June 2017

Nottingham businessman Alan Hardy is delighted to announce his purchase of Ilkeston FC for an undisclosed fee from the club’s liquidators, Midlands based accountancy and advisory firm Smith Cooper.

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Bowers Projects Limited, a high voltage solutions specialist, offering competitive turnkey solutions, based in Luton with operations across the South of England, has ceased trading with the Company due to enter liquidation shortly. 

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Stoke based ADB Alarms Limited, a Security Systems Alarm Inspection Board (SSAIB) approved security installation business has been sold after entering administration on 26^th June 2017. The sale rescues 14 jobs at the family run organisation, which has been trading for over 25 years. 

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Smith Cooper are delighted to announce that Kimberley Wapplington has been appointed to the role of Insolvency Manager within our Nottingham office. The promotion will take effect from 1^st July.

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Ilkeston FC Limited has been placed into Liquidation for the second time in seven years.

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Unfortunately, we’re not talking about winning the lottery or a get rich quick scheme. We are in fact talking about high street footwear firm, Johnsons, who turned their fine from The Pensions Regulator (TPR) into a bill for over £40,000 for not complying with automatic enrolment requirements.

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There is already a requirement for companies to maintain a register of Persons with Significant Control (known as a PSC Register). At present such information is updated on the public record via the annual Confirmation Statement. 

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With news of the National Living Wage (“NLW”) and National Minimum Wage (“NMW”) dominating headlines over the past 12 months, Head of Employment Tax at Smith Cooper, Laura Parr, says employers need to be vigilant to ensure workers are paid correctly. 

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The National Living Wage (NLW) was first introduced in April 2016. For employees over the age of 25, the NLW is currently set at £7.50 per hour and was projected to rise to at least £9 per hour by April 2020. The NLW was designed to improve the general health of our economy and the people in it which in, theory, should benefit all.

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WFF (York) Limited, an operator of the UK’s leading frozen meal home delivery business Wiltshire Farm Foods, has been sold to York Group Limited in a deal advised by Smith Cooper.  

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The Expat Post is our new international newsletter, in conjunction with the Alliott Group, for companies with an international workforce and for individual expatriates working and living in countries around the world.

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HMRC have recently released the latest Advisory fuel rates that came into effect from 1 June 2017.

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Representatives from Smith Cooper were among 100 senior professional advisors from 27 countries in Berlin last week for the EMEA Regional Conference of Alliott Group, one of the world’s leading international associations of accounting and law firms.

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We are delighted to announce that after another thriving year we have been shortlisted for not one, but two of The Business Desk’s Annual Business Masters Awards!

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In the past week, a new phishing scam has been identified in the form of a HMRC email entitled “Your 2016 Tax Report” and contains an attachment. 

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Private is often a word we associate with secrecy, seclusion and exclusivity. This is right in some respects, however Private Equity simply refers to capital which has been provided outside of a public market. In essence, it is any capital in an operating company that is not listed or publicly trading on a stock exchange. Private Equity can refer to a host of alternative investing methods, ranging from buyout funds to growth funds.

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Representatives from Smith Cooper will be attending the Alliott Group 2017 EMEA Regional Conference in Berlin this week (10-13 May). The conference is focused on the latest developments and trends in global business, with accountant and lawyer member delegates learning how to become more effective in meeting the needs of clients with multi-market business interests. Approximately 100 leading professional advisers from 54 independent firms in 27 countries are expected to attend. 

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Figures released last week reveal the rate of growth in the UK economy has risen by 0.3%, assuring the 17^th consecutive quarter of growth. This encouragingly affirmative figure has defied widespread predictions of a recession in the light of Brexit, and provides a much needed vote of confidence for our economy’s resilience.

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HMRC has collected an extra £3.3bn in unpaid VAT over the last year, following investigations into SMEs. Such successful returns from these enquiries means more are likely to follow, and business owners should ensure that tax affairs are in order as a result.

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