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UK businesses want protection from late payments

A recent survey shows that SMEs have had enough of the late payment culture and that they want the government to step in to deal with this issue.

A recent survey carried out by the business finance provider Liberis found that UK firms were chasing £14.9bn in late payments. On average they spent (more…)

Some GP practices set to receive smaller funding increases than anticipated

Recent changes to the way GP practices are funded may lead to some of them not receiving as much extra money as expected.

In March, after the GP contract negotiations were completed, it was announced that (more…)

SA302 Examples

The SA302 form is a useful document that most business owners and the self-employed can benefit from having at hand. Therefore, it makes sense for you understand what it is, whether you can get one, and how you can use it in a way that benefits you.

What is the SA302 form?

Many business owners have never (more…)

BT sees 42% fall in pre-tax profit

BT declared a significant 42% decrease in before-tax profit during is financial year’s Q1, and The Independent has reported that settlements made during an accounting scandal from earlier in 2017 affected the figure.

BT reported Q1’s before-tax profit decreased to £418m, which was far under the £751mn average estimate, suggests Reuters. Further, basic earnings per share decreased by 51% to 2.9p.

BT reported in January that it had discovered £530m in overstated earnings related to its Italian arm. It had recently said, however, that a settlement had been made with Orange in France and Deutsche Telekom in Germany relating to the scandal.

The news of BT’s accounting blunder erased £8bn of its share price in early 2017.

Outside of the one-time charge, BT’s numbers for Q2 were solid, while core earnings and revenue were largely as expected. Gavin Patterson, chief executive, said:

“BT has delivered an encouraging performance in the first quarter of the year,” said chief executive officer Gavin Patterson.

“We’ve made good progress in our key areas of strategic focus: deliver great customer experience, invest for growth, and transform our costs. In particular, I’d highlight the growth achieved by our consumer facing businesses, helped by mobile.”

Accounting can be a fragile activity, especially when business owners attempt to do it themselves. That’s why employing the services of an accountant in the Wirral is smart advice for any company. When mistakes are made, it can lead to settlements and significant earnings, as well as other consequences any business would wish to avoid.

US budget includes 13-figure error, says ex-Treasury sec

The first budget from the current US administration includes an alleged error that would fail a student taking a basic economics course.

That is the (more…)

Practices struggling with auto enrollment costs

Practices have observed a substantial rise in costs as a result of auto-enrolment. Many have expressed concern that clients will fail to (more…)

How to become a pensioner entrepreneur

As a result of last year’s pension reforms, retirees from the age of 55 can withdraw all, or part of their pension savings as a lump sum. Many pensioners are using their pension fund as start-up funds for a new business.

There was a time when (more…)

The benefits of managing your firm’s cash flow

In the UK, and in many other countries, cash flow issues are top of the list of reasons why firms go out of business or go bankrupt. Sadly, in some cases these firms are actually profitable propositions. They just end up going out of business because (more…)

SNP accounting error results in £45m loss for poor

The government in Scotland has scuppered plans for cash to be spent on helping the poor because it can’t provide evidence that it will be sufficiently invested.

The European Commission has suspended (more…)

FRC makes significant savings

The Financial Reporting Council exemplified caution by falling short of its (more…)

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