Banks reveal ONE-IN-10 small business owners are missing important tax deadlines and payments, while nearly one-fifth have lost out on grants and tax

A recent survey of 500 small businesses by Clydesdale and Yorkshire Banks showed that 19% had missed out on tax breaks and grants, while 10% said they had made late VAT payments or missed tax return deadlines.

Some 16% were unsure of where to turn for advice on regulation, while 15% said they struggled to understand new rules."

According to Gary Lumby , director of small business banking, every penny counts for small businesses, so the cost of falling foul of red tape, can make a fundamental difference to their ability to succeed," said Gary Lumby, director of small business banking at the banks.

"In extreme cases, the lack of understanding can lead to closure. It is worrying that a significant number of small firms do not know where to turn for advice on these matters and we hope to change that for our customers."

If you are unsure of the impact of current legislation on your business, or simply want to avoid penalties from missed deadlines and payments, speak to our commercially experienced finance specialists.

e-FM have been delivering an innovative approach to financial management solutions for SME businesses for over a decade enabling clients to utilise all levels of financial management expertise on a pay - as - use basis. The company launched its Interim Recruitment business (IMTB Limited) to provide fast growth companies with immediate access to specialist Interim Managers at competitive rates. IMTB provides specialist cover for maternity/paternity leave, long-term sickness and temporary projects, and operates without geographical restrictions.

For more information about our Interim Management services, and our interim brands (BabyInterims, CharityInterims and HealthyInterims), please visit http://www.imtb.uk.com. You can also mail chinwe@imtb.uk.com or gary@imtb.uk.com


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Bridging The Gap- The Financial Diagnostic Due Diligence Service

The European Commission recently announced that Europe is facing an ‘Innovation Emergency’ as independent research shows that European businesses are falling behind Asian and American counterparts in terms of new investment and patents. While it is true that numbers are low compared to world markets, we have witnessed a significant increase in the number of recent deals completed since 2007/2008.

Over the last few months, there has been a significant increase in global M & A deal volumes, with private equity deals involving consolidation in the manufacturing and health sectors, divestiture of downstream assets in the energy sector, mega mergers and divestiture of non-core assets in infrastructure and technology. Sadly, there is a widening gap in the health sector left by a combination of factors- including government policy on healthcare and an aversion of the more typical VC to invest in high risk businesses, which corporate backed VCs and strategic investors are now bridging, according to research by EP vantage.

In spite of the sector switch, many analysts predict that this year will be a strong one for M& A activity, and in the last quarter, we have seen a strong period with quite a few flagship deals being publicised, some of which e-FM has been reviewing. This trend proves that buyer confidence is returning, albeit slowly.

To support potential investors, funders and non-execs, e-FM has recently launched its ‘Financial Diagnostic Due Diligence Service’. This is an in-depth Financial Director Diagnostic/ Due Diligence review for non-execs and funders on target companies which will supply investors with information to enable the validation of financial claims made by management of the businesses and reveal potential pitfalls or missed opportunities of proposed plans.The final report will include a list of key findings and valid recommendations as well as a detailed conclusion with a financial analysis explaining the feasibility of e-FM’s recommendations and its impact on the company. A transition plan can also be proposed to enable the target company to implement some or all of the recommendations over an interim period.

This service is already generating interest in the private equity / venture capital market . The financial diagnostic is only a part of the full offering targeted at the Venture Capital market, as in addition to pre- due diligence support, the company also offers commercial and operational support after investment (post due diligence)and ongoing support in every other phase up to exit level, where required.We look forward to continuing to provide clients with strategic and financial management diagnostic advisory services on corporate transactions, and to help bridge the ‘innovation gap’ by supporting the investor and the investee.

For more information about our due diligence service, please click on the service summary below. You can also click here to email us or call 01582 516300 http://www.efm.uk.com/

The Financial Diagnostic Due Dilience Service

Employers Face Increased Liabilities

To protect agency workers from exploitation, a new directive to provide equal rights to agency workers is to be introduced in October 2011. Currently, a large percentage of permanent workers have more employment benefits and entitlements than their colleagues who are temporary and agency workers. These include working conditions and employment rights relating to working hours, pay, pay rise, holiday entitlement, training support and job assignments, amongst others.

The implication of this legislation is that companies that currently use temps and agency workers will be faced with increased responsibilities and possible rise in employment costs in the very near future. As the implementation day approaches, many companies have started to rethink their recruitment strategies.This controversial directive has in the past been opposed by some organizations claiming that this legislation will result in huge job losses, leaving the workers in a more vulnerable situation; as well as hindering flexibility in the industry. Companies relying heavily on temporary staff now have to ask ‘Is this really cost-effective? Is this really sustainable?' The workers also have to consider how their status will affect their current jobs and future prospects.

‘To bridge gaps in staffing, many companies are now resorting to the use of outsourcing companies and Interim Managers, depending on the period of cover required to do the work or the level of skills desired. These two options can save huge employment costs in National Insurance, pensions, healthcare, holidays, PAYE, training costs, severance pay, maternity pay, paternity pay as well as many other related expenses.

Contractors, self-employed and managed service arrangements will fall outside this legislation, and therefore the use of individuals within these categories will not result in any additional expense for the business generally speaking, as these would fall outside IR35.

For interim support, visit Interim Management Talent Bank at www.imtb.uk.com