WHR Accountants

Blog

By Leave a Comment

BT Launches Their Small Business Support Scheme

It is good to see that BT have announced the launch of their Small Business Support Scheme in Northern Ireland, which will help firms boost connectivity, cash flow and confidence as the country looks to get back on its feet again post lockdown.

Small Businesses In Northern Ireland

Helping Small Businesses In Northern Ireland Recover

This package of support is a bid to help 124,000 small businesses in Northern Ireland recover and grow once more as we move towards Brexit.

Paul Murnaghan, director of BT`s Enterprise business in Northern Ireland, is quoted as saying in an article on the Love Belfast website:

Small Businesses The Beating Heart Of Our Economy

“Small businesses are the beating heart of our economy, high streets and communities. The past few months have been amongst the most challenging in living memory for SMEs. As they employ the majority of private sector workers here, their success is key to securing Northern Ireland’s economic recovery from the pandemic. Small businesses deserve the support of each and every one of us to help them thrive into the future.

“At BT, we can use our technology, scale and expertise to help small businesses kick-start recovery and growth by boosting their connectivity, cash flow and confidence. So we’ve listened to the needs of small businesses and are stepping up to deliver a support scheme which should have something for everyone – whether you’re a sole trader, tech-start up, micro business or a larger firm.”

Supporting Local SME`s Through Tough Times

And in the same article Ann McGregor MBE, Chief Executive of the Northern Ireland Chamber of Commerce and Industry, added:

“The past few months have been amongst the most challenging in living memory for businesses and BT’s commitment to supporting local SMEs through these tough times will be particularly welcome by the sector.

“The Small Business Support Scheme is directly targeted at a number of the pressure points facing businesses now. Its assistance with relieving cash flow pressures for suppliers and improving digital skills across a wider business base is extremely important. As thousands of businesses here look to digitally transform operations and how they service customers, BT’s continued focus on connectivity is also going to be central.

“I encourage small businesses from every sector across Northern Ireland to take advantage of the expertise and support on offer.”

The Support Scheme will help businesses with:

Funding ultrafast business connections

Launching bursaries for UK tech start-ups

Introducing BT Halo for Business

Helping small businesses to go cashless

Accelerating payment for BT’s small business supplier

Financial flexibility for the hardest hit

Helping small businesses access the full power of digital and social media advertising

Supporting small businesses through mentoring

Helping small businesses acquire new digital skills

Wellbeing support

This is excellent news for small businesses in Northern Ireland and the economy as a whole. Let`s hope this is a great success and it helps many small businesses on the road to recovery.

In the meantime if you need any help on any accountancy related issue do not hesitate to get in touch with our offices by calling us on 028 3752 2909.

By Leave a Comment

Helping Businesses Through Difficult Times

WHR Accountants have been trading for many years now, 35 years to be precise, and seen many other accountancy firms across Northern Ireland come and go. The longevity of our business we believe is due to quite a few factors, such as excellent customer service and a great knowledge of the many areas of accountancy that we work in. But the most important factor is that we get results for the clients that we work with. If we didn`t provide value for money then there is no way that we would have survived for all this time.

Help Of A Professional Accountant

The Help Of A Professional Accountant

Right now businesses in Northern Ireland need the help of a professional accountant more then they have ever done before. Many businesses are struggling to keep afloat due to the Covid-19 pandemic which has decimated trade in so many sectors of our economy, so business owners need to spend all their time on looking after the nuts and bolts of their business and let an accountant look after the other areas such as bookkeeping, auditing, PAYE, taxation, business planning and funding etc etc.

Seeing Through All The Red Tape

Not only have businesses had to deal with the coronavirus crisis, but they also have Brexit looming up on the horizon and all the changes this could entail. They need an accountant in their corner so that they can help with the transition, find ways of overcoming any problems and ensure that they can see through all the red tape that will inevitably have to be dealt with. It will be a difficult time but with the right help and support I am sure that the majority of businesses will come out of the other side even stronger than they are now.

Having An Expert To Guide Your Business Through

If businesses try to go it alone and be a jack-of-all-trades they often find that they just get bogged down in all the details, take their eyes off the ball and end up with severe financial issues that they could find hard to overcome. It is always easier when you have someone who is an expert in a particular field to guide you through those relevant processes and that is what we could provide for you here at WHR Accountants.

If you are a business owner or manager and you feel you need some expert advice on any accountancy related issue please give our offices a call here in Armagh in the first instance by ringing 028 3752 2909, we will be very glad to speak with you.

By Leave a Comment

5 Good Reasons To Hire An Accountant

Today in our blog we thought we would share with you 5 reasons why you should hire an accountant to help you with your business. Accountants aren`t just there for you once a year when your tax becomes due, they can act as a consultant for you all year round, helping with the smooth, regular running of your business.

Hiring An Accountant

Reasons For Hiring An Accountant

Here are the 5 reasons, taken from an article on the Simply Business website:

  1. If you’re unsure about your taxes
    For some, taxes can be a nightmare. Complicated forms, hefty late fines – in fact, knowing your IR35 from your R40 (and the hundreds of other codes) is near enough impossible, unless you’re an expert.

Hiring an accountant to deal with your taxes can be a simple way to make sure you avoid any late payment fines, while they could also save you money in terms of how much tax you actually need to pay.

  1. If you’re struggling for time
    Running a full-time business takes time. And lots of it.

Outside of your usual business hours you might be ordering stock, striking up new business or taking care of your website.

On top of this, it’s important that your work-life balance works for you, and spending time relaxing with family and friends should be part of any business owner’s schedule.

Sorting your taxes and organising your finances are just extra tasks on that never-ending to-do list, and if your time is stretched as it is, hiring an accountant to deal with this side of your business could be worthwhile.

  1. If you want help with financial planning
    Unlike bookkeepers who will generally take care of invoices, payroll and the like, an accountant should help their client plan for the future, by understanding their finances and the future landscape.

Sound financial planning and budgeting is crucial when it comes to the growth of your business, and can help with understanding things like when to hire an employee, how much work you can manage, and whether to adjust your rates.

Financial planning is especially important if you’re self-employed, as getting this wrong can impact your professional and personal life.

  1. If you’re looking to be introduced to like-minded businesses
    Aside from helping with your finances, accountants can be a fantastic source of networking opportunities.

Doing the job they do means they’ll speak to numerous business owners on a daily basis, from a variety of professions.

It could be anything from an experienced peer in the same line of work to a marketing consultant who could give your business a boost – accountants are a great way to make industry connections and grow your network.

  1. If you’re worried about staying legal
    Accountants can also help when it comes to keeping your business on the right side of the law.

The self-employed are regulated by a lot of different legislation, and understanding it all could be tricky. For example, some business owners fail to take out employers’ liability insurance for their employees, despite this being the law.

They can also help when it comes to deciding which legal structure is right for your business. If you’re currently a sole trader, they may inform you that you’d be wise to switch to a limited company set-up. Aside from moving liability away from your personal finances, this can sometimes also help cut costs and increase your profitablity.

If you need help from an accountant give our offices a ring here at WHR Accountants at the earliest opportunity on 028 3752 2909.

By Leave a Comment

Large Spike In Insolvency Registrations Feared In September

There seems to be a general consensus that once the courts in Northern Ireland reopen again after the summer recess that there will be a large spike in the number of businesses filing for insolvency.

Businesses Filing For Insolvency

The Courts Were Closed Due To Coronavirus Crisis

During April and May the courts were closed due to the coronavirus crisis so businesses were not able to file for insolvency. Whether that was a good or bad thing is a moot point, but at least it gave time for businesses to consider their options and make some sort of plan, however flexible it had to be, for the future.

In fact, in Northern Ireland, there were just 28 business insolvencies between March 24 and June 30th of this year, which compares favourably to the previous year when there were more than 100.

In Belfast just nine companies went to the wall compared with 56 the previous year, and only in Newry, Mourne and Down did the numbers rise up from four to seven.

Could September See A Wave Of Insolvencies

But although the Chancellor of the Exchequer Rishi Sunak has made big efforts to save large parts of the economy through the creation of the furlough scheme, this scheme is slowly coming to an end. So September could be the time when some companies decide they can no longer carry on trading in the present economic circumstances and file for bankruptcy.

The big worry is that there could be a huge number of businesses folding in September which would be a huge, huge blow to the economy and more importantly people`s livelihoods here in Northern Ireland. The economic and social impact this would wreak would be with us for many years to come.

On A Positive Note New Businesses Are Starting Up

On a more positive note many new businesses have started up over the same period, with over 2,000 companies registered over here between April and June. At least the entrepreneurial spirit is very much alive and kicking here in Northern Ireland and many people are finding new, creative ways to make a living. Hopefully many of these new businesses will grow and thrive and take up some of the slack with employing people who may lose their jobs as some other businesses fold.

At WHR Accountants we have helped many start up businesses to find their feet, helping with all the start up procedures, a business plan, their taxation and general accountancy issues. We have helped them to get off to a successful start and later to grow and prosper. So if you have a new business, or you are thinking of starting up one in the not too distant future, get in touch with the WHR team and we will be glad to offer you our advice. Contact us on 028 3752 2909.

By Leave a Comment

Will Mandatory Wearing Of Face Masks Damage The Retail Sector?

From July 24th it will be mandatory for customers to wear a face mask in shops in England, and in fact it is already compulsory to wear one in Scotland. Now the chief medical officer in Northern Ireland, Dr Michael McBride, has come out in support of this rule.

Mandatory Wearing Of Face Masks

Protect Vulnerable People Who Have Been Shielding

He believes that once the shielding period for vulnerable people ends on July 31st it is important to protect them from the virus in any way we can and give them the confidence to go out into the shops, so the mandatory wearing of face masks will be a positive step towards this process.

Will It Be A Further Blow To The High Street

However there are critics of the mandatory wearing of masks, with some MP`s and retail shops claiming the introduction of this will be a further blow to the high street. They fear that this rule will drive many consumers away from the retail shops and into the arms of the online giants such as Amazon, which would be a further blow to the local high streets who are already struggling to get up and running after lockdown. They also say that the compulsory wearing of face masks should have been introduced months ago if it was going to be introduced at all when the pandemic was at its peak.

Reduce The Risk Of Further Waves

Dr Michael McBride is quoted on the BBC News NI website as saying:

—- “That means us doing the right thing and using a face covering in enclosed spaces, and also reducing the risk of further waves in autumn and winter,” he said.

“It is the right thing to do and proper and respectful thing to do – we need to change the behaviour now, we need to get public used to them, the time is now.

“I would like to see us take all steps necessary to ensure by 31 July, many more of us are wearing face coverings we have a duty to ensure that’s the case,”

“I was not convinced from the outset but there is greater evidence now – not protecting me as the wearer of the face covering, or you as the wearer of the face covering, but actually the benefit of protecting other people.

“Right from the outset our approach has always been to protect others, to protect others who are more vulnerable than us and to protect our health service and we need to continue to do that,”

We fully support all measures that will safeguard the people of Northern Ireland from this virus, but we hope that any measures are introduced carefully so that they do not damage businesses here and the Northern Ireland economy as a whole.

By Leave a Comment

Calls For Northern Ireland Businesses To Get `Brexit Compensation`

A group of MP`s are calling for businesses in Northern Ireland to get adequate funds to compensate them for the cost of trading when Brexit is finally delivered. They say that as it will cost them millions of pounds in trading costs when trading with other firms in Great Britain it is only fair that they should receive some form of compensation to help them carry on trading.

Businesses Brexit Compensation

Checks & Controls On Goods Coming In

As businesses are aware they face checks and controls on all goods coming from the rest of the UK, starting in January, and there could even be checks when goods are headed in the opposite direction which will incur even more costs.

Businesses Must Not Face New Upfront Costs

A report by the Northern Ireland affairs select committee is quoted in a Guardian article by Lisa O`Carroll as saying: “We are clear that UK businesses trading across the Irish Sea must not face new upfront or ongoing costs, as these would not be compatible with the government’s commitment to unfettered access and to maintaining Northern Ireland’s integral place in the UK internal market,”

The report also goes on to say that: “We remain to be convinced that the government fully understands that its political approach, apparently informed by limited understanding of how business works, provides neither the clarity nor the detail that Northern Ireland business requires.”

Government`s Approach Risks A Perfect Storm

In the same article Shadow Northern Ireland secretary Louise Haigh is heavily critical of Boris Johnson`s government, saying: “The government’s careless approach risks a ‘perfect storm’ for Northern Ireland with businesses unprepared for major new requirements with their largest trading partner, at a time when they are fighting to stay afloat during the Covid-19 crisis,”

There doesn`t seem to be a great deal of joined up thinking going on, with the Brexit split looming ever closer on the horizon. The Covid-19 crisis has meant that all efforts have been focused on this, to the detriment of most other things, including a Brexit deal and all that entails, which is more critical for Northern Ireland than any other part of the UK. Let us hope that help is at hand for businesses here in Northern Ireland, as they have had enough to contend with over the last few months.

As ever we are here to help businesses with all their accountancy needs and the smooth running of their business. If you need any help from a professional, expert accountancy firm get in touch with WHR Accountants on 028 3752 2909.