Marks & Spencer Report Record Low Results

Marks & Spencer’s results were at a record low last quarter as the company has been affected by a combination of the recession and the excessive rain this summer. Retailers have been amongst those hardest hit during the recession as consumers tighten their belts. In the last 12 months the retails sector has suffered some high profile failures. Brands such as Clinton Cards, Peacocks, Game Group, Jane Norman and Habitat have fallen into administration. Other retailers including HMV and JD Sports have announced the closure of a number of their stores as the recession bites. 

It is important to focus on cost control during these difficult times and managing your business effectively. Companies require experienced accountants in order to improve their internal procedures and there is a growing need for specialists such as Belsize Accountancy to provide that competitive edge. 

The difficulties faced by big business provides opportunities for small to medium sized enterprises as they begin to lose touch with consumers once they slash overheads and close stores. Consumers themselves are looking to cut costs or move elsewhere to receive an improved personalised service.

Preparation For the Olympic Games

With only 2 weeks to go to the Olympic games businesses will need to finalise their travel arrangements. The Olympic Village officially opens on 15 July as the build up to the Olympics begins. 

Travel chaos caused by the closure of the M4 flyover has provided an early warning to those planning to travel on the roads. It does not take much to create traffic build up on the busy London roads and the part closure of many major roads for the Olympic lanes commences next week. It is not advisable to drive into London if this can be avoided. We believe Tube or Rail travel will be the most effective way to travel around London over the next 3 weeks. 

TFL have advised commuters to aim to travel outside of peak times where possible with the 6pm rush being highlighted as one of the worst times to travel. The weekend of 3 August is forecast to be busiest date for the Olympics and so businesses should be made aware of this and reschedule their meetings accordingly. 

For those of you with tickets for the games, TFL and Locog are advising that you allow plenty of extra time both for commuting and passing through the necessary security checks. 

It is not too late to buy a TV if you haven’t done so already as this will help to reduce absenteeism and create a positive environment around the office. 

Enjoy the games!!

Real Time Information (RTI) Scheme For Employers

The HMRC will introduce a new way of reporting PAYE for employers. The Real Time Information (RTI) Scheme will change the way in which employers and pension providers will submit their PAYE details to the HMRC.  

Under RTI, information about PAYE payments will be submitted each time a payment is made as part of the payroll process rather than at the end of the year as it is now. Employers will submit their RTI returns to the HMRC online every time an employee is paid and effectively provide real time information to the HMRC enabling earlier reconciliations of each individual’s tax rather than waiting till the end of the tax year. 

RTI is expected to provide more accurate tax deductions for individuals and generate fewer tax bills, corrections and repayments after the fiscal year end.  However, employers are likely to bear higher costs with the possibility of new software and staff training. Employers are advised to bring their payroll records up to date in advance of moving to RTI. 

RTI is effective from April 2013 for most employers. All employers will be required to report RTI by October 13. Employers will no longer be required to submit a P45 of P46 once RTI is implemented.