Sector Focus
Finance
Sponsored by: Mahay Financial Services Sector Focus
The launch of a new department
Mahay Financial Services are pleased to announce the launch of their Commercial & Development Finance department. This recognises the firm’s ambitions in the commercial sector. With the addition of key people, with expertise in finance, construction and engineering industries, it demonstrates the ability to provide effective bespoke solutions for its clients. The company has a proven
track record of negotiating and delivering solutions bringing about real growth and development in the local economy. Diversification of its existing networks has enabled it to bring about future development both in the West Midlands and wider regions of the United Kingdom.We are committed in the aim of facilitating growth in the Northern Power House and the Midlands Engine by bringing together investors, developers and local authorities. We have pleasure in announcing the roll out of its automated electronic CRM system. The firm is committed to this automation and confirms that the transition is effective in providing efficient services to our clients. The firm looks forward to the increased business possibilities created as a result of this. The company’s director, Mrs
B Chand, extends an open invitation to all intermediaries to work with the firm and to deliver enhanced benefits to your clients.
T: 0121 551 7676 F: 0121 551 6274 M: 07900 545726 E:
bally@mahaysolutions.com W:
www.mahaysolutions.com
The latest news from the sectors that matter to business
Tougher fraud crackdown could boost UK economy
The UK economy could be boosted by £44bn annually if organisations stepped up efforts to tackle fraud and error. That’s just one of the findings in
the latest research from national audit, tax and advisory firm Crowe Clark Whitehill, together with the University of Portsmouth’s Centre for Counter Fraud Studies (CCFS). Guy Morgan, corporate business
partner in Crowe’s Midlands office, said: “Businesses in the West Midlands need to increase their vigilance in relation to fraud. “Too many businesses are still
taking a reactive rather than proactive approach to tackling this. The cost of fraud can be significant, so reducing this cost not only boosts profits and competitiveness but can reduce the amount of extra funding needed for growth.” The report, The Financial Cost of
Fraud 2018, reveals a national fraud pandemic totalling £110bn a year – almost seven per cent of total expenditure – but says that big savings are possible. Globally, fraud is costing £3.24tn
each year, a sum equal to the combined GDP of the UK and Italy, or enough to build more than 3,000 Wembley Stadiums. The report, which is the only one of its kind, draws on 20 years of
‘Businesses in the West Midlands need to increase their vigilance in relation to fraud’
Stay vigilant: Guy Morgan
extensive global research from 40 sectors, where the total cost of fraud has been accurately measured across expenditure totalling £15.6tn. Since 2008, there has been a
startling 49.5 per cent increase in average losses with businesses losing an average of 6.8 per cent of total expenditure. Driven by technological
advances and increasing digitisation, businesses now face a threat which is growing in scale and mutating in complexity.
Jim Gee, head of forensic and
counter fraud at Crowe Clark Whitehill, said: “The threat of fraud is becoming increasingly like a clinical virus – it is ever-present and ever-evolving. “In the current climate, to fail to
consider the financial benefits of making relatively painless reductions in losses to fraud and error is foolhardy. “The message to all
organisations is measure, mitigate and manage fraud, or your bottom line will continue to suffer.”
Don’t be lax over revised tax rules
Businesses have been warned not to relax their approach to new VAT reporting rules, even though the changes are likely to be delayed while the taxman grapples with Brexit. These new rules are part of an
MEMBER OF THE NATIONAL ASSOCIATION OF COMMERCIAL FINANCE BROKERS
Mahay Financial Services is a trading style of Mahay Solutions Limited. Mahay Solutions Limited is authorised and regulated by the Financial Conduct Authority. FCA number 673400.
Taxing time: Dr Anjulika Salhan 60 CHAMBERLINK July/August 2018
initiative called Making Tax Digital (MTD), which involves forcing businesses to take their tax affairs online. However, HM Revenue & Customs (HMRC) has admitted it will have to delay implementation of parts of MTD while civil servants are diverted to sort out Brexit. However, Dr Anjulika Salhan
(pictured), a director at Birmingham- based Salhan Accountants, said that businesses should still be wary of not meeting the deadline for the new digital tax regime.
Dr Salhan said: “It comes as no
great surprise that certain elements of MTD have been delayed, considering the complexity and relatively short time period that the revenue gave itself to implement its strategy – especially against the backdrop of Brexit. “However, regardless of what
future plans HMRC may have, businesses need to be thinking about the here and now. Just around the corner is MTD for VAT. In fact, companies over the threshold now only have months left to properly prepare themselves for this big change.” Dr Salhan said it was essential
that those in this position seek out help with online accounting if they hadn’t done so already.
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80
