'One' Business Magazine - Haines Watts

Issue 52 | www.hwca.com

Backing Your Business

Well of opportunity With help from Haines Watts, David Tinsley of Trederwen Springs tapped into relevant R&D tax incentives and scaled up his business.

opinion strategy source magazine A fresh-thinking approach to your business

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magazine | Issue 52 | hwca.com

the bottom line

When the music stops…

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ne of the hardest things to do as a business leader is to constantly remind yourself that part of looking forwards is planning your succession. The reason many people find it difficult is that they consider themselves to be irreplaceable – and they often personally thrive on that feeling of control. A long-term strategy must ensure that the business can be passed on, possibly to new owners, certainly to new management. The most important job is to make sure the business can survive without you and that you’ve developed it to a stage where other people can take it forward better than you can.

“You should leave a party when the music is playing; don’t wait for th e music to stop.” Many people leave it too long. Often, the business needs this change before the leader is personally ready for it. But a good leader puts the business first. You should leave a party when the music is playing; don’t wait for the music to stop. If you wait too long, the lights come on, the doors are opened and you are asked to leave.

contents strategy

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Turning new data rules into benefits

source

Cover: Alun Callender

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Tax and the Criminal Finances Act

success

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Balancing financial pressures

self

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Cashflow modelling for the future

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Apprenticeships: myths and misconceptions

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magazine is published by Haines Watts and produced by

Andrew Minifie, Group Managing Partner

“We’re well placed to increase our foothold in the market” David Tinsley

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panel Most valuable virtue

Succession is now particularly relevant to me. After 16 years as Group Managing Partner, I have just passed the role of leading Haines Watts to others. It’s not without a little trepidation and sadness that I’ve stepped back to support the new leadership as they build on what we’ve developed together and grow a better business for the future. Have you planned your succession? Have you even thought about it? If you want to talk it through, then I have the experience – and I now have the time!

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18 Backing your business

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strategy

GDPR-ready in

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steps

Data protection is the responsibility of every business, not just big business. And rather than being a burden, this legislation can bring genuine benefits for SMEs, says Haines Watts’ Steve Connors.

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new law which governs how businesses must protect the data of customers who are EU citizens goes live in May. While some SMEs think they can fly under the regulation radar, the truth is that companies of every size – not just corporations – must be ready for change. According to Haines Watts’ Steve

Connors, this is because the General Data Protection Regulation (GDPR) is not simply a rebranding of the existing Data Protection Act, but a major overhaul. “The old laws were well past their sell-by date,” he warns. “GDPR aims to make sure we are all protecting the personal data we collect, so ignoring this legislation represents a very real risk to your business.”

What’s in your data? All companies, regardless of size, store and handle personal data, and so are subject to GDPR rules. But it’s important to consider that GDPR differentiates between ‘personal data’ required for business activities, such as that used in billing, and ‘sensitive personal data’ – which is often collected, but not actually required by a business as it fulfils its contract with the customer. Sensitive personal data poses more risks under GDPR and includes

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political affiliations, sexual orientation, medical history and family details. Organisations other than Government or Health, for example, must have specific, justifiable reasons to collect and process sensitive personal data. These may relate to a record of criminal convictions when working with children or the employment of individuals with specific medical needs. The GDPR lists 10 specific conditions; to justify processing sensitive data, at least one must be met.

Opportunity to get ahead

All businesses, including SMEs, are likely to collect and share information about EU citizens. They can be part of other, larger companies’ supply chains and are expected to comply with their customers’ standards of information management. An investment in meeting these higher standards of data management brings benefits for every business. “When you help your client to protect their customers’ data, this builds greater levels of trust,” Steve says. “In the long run, if you make compliance part of your everyday ‘business as usual’, you will be at a distinct advantage over businesses which cannot adapt to meeting GDPR standards – or the evolving standards of their customers.” Companies which understand and accommodate these new rules will also enjoy more accurate data, better cybersecurity and other competitive advantages in the long run, Steve adds.

strategy “GDPR aims to make sure we are all protecting the personal data we collect.”

Five SME strategies for being GDPR-ready your people up to speed. 1 Get Ensure everyone in your

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organisation understands the principles of GDPR, how it affects the data they handle and the policy and procedures you have in place. From May, anyone can call your organisation and ask for specific information you might hold on them. Make sure you have a process in place and your employees know what to do. Review your contracts. Do you outsource payroll, marketing or computer systems? It’s time to

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check that your external partners are taking GDPR seriously. Do a data audit. Look at what data you hold – and why. Record the steps you take to be compliant, including installing data security and refreshing information to maintain accuracy. Only collect and store information you need as part of your contract (and with customer consent recorded). Be transparent. Explain why you collect data and where you’re sharing it – as well as how people can contact you if they have requests or concerns.

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This will help inspire confidence and trust with your customers. And when something goes wrong... Know what you will do in the event of a data breach or information request and make sure your people are fully trained. Having a plan in place will ensure you can comply with the timescales set and save your business time and reputational damage.

If you would like to assess your GDPR compliance, you can use our Readiness Assessment at https://gdpr.seer-i.com

Backing your business

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Photographs: Alun Callender

story

From the

ground up For David Tinsley of the Trederwen Springs bottled water company, achieving scale – and keeping a lid on production costs – has helped tap into profitability.

factfile Sector: Beverage manufacture Turnover: £5m/yr Location: Powys, Wales Employees: 25-35 full time, depending on weather Challenges: low-margin, highly competitive marketplace Opportunities: accreditation could give access to premium markets

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avid Tinsley couldn’t have known the rotten trapdoor at the bottom of his garden hid a secret which would one day spring to life as a new business. Discovering the ancient source of water on his newly purchased property initially inspired thoughts of a pool – but the sheer volume which flowed from underground led to bigger aspirations… and so was born Trederwen Springs. The company now flavours and bottles up to 216 cubic metres of water each day, depending on demand. David says this achievement has only been possible thanks to substantial financial support from both himself and his brother John.

Pouring money into scaling up

“People often think it’s like discovering a gold mine, but the reality is that we have invested a lot of personal wealth to get the business up and running,” David explains. “There were extensive up-front costs, from water testing to building production facilities. It costs £15,000 a month just to maintain our existing equipment. And, while the water itself tastes great, this is an industry with low profit margins and lots of competition.

story

“People often think it’s like discovering a gold mine, but the reality is that we have invested a lot of personal wealth to get the business up and running.” David Tinsley, Trederwen Springs

own bottles offered a novel solution and means we can better meet the needs of our customers.” This expansion has meant Trederwen Springs needed to continue attracting a high-quality workforce, as well as offering incentives to key employees. Haines Watts worked to provide such options, ensuring Trederwen put its best foot forward with every new step. We realised early on that we had to diversify.” Haines Watts helped Trederwen Springs to develop its accounting systems, processes and controls, ensuring the timely production of a credible reporting structure for finances. This system now has the capacity to keep pace with innovations such as adding fruit flavours to the spring water, which transformed the business’s profit margins, as it allowed Trederwen Springs

to charge more per bottle (and gave greater visibility with premium outlets). “We’ve also invested heavily in developing bespoke machinery that allows us to blow our own bottles onsite,” David says. “This is important because we’re less dependent on premade containers being delivered. We’ve been able to take 1,000 lorries a year off the road and are now more responsive to fluctuating demand. We don’t have the space to stockpile, so making our

Sourcing overseas opportunities

Responsiveness is an important part of the brothers’ strategy for achieving 20% growth over the next year. “We are working towards becoming accredited by the British Retail Consortium, which is an essential global standard to achieve if you want to find your product on the shelves of stores like Waitrose,” he adds. Discussions continue about the brand’s move into markets such as >


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story

> Nigeria, Libya, the Middle East and Norway. “Our first foray into Africa proved how valuable it is to know your market,” David laughs, explaining that the tendency to cool drinks in large tanks of water proved fatal for the paper labelling they used at the time. Today, with support from the Welsh Development Agency – and with new labels – the business is ready for its next venture into overseas markets. David says development is only worthwhile if focus on quality is retained. “Our drinks taste great, which has been recognised by the industry – we received a gold award in a blind tasting by the British Bottlers’ Institute in 2016/7.” By cutting the cost of bottling its water, and with help from Haines Watts, Trederwen hopes its investment in innovative, bespoke machinery will continue allowing the business to scale up. “We believe we’re well placed to increase our foothold in the market,” David says.

expert

FRANK MURPHY, Haines Watts Partner “Haines Watts has worked with David and John Tinsley at Trederwen Springs for many years, starting from its earliest days as a business. Our initial focus was on helping the fledgling venture to find its feet, and we were deeply involved in the development of its accounting systems, processes and controls. This helped it create an appropriate reporting structure to support the production of timely and credible

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financial reports. The successful growth of Trederwen Springs means it now employs a fully qualified Chartered Certified Accountant, Richmond Amaihe, so our role has evolved to become that of a specialist advisor. That includes advising on the business’s re-financing and re-banking strategies, as well as on ownership and remuneration structures for directors and employees. Growth has also meant Trederwen Springs needing to research and develop its own bespoke machinery to enhance its capabilities – the installation of a fully integrated bottle-blowing plant being a recent example. We’ve played a pivotal role in demonstrating to HMRC that these major R&D projects qualify for the appropriate tax credit, allowing the company to claim relief against its

taxable profit at the 230% rate of the qualifying R&D expenditure. Retaining talent to support the investment in bespoke machinery is a key focus for the business. That’s why we’re now working with the directors to put appropriate incentives in place for key employees. These may include tax-efficient share options under the HMRC-backed Enterprise Management Initiative, which will also allow qualifying employees some participation in the event of a third-party sale. Being an external partner, we can provide our clients with a unique view of their business. Our work with Trederwen Springs is a great example of how we support and advise a business which has been built from the ground up, and one where the directors continue to think proactively about business challenges.”

source

Tackling

t ax

crime

The Criminal Finances Act, part of the UK Government’s efforts to tackle money laundering and recover proceeds of crime, gained Royal Assent in 2017. Haines Watts’ Steve Holden reveals what this means for SME business owners. £ £

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any business owners have unwittingly employed a rogue staff member who takes shortcuts, or have engaged agency staff who don’t always play by the rules. Others have set up in business with people who later turn out to be less than honest. In October 2017, the Criminal Finances Act’s new rules came into effect. Previously, an incriminated individual would be heavily scrutinised, but the overarching company structure would often remain unquestioned. Now, companies can and will be liable for the wrongdoings of their employees, reports Haines Watts Tax Partner Steve Holden. Companies must do more than merely warn their staff against financial crime. As well as bearing the blame for an individual staff member’s indiscretions, businesses must also provide proof that they have robust internal processes to prevent such wrongdoing. “If a business

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can’t do so, it could be incriminated,” Steve says. Businesses bear this responsibility with respect to external agents and consultants, not just their internal staff. The message from legislators on financial crime is clear: no stone will go unturned. And the authorities are not simply targeting large tax avoidance schemes or corporations that are avoiding the payment of their dues. The risk of non-compliance applies to organisations of every shape and size. “This new law represents a very real risk to SMEs, and owners must make sure they fully understand what it means for their business,” Steve says. “‘Falling on your sword’ is simply no longer a viable strategy,” he warns. “Make sure you have a clear process in place to review your business for vulnerabilities. And, if your company has ever had a problem of this kind before, learn lessons and implement change.”

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Countdown to compliance Steve provides a checklist for SME business owners to consider when reviewing their responsibilities in complying with the Criminal Finances Act: • Conduct and record risk assessments. • Where you identify vulnerabilities, implement solutions. • People are your strength – and weakness. So always run background checks when hiring. • Implement a clear process for whistleblowers.


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success

Business

life for

How can business owners balance the financial needs of their family with the financial management of their business? Haines Watts’ Karen McLellan reports.

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wners invest heavily in the early stages of setting up a company, so it’s only natural that they should want to reap the rewards when times are good – and match their lifestyle to their earnings. Yet, unless they plan carefully, they could get into difficulties if their venture hits a future bump in the road. Even for lifestyle businesses, robust planning principles still apply, says Haines Watts Hereford Managing Director Karen McLellan. “Without long-term strategic thinking, there is a risk that the owner will work too hard for too little reward – or may reward themselves too much to the detriment of ongoing investment in the business,” she says.

Incoming statistics

Indeed, Haines Watts’ latest research shows that 44% of owners say they would find it difficult to reduce the

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income they draw from the business due to financial commitments; and 30% of owners have put off financial investments in their business because of their need to draw a personal income. That’s why, as Karen points out, a business plan should include a long-term forecast for future business investment requirements. “It should be tied into a budget for your own annual income, as this will help you to identify where gaps may appear,” she says.

“There is a risk that the owner may reward themselves too much to the detriment of ongoing investment.”

“It’s crucial for owners to consider the future investment needs of the business and how they correspond with the reliability of their own personal income stream.” This, says Karen, will help owners plan and prioritise for their business. “Owners already feel immense pressure to work all hours and earn well to support their family. In fact, recent Haines Watts research has shown that 67% of business owners’ families are dependent on income from the business. “By thinking strategically about their own financial arrangements too – diversifying and strengthening through contributions to a personal pension, for instance – the owner can reduce the stress they feel about providing for their family,” she explains. This is vital, she concludes, for any owner striving to secure the future of both their family and their business.

opinion

Mind over

mindless

Mindfulness is no longer seen as a fad, but as a strategic training tool for business owners, says Haines Watts ’ Leadership Development Programme Course Director, Neil Jurd.

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ll business owners know the feeling – you’re too busy; you’re distracted, seeking shortcuts and bouncing from one problem to the next. As a leadership coach, I speak to SME leaders every day about stress, exhaustion and a lack of perspective. These problems are often caused by our ‘mindlessness’, where we are driven by the primitive part of our brain to act unthinkingly and unquestioningly. We are reactive, prejudiced and we repeat our habits and addictions. The good news is that simple adjustments to the way you think,

or mindfulness, can bring genuine business benefits.

Take control of your mind

As a business coach, I use mindfulness to help the people I work with consciously consider what they are doing, and why. They’re able to break up mindless routines, to ask the right questions to improve decisionmaking and to lead more effectively under pressure. And you can start your mindfulness journey today. Firstly, shut your office door and take your full lunch hour. Start thinking actively about the challenges you face. What is your purpose? Are you making decisions based on what you ‘should’ do or what you ‘could’ do? Secondly, think about how your work and home life experiences meet your purpose. Find ‘down time’ activities in which you can become completely immersed and be ‘in the moment’, for instance.

In the longer term, begin to incorporate mindfulness into the culture of your workplace. Build a team of people you trust, encourage them to always question their actions and to think with clarity and purpose. Like you, they will begin to benefit from reduced stress and greater productivity.

Put down that phone

As an aside, I often get asked about mindfulness apps, but these are an oxymoron. Technology is often, in fact, part of the problem. Instead, mindfulness is about freeing your mind from habits and addictions – like checking your phone every six minutes. And the benefits will surprise you, from improved business performance to realising new life dreams and improved health. So, ask yourself today: what is your purpose, and how are you going to achieve it?

Mindless versus mindful From tech to treats, mindlessness is the unquestioning acceptance of routine – submitting to addictions and habits. Meanwhile, mindfulness is living in the now by breaking routine and questioning the ‘why’ and ‘how’ of everything you do.


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self

Will you have enough

money?

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self

Small business owners often assume that if they focus on building a successful company, their financial future will be secure. But they should be looking after their personal finances too, advises Tilney’s Malcolm Robinson.

“H

ave I got enough money?” This is one of the most common questions that Tilney advisors get asked. It’s a simple query, but the answer can be complex, especially for SME owners. Business owners often face a number of challenges when it comes to their personal finances. With so much focus on their business, it’s perhaps unsurprising that many pay less attention to their own finances. They are also inclined to reinvest their wealth back into the business, instead of investing in their own financial future – perhaps in the form of a personal pension. This means the line between business and personal wealth can become blurred, making it harder to identify if their assets will cover the cost of their retirement, explains Malcolm.

“Understanding the cost of tomorrow can make a big difference to the decisions you make today.”

Modelling your future

To achieve the post-work lifestyle they aspire to, a business owner will need to think about what they want from their ‘later years’. They will also need a good understanding of how much money they will need to achieve their future objectives. This is where cashflow modelling can help: “It allows us to forecast our clients’ future income, and highlights where they are on track with financial goals and where they aren’t,” says Malcolm. “To help build a picture of a business owner’s current and future finances, we use powerful software to test different scenarios and life events to see how these might affect their income, identify trends and make realistic estimates about their future. This helps us to create a long-term projection of a client’s finances.” Understanding the cost of tomorrow can make a big difference to the decisions you make today. For example, Tilney’s experts use cashflow modelling to assist in measuring clients’ potential exposure

to Inheritance Tax (IHT). Business assets do not form a part of a person’s estate for IHT purposes, but the proceeds of a business sale might. “This can amount to many thousands of pounds, so the earlier you discuss how to mitigate this with your advisor, the more chances you have of reducing the liability in the future,” says Malcolm.

Make informed decisions

Cashflow modelling can help to answer those difficult ‘3am moment’ questions, such as ‘at what age can I expect to retire?’ or ‘will the sale of my business cover my retirement needs?’ It can also help business owners to gauge how much they would need to sell their business for in order to fund the retirement lifestyle they want. This is particularly relevant if the sale value of the business is likely to be lower than expected, as it may still be enough to fulfil their future needs. Prevailing tax rates and reliefs are dependent on individual circumstances and are subject to change.

Talk to us

If you want to learn more about how cashflow modelling can help you, contact your Haines Watts advisor.


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picture

Apprenticeships: hard work

pays off 14


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Did you know? England, Scotland, Wales and Northern Ireland each have their own apprenticeship authority. To find out more about apprenticeships in your part of the UK, visit: • England: www.gov.uk/education/apprenticeships-traineeships-and-internships • Scotland: www.apprenticeships.scot/ • Wales: businesswales.gov.wales/skillsgateway/apprenticeships • Northern Ireland: www.nidirect.gov.uk/campaigns/apprenticeships

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aines Watts launched its apprenticeship programme two years ago as part of its strategy to future-proof the business’s services and enhance recruitment. Along the way, it has been able to explore, and dispel, some of the misgivings often cited by SMEs for avoiding such schemes, says the Regional Head of Audit, Gary Woodhall. “When the programme began at our Northampton office, there were some early stumbling blocks,” he says. “A notable example was that our internal team and our training providers needed to establish the right structure for our apprentices; it was a case of us all ‘learning on the job’.” As a result, a Haines Watts team was charged with learning lessons of its own and developing a scheme with a structure that was better suited to the longer-term goals and needs of its trainees and the business.

For SMEs that are willing to invest in overcoming some initial challenges, apprenticeships remain a valuable pipeline for new talent, say Haines Watts experts.

Targeted learning

The investment has already paid dividends, as Haines Watts has now seen a substantial increase in the number of applicants looking to begin their career in accountancy. Resourcing Executive Karen Dowse explains: “Keeping recruits engaged and motivated is a vital part of any scheme – our apprentices appreciate that the programme is geared towards their own learning and development, which works to provide them a sustainable route into their chosen profession.”

There is also now a focus on identifying an apprentice’s unique attributes, she says. “During our recruitment process, we assess applicants’ technical ability, personality and business compatibility. This helps us to understand not just their skills, but where they’ll be most effective and most valuable in our business.”

“60% of apprentices stay on with their companies after their apprenticeships expire.” Gary Woodhall, Regional Head of Audit, Haines Watts, Northampton

Breaking down the myths

The team has since built a bank of evidence to show the value of this form of recruitment. “We’ve managed to dispel some of the misgivings you tend to hear from business owners,” Karen adds. “For instance, many people think apprentices need to be between 16 and 18 years of age. But that isn’t true.” In fact, while apprentices do need to be the minimum age of 16, there is no upper age limit. “We have many experienced professionals exploring new career paths and considering qualification through an apprentice pathway,” Karen points out. While apprenticeships are often associated with industrial sectors, >


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An attractive workplace

“Apprentices want to work in a company where they are known and where their work has an impact”. Karen Dowse, Resourcing Executive, Haines Watts, Northampton

> they can be an appropriate choice for all sorts of businesses, in any industry. “There is also flexibility around how long the apprenticeship runs for,” Karen says. “Most of our apprentice learning is undertaken in 15-month blocks, which we find provides the valuable split of study, training and working in business.” And these training programmes also aren’t as costly as some think, she adds: “There’s a common misconception among SME owners that they can’t afford to take on an apprentice, but if you’re a non-levy payer – which in England means your salary bill is under £3 million per year – you only pay 10% of the training costs. It’s an attractive opportunity.”

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Apprentice accessibility Rob de Main, Head of Talent & Resourcing for Haines Watts, has recorded a marked uptake in apprenticeship applications – indicating that fine-tuning and a supportive structure go a long way. “Company culture can be immensely beneficial,” he explains. “Building a brand through social exchange helps empower your apprentices – and promotes your business to boot.”

Identifying applicant incentives is the first step to making the most of apprenticeships – and small businesses have plenty to offer. “Apprentices want to work in a company where they are known and their work has an impact,” Karen continues. “SMEs are ideally placed to provide that high-quality workplace experience. It’s important that trust develops and that they are able to gain experience and autonomy quickly.” Gary agrees: “Sixty percent of apprentices stay on with their companies after their apprenticeships expire,” he says. “So, there’s a big benefit in winning the loyalty of your new talent early on. Plotting out the onboarding process with an increasing salary can motivate them even further.” Both agree that an open-minded approach to apprenticeships has been important in gaining maximum benefits for both the business and the trainee. “We’re excited to continue developing the apprenticeship programme this year,” Gary says. “We’ve pushed past some major misconceptions and learned that any business which overlooks apprenticeships is missing out on opportunities.”

panel

Top

traits “What is the skill you value most in others?”

ROB DE MAIN, Head of Talent & Resourcing, Haines Watts, Northampton Transparency: “Keep your workforce engaged by communicating effectively – and sharing where you can. People should feel they can speak their mind, and that culture starts at the top.”

GARY WOODHALL, Regional Head of Audit, Haines Watts, Northampton Open-mindedness: “The ability to listen and to provide a balanced approach – being able to listen and learn – is invaluable.”

STEVE HOLDEN, Tax Partner, Haines Watts, Tamworth Pragmatism: “It’s important to cut through the technical details to see the commercial reality. This can often be a problem within technical disciplines – but you can’t afford to get distracted by the detail to the expense of seeing the big picture for your customers.”

STEVE CONNORS, Director, Haines Watts Controls & Assurance Communication: “Quite simply, if someone cannot communicate effectively, it increases the risk of not delivering services efficiently and failing to meet expectations – communication is the lifeblood of industry.”

FRANK MURPHY, Director, Haines Watts, Liverpool Personality: “It’s a quality rather than a skill – having a friendly, professional personality together with a positive, enthusiastic and passionate attitude is essential for me in the people we work with. These are things which cannot be taught – whereas a skill shortage can.”

KAREN DOWSE, Resourcing Executive, Haines Watts, Northampton Honesty: “If you don’t know something, don’t pretend you do; just ask. You cannot be afraid to challenge ‘the norm’ – asking questions is an important way we can all grow professionally.”


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update Posting great expectations for online SMEs War effort commemorated The Home Front campaign commemorated Herefordshire’s contribution to the war effort between 14 March and 29 April at Hereford Cathedral, Hereford Library and other sites across the city centre. Haines Watts was one of several local businesses that provided financial support for the commemoration, which explored stories from the Herefordshire Regiment, the Canary Girls (who filled munition shells at the Rotherwas Munitions Factory) and farmers who provided food and horses to the effort.

New Talent at Haines Watts Haines Watts’ Northampton office has launched a new Talent & Resourcing division which, in addition to its VAT, Company Secretarial and Property additions in the last 18 months, will ensure it can meet the needs of its expanding client base. Rob de Main, newly appointed Head of Talent & Resourcing, brings with him a wealth of experience from the recruitment industry, whilst also being experienced in the IT and financial services sectors.

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Research by Royal Mail has found that in 2017, 74% of UK SME online retailers expressed confidence that their sales would increase in 2018. This year, out of the 68% of online SME retailers which expect to export overseas, 80% will sell into Europe. That compares to the 35% of small

online businesses which will send goods and services to the US and 17% who will do the same into Asia. Despite Brexit, 64% of UK online retailer SMEs intend to increase their international sales revenue in 2018, though 69% expect costs to be higher this year.

Young one to watch Worcester Senior Manager James Howard, 31, has been chosen as “one of five under 35s to watch in 2018” by Herefordshire and Worcestershire Chamber of Commerce’s Business Direction magazine. He is also one of 15 Haines Watts employees in the UK this year to take part in its two-year Leadership Development Programme.

CEOs brave the cold for charity

European opportunities remain untapped The British Business Bank has revealed that a joint study with other national promotional institutions in Europe indicates that SMEs are being held back by barriers to international trade, such as a lack of information and difficulty in finding partners abroad, cumbersome administrative processes and limited human resources. While SMEs provide two thirds of jobs in the UK, less than 30% of SMEs export their goods and services to the five largest EU economies and only 3% have direct investment in other countries.

CEO Sleepout sees business leaders sleep under the stars for a night to tackle homelessness and poverty. Haines Watts North East’s Managing Partner Donna Bulmer swapped her suit for a sleeping bag on 1 March in Newcastle’s St James’ Park, and has raised over £3,000. “Homelessness and poverty are two massive problems currently faced by our region,” she says. “This event has gone a long way in raising both awareness and vital funds.” The money raised by the Newcastle sleepout will go to partner

charities, such as North Eastbased Changing Lives. Worcester and Evesham Managing Partner Tim Pearce also took part in his local CEO Sleepout fundraiser at the Sixways Stadium, Worcester, in April. “There’s no known training for sleeping rough,” says Tim. “But support from Haines Watts clients, business contacts and friends made it all worthwhile.” Anyone wishing to donate can do so by visiting: www.justgiving.com/fundraising/ donna-bulmer1 or www.justgiving. com/fundraising/tim-pearce8

Publication Date: April 2018 © 2018 Haines Watts Limited. All rights reserved. All published material remains the property of Haines Watts Limited and is replicated with the permission of Haines Watts Limited. All contents of the publication are correct as of publication date. Haines Watts and The Haines Watts Group generally refer to the network of member organisations, each of which is a separate and independent legal entity. Each entity has signed a participation agreement with Haines Watts Limited, or is controlled by such a firm. Member organisations are not members of one legal partnership and are only liable for their own acts and omissions, and not those of each other. The majority of these firms are not authorised under the Financial Services and Markets Act 2000, but because they are licensed by the Institute of Chartered Accountants in England and Wales, are able to offer a limited range of investment

services to clients if they are incidental and / or complementary to, or arise out of, the other professional services they have been engaged to provide. It is Haines Watts Group policy to refer most investment business, excluding corporate finance work, to Financial Advisors, authorised and regulated by the Financial Conduct Authority. The Financial Advisor will take full responsibility for compliance with the requirements of the Financial Services and Markets Act 2000. This magazine is designed for the general information of readers. The information represents Haines Watts Group’s present understanding of current and proposed legislation and HM Revenue and Customs practice. Whilst every effort has been made to ensure accuracy, information contained in this briefing may not be comprehensive and recipients should not act upon it without seeking professional advice from their usual advisor. The values of investments may go down as well as up and are not guaranteed.


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Having advisors that can add expert advice and value to both your business and personal wealth aspirations is important for most business owners. By understanding what you want to achieve, Haines Watts is ableto work with you to identify opportunities for growth, saving money and managing risk to help you reach your goals. If you have an hour to spare, why don’t you arrange a meeting with Haines Watts to find out how we can magazine | Issue 52 | hwca.com 20 help you with your business needs? Contact your local office: www.hwca.com/offices