Business Matters Autumn 2017

Business Matters McCabe Ford Williams Newsletter | Autumn 2017

WWW.MFW.CO.UK

Welcome to our autumn 2017 issue.

In this edition, we celebrate the 30th anniversary of our Business Matters newsletter, which started life way back in 1987. Senior Partner Ian Pascall reminisces on how times have changed since then (see page 1).

Talking of change, pardon the pun, please don’t forget that the old £1 coin ceases to be legal tender on 15 October so make sure you spend or donate these beforehand. After the deadline you can however, still exchange any unspent £1 coins, for a limited period, at your local bank.

A recent survey carried out by MasterCard suggests that as much as 87% of us are unaware of this deadline and as a result, we Britons risk losing £1.1 billion.

We hope you enjoy reading this issue.

CLIENT PROFILE: EGGS TO APPLES FARM SHOP A unique venue for passionate foodies and yoga enthusiasts alike!

Page 03

GDPR IS COMING Find out more about the new General Data Protection Regulations.

Page 05

CLIENT PROFILE: TECHNIFIRE SOLUTIONS LIMITED Meet the Technifire team who are dedicated to fire life safety.

Page 07

IS YOUR BUSINESS PROTECTED? Asks Lee Giles of Argentis Financial Management Limited.

Page 09 We meet the friendly team at Eggs to Apples Farm Shop (see page 3)

MFW NEWS

“The way we were” Those who know me well know that I am a bit of a hoarder. The cupboards in my office are full of articles and clippings that one day might be useful. Yes, my wife will confirm that I am the same at home – and (of Michael McIntyre fame) I do have a “man drawer.”

Anyway, the other day I happened across my collection of old MFW newsletters. The first edition was produced in Autumn 1987. Probably the most sobering personal observation I can make about that first edition is that of the eleven partners listed on the front page I am the only partner that hasn’t yet retired. Sadly three of the then partners have since died but I suppose given that this was 30 years ago, that is not a great surprise.

MFW (or McCabe & Ford as we then were) had additional offices in Hastings, Canterbury and a presence in Sandwich. Herne Bay office did not join us until 1990 when we merged with E Clarke Williams.

Some of the items covered in that first newsletter were: • The Finance (no 2) Act 1987 introduced legislation whereby employers could set up profit related bonus schemes. In short, 50% of the employee’s profit related pay could be paid tax free. As I recall, this lasted for a few years but it was complicated and, needless to say, was sufficiently exploited for the Government to withdraw it.

• Before ISA’s there were PEPs (Personal Equity Plans).

The maximum that could be invested was £2,400 per annum. Under current legislation the maximum that can be paid in to an ISA is £20,000 per annum.

• Do you remember that there were Deeds of Covenant before Gift Aid was introduced? The then Inland Revenue (now HM Revenue & Customs, of course) announced legislation to prevent the misuse of Deeds of Covenant.

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• The Inland Revenue were considering the tax position of the new fangled car telephones. How life has moved on!

• The introduction of personal pensions was postponed until 1 July 1988. Prior to that contributions were paid in to retirement annuities. The article was headed “Changed timetable for the Pensions Revolution”.

Still the government fiddles with pensions.

• Maternity pay and maternity benefits were abolished from 21 June 1987. In their place, Statutory Maternity Pay was introduced and, of course, still exists.

• From 6 September 1987 the official rate of interest applying to interest free or cheap loans to employees was increased from 10.5% to 11.5%. The bank base rate changed quite often in those days and at 26 October 1987 was 9.5%. And today? The bank base rate has been 0.25% since August 2016 (having been 0.5% for about 7 years before that) and the rate for cheap loans is 2.5% • Cash accounting for VAT was introduced on 1 October 1987.

All of this got me sadly excited and so I looked up the rates of tax etc. The basic rate of income tax and the corporation tax rate applicable to small companies was 27% (today 20% & 19%). The top rate of income tax applicable to earnings over £41,200 was 60% (today 45% over £150,000). The maximum rate of national insurance was 9% for employees and 10.45% for employers (today – 12% and 13.8%). VAT was at 15% as compared with today’s 20% and there was no such thing as insurance premium tax (now 12%). This rather raw data confirms suspicions that I have had over recent years that the Government has moved away from direct to indirect taxes.

Inflation in 1987 was 4.2%, having been at its modern height in 1976 at 24.2%!

The state pension age in 1987 was still 65 for men and 60 for women. It wasn’t until 1995 that, following pressure from Europe, the Government was forced to announce plans to equalise the state pension age for men and women. The timetable was the most relaxed possible and would raise the pension age for women to 65 slowly from April 2010 to April 2020. Of course, there have been further changes since. www.mfw.co.uk

20 January Terry Waite was kidnapped in Beirut (released in November 1991)

11 June Margaret Thatcher’s Conservative government were re-elected for a third term 11 July The UN announced that the world’s population had hit 5 billion (now estimated by the UN to be 7.5 billion!!!)

15-16 October The “Great Storm” with hurricane force winds hit much of the South of England 19 October Black Monday – when stock market levels fell around the world 23 October Champion jockey Lester Piggott was jailed for three years for tax evasion

I hope you found this an interesting look back in time.

Following our article, Making Tax Digital - An Update, in the summer 2017 Business Matters, a further update is now necessary, as HMRC have announced major changes to the proposals for Making Tax Digital (MTD).

MTD will initially now only apply to VAT registered businesses from 2019. MTD will not become compulsory for other businesses or taxes until 2020.

Comment Emma Andrews, Partner

As the initial proposals from HMRC regarding MTD were always a little unclear, this is a welcome proposal for most. We must be aware however that 2020 is actually not that far away. At MFW, we will continue to keep our clients informed of the proposals and ensure a smooth transition to MTD, whenever that date of transition may finally be!

Author Ian Pascall Senior Partner – Dover Office

www.mfw.co.uk

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TAX MATTERS

6 March The Herald of Free Enterprise disaster at Zeebrugge, in which 193 people perished

Making Tax Digital - HMRC Updated Proposals

MFW NEWS

Some of the other news of 1987 was:

CLIENT PROFILE

Client Profile:

Eggs to Apples Farm Shop Eggs to Apples Farm Shop is located in the idyllic setting of Hurst Green, East Sussex. The business opened in December 2014 and is owned by husband and wife team, Craig and Susannah Hewett. Eggs to Apples is a client of Emma Andrews, who is a partner in our Maidstone office.

Vision The primary vision for the couple was to establish a food destination where you can purchase the ingredients to prepare an entire meal in one place, no matter what your budget. In fact, it is from this principle aim that the farm shop gets its name Eggs to Apples, coming from the Latin saying ‘Ab ova usque ad mala’, which means ‘from beginning to end’.

New business with heritage Whilst this is a relatively new business for Craig and Susannah they have become the third generation of the Barnes family (Susannah’s side of the family) to now run a farm shop in the village starting with the original Lodge Farm farm Shop.

After following successful careers and starting their family, Craig and Susannah got to a point in life where they felt the next step was to set up their own business. At the time, the couple were living in Dubai where Craig had taken on the role of setting up and initially running the Dubai Stock Exchange. However, at the back of their minds was a five-year plan to return to the UK and a new business opportunity. Whilst they did not know initially what their business might entail, as self-confessed ‘passionate foodies’, they instinctively knew that the best sector for

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them was the food industry. Whilst reviewing various opportunities, the site of the former Lodge Farm farm shop went onto the market. This felt like a good omen for both Craig and Susannah who agreed that the site would be perfect for their needs. However, Eggs to Apples was never going to be an ordinary farm shop.

In early 2014, the couple purchased the site and started planning a new bespoke farm shop. It took months of work and planning but in December of that year, Eggs to Apples finally opened for business. However, the time and effort, which Craig, Susannah, and their team invested in setting up their new venture is already paying dividends.

The business continues to go from strength to strength and already enjoys a loyal customer base from locals and other clientele who are happy to travel to this unique shopping destination. The Hewett’s approach is also gaining them great recognition including winning the Gold medal in the Sussex Food & Drinks Awards in 2016. They believe the principle reason for their success lies in adhering to their core values.

Touch, feel, smell and provenance It is important for Craig and Susannah that everything they stock in the farm shop places affordability, sustainability and quality of produce first and foremost. The produce is sourced, wherever possible, from local suppliers yet not to the detriment of a wide product selection. This comes back to the primary business aim of providing a food shopping experience with everything under one roof. www.mfw.co.uk

ideal in the run up to Christmas. However, they also cater for local festivalgoers with their ‘Hampers for Glampers’ baskets and, in addition, regularly attend the Battle Festival, local farmers markets and other outdoor events to market their produce to a wider audience.

Community feel

As Craig says, in the cold, hard light of day, the biggest challenge any business faces is maintaining a healthy cash flow. In addition, long hours can also take their toll, especially with a young family. There are also the extra responsibilities, especially with recent legislation changes, of managing 22 staff and running the payroll but Craig and Susannah are the first to admit that they have a great team at Eggs to Apples, all of whom share in their philosophy and passion for the business. The couple also believe in being hands on which appeals to their regular customers. As a result, Susannah admits that you might not be able to do what you had planned to on any given day, but you do what is needed!

The building is an open, welcoming space, purposely designed to make shopping a pleasurable experience. It was important in the design stage to allow for a bright-airy space, which lent itself to a real community spirit, as it was important for Craig and Susannah that customers would benefit from the space as much as they would.

Events are organised on a regular basis including outdoor yoga, children’s cookery classes, creative workshops and pop up restaurants. These result in customers who are more than happy to spend 3-4 hours at the farm shop enjoying all that Eggs to Apples has to offer, including enjoying the community atmosphere, which in turn creates a further buzz.

Time to relax In addition, to all of this, customers can get together to linger over a refreshing drink either in the indoor coffee bar or in the outside café. Located in the herb garden, the café overlooks the stunning East Sussex countryside and provides a tranquil spot to sit and admire the landscape.

The café has proved to be very popular and it is one of the areas of the business, which has seen the highest growth.

It is one area where Craig and Susannah are considering expanding as part of their business development plan.

Customer loyalty Craig and Susannah have created the Eggs to Apples loyalty card scheme to thank their regular customers, as a way of giving something back. Other initiatives include selling gift cards, gifts and bespoke hampers, which are www.mfw.co.uk

Biggest challenges

Susannah also stresses the importance of maintaining brand integrity and the importance of never losing sight of your original brand goals.

Working with MFW Maidstone Emma and her team produce the usual Year End information for Craig and Susannah including ensuring that the business remains compliant. This includes filing statements with Companies House and preparing Corporate Tax returns.

However, over the last year, the team has helped set up KashFlow for the business, a cloud accounting software, and are working with Craig and Susannah to integrate the sales and wages systems. The bookkeeper at Eggs to Apples has been liaising with Emma to pass over information so that KashFlow can incorporate all the necessary information to enable MFW Maidstone to assist in the business management.

Business Matters Autumn 2017

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CLIENT PROFILE

The couple buy from a wealth of suppliers and artisans resulting in a wide range of stock. The friendly Eggs to Apples team provide advice and support and can field answers on provenance. Packaging is minimal and used only when essential in order to be more environmentally friendly. The displays are, as a result, much more visually appealing and appetising.

CLIENT PROFILE GDPR SNIPPET

GDPR is coming – are you compliant?

Client profile continued...

Together, using KashFlow, they will be producing Management Accounts for the business so that Craig and Susannah have all the business insight they need to plan for the future. With these accounts, the couple can review their up to date profit and cash flow positions and see whether they have the necessary funds to invest in further business developments, as well as making day-to-day business decisions.

Craig and Susannah say of their relationship with Emma and her team, “We like to work with businesses that we can develop a solid partnership with so that we can plan for the long term benefit of our business and this is why we work with MFW. Emma and her team are always on hand to help with the financial elements of the business as well as offering guidance and support in areas that we are not familiar with”.

It is interesting to see what other ideas Craig and Susannah will come up with next but it is reassuring to know that whatever the couple do they will be sticking to those original principles.

To find out more visit the Eggs to Apples website http://eggstoapples.co.uk/ or call 01580 860566.

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New Data Protection Legislation The new General Data Protection Regulations (GDPR) come into effect on 25 May 2018. This will be the biggest update to data protection legislation since the Data Protection Act 1998. Whilst an EU initiative the UK government has confirmed that we will be adopting this new legislation which is not surprising seeing as the Information Commissioner’s Office (ICO) and the DMA (Direct Marketing Association) made a large contribution to GDPR. Why we need GDPR This new legislation will look to strengthen data protection legislation with the key focus on protecting the individual. Changes in technology, the massive increase we have seen in the use of mobile devices to access information, the surge in email marketing and the introduction of cloud based solutions have resulted in a need to update legislation to cope with today’s world.

Penalties Fines are steep with those failing to comply facing fines up to 4% of turnover or £17 million, whichever is the greater. In addition, Data Controllers and processors can now be personally liable under this legislation.

It is therefore vital to get to grips with GDPR to ensure that your business is compliant.

We will be featuring a follow up on GDPR in our Christmas edition.

However, in the meantime, we recommend visiting the ICO website (https://ico.org.uk/) for further details including: Guide to Data Protection https://ico.org.uk/media/fororganisations/guide-to-dataprotection-2-9.pdf Self-assessment toolkit https://ico.org.uk/fororganisations/resources-andsupport/data-protection-selfassessment-toolkit/ Other legislation As well as GDPR other legislation must be observed when direct marketing including: • TPS (CTPS) Telephone Preference Service (Corporate Telephone Preference Service) http://www. tpsonline.org.uk/tps/index.html • PECR (Privacy Electronic Communications Regulations) https://ico.org.uk/fororganisations/guide-to-pecr/ what-are-pecr/

www.mfw.co.uk

How HMRC are hotting up on self-assessment In gearing up for their making tax digital plans HMRC have been recruiting and training new inspectors in much greater numbers than seen before. This increase in personnel should help them handle the extra data they are anticipating.

Another outcome will surely be a much tougher scrutiny of tax records than we have seen so far.

Whilst the digitalisation phase has been postponed, (see update on page 2), taxpayers should now, nevertheless, be aware of what is likely to come.

Already there have been cases reported of unexpected enquiries into what are fairly common arrangements, such as remuneration of spouses in a limited company. Of course, there is nothing wrong with spouse remuneration per se, provided it can be substantiated. www.mfw.co.uk

If your spouse has other employment elsewhere, you should be reviewing your records now to ensure they stand up to thorough checks by HMRC. A small salary can quickly escalate into an expensive tax bill.

An expense of say £5,000 may seem perfectly reasonable but on closer inspection HMRC could start questioning whether it really is. If all the spouse does is what is essentially administrative duties, then HMRC may argue that those tasks should not take longer than a few hours a week. Once the expense has been adjusted, and any penalties for errors charged, the taxpayer can be left with a few thousand pounds’ worth of tax bill to foot not mentioning advisors’ fees.

There are, of course, tax break advantages of owning a pool car and no costly benefit in kind, so when it comes to pool cars there are obviously strict conditions attached to them. This is an area which we feel is sure to start attracting more HMRC attention.

Still, it is not all bad news.

Self-assessment, if done correctly, and supported with the right documentation, can result in claims even increasing provided the basis of the calculation is founded.

Time for some great tax advice It may seem daunting to know that there are enquiries looming in the near future but it is also an opportunity to get out of autopilot mode, revisit those old claims and even escalate these, where appropriate.

Rather than view this negatively speak to our tax advisors and see how we can help. You may even find that with our help, you will be able to thank HMRC for helping you review your tax arrangements and, you never know, even saving you some tax.

Author Daniela Jarosova, ACCA Corporate Tax Manager, Sittingbourne Business Matters Autumn 2017

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TAX MATTERS

We can only guess as to the focusses for HMRC’s inspectors, but the claims inviting attention will undoubtedly be amongst some of the all-time favourites such as the use of home as office and pool cars.

CLIENT PROFILE

Client Profile:

Technifire Solutions Limited Technifire Solutions Limited, a client of Sittingbourne partner Clair Rayner, is a wholly independent fire life safety business specialising in fire safety and associated access control, CCTV and security systems. Established in January 2012 and based in Upchurch, Kent the company is owned and run by four directors, Ross Berntsen, Frank Davis, Ian Kemlo and Lock Berntsen, all of whom had previously worked together for over 20 years before deciding to set up their own business. We recently met with Finance Director Ross Berntsen to learn more.

When Technifire first opened Ross, Frank, Ian and Lock employed a handful of staff. However, due to impressive growth in the last five years the directors have needed to take on more and more staff and even as we go to press the business is actively seeking to recruit more engineers.

As Ross explains, it is a very exciting time for the business and the directors already have plans for future expansion.

This will offer even more jobs in the local area and provide further product and service offerings.

Diverse client base The majority of Technifire Solution’s clients are London City based commercial businesses, operating within a wide range of sectors including Data Suites, multi-storey hotels, offices, prestigious developments, industrial area buildings, retail outlets, leisure facilities and so on. Looking after the individual needs of each client, across such a wide variety of sectors, means that no two clients are the same but it is a challenge, which the Technifire team take in their stride. Ross does believe, however, that there is one common requirement of all his clients - the simple need for a one-stop shop solution. Therefore, it is essential that the business can deliver a comprehensive and up to date range of services and product offerings to ensure the business remains competitive.

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Technifire’s Directors Frank, Ian, Lock & Ross Whilst Technifire Solutions started in the fire safety business the current product/service offering is much more extensive and includes: • Design, installation, service and maintenance of fire alarms and detection systems • Design, installation, service and maintenance of security systems including Access Control systems and CCTV • Design, installation, service and maintenance of gas suppression and water mist systems • Integration with building control and communication systems • Assessment for and supply, installation and servicing of portable fire extinguishers • Fire alarm systems and portable extinguisher training • Fire Risk Assessments • In House dedicated CAD department to facilitate bespoke planning and design

A quality service “Third party certification gives clients a level of certainty that through periodic robust external audits we comply with industry best practice, validating that we conduct ourselves within a productive operational framework and utilise the best up to date products that meet stringent production standards, with emphasis on measurable quality and service delivery.”

www.mfw.co.uk

Quality training

More details on RR (FS)O 2005 can be found here http://www.legislation.gov.uk/uksi/2005/1541/pdfs/ uksi_20051541_en.pdf

Working with MFW Ross and his fellow directors have been clients of McCabe Ford Williams Sittingbourne for five years.

CAD Manager Henry Medley at work.

Fire Regulations Many of us will have watched the horror of the recent Grenfell Tower disaster and the huge loss of lives, which resulted. Whilst most of us will not be responsible for a tower block full of residents, Ross is concerned that many business owners are still unaware of their own fire safety obligations. The Regulatory Reform (Fire Safety) Order 2005, RR(FS)O 2005, an update to the previous Fire Safety Regulations, now mean that the responsible person (owner/manager) in commercial premises will now be criminally culpable for any negligence relating to fire safety deficiencies including amongst others; effective management of alarm systems, portable extinguishers,

Clair and the team have provided Ross, and his fellow directors, with general business advice, which in the early days included the set-up of an Enterprise Investment Scheme (EIS), which will provide the directors with additional tax benefits, should they ever wish to sell the business. Services also include providing an annual audit, business and personal tax services and general business advice.

Ross added, “It is also of great importance for our business that we can receive the best advice when we need it and that’s exactly what we receive from Clair and her team. Whether for guidance on legislative changes to company law, payroll procedural changes such as RTI, taxation guidance and sometimes a more general need to gather opinion on day to day business complexities, we know that with McCabe Ford Williams there is always a reliable resource but a phone call away.”

More information about Technifire Solutions Limited can be found on the Technifire website http:// technifiresolutions.com/ or by calling 0845 467 9383.

www.mfw.co.uk

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CLIENT PROFILE

Training is another crucial area as not only is the industry very high-tech but technology and legislation are often changing. Regular and ongoing training is therefore essential to ensure that the team are up to date with the latest developments and so that the company remains ahead of their competition and can provide more products and services to their clients as required.

premises management and safety evacuation procedures. Ross urges business owners, who have not already done so, to carry out a fire risk assessment [FRA] as part of a review of their fire policy as soon as possible so that they can be fully aware of both their current FRA effectiveness and regulatory requirements. Your FRA should be reviewed regularly and updated whenever there are any changes of use, increases in personnel or premises structural alterations.

BUSINESS PROTECTION TAX SNIPPETS

Is your business protected?

Running a successful business is challenging at the best of times, but have you considered what would happen if an owner or key person were lost?

Unfortunately the statistics* are irrefutable:

Debt cover

• 1 in 4 men, and 1 in 5 women, will suffer a critical illness before retirement age

• 57% of businesses have debt. The average is £344,000, of which £229,000 is directors’ loans*.

• 40% of businesses would cease trading within 12 months after death or critical illness of a key person

• Many do not realise that directors’ loans are immediately repayable on death.

There are solutions available which are inexpensive and usually easy to arrange, yet this is an area often overlooked until it is too late.

Loss of a keyperson or owner can result in loss of profit, loss of confidence from suppliers and creditors. The bank may no longer offer favourable terms. There may be liquidity, legal, and tax issues.

Keyperson cover • Designed to provide a cash injection to the business on death or illness of a “key” individual. Provides cash flow to allow the business to recover, restructure, and find replacement resource.

Shareholder / partnership protection • Provides a tax efficient option on death of an owner. The remaining shareholders have the option to purchase the deceased’s shares from his/her beneficiaries. The beneficiaries can expect fair value.

• Therefore creates control of the business, and compensation for the family.

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• A life policy creates an inexpensive alternative repayment source for the debt.

Author Lee Giles APFS Chartered Financial Planner Argentis Financial Management Limited *Source: Legal and General The value of any investments can fall as well as rise and you may not get back the full amount invested. Past performance is not a reliable indicator of future performance. Any assumptions about the tax position of these plans are based on current law and HMRC (Her Majesty’s Revenue & Customs) practice, which may be subject to alterations, including retrospective changes in the future.

The tax treatment depends on the individual circumstances of each client and may be subject to change in the future.

Argentis Financial Management Limited is regulated and authorised by the Financial Conduct Authority. The Financial Conduct Authority does not regulate tax advice.

www.mfw.co.uk

Spotlight On:

SPOTLIGHT ON

Amanda Ireland, Partner – Sittingbourne Amanda is also an Insolvency Practitioner and heads up mfw Insolvency & Corporate Recovery. Here’s Amanda’s answers to the Spotlight On questions.

I f you had not taken up a career as an insolvency practitioner what would you have done for a living?

I t would be a close call between cabin crew and an air traffic controller.

How do you spend your spare time? ardening, cooking, entertaining and spending time with G my family especially my three grandchildren.

I f you could meet any person, living or dead, who would that person be and why them? y mother in law. She died when my husband was very M young so it would be lovely to meet her and spend some time together.

T ell us something about you that would surprise most people.

At the age of 18, I was a stocks and shares dealer.

Who has been your role model and why? eter Frowde, the firm’s former senior partner and the P partner who employed me back in 1990. He is one of the nicest, calmest and compassionate people I have ever met with a wicked and very dry sense of humour. On a professional level, he always dealt with clients, staff and partners alike, in a balanced and considerate manner.

Describe yourself in three words.

Generous, cautious and impatient. hat has been the most important life lesson you have W had and what did you learn from it?

Make the most of the present, as we don’t know what is around the corner, which I learnt from my husband. www.mfw.co.uk

Amanda and her family enjoying family time I f you could live in any period of time past, present or future, when would that be and why?

It would be amazing to live in the future when there are cures for major illnesses and conditions such as cancer, diabetes and dementia.

How would you like to be remembered?

Caring, kind and thoughtful by my family.

Professional, knowledgeable and capable by my colleagues.

Name your favourite: Song...I’m not in love (10cc)/Bohemian Rhapsody (Queen) Holiday destination...Maldives/Singapore/Hawaii Sport to watch...Football Sport to partake in...Golf* * Amanda has set up a Ladies Golf & Networking group where professional ladies can get together to learn golf and to network. If you are interested in joining this group, please contact Amanda at amanda.ireland@mfw.co.uk for more details.

Business Matters Autumn 2017

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89 King Street, Maidstone, ME14 1BG

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kentinsolvency.co.uk (01795) 433655

This publication is intended for general guidance only. Every case is dependent on its particular facts and circumstances, and whilst it is believed that the content is accurate, the material should not be taken or relied upon as giving specific advice on any particular matter. Neither McCabe Ford Williams (the firm), its partners or employees accept any responsibility for any loss or damage (including but not limited to loss of profit or anticipated profit, damage to reputation or goodwill, loss of business, damages, costs, expenses or tax liabilities) caused or occasioned to any person acting or omitting to act in reliance upon the information contained in this publication. Any person wishing to obtain specific advice on any particular matter should contact a partner of the firm directly, and advice can be provided on a case by case basis.