Neil Jinks (FCICM IRRV)’s Post

The ongoing late payment culture threatening the SME community has caught the attention of Westminster, according to recent polling. The survey from YouGov found that almost two-thirds (65%) of MPs support the introduction of a compulsory Prompt Payment Code (PPC) to protect cash flow for small businesses. And with the majority of UK start-ups failing to survive at the current rate (60%), the government may be forced into swift action. Read more in our article: https://buff.ly/3t8mx4V If you need help managing your cash flow, book in for a consultation with our team. #Ashleys #charteredaccountant #cashflow #SME #hitchin #smallbusiness #smallbusinessowner #accounting

If you saw our post yesterday on the CMA’s proposal for streamlining the planning system, you’re probably asking yourself what the CMA has found to lead to such decisions. Planning systems pose issues with unpredictability and delays due to under-resourced departments, outdated local plans and unclear targets. Private speculative development limits housing diversity. Land banking has also been identified as a symptom linked to planning and development issues. The CMA also has concerns over privately managed amenities, with 80% of new homes facing unclear estate management charges. Quality challenges persist, and homeowners need clear routes for redress. With these worrying findings, we fully support CMA's call for streamlined planning, addressing speculative development issues and enhancing consumer protection for a transparent and efficient homebuilding future. Read the full report here: https://bit.ly/3PoXbYH #CMAFindings #HomebuildingChallenges #HousingInsights #BLG #Funding #Lender #UKDevelopment #Property #Developments

Retentions Update The (DBT) Department for Business and Trade has confirmed to Build UK that the draft legislation to amend the Reporting on Payment Practices and Performance Regulations to introduce new metrics on retentions has been withdrawn. This is as a result of the General Election, which means there is now insufficient time for the legislation to be completed before the intended commencement date of 1 October 2024, and DBT is working with the new Ministers to confirm a revised date. New metrics on the value of invoices paid and disputed invoices will still come into force as planned from 1 January 2025. Public bodies in Scotland are now required to publish a retention policy statement on their website by 31 August 2024, in accordance with CPN 1/2024 published last month. The statement, which must be reviewed on an annual basis, should cover the public body’s strategic approach to retentions and the factors which determine their use. https://lnkd.in/eZf2966Z

On the first of every month, two lucky NS&I Premium Bonds customers receive the £1m Jackpot prize; and I have had the privelage of advising many of them over the years as clients of Matrix Capital Limited. So today, two people have an inheritance tax liability that they didn't have yesterday. Inheritance tax (IHT) and gifting are two topics that invariably crop up in the first conversation and my team take great care to ensure that estate planning forms an integral part of their overall holisitic financial plan. This was an interesting case in that it was one of those occasions where I was able to help them utilise their newfound wealth to meet all of their aspirations in one fell swoop, which included reducing their IHT liability to zero without introducing complexity of trusts and higher risk investments - simply by using reliefs and exemptions. #FinancialPlanning #SafePairOfHands #IHT #ConsumerDuty #PremiumBonds #Jackpot #Lotto #EuroMillions STEP – Advising Families Across Generations SFE (Solicitors for the Elderly) The Law Society RQ The Chartered Institute for Securities & Investment (The CISI) The London Institute of Banking & Finance Allwyn UK

I have answered quite a few questions from commercial clients this week - with regard to #localauthority credit counterparty risk. This is in light of the recent issues for Birmingham City Council. So here is a very quick summary of the top questions and answers (summary form only so do reach out if you want to discuss): 1. Didn't Birmingham City Council just become bankrupt? A. No. What has happened in Birmingham is a s.114 Notice. It is not insolvency. A council’s chief financial officer has a statutory duty to issue a ‘section 114 notice’ if they believe a council will be unable to meet its expenditure commitments from its income. The existence of s.114 Notices is actually good news for creditors - it is a form of early warning notice. It flags that there may be problems that need resolution. The existence of the s. 114 Notice makes Council's more financially resilient as it is a line of defence. 2. So they won't be winding up the Council and taking its assets? A. No. Local authorities, unlike companies, are not subject to general bankruptcy or winding up rules. 3. Okay, so what happens after a s.114 Notice? A. Now a spending freeze will be imposed. For a period, very few new agreements which create new spending obligations will be entered into. The Council in question will restructure its finances. 4. What if that Council owes my company money? A. The Council will still have an obligation to make the payment. There may of course be some issues in receiving payments if a Council has actually run out of funds. 5. So what if a Council runs out of money altogether? A. There are lots of mechanisms. Central Government can issue mandatory directions. This happened following a s.114 Notice issued by Thurrock Council. Cuts to services may arise as may increases in Council Tax over the longer term. Financial assistance may be provided by Central Government. 6. Is that good? A. No. Obviously, it is not good news. Councils are under huge financial pressure and some are in difficulty. However, these mechanisms mean that counterparties who contract with local government can do so with confidence. #localgovernment

Did you know that if you work in the home building industry, it's compulsory to register at the NHBRC (National Home Builders Registration Council)? 🏠 Having an NHBRC Registration Number is crucial for accessing funding, loans, tenders, and contracts! Our experience team can assist. 011 440 1077 / support@sacorpreg.co.za 👉 www.sacorpreg.co.za #SACorpReg #TaxServices #BusinessRegistrations #BusinessServices #branding #CapitalRaising #Tax #Compliance #TaigeisDigital #Accounting #Advisory #NHBRCregistration #NHBRC

The proposal is for court fees to rise 10% across the board in the New Year - and to increase every 2 years thereafter. A concern of mine is where the additional £34 million to £42 million in extra fee income will be used - and how much of it our civil court users can expect to ultimately benefit their service (by tackling crippling backlogs and adding resource to the delayed digitisation programme). We simply aren’t told. Can we also just agree an indexation that suits? CPI and RPI sometimes, SPPI other times - adjusting different standards by reference to entirely different inflationary rates hardly seems like a sensible route to sustainability in the access to civil justice.

Trusts set up before April 2025 will remain exempt from the UK IHT regime. Secure your financial future today. Learn more about Excluded Property Trusts 🌐 www.soteriatrusts.com 📩 enquiries@soteriatrusts.com #propertymanagement #IHT #taxplanning

The Self Assessment deadline for the second payment on account is fast approaching. Make sure your payment is submitted by 31 July to avoid any interest or penalties. If you would like any assistance with your Self Assessment or have questions about your payments, our team is here to help. #SelfAssessment #TaxDeadline #AccountancyAdvice #WatersAndAtkinson #NorthLancashire #Cumbria