Business at Breakfast Exeter 9th August 2017

business at breakfast mecure southgate hotel

It made sense to capture some of today’s breakfast networking event to video so that others can see what we get up to…

Obviously it was a light meeting as a number of members are on holiday… lucky things!

We meet at the Mecure Southgate Hotel in Exeter for around 7am every other Wednesday, with proceedings being kicked off by our host at around 7:30pm …

Breakfast is then served and after we are all fuelled up, those around the table, members and non members get a minute or two to say what it is they are best at.

Some couldn’t take part in the videoing because of their industries rules which says HQ have to sign off on any videos on public websites… others just used that handy excuse 😉

Don’t look into Trevor’s eyes…

New kid talking technology…

Back round to James talking about what he actually does…

If you’d like to join us for our next event in Exeter or Honiton, see here >>>

Thank you.

Business @ Breakfast

Autumn Statement 2016: A 500-word summary for entrepreneurs and SME business owners

Chancellor Philip Hammond has just given his first Budget address in the Autumn Statement 2016 speech, and here are the most important developments
for business leaders.

Santa Abseil

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YMCA Exeter provides over 25,000 nights of accommodation every year to young people who are experiencing homelessness. Whether they have faced neglect, domestic violence or even family breakdown, we are passionate about equipping them with the tools they need to achieve economic independence, to thrive and to contribute positively to society.

Join us as we abseil 100ft of Princesshay Car Park this December! By raising sponsorship from your family, friends and loved ones you will not only have incredible, once in a lifetime memories, but also help us give more young people a safe place to call home this Christmas.

When? Saturday 3rd December, 2016 (Time to be allocated upon booking confirmation)

Where? Princesshay Car Park, Exeter, EX1 1EU

Cost? £20 (adult), £15 (under 18’s)

Minimum age? 14

Target Sponsorship? £100

Terms and Condition (Please read before registering)

We have 60 available abseiling slots throughout the day so book your place soon by hitting the register button below, or by ringing 01392 410530 and asking for the Events Team.

 

A 500-word summary of the short and long-term Brexit business implications

 · By Hunter Ruthven

With the ink only just starting to dry on the Electoral Commission’s official document, Real Business cuts through the noise by analysing what business leaders can expect in the coming weeks and years.

The pound has dipped drastically against the euro, and will need to bounce back

Image: Shutterstock

Short term

Currency fluctuations

Overnight, the pound fell to its lowest level since 1985. For business owners importing from overseas, they are likely to see prices rise and margins eroded. However, for businesses largely selling to international customers, a dip in the pound could lead to a decent uplift in demand.

Confidence

As we saw in the aftermath of the recession, uncertainty does nothing for confidence – and ultimately investments and consumer spending. The Leave campaign often failed to answer many of the questions asked before the referendum about what situation British business would be in if we left the European Union – and entrepreneurs up and down the country will now be keen to find out. Now that the prime minister has announced his resignation, a quick and comprehensive plan must be drawn up to deal with confidence issues.

Staff unrest

While it remains to be seen how companies will be able to recruit overseas workers, in the short term employees from other EU countries working in Britain will likely be feeling unsure as to what their future will be. With productivity an issue, any kind of unrest will be unwelcome from employers.

Property

The property boom that has been occurring in recent times could be brought to a screeching halt. Analysts believe buyers’ and sellers’ uncertainty will drive an initial slowing of the market, with the longer-term fallout determined by how severely leaving affects the economy. However, businesses could see a dip in rental bills or even a nice opportunity to buy office space.

SMEs biggest victim of HMRC tax crackdown

 · By Hunter Ruthven

New statistics revealed by UHY Hacker Young have shown that small and medium-sized businesses (SMEs) are paying “disproportionately high levels in additional taxes” and are being hit hard by HMRC’s payroll mistake focus.

Small businesses are under pressure from HMRC

Despite only being accountable for 11 per cent (£96bn) of total UK payroll, SMEs are actually paying more in additional payroll taxes and penalties (£373.4m) than larger companies (£363.9m).

SMEs, the firm concluded, are “bearing the brunt” of heightened tax investigations because of tendencies towards casual labour, flexible workforces and umbrella company operation.

Roy Maugham, tax partner at UHY Hacker Young, commented: “Much of the underpaid tax is due to genuine errors. This strongly suggests the government needs to simplify its system to help SMEs avoid mistakes.

“Those employing flexible workforces or operating as umbrella companies, for example, might find it difficult to determine which ‘box’ their labour force falls into when it comes to paying tax.”

In April, previous research carried out by UHY Hacker Young showed tax authorities collected an extra £500m from investigations into the UK’s smallest firms last year, set against a decrease of 13 per cent for larger corporations. Additionally, a survey carried out by P2P lender MarketInvoice in March found that 75 per cent of small business leaders believe that the government favours big firms over smaller ones.

Read more about tax in the UK:

SMEs, UHY Hacker Young suggested, are less likely to seek “expensive advice” on tax issues, meaning each are more likely to make mistakes when filling out employer compliance tax returns. Umbrella companies, those hiring outsourced staff on a fixed-term basis, are cheaper for SMEs but cause problems with payroll tax.

“Investigations can be extremely disruptive to SMEs – as well as expensive. While some may be actively looking to avoid paying tax, in their vast majority, SMEs will simply be tripping up on a complex tax system,” Maugham added.

In chancellor George Osborne’s Budget 2016 speech, it was announced there would be three main areas for HMRC improvement. A new seven-day service will come into force in 2017, meaning people and businesses have more of an opportunity to get through to HMRC outside of working hours.

In addition to that, an additional 800 new staff will be recruited to HMRC call centres to reduce waiting times. A dedicated phone line and online forum for new businesses and self-employed people is being created – with the intention of supporting the filling out and paying of taxes for the first time.

Read on: Paying VAT bill one day late saw publisher Trinity Mirror slapped with penalty of £70,000.

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