1813 Club and Premier Members
1813 Club and Premier Members
Greater Birmingham’s leading companies
Digital tax initiative has ‘no benefit to business’
The taxman’s efforts to force firms to move away from paper accounting to an online-only system is being seen as having ‘no benefit’ to business. Ian Carter, a partner at Dains
Accountants, which has six offices in the Midlands, said that the ‘Making Tax Digital’ (MTD) initiative was aimed at making sure that all businesses or individuals who paid tax did so digitally.
‘Many businesses see MTD as being of benefit to the taxman rather than themselves’
But he said: “I feel that many
businesses see MTD as being of benefit to the taxman rather than themselves. “For a lot of businesses, the
change will have little impact while MTD is limited to VAT. The greatest impact will be felt by those businesses that currently don’t use MTD compliant software for their accounting records.
Ian Carter: Many businesses think MTD will only benefit the taxman
“These are often the smaller
businesses. They will see MTD as a considerable imposition and while they may end up with better management information and save time in the long run, this will come at a financial cost and require the initial investment of their most valuable asset, time.”
The introduction of MTD is now
looming large for businesses, even though Dains said a recent survey had revealed that a massive 40 per cent didn’t even know what it was. However, the first phase of MTD
has been timed to begin on 1 April next year – just as businesses will be dealing with fallout from the UK leaving the European Union. The first phase will apply to businesses with a turnover higher than the VAT threshold of £85,000. Any remaining VAT registered
businesses will have to comply a year later, and then everyone else will be swept up at later date. Mr Carter said: “With only
months to go until MTD starts, business owners need to ensure that they’re ready. “It’s essential that businesses
review their systems and not only ensure they are compliant, but look to take advantage of this to streamline their processes and improve the quality of the information they use to manage their operations from a financial perspective.”
Annie joins Pennycuick Collins
Chartered surveyor Pennycuick Collins has bolstered its residential block management team with the appointment of property manager Annie Egan (pictured). Ms Egan, who has a degree in
law from the University of Wolverhampton, previously worked for an estate management team at another firm. Her appointment brings the
number of professionals engaged in residential service charge and block management to 15 in total, making Pennycuick Collins one of the largest players in the Midlands market. Ms Egan said: “This is an exciting opportunity to join a vibrant team which enjoys an outstanding
reputation for property management in the Midlands.” Head of residential service
charge Lyndsey Cannon-Leach added: “We are delighted to welcome Annie to our expanding, award winning team, at a time when we are continuing to see fantastic growth and recognition for providing the highest quality services at schemes managed by Pennycuick Collins.” Pennycuick Collins now manages
more than 150 residential developments with around 5,500 units across the Midlands. The firm was shortlisted in the
Insider Midlands Residential Property Awards in the property management category in June 2018.
David Thomson: Expectations surpassed
Prescient moves to Brindleyplace
Prescient Business Consulting has moved to a new office in the heart of the city’s professional and financial area, at Brindleyplace. The company, launched nine
months ago by David Thomson, has gained a number of large, international clients, and as a result has added to its team. Various appointments have
been made, and the company can now provide management in a wide range of areas, including: strategy, sales, supply chain, HR, leadership performance and culture transformation. David Thomson said: “Since
setting up the business in January this year, we have surpassed my initial expectations and I am incredibly proud of what we have achieved so far. “The Greater Birmingham Chamber of Commerce has been instrumental to our success in our early days and I’m now fortunate to be surrounded by such a talented team of people who are continuing to drive the business forward with their experience and enthusiasm. “We’ve received fantastic
feedback from our clients and it’s great to see that our business is attracting international clients to the region. Brindleyplace was the perfect choice for our new office and we’re proud to be part of such a thriving, vibrant, business community.”
October 2018 CHAMBERLINK 31
Premier Membership
Contact: Howard Blow T: 0121 607 1841
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