Hot topics
HMRC announced that they will require all UK companies' tax returns,
including statutory financial statements, to be tagged using Inline
XBRL. This requirement will affect an estimated 1.6 million companies
in the UK, with the earliest affected those companies with April 2010
year-ends.
Businesses in the region need to focus on keeping costs as variable as
possible, building in as much flexibility as they can, in preparation for an
upturn in market conditions.
Midlands companies should not rely upon public sector contracts by taking
early action and minimising any risk to their business, ahead of the expected
squeeze on public sector spending.
New financing opportunities exist as investor appetite for public issues
will continue to grow.
Stay ahead
In the current climate, the temptation is to focus on the short-term
survival issues. However, businesses can not afford to ignore sustainability
and climate change, it is time for action.
A sweeping change to the VAT regime, affecting businesses supplying or
sourcing goods or services from overseas companies, took effect on 1 January
2010. However, there is a strong possibility that some Midlands companies may
not yet be compliant.
Many private equity backed companies are struggling under the weight of
their debt. Bullet repayments and tightening bank covenants over the next
two to three years suggest that problems still lie ahead for many
companies.
A surprise tax measure in the pre-budget report means now could be a good
time for Midlands SMEs to start reinvesting in research and development
(R&D).
Signs show the debt market is becoming more competitive and lending is
starting to trickle through to Midlands businesses. However, companies should
continue to plan well ahead to refinance debt.
The plans of the Accounting Standards Board (ASB) to replace UK GAAP by 2012
leaves private equity backed companies with a major decision to make.
With two-thirds of consumers ready to stick with value-based purchases
after the recession, organisations have to adapt their business models now.
Stay ahead
Avoid a pricing war by placing innovation and the customer experience at the
heart of your strategy.
Stay Ahead
Midlands businesses seeking to improve workplace morale should start by
measuring employee commitment.
In September, HMRC launched a new ‘tax amnesty’ to encourage tax payers to
declare offshore assets, known as the New Disclosure Opportunity (NDO). Those
with undeclared tax liabilities now face one of the toughest financial
decisions of their lives.
The UK Accounting Standards Board (ASB) is proposing to replace UK GAAP with
a new 3-tier system based on public accountability.
Like other UK consumers, Midlanders are losing their passion for plastic.
But high debt levels remain and lenders are coming under growing pressure to
find a more profitable business model.
Enterprising UK 2009 assessed the opinions of 391 private company leaders
across the country on the issues affecting them. The majority of participants
lead family or owner-managed businesses and employ more than 50 people. Almost
half have turnover more than £25m. They are clients, prospects and businesses
from our target EPC audience.
Employees are less likely to trust their employers as a result of the
downturn, according to a new report on the future of work by
PricewaterhouseCoopers LLP. By contrast, relationships with colleagues are
thriving.
There are signs of increased interest in private shareholder-led
transactions, as shareholders and companies alike look to capitalise on a
window of opportunity in the market.
Apparently not! Over two thirds of Midlanders do not trust that pensions are
a reliable way of saving for their retirement, according to national research
commissioned by PricewaterhouseCoopers LLP.
Public sector services in the Midlands are being hit by a double whammy from
the economic downturn – a reduction in income and increased take-up of
services.
Company directors in the Midlands who fail to act now to address tough new
anti-bribery legislation, risk severely damaging the reputation of their
businesses and possible prison sentences.
An upturn in interest in the Alternative Investment Market (AIM) looks set
to continue as more private companies in the region explore ways to raise
finance, allowing them to make an exit.
A survey of managers in the Midlands by PricewaterhouseCoopers reveals
employers could be doing more to manage employee performance to drive
productivity and bring benefits for the business at a crucial time.
Midlands businesses are taking a more relaxed approach to collaboration to
strengthen their supply chains and improve their chances of maintaining and
growing market share.
Attitudes to credit have hardly changed since the onset of the recession,
particularly among the young, according to PricewaterhouseCoopers latest credit
confidence survey.
PricewaterhouseCoopers LLP in the Midlands has just unveiled a unique new
forum, allowing Midlands businesses to share information on how best to
prevent, detect and investigate fraud, bribery and other economic crime.
Watch this exclusive video to find out how investing in the UK can get you a
considerable cash injection into your business.
Fire-fighting? Then strong leadership, backed by strategic vision is what
your business should focus on.
Midlands companies should keep an eye on the attractiveness of emerging
markets by doing their homework now, so they are ready to make overseas
investments once the global economic situation improves.
Manufacturers in the region should not lose sight of their successes. They
should stay focused on value-added products for specialist or niche markets to
build on productivity gains achieved since the late 1990s, according to experts
at PricewaterhouseCoopers LLP.
Despite the challenges facing the high street, savvy shopping behaviour is
leading to some bright spots for retailers, according to experts at
PricewaterhouseCoopers LLP.
Midlands companies are facing a significant information gap affecting key
areas of their business. Left unchecked this could undermine short-term
decision-making, according to experts in corporate reporting at
PricewaterhouseCoopers LLP.
The Pensions Act 2008 received Royal Assent on 26 November and sets out new
requirement for companies in relation to pension arrangements which come into
force in 2012.
Getting value for money from third party contracts is an ongoing challenge
for most businesses. Making improvements in these areas could make vital cash
savings.
Businesses and individuals in the Midlands have been offered a number of tax
and incentive measures by the Chancellor in today’s Budget report, which are
designed to stimulate the economy.
Budgets are traditionally upbeat. They contain good news and encouraging
messages. But how can the Chancellor of the Exchequer paint a rosy picture this
time around? Register for the PwC webcast here.
Private businesses need to look beyond the recession when it comes to
managing people and their impact on the profit and loss account. A new report
by PricewaterhouseCoopers LLP (PwC) shows that striking the right balance
between short-term benefits and long-term advantages is crucial to realise the
returns on offer and thrive in the future.
The statistics show the incredible success of AiM since its launch in 1995.
Over 3,000 companies have floated, raising a total of £60.1 billion.
Keeping suppliers close and exploring new ways of working together is
increasingly vital and could help to limit the rising number of business
failures.
Long-awaited rules on transfer pricing clarified recently by the State
Administration of Taxation of China (SAT), could provide a timely opportunity
for Midlands companies with business interests in China to repatriate cash tax
efficiently.
Managing risk is always important to a business. But with the economic
downturn, boards and senior management have become even more sensitive to the
pitfalls of poor risk management. Find out more.
The credit crunch is having a severe negative impact on the employer
covenants of many schemes. At the same time many scheme funding deficits have
significantly increased as asset values have fallen. So what are your
options? Find out more.
Midlands-based investors are showing a growing interest in making corporate
investments, though this is yet to result in more transactions, according to
experts at PricewaterhouseCoopers LLP.
Since the onset of the credit crunch, tax savings have increasingly been
viewed as integral to cash management. However, not all businesses are aware of
the benefits these could have on the cash in their business.
During uncertain times it is more important than ever that companies have
access to the right information and can keep stakeholders informed. Effective
reporting will demonstrate clear understanding of these diverse groups and
ensure their needs are being met.
The continued squeeze on the supply of capital is having a significant
impact on the abilities of companies to refinance or amend existing funding
arrangements. So what should businesses do?
To survive and succeed through this uncertainty, boardrooms need to identify
what their business and employees should to be doing differently to ensure they
are in a strong and agile position for the future.
With a reduction in the number of Midlands deals coming to market, there is
an increasing focus on value. Buyers are looking for investment opportunities
with sellers looking to maximise value.
As more businesses consider reducing headcounts in order to reduce costs,
companies in the region need to ring-fence talent in order to emerge from the
downturn in a strong position.
Businesses planning for corporate changes should take the time to consider
all their financing options to minimise the risk of facing a liquidity crisis
in the months ahead.
Midlands businesses are lagging behind their larger national counterparts on
recognising the cost reduction and new business opportunities arising from the
climate change debate.
The Chancellor of the Exchequer, has announced the Pre-Budget Report will
take place on 24 November at 3.30pm. Barry Marshall, UK head of tax at
PwC comments on how this opportunity must be used to provide guidance and
reassurance.
We believe that the business that will emerge from the downturn agile and
fit for the future will focus on ’10 fundamental priorities’.
Local construction and retail companies continue to report falling
sales. It is important manufacturing and engineering businesses in the
region prepare now for the next wave of the credit crunch.
Companies in the region are not waiting to invest. Instead they are using
the downturn as an opportunity to create competitive advantage, according to
assurance specialists at PricewaterhouseCoopers LLP.
When times get tough reducing headcount can seem an obvious way to cut
costs. However, business managers should realise that by keeping their ‘head’
and retaining and retraining the right talent, they can create greater business
value in the medium and longer term.
Predicting suitable stock levels is the key concern for local retailers
ahead of the crucial Christmas shopping period.
As the sustainability agenda evolves, the challenge for business is to look
beyond green issues and focus on delivering long term business value.
An upturn in green consumer spending could help local retailers survive the
downturn.
Announcements in this year’s Budget represent a major change in the way HMRC
will do business with its “customers” as new information and inspection powers
are introduced for direct and indirect taxes.
In this brief video, Peter Buckle, Corporate Restructuring partner, advises
businesses that good cash management matters – not just in a downturn.
Many changes have taken place to the UK reporting model in the past two
years through the introduction of International Financial Reporting Standards
(IFRS) and more recently the Business Review. Given the increasing complexity
and length of financial reports, and that many argue non-financial and
contextual information has become crucial to understand business performance,
it appears that the legislation could not have arrived at a better time.
During the current economic downturn, companies in the region may need to
shift their focus and nurture valuable stakeholder relationships.
Since its introduction over ten years ago, there is no doubt that the
Private Finance Initiative (PFI) has helped to deliver some real benefits for
the region and the pipeline remains as busy as ever.
Watch the video to hear an update of how individuals and trustees can take
advantage of the 18% CGT rate announced in the Budget 2008 with Midlands
private client partner Gary Telford.
Listen to our exclusive podcast and find out how the manufacturing and
automotive industries have been bucking economic trends in the Midlands,
The manufacturing and automotive industries have been bucking economic
trends in the Midlands. Click the play button on the podcast player above to
find out why as UK Automotive and Manufacturing leader Chris Hibbs discusses
changes in the sector and opportunities for growth with corporate finance
director Darren Jukes and assurance director David Martin.
When a downturn threatens, businesses need to take decisive steps to
understand the situation and what it means for their future survival. Planning
for a downturn maximises the options available, enabling the best prepared
businesses to come through the bad times reenergised and fit for the
future.
There has been an upturn in interest from local companies seeking to set up
a tax efficient employee share option scheme while they still can.
The 2008 company car UK report looks at how companies have been preparing
for these changes and shows how seriously an increasing number of companies are
taking their environmental impact.
With concerns over asset write-downs and liquidity persisting into 2008, the
74th CBI/PricewaterhouseCoopers financial services survey shows the industry
waking up to a harsh new reality.
Midlands manufacturers choosing to offshore their production overseas to
countries in Central and Eastern Europe shouldn’t be put off by risks of fraud
and corruption.
While data security is recognised as high priority for local businesses, a
survey by PricewaterhouseCoopers LLP (PwC) reveals a significant gap between
their attitudes and actions.
UK businesses affected by fraud have seen a doubling of the average cost of
economic crime over the last two years, according to the latest Global Economic
Crime Survey by PricewaterhouseCoopers LLP.
With skilled individuals at a premium, understanding the nature of
tomorrow’s workforce is increasingly important for businesses in the
region.
Find out what the recent changes to capital gains tax means for individuals
and trusts in this short video by Midlands private client partner Gary
Telford.
With the 31 March 2008 deadline fast approaching, time is running out for
the hundreds of companies that have still not claimed tax relief on the
research and development (R&D) work they have carried out.
Family businesses in the Midlands are putting their financial futures at
risk because they are failing to plan ahead for a change of leadership.
The Government is about to implement the most radical change in immigration
law for the past 30 years with a five tier points based system replacing more
than 80 existing immigration categories.
Information is one of the most valuable assets an organisation possesses.
The way companies safeguard their information is coming under increased
scrutiny. Technology has tended to focus on functionality rather than security
and many systems are therefore insecure.
The impact of climate change has moved sustainability high up the boardroom
agenda in recent years and with growing stakeholder interest in this issue, it
is essential for businesses to get their strategy and position right.
The issue of bribery and corruption is a major concern for businesses
operating overseas and one where the legislative environment is both complex
and expanding.
Demand for counterfeit luxury goods may be set to rise as consumers face a
spending squeeze but retain their appetite for luxury brands.
If this was indeed Gordon Brown's last Budget, he has gone out with
something of a bang, with some significant income and corporation tax
changes.
The so-called 'credit crunch' has been a source of much debate but just how
serious are the current financial conditions and what are the implications for
the average small business in the region?
A sharp rise in the number of small businesses is increasing the demand for
a more integrated approach to business support in order to ensure these
companies develop in a sustainable way.
There are many considerations businesses should take into account when
deciding whether to invest in an emerging economy, however, one of the often
overlooked factors is taxation.
Have you ever wondered if there is another person on the planet who is just
like you? Looks just like you, shares your sense of humour and taste in music,
or maybe just has an identical name and date of birth.
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