FINANCE
SMEs urged to seek independent advice on tax matters
Chartered accountants Newby Castleman has encouraged the region’s SMEs to seek impartial advice on any tax related concerns, following a report criticising the official guidance available. The HMRC report, which looks at
large extent, the deal is de-risked from the vendor’s perspective. Yes, the deferred consideration will have to rank behind the bank loan and the CID facility from a security perspective, however, on the assumption the business performs to plan, there should be free cash flow in the business after servicing the bank loan to repay the £500,000 of deferred consideration over, say, two to three years.
ways in which it supports mid-sized businesses, made recommendations for a number of improvements to its services. It found mid-sized businesses “find it hard to navigate the wealth of pages available on
Gov.uk to find the information that is relevant”. A signposting page for mid-sized businesses was implemented, published alongside the report, which aims to gather content in one place. HMRC also set up a mid-sized business customer service team with the
Annalise Lovett
aim of supporting businesses with a turnover of over £10m and/or more than 20 employees. Annalise Lovett, Partner at Newby Castleman, said: “This report is a
welcome development and makes a number of good suggestions, which HMRC must now implement. There are approximately 170,000 mid-sized businesses and they play a vital role contributing to the UK economy, therefore it is essential they receive the appropriate support from HMRC. “We’d encourage businesses not to rely solely on the advice they receive
from HMRC, or what they can find online, to ensure they are neither overpaying, nor underpaying tax. Always seek professional advice from someone who can offer guidance on the solution for your organisation.”
Service sector slows to standstill
Growth in the UK’s services sector has slowed, according to the latest Business Trends report by accountants and business advisers BDO. The new report shows that
BDO’s Output Index for the services sector has fallen to 95.0 in May from 95.3 in April, the lowest level since June 2013. Businesses within the UK services sector now say growth in their order books has all but stopped, meaning the BDO Index is hovering around the 95 level, which indicates recessionary conditions. BDO’s Inflation Index now
sits at 105.0, an increase of 0.3 from April. It is now the tenth month running that inflation has been above the long-term trend. Slowing consumer spending and higher competition for customers is having a significant impact on consumer-facing service industries such as retail and hospitality. In contrast, UK manufacturing output is increasing and is expected to rise further.
Since 1998, Nitto Denko UK Ltd., has been setting the global standard in the material conversion industry. Converting more than one million parts per day, Nitto Denko UK Ltd., has the experience and a customer driven work philosophy to help you manufacture the highest performing components for your industry. In 1999, we became ISO/QS9000 registered. Then in 2006 we became certified to TS-16949, we also achieved our ISO-14001 certification in Jan 2010.
Mission Statement 'contribute to customers' and value creation with innovative ideas' What we do:
• Converting of Nitto materials and other Japanese & European materials, trading worldwide. • Dealing directly with OEM's and major tier 1 suppliers in the automotive industry. • Our company philosophy involves extensive customer service and high quality in our products and procedures. • Belief in the importance of quality allows us to continue our dedication to quality improvement. • Importantly, we place safety before everything else.
Please contact us for further information, the following personnel have a wealth of industry experience between them and would be happy to deal with your enquiries:
Matthew Carless - EMEA Japanese OEM Team Leader Telephone: 07415 384690 • email:
matthew_carless@nittoeur.com Danny Draper - Operations Manager Telephone: 07432 141324 • email
danny_draper@nittoeur.com
Nitto Denko UK Ltd, Sunrise Building, Crown Farm Way, Crown Farm Industrial Park, Forest Town, Nottinghamshire NG19 0FT Telephone: 01623 415500 • W:
www.nitto.com
business network July/August 2017 57
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