Contact UsWhat is Making Tax Digital?
Making Tax Digital (MTD) is a new government initiative designed to help simplyfy tax submissions. Under MTD, businesses will be required to keep records digitally and make a quarterly return of data to HMRC. From April 2019 businesses with annual sales over the VAT threshold of £85,000 should use digital tools to keep records of income and costs. @PegasusSoftware are committed to ensuring that #Opera 3 software will be fully compliant with the new MTD requirements. You can find out more about what Making Tax Digital will mean for your business here. #MakingTaxDigital #mtd #opera3 Useful Links: https://www.gov.uk/government/publications/making-tax-digital/overview-of-making-tax-digital (Source: gov.uk)
6 elements that make a winning team
We deal with all sizes of business and thought this is a great article from Business Matters Magazine regarding building a successful team and retaining great staff. No successful big business owner is an island. You can keep a small business running by yourself, but if you are ready to achieve growth, then you need a team surrounding you. Your team has to be the right for your business. Each individual needs to fit into your culture and they need to have the skills the company actually needs and that no one else on the team has. Shweta Jhajharia of The London Coaching Group has spent 17 years coaching small businesses and has observed six elements that distinguish the truly winning teams from the failing ones. Strong Leadership It is important to hire team members who are better than in you the areas that they are hired for. This means as a team, you can achieve more. However, if you are unable to lead them and direct the flow of that team work towards the goals of the business, their strengths will be either unused or wasted. A Common Goal No matter what your skills as a leader, if you do not know what path...
SMEs fail to recognise email phishing attempts
The vast majority of SME companies are being fooled when it comes to phishing attempts, research finds. We are constantly informing our clients about the increase in online threats and this article from www.smallbusiness.co.uk affirms the concerns. Results of a survey challenging respondents to spot fake emails used for phishing have indicated that 98 per cent of respondents (including a number of IT professionals) failed to recognise email phishing attempts. The survey, conducted by IT services company, Conosco, targeted a select group of senior individuals across a range of SME companies, to gauge how well this ‘IT savvy’ group could identify increasingly sophisticated hacking attempts. Some 70 per cent got more than half the answers right but only 6 per cent managed 100 per cent success, indicating that businesses remain exposed to risk. In fact, lack of staff awareness/training was highlighted as a significant security concern. The ‘Real or Steal’ challenge involved participants judging a series of emails and trying to decide whether or not each email was genuine. Out of the examples, most people (93 per cent) correctly identified a PayPal email as being fake. On the other hand, most participants were fooled by a phony LinkedIn message, with 63 per cent getting it wrong. Phishing is an increasingly...
Devon Chamber of Commerce comments on EU Referendum ‘Leave’ result
George Cowcher at Devon Chamber of Commerce commented on the result of the EU Referendum vote: “Now that the vote has been confirmed, and the people of the UK have voted to leave the EU it is important that the Government provides a clear plan of action for the leaving process. Businesses are in need of stability and reassurance, without arguments or in fighting within political parties of how the leave process should be handled. Stability and clarity will be of utmost importance in order to prevent any further damage to the UK economy caused by the uncertainty leading up to the EU Referendum vote. Of particular importance should be a focus on ensuring stability for the money markets, particularly relating to the strength of the British Pound, and in interest rates. The Government needs to take these factors into consideration to ensure that the leaving process does not send the UK economy into a downward dip. The Chamber will be hosting a number of events across the county to discuss the EU impact and the consequences businesses face on leaving the EU, the first of which will be held on Wednesday 6th July, to further lobby for necessary actions...
Brexit and the road ahead for small businesses and sterling
In this piece taken from www.smallbusiness.co.uk, Jonathan Watson discusses how businesses should plan for the future following Brexit and its impact on sterling. Theresa May, new prime minister, has said ‘Brexit means Brexit’ and now it’s time for businesses to start planning for it. We have already seen some big movement on sterling exchange rates but what is next and just how can businesses plan for the future? Brexit has had instant drawbacks, notably the plummeting value of sterling from the economic shock, and prolonged uncertainty until it is clear what it actually means. The positives are less tangible at present but a weak pound, whilst not overly positive for the UK, makes inward investment in the UK more attractive and allows businesses to explore new markets with a lower cost base. The success of Brexit will be largely determined by the deals struck between the UK, EU and countries overseas, coupled with the reaction and willingness of business leaders and people driving the country forward. As 99 per cent of UK businesses are small and medium-sized enterprises (SMEs) it is vital they are supported as it is their success which will provide stability for the UK on this bumpy road ahead. Brexit...
How to stop late payers causing a cashflow crisis
Charise Marsden, debt recovery manager, at Keeble Hawson writes for smallbusiness.co.uk on how business can prevent late payments causing a cash flow crisis for your business. Late payment is the most common reason for a cash flow crisis in businesses. If a number of customers, or even one big customer, fall behind there can be a far-reaching, destructive domino effect right down the supply chain. The detrimental effects can also impair growth and spark redundancies. Cash flow problems are the number one cause of business failure. It is therefore vital that suppliers are aware of how to prevent or tackle the different reasons for late payment of undisputed debt. With some organisations it’s simply unofficial policy: they pay in their own time and if suppliers don’t like it, they can find new customers. So, if you don’t want to be prey to the whims of a stubborn financial director, always do your research – client knowledge is everything in credit management. Legal status of customers Rigorously check the name and legal status of each new customer, conduct credit checks and demand references from their existing suppliers before deciding whether they are likely to be a reliable payer or not. Other businesses could be paying suppliers late because they may...
Five Ways to Grow Your Business
We found this article on smallbusiness.co.uk and think it just reminds businesses on the areas to focus: Beauty is in the eye of the beholder, but it’s safe to say there’s one trait that’s attractive to all business owners: profitability. Any entrepreneur knows that getting your business off the ground requires a lot of time, research and investment. Once your business has established itself and you are finally making a profit, you might want to start thinking about how to grow your business to the next level. There are many possibilities for doing so, depending on your business, your resources and how much hard work and money you are willing to invest. 1) Increase sales to existing customers Perhaps the easiest way to boost your sales is to persuade one-off or infrequent customers to buy more regularly and become repeat customers. To do this you need to keep on top of who your customers are and what they bought previously so you can target them effectively. When they make their first purchase ask them if they mind having newsletters and special offers sent to their inbox. This gives you a reservoir of customer data to target with marketing messages, which...
Reducing the impact of the National Living Wage
Alan Price discusses the topic of the mandatory Living Wage for employees over 25, which has forced many businesses to look at how the extra cost can be absorbed. Wage increases are normally configured by employers to stay within the realms of what is realistically viable taking into consideration economic trends, current and predicted outgoings, and the employee’s value to the organisation. However, some wage increases are dictated by the government meaning that employers are not able to decide for themselves whether it is an achievable extra cost. This has happened most recently with the introduction of the National Living Wage (NLW); an hourly rate of £7.20 which must now be paid to workers who are aged 25 and over. This represents an hourly increase of 50p to workers who are paid in line with the minimum wage, who were, before implementation of the NLW, eligible to receive £6.70 per hour. Where workers work 37 hours a week and are paid weekly, the new rate amounts to a yearly pay rise of almost £1,000. Some employers may find this legally imposed increase difficult to cope with. There are various ways that the extra cost could be absorbed; changing to a...
Company owners in the dark about business rate changes
From April 2017 businesses whose properties have a Rateable Value of up to £12,000 will not have to pay business rates at all, a rise from £6,000 previously. Property with a Rateable Value between £12,000 and £15,000 will receive tapered relief. Chancellor George Osborne says the 'typical corner shop in Barnstaple will pay no business rates at all'. Despite this, a survey by CVS, shows more than a third (36 per cent) of business owners are unfamiliar or unaware with the changes put in place by the government. What’s more, three in ten small business owners, with between one and 49 employees, say the changes in business rates aren’t enough to help local businesses and our high street. The amount that could be saved is up to £5,900 for those with a rateable value of less than £12,000 per annum. Mark Rigby, chief executive at CVS Business Rates says that, on the whole, the changes are very positive for local businesses. 'For many small firms, it will mean smaller overheads, less administration and an overall cost saving of as much as £5,900 in some cases. 'This is money that could be reinvested back into the business for better marketing, trialling...
White paper: How to stay legal with the Construction Industry Scheme
HM Revenue & Customs (HMRC) charge penalties for all CIS returns not received by the 19th of every month. Any return not received from contractors by the due date will be liable to a fixed penalty of £100 and a further penalty for every additional month that the return remains outstanding. Up to 43% of contractors are likely to be fined for: not informing HMRC of their nil returns not validating the status of subcontractors late monthly returns Click here to read the white paper from Pegasus Software which looks at the rules and is designed to help you stay "fine-free"