PAUL WALSH

Who do you call when you have a quick finance question? Part of the role I fill for many agencies, is to provide ad hoc help when they need financial assistance. Some of the tasks I have completed over the past couple of weeks: • Pulling relevant information from the budget • Modelling the April 2025 Employers NI changes • Reviewing a set of year end accounts • Liaising with my client's accountants on their behalf • Sense checking spreadsheet calculations • Confirming new expenses wouldn't be unreasonable Sometimes you just need someone to run things by. Someone who knows your business. Someone available & responsive. Fractional finance support - bringing the expertise you need, when you need it.

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It was announced as part of the Autumn Budget measures that the government will not now proceed with the reform to base the High Income Child Benefit Charge (HICBC) on household incomes. #HICBC #ChildBenefits #ParentsAndTax

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Recently an SME business owner approached me to ask my opinion on how he should plan in his business now that we have a new Government in place. Whilst change and uncertainty can be difficult for businesses to cope with, a change of Government and the associated rumour mill as to what ‘tax’ regimes and changes they will be implementing, is just another factor that hard-working, value-generating business owners must contend with. It may not be exactly ‘business as usual’ but it can be very close to it if SME owners are keeping abreast of their marketplace and are structured in a way that they can quickly adapt to (ever)changing circumstances. My response was a Top 5 (well 6 actually😊) of areas the business owner should focus on: 1. STRATEGY 🎯 To achieve sustainable business growth, SMEs must start with a clear and well-defined strategy outlining specific goals, target markets, and growth indicators. Strategies need to be a work-in-progress and regularly reviewed to allow adaptation to emerging factors. 2. CASHFLOW MANAGEMENT 💷 Cashflow – a term you will often hear (especially from me 🤣) is the driving force for all scaling businesses. Being able to master your cashflow and understand why it is essential to maintain will ensure that you see success in business, not failure! 3. REPORTING 📊 Regular access to high-quality financial management reporting reveals the efficiency (or otherwise) of the constituent parts of the business. It enables business owners to deal with potential threats and take advantage of opportunities to grow their business. 4. PLANNING/RISK MANAGEMENT 📈 Visibility of the future (knowing what is likely to happen around the corner) is vital for a business to be (and continue to be) successful. Budgets and plans for the next 12 months to 3 years assist the business owner in defining the financial road map for their business. 5. CULTURE 🫂 What do I mean by Culture? It is about creating an environment that nurtures and reinforces the behaviours, attitudes, and beliefs that will lead to the fulfilment of the Company/business owner’s vision. A company’s culture will impact employees’ motivation and output. 6. PARTNERSHIPS 🤝🏼 I am yet to meet an SME business owner who is an expert in every aspect of running their business, therefore I would always recommend collaborating with external experts and advisors along with partners who can open doors to new markets and customer bases. This would include (where appropriate) working with a fractional CFO/FD like myself – I can advise, assist and help to address many of the areas highlighted above and, due to having a strong partnership base of my own/via The CFO Centre UK, I can usually source support and assistance in most areas that SME businesses require. Please feel free to send me a message if you want to discuss further the benefits of hiring a part-time CFO – I look forward to hearing from you. #cfocentreuk #financedirector #cfo Alasdair Buck James Thompson Jamie Mills

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An excellent example of an accountant challenging tax advice from a third party - well done Donald Parbrook and the team at Milne Craig (now part of Azets 😁). This is case is rather startling, not only in relation to the advice regarding what constitutes a qualifying project, but it some of the finer detail within the document. The term (5 -year), fee (30 %), and testimony from the employee working on the claim - page 17. While an advisor is there to guide and educate a claimant company, the competent professionals need to be making the assessment on whether the project qualifies, and now a Senior Officer being named on the AIF, every claimant company needs to be comfortable with all the assumptions and basis of the claim being prepared! If you are in any doubt over your claim or the process your advisor follows, happy to have a chat any time. #SME #tax #taxadvice #RandD #compliance #HMRC #risk Azets Chris Dale Steven Holmes Stuart Bentley Nick Woolfe https://lnkd.in/e5Uxw87k

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Huge development here in addressing the significant issues in local audit…

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So the rumours are true: Windsor Framework changes scheduled for 30 September are now delayed until 31 March 2025. Sound familiar? #windsorframework #customs #northernireland #parcels Crowe UK Jamie Mcleod Rob Janering  Dear customer, The Windsor Framework establishes a new set of arrangements for the movement of goods between Great Britain and Northern Ireland via both parcels and freight. The government is fully committed to implementing the Windsor Framework in good faith and protecting the UK’s internal market. There has been extensive work already in preparing for these arrangements to take effect. However, as our ongoing engagement with you has recognised, several events since then, including the General Election and the pre-election period, have impacted on the preparations of traders and the border industry. We recognise that more time will therefore be required to ensure full readiness for the new arrangements; and acknowledge the challenges posed for systems changes by the peak period over the Christmas period will constrain the ability to make detailed systems changes. As such, the new arrangements under the Windsor Framework for parcels and freight movements that were envisaged to come into effect from 30‌‌‌ ‌‌September 2024 will now not take effect on this date. While we will provide further information on the detailed timeline for the coming into effect of the new arrangements in due course, businesses should be fully prepared for them by 31‌‌‌ ‌‌March 2025. Over the next few months, we will continue to work with you to ensure you are ready for when the arrangements take effect in 2025. It will be important that this work intensifies to ensure that implementation is smooth and that businesses are fully prepared. This will include webinars, with specific webinars for businesses moving parcels, and ongoing support through the Trader Support Service (TSS) for freight movements. The TSS will continue to be available throughout 2025 to support your transition to the new Windsor Framework arrangements. Further information can be found on GOV.UK. We’ll shortly update our guidance on GOV.‌‌‌‌‌UK to reflect this and you will receive further information. In the meantime, please continue to check GOV.‌‌‌‌‌UK for any updates. Yours faithfully HM Revenue and Customs

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Exits I joined a call the other day with a group of accountants and Liquidation Practitioners, who where discussing the current situation in the UK's SME world. Much of what we anticipated was going to happen when the flurry of covid loans were being dolled out, to all who fearlessly asked for them, has started coming to fruition. Money has gone from being free, to a very rare and expensive commodity for many of the smaller entities in the UK. This coming at a time when customers are feeling the pinch and stalling payments, creating a perfect storm of business failures. For many small business owners who are living from hand to mouth in this era of constantly rising costs and taxes, there seems to be little hope. The banks who they have trusted to keep their money safe for years and who, a few short years ago were clamouring over themselves to offer loans, are nowhere to be seen or heard. If you need a loan now and want to speak to a bank manager, you are probably going to struggle to get hold of anyone. Most of the high street banks have outsourced their Client manager functions to faceless AI bots, and left many a business owner with very few options for funding their struggling businesses. The Liquidators I have spoken to recently are indicating that things are starting to pick up in their industry, but it is not the tsunami that we are expecting - yet. The thing is, financial woes are not the only issue that cause business failure, or untimely exits, divorce, discontentment, death and disease can play a nasty role in causing problems for your retirement plans. But how about Unrealistic Expectations on the value of your business. Many owners believe that the blood, sweat, tears and sacrifice they had sown into their business for years has a price way higher than a reasonable buyer is willing to pay for it. So as a result, their ideas of a comfortable retirement are dashed, as they are confronted with retirement funds which are significantly less than they need for the remainder of their time on this mortal coil. Managing your expectations as well as those of your loved-ones is critical when planning the exit from your business. So where is the silver-lining in all this? There are a few things you can do as a business owner to give yourself a chance at a beneficial exit. Here are a couple of things to think about: - Know your business value now - Know your number (how much money do you need to fund the lifestyle you desire when you sell up) - Know what you are going to do when you have exited (there is little point in exiting to spend time travelling in a motorhome if you have never tried a holiday in a motorhome.) - Know how dependent your business is on you - Have a plan to extract yourself from your business, while still having the business create value for its stakeholders If this has sparked an cord of concern or interest for you, feel free to DM me and we can explore this further for your business. Until then, Be blessed

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Value for Money- A word to the wise. Getting value for money with public sector spending is very important, but disengaging without damaging the existing provider is not something that departments give priority to until the damage is done. If as a CPA you are involved either in a professional capacity or as a volunteer I recommend you engage early with your 'client' and work through the cash flow impacts. In the 1980s when this happened last, the two big issues were terminations of staff and terminations of leases. Quantify these. Check against your 'client's' reserves, if the damage is more than your client can reasonably absorb then immediately ask for help. Bypass local management, which typically has no authority. Write to the OT CEO asking for a meeting. If you do not hear back within 7 days, phone to arrange a meeting. If you get no response go to the Minister. https://lnkd.in/gPiWFCvS

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HMRC Guidelines for Compliance - Capital Allowances This guidance will be relevant to anyone working on Capital Allowance claims for expenditure on plant and machinery. This is one of a series of Guidelines for Compliance issued by HMRC in the last few years - they give HMRC's view on complex areas of the tax system. While useful, the underlying legislation should still be consulted! https://lnkd.in/e5taUQR7

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20 Days to the next Budget - Great to see clarity finally being achieved for the abolition of the Lifetime Allowance (announced 18 months ago) with two sets of regulations published to fix flaws in the legislation. Tax-free pension lump sums can now be paid with certainty. Here's to hoping that we don't have yet more changes to pensions tax forced through at breakneck speed. Stability is vital in helping everyone save for their retirement.

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Well worth a read if your are a business owner with value locked up in your business. Nicola and team are experts at guiding you through this process and delivering the result you need.

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Pensions can be an important factor when attracting the best people into your business. Should businesses consider offering executive pensions to directors? #pensions

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Strategic financial planning is crucial for charity success. Need help maximizing your charity's financial health? 💼 Contact us for expert guidance. Build a stronger foundation! #CharityStrength 👉🏻 aeaccountax.co.uk

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There is an online tool, developed by HMRC, that allows taxpayers to check if they need to notify HMRC about additional income. The online tool can be found at https://lnkd.in/eFbDeuQ7. #HMRC #SelfAssessment

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Hear from experts, and myself on the role finance can play.

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A permanent funding settlement is required for financial stability besides delivering efficiency savings and workforce reductions that are unaffordable. We need a mature approach to doing this and 5 year plan.

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If you can't pay your tax bill then you need to manage the situation, be proactive and contact your accountant or HMRC as soon as possible. You may be able to negotiate a payment arrangement with HMRC to pay what you owe by installments, not tackling the situation will only make matters worse. Find out what options are available to help you deal with any tax debt. Read more - https://lnkd.in/dEpP6qET #SelfAssessment #taxreturn #taxadvice

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📰 Following concerns about The Captain Tom Foundation’s governance and financial controls, The Charity Commission has taken action by disqualifying it's trustees for up to 10 years. Ensure your systems are strong and secure by downloading our Charities Financial Systems checklist below ⬇️

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