like the economy, and that is divorce.
For business people who find themselves faced with the upsetting prospect of divorce – and the emotional turmoil that often accompanies it – being positive can be very hard. However, there are some steps that can be taken to make the process less stressful, including arming yourself with knowledge on the various financial issues involved as soon as possible. Forewarned is forearmed!
Business owners will need to consider: 1. The value of your assets as a couple 2. Who gets which assets?
3. Should you remain shareholders in the business after divorce or should one party buy out the other?
4. Are there sufficient cash funds to enable the business to carry on or does it need to be restructured?
Valuing interests in businesses is not easy at the best of times and a divorcing couple may find that different methods are applied when considering the values of minority stakes in the business, and no discount offered.
Sorting out maintenance from one spouse to the other is another challenge, especially when the income of the main earner is significantly variable. One solution is to provide a mechanism in the court order to vary the maintenance up or down, dependent upon the level of income of the payer, to avoid going back to court each time.
Finding useful solutions to the range of other financial issues thrown up by divorce will almost always require professional help from an experienced accountant and it is better to tackle things early on.
Surrey forms LEP ahead of government recognition
The Surrey Economic Partnership (SEP) and Surrey County Council have agreed to press ahead with plans to form a Local Enterprise Partnership (LEP) whether or not it is formally recognised by the Government, after businesses in the county endorsed the move at a meeting held at the end of March.
The Government gave the original LEP bid an ‘amber light’ to further develop the proposal. An updated proposal is to be submitted to the Government shortly, said Surrey County Council. LEPs were brought in by the Government to plug the gap left by the abolition of regional development agencies.
Chris Bean, chairman of the SEP, said: “We have set a clear commitment to build a partnership with the vision to ensure the UK carries on benefiting from the success of Surrey’s economy. We’re ready to work with neighbouring LEPs but we’re also clear Surrey needs an LEP and we’re determined to make this happen.”
Surrey County Council leader Dr Andrew Povey said: “Surrey is a powerhouse of the
THE BUSINESS MAGAZINE – THAMES VALLEY – MAY 2011
national economy and requires an LEP of its own to reflect this.”
The partnership, called Surrey Connects, will cover the county’s administrative boundaries while working with neighbouring LEPs on issues in common, such as innovation and inward investment. These LEPs include Coast to Capital, which has named Povey on its board, and Enterprise M3, which also benefits from Surrey representation.
Surrey Connects made plans to meet in ‘shadow’ form at the end of April to confirm key priorities after the SEP and county council met with key business leaders representing companies of every size. The focus was expected to be on infrastructure projects such as transport and super-fast broadband, providing support for new startups, helping existing businesses maximise opportunities and continuing to ensure the workforce has the right skills base.
Details:
www.surreycc.gov.uk
Details:
www.hwca.com
For details on Haines Watts Young Entrepreneur of the Year competition 2011 visit:
www.hwye.co.uk or follow us on Twitter @HWYE2011 and Facebook: search for Haines Watts HWYE.
Biotech firm wins global energy award
Abingdon-based biotechnology company Green Biologics (GBL) has been honoured as a New Energy Pioneer in this year’s Bloomberg New Energy Finance Pioneers Programme.
In its second year, the programme identifies companies from across the world that are making significant gains in the field of clean technology and innovation. A panel of industry experts, led by Bloomberg New Energy Finance technology specialists, chose the honourees by assessing them against three criteria: potential scale, innovation and momentum.
Green Biologics has developed an advanced fermentation process to convert readily available waste and agricultural by-product feedstocks into high-value chemicals and biofuels.
Nine other companies were named as 2011 New Energy Pioneers at the fourth annual Bloomberg New Energy Finance Summit in New York, but Green Biologics was the only UK company to receive the award.
Details:
www.greenbiologics.com www.newenergyfinance.com
www.businessmag.co.uk
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