Client News

The latest news, launches and awards some of our clients have released and won.

Have you made a will?

Most people don’t like to think about their own mortality, but planning for the future is important to ensure your property, money and possessions are distributed the way you intend.

Writing a legally valid will is an essential part of this, and can provide peace of mind for you and your loved ones.

Despite this, a study from YouGov found that 62% of the UK’s adult population did not possess a will in 2017. In fact, most people tend to put it off, with only 36% of 45 to 54-year-olds saying they have a will, compared to 67% of over-55s.

When asked why they hadn’t made a will, the main reason was simply that they “hadn’t got round to it yet”. More…

Funding and cashflow – we can help

Difficulty accessing funding is causing around one in four small and medium-sized firms to miss out on business opportunities, research shows.

A survey by Aldermore of 1,004 senior decision-makers in SMEs revealed that 23% had missed out on at least one new business opportunity due to lack of funding in the past 12 months.

The issue shows no signs of improvement, with 4% more businesses reporting this problem since the same survey was conducted in 2017. More…

Late payments and differing processes

Almost half of small and medium-sized businesses have struggled with late payments in the last year, according to research by the Institute of Directors (IoD).

Of the 787 business leaders surveyed, 48% have faced issues with late payments since April 2017.

Almost a third (31%) said this was the result of an “excessively bureaucratic payments system” in the company being invoiced. More…

Sole trader to Limited company the pros and cons

What to expect from incorporating your business.

With a new tax year upon us, many sole traders will be reviewing their business structure and considering whether it’s worth switching to a limited company.

There’s no denying that incorporating a business proved popular in 2017, with Companies House reporting a 7% rise in the number of actively trading companies – bringing the UK total to 1.9 million.

Last year’s statistics also showed this trend is no flash in the pan as the number of actively trading companies increased by around 610,000 since 2010.

If you’re a sole trader who has weighed up the pros and cons and decided to form a limited company, here’s what you need to know to complete the transition. More…

Best Advanced Taxation exam mark in the world

We are delighted to announce that one of our up and coming accountants James Cox has achieved the best ACCA exam mark in the world, yes that’s right worldwide.

With a mark of 93 in his September 2017 Advanced Taxation exam he continues his progress with outstanding success.

As your accountants we are constantly working to give you the best advice we can and James is certainly an asset to your team here at Wormald and Partners.

We will update further when James receives his award.

I hope you will join us in saying “well done James an exceptional achievement”

IR35 changes for the public sector

Important changes to public sector contractors working under IR35 legislation have taken effect for 2017/18.

Individuals who work through intermediaries, such as personal service companies, are no longer subject to IR35 rules if they work in the public sector.

Public sector organisations or agencies paying off-payroll workers are now responsible for deciding whether the work falls within IR35. They must deduct income tax and national insurance (NI) if they deem the worker an employee within IR35.

Under previous rules, intermediaries were responsible for calculating and paying the contractor’s income tax and NI owed to HMRC. More…

ISA rules misunderstood

More than half of adults don’t understand ISA rules, research by Opinium has found.

Key findings:

  • 1 in 5 knew that the ISA annual allowance is £20,000 for 2017/18
  • 24% knew that you can transfer money from previous tax years into a current ISA
  • 9% wrongly believed that you can only move money if your total balance is below the annual ISA allowance.

More…

Digital skills shortage hampers growth

A lack of digital skills is affecting business productivity and growth, according to the British Chambers of Commerce (BCC).

More than 4 in 5 (84%) firms say digital and IT skills are more important than 2 years ago, however 76% say they are facing a digital skill shortage.

Adverse effects of skills shortages include:

  • increased workload for existing staff(52%)
  • higher operating costs(29%)
  • difficulty meeting customer needs (28%).

More…

The Gender pay gap and reporting

Employers with more than 250 staff are now required by law to report gender pay gaps, following the introduction of new legislation.

Employers must publish the following figures by April 2018:

  • their median gender pay gap – difference between midpoints in the ranges of men’s and women’s pay
  • their mean gender pay gap – difference between the average of men’s and women’s pay
  • the proportion of men and women in each quartile of the pay structure
  • the proportion of men and women receiving bonuses and the mean and median pay gap for bonuses.

More…

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