UK’S FIRST TAX RATES APP LAUNCHES FOR BUSINESS OWNERS & FDs.

HAINES WATTS

CHARTERED ACCOUNTANTS

PRESS RELEASE

April 11, 2011

UK’S FIRST TAX RATES APP LAUNCHES FOR BUSINESS OWNERS & FDs.

A new mobile app has been launched for business owners, FDs and financial controllers, giving instant and continuous access to the latest UK Tax Rates on their iPhones. Download app here

“Time is money – and anything that streamlines accountancy and makes things faster and more efficient is worth embracing. Rather than having to use the internet via a PC to find out relevant tax rates or keep a hard copy tax card to hand, the app will allow access to tax rates anywhere, at any point in time,” said Gary Heywood of Haines Watts, a top 20 firm of Chartered Accountants, which has offices across the UK. Watch video here

“There’s huge demand for our tax rates cards, but there’s both a financial cost and an environmental cost in generating reams of printed versions – so we turned it into an app. The app will initially be available for use on iPhone, iPod Touch and iPad.” 

The app will be free to download from the app store. It will list a large proportion of UK tax rates, including Income Tax, Car & Fuel Benefits, Corporation Tax, VAT, Capital Gains Tax and National Insurance – amongst others.

The move follows Haines Watts’ look at how it can better serve business owners and finance directors by making information more easily accessible day-to-day.

Samantha Davies, Marketing Manager of Haines Watts, said: “Our partners, who are also business owners, rely on their phones so much now to access information 24/7 as a matter of course - we know that other business owners would be doing the same.  Time is at a premium for business owners and FDs, and this is just a small step in the process of driving efficient and massively more convenient accountancy services.

“No other UK accountancy firm has developed such an app.  At Haines Watts we make sure we give business owners what they want, when they want it – technology is the ideal way to do this.”

Gary Heywood, Partner at Haines Watts, said: “Time is precious for most business owners and FDs, with many working long hours both day and night.  Giving them information at their fingertips whatever time of the day they need it is vital.

“Every year we send out tax cards to our clients and contacts - in recent years we have become less reliant on hard copy material and emailed more.  With access online via our website and now with our new app, we know that this will also have a positive impact on the environment,” said Gary.

Haines Watts sees the new app as only the beginning and will track downloads in the coming months.  The firm will then look to develop onto other platforms in the future.  If this proves to be a success, Haines Watts will invest in further app development to help business owners in their day-to-day business lives.

ENDS

About Haines Watts

Haines Watts is a top-20 firm of Chartered Accountants that specialises in the owner- managed business sector.  Haines Watts has a broad range of services, and more than 80 years experience in working with privately-owned businesses. From accountancy, tax, VAT, financial services, expense control, corporate finance and business advice, the firm has the market understanding and expertise to make a difference to business.

With over 50 offices around the UK, and over 30,000 UK clients, Haines Watts’ aim is to become the premier adviser to the owner-managed business sector. They are able to offer a comprehensive range of national services without losing the personal attention to detail at a local level. This combination makes the Haines Watts offering unique.

For further information contact:

Samantha Davies

National Marketing Manager

Haines Watts, Sterling House,97 Lichfield Street, Tamworth, Staffs, B79 7QF

Tel: 01827 61835

Email: sdavies@hwca.com

Iain Macauley

im@pressrelations.co.uk

07788 978800

TOP ACCOLADE FOR NORTH-WEST FINANCIAL PLANNER.

HW FINANCIAL SERVICES

MANCHESTER AND PRESTON

PRESS RELEASE

January 17, 2011.

TOP ACCOLADE FOR NORTH-WEST FINANCIAL PLANNER.

Photo download here.

Ann-Marie Banks, a senior financial planner with HW Financial Services, part of UK top 20 chartered accountants Haines Watts, has attained a triple financial sector accolade.

Ann-Marie, 35, from Preston, and based in Manchester, has been appointed a certified and chartered member, and an Honorary Fellow of the CII – the Chartered Insurance Institute.

The CII is the premier professional organisation for those working in the insurance and financial services industry, and  is dedicated to promoting higher standards of competence and integrity through the provision of relevant qualifications for employees at all levels and across all sectors.

Ann-Marie’s three-way recognition is an unusually high standard of achievement, and means she is qualified well above any financial services sector requirements for operating as a financial planner.

“It was extremely hard work and involved intense study, but I suddenly find myself with the highest possible qualifications in my field,” said Ann-Marie, has responsibility for the financial planning teams in Manchester, Merseyside, Preston and Cumbria.

“In an era of enormous pressure on financial planners to deliver the best and most rounded possible advice for small business owners I can confidently state that I’m now pretty well positioned to address practically any financial planning challenge or issue facing owner-managers.”

Ann-Marie was born in South Africa, but grew up in Lancashire and is a former student of Brownedge St Mary’s, Bamber Bridge, and Runshaw College. Previous employers have included Scottish Widows, Tenon and Chartwell Financial. In 2010 the former Lancashire county netball player also qualified as a Premier League netball umpire, again, the highest level of achievement possible.

Haines Watts is a UK top 20 chartered accountancy firm specialising in the owner-managed sector, providing a broad range of services out of its 50 offices. The firm has 80 years experience and 30,000 clients.

Ends

Further information:

Iain Macauley

im@pressrelations.co.uk

07788 978800

www.hwca.com

Photos:

http://www.flickr.com/photos/pressrelations/5265365689/in/set-72157624275784545/

NEW AGE PENSION SCHEMES – A SMALL BUSINESS LIFELINE SMALL BUSINESSES DON’T KNOW ABOUT

HW FINANCIAL SERVICES

MANCHESTER AND PRESTON

PRESS RELEASE

January 5, 2011.

NEW AGE PENSION SCHEMES – A SMALL BUSINESS LIFELINE SMALL BUSINESSES DON’T KNOW ABOUT.

Video.

Struggling North West small company owners may be sitting on a cash lifeline for their business – and not even realise it.

Ann-Marie Banks, a senior financial planner with HW Financial Services, part of UK top 20 chartered accountants Haines Watts, says business owners who have stayed abreast of pension developments are well aware that SSAS pensions - Small Self Administered Schemes, or company pensions – are designed to allow up to 50% of the pension value to be loaned back to the business.

“The pensions industry changed a great deal from April 2006, with lots of businesses taking out SIPPS – Self Invested Personal Pensions - which are still great vehicles to use, but for smaller owner-managed businesses there are other pensions vehicles such as SSAS – Small Self Administered Schemes, company pensions - schemes which are invested in same way as a SIPS is, but can still facilitate flexibility back to a biz when times might be difficult with regard to borrowing.

“Alternatively, these schemes can actually just provide a business with a lifeline for a short period while they get themselves back on track. SSAS schemes can generally lend up to 50% of the pension assets back to the company, so they’re not just about self-investment in, say, property, they can help the business to progress,” said Ann-Marie Banks, who is based in Manchester and Preston, and has responsibility for Merseyside and Cumbria clients. Video.

Haines Watts is a UK top 20 chartered accountancy firm specialising in the owner-managed sector, providing a broad range of services out of its 50 offices. The firm has 80 years experience and 30,000 clients.

Ends

Further information:

Iain Macauley

im@pressrelations.co.uk

07788 978800

www.hwca.com

Photos:

http://www.flickr.com/photos/pressrelations/5265365689/in/set-72157624275784545/

80% OF NORTH WEST BUSINESS OWNER MANAGERS HAVE HAD NO FINANCIAL HEALTH CHECK IN THE PAST 12 MONTHS.

HAINES WATTS

FINANCIAL SERVICES

MANCHESTER AND PRESTON

PRESS RELEASE

December 20, 2010.

80% OF NORTH WEST BUSINESS OWNER MANAGERS HAVE HAD NO FINANCIAL HEALTH CHECK IN THE PAST 12 MONTHS.

Video.

More than 80% of North West-based business owner-managers have had no sort of financial health check during the past year according to a financial planner based in the region.

Ann-Marie Banks, a senior financial planner with Haines Watts Financial Services, part of  UK top 20 chartered accountants Haines Watts, says that despite the past 18 months being amongst the volatile in economic history, only around a fifth of owner-managers in the North West have kept on top of personal finance issues.

“The markets dived, and then have recovered by around 20% in the past year, which means that owner-managers who have had advice, acted upon it and stayed alert to the economic situation have quite possibly seen as much as a 20% increase in their holdings – and that could make a huge difference when they come to cash in their pensions,” said Ann-Marie Banks, who is based in Manchester and Preston, with responsibility for clients of HW’s Liverpool, Ulverston and Hale offices. Video.

“The very sharpest business minds work with their financial planners, keep looking at their assets, assessing the risks and potential rewards, and take on board the changes in the market – and those people have come through the past 12 months or so with a stronger financial holdings base as a consequence.

“But it’s not too late: there’s still great volatility ahead, and advice and agility could see recovery for those who have not yet gone through a financial health check – and potentially greater gains for those who continue to do so.

“We obviously press our clients to take advice, and, while there’s a cost, it is outweighed in the long term by the benefits of applying that advice. But as we meet with more and more owner-managers outside of the Haines Watts client bank, we’re coming to the conclusion that around 80% of them have simply not had any sort of financial health check.

“For instance, it has been widely reported that simply putting money in a savings account at the moment is yielding a loss – but there are many more options available to help money grow.”

Haines Watts is a UK top 20 chartered accountancy firm specialising in the owner-managed sector, providing a broad range of services out of its 50 offices. The firm has 80 years experience and 30,000 clients.

Ends

Further information:

Iain Macauley

im@pressrelations.co.uk

07788 978800

www.hwca.com

Photos:

http://www.flickr.com/photos/pressrelations/5265365689/in/set-72157624275784545/

HAINES WATTS DRIVES DEFENSIVE COMPANIES INTO BUSINESS ATTACK.

HAINES WATTS

CHARTERED ACCOUNTANTS

MANCHESTER AND PRESTON

PRESS RELEASE

November 25, 2010.

HAINES WATTS DRIVES DEFENSIVE COMPANIES INTO BUSINESS ATTACK.

North West owner managers have been so busy defending and protecting their businesses that many have taken their eye off the growth and development ball.

Manchester and Preston-based Haines Watts chartered accountants has responded by developing a series of seminars aimed at helping put businesses on the attack.

Called “Rise”, the seminars will cover key areas relating to the growth and development of owner-managed businesses. They’ll take place throughout January and February 2011.

David Fort of Haines Watts said: “Owner-managed businesses tell us the biggest challenge they face is achieving and sustaining business growth.

“Being an owner manager or managing director of your company can be a lonely place when trying to make that step change in your organisation.

“The people around you often don’t have the necessary knowledge, skills or experience to help you through this process. The seminar series is designed for people in just that position who are looking to grow their business.”

Consisting of six high-impact breakfast sessions that will provide focused information and cut through the woffle, elements include creating, retaining and extracting personal and family wealth in line with aspirations; sustaining growth against increasingly stiff competition in a changing market; leading the business in the right direction while reducing business and personal risks; recruiting, motivating and retaining the right people and exiting the wrong ones with low risk; establishing and maintaining effective and appropriate funding arrangements; providing the right operations and facilities to support the business without breaking the bank.

Key features of the events include access to experts in business growth acceleration, and are held in  a confidential environment in short sessions with practical not theoretical content in a discussion rather than lecturing environment.

Haines Watts is a UK top 20 chartered accountancy firm specialising in the owner-managed sector, providing a broad range of services out of its 50 offices. The firm has 80 years experience and 30,000 clients.

Ends

Further information:

Iain Macauley

im@pressrelations.co.uk

07788 978800

www.hwca.com

http://www.hwca.com/offices/accountants-north-west.php

NORTH WEST SMALL BUSINESS FIVE TIMES MORE LIKELY TO CONSULT PEERS THAN BANK

HAINES WATTS

CHARTERED ACCOUNTANTS

PRESS RELEASE

September 16, 2010.

NORTH WEST SMALL BUSINESS FIVE TIMES MORE LIKELY TO CONSULT PEERS THAN BANK.

Video here.

Photos here.

Only around a tenth of North West small business owners would consult their banks when making an investment or “sense checking” business decisions, with more than half saying they’d speak with their peers instead.

That’s one of several surprising findings from a survey by UK top-20 accountants Haines Watts that indicates there’s a new financial world order when it comes to who owner-managers rely upon for business advice.

Peers are most likely to be consulted (53%), followed by accountants (49%), friends and family (22%), banks, (10%) management consultants (4.5%) and lawyers (4%).

“The banks used to have a vast range of experience with some of their managers, and businesses obviously relied upon that. But some of those experienced people have been lost from the system, and they seem to be heading for a more risk-averse approach, and the link between bank and customers seems to have gone,” said David Fort, partner at UK top 20 chartered accountancy firm Haines Watts in Manchester and Preston. (Watch video interview)

“There are now two key groups that business owners consult: one is their peers – they look for advice and ideas from other business men – and the other is accountants, like us, who understand their business and can be relied upon to give an external view.

“Historically, small business relied upon bank managers, but in recent times there’s been a growing concern that banks have become more systemised and are losing that contact with their clients.”

The survey indicates that lawyers have lost their one-time role as trusted business advisers, with just 3.97% of business owners saying they would go to them to benchmark or “sense check” business decisions.

Small owner-managed businesses are the powerhouse of the UK economy: of the 4.7 million businesses in the UK, 99.3% are small firms with fewer than 50 employees.

Of the 8,700 owner-managed businesses invited to take the Haines Watts Business Owner Survey, 645 responded giving a response rate of 7.4%. A selection of business owners were further invited to take part in in-depth interviews.

Haines Watts is a UK top 20 chartered accountancy firm specialising in the owner-managed sector, providing a broad range of services out of its 50 offices. The firm has 80 years experience and 30,000 clients.

Ends

Further information:

Iain Macauley

im@pressrelations.co.uk

07788 978800

www.hwca.com

http://www.hwca.com/offices/accountants-north-west.php

SURVEY: BATTLING NORTH WEST OWNER-MANAGERS DEFY “DESTRUCTIVE COST-CUTTING” TO STAY ON THEIR FEET

HAINES WATTS

PRESS RELEASE

September 8, 2010.

SURVEY: BATTLING NORTH WEST OWNER-MANAGERS DEFY “DESTRUCTIVE COST-CUTTING” TO STAY ON THEIR FEET.

Photos here.

A perfect financial storm of destructive cost-cutting, reduction of credit facilities, bank demands for personal guarantees and slow payment by public bodies is putting the engine room of the North West’s economy under enormous hidden pressure.

“99% of businesses in the North West of England employ fewer than 50 people and, boy, are they gathering scar tissue at the moment – but they’re battling through, staying on their feet, and should be proud of themselves,” said David Fort, partner at UK top 20 chartered accountancy firm Haines Watts in Manchester and Preston.

“Government stats may be saying the UK is out of recession, but small businesses are often at the end of a chain that means an invoice generated to a client or customer on day one may go through several other businesses, and several more 30-day payment cycles, before the often-delayed cash reaches that small business. In many cases, some small businesses are actually living other businesses’ or bodies’ bad fortunes of six months ago.”

Haines Watts has conducted an in-depth survey of how the current economic and business environments are impacting upon owner-managed businesses, and the statistics are stacking up strongly against them as, in parallel, frustration mounts.

“Many small businesses are still undoubtedly living the recession. 45% have had to make a claim through the courts for unpaid bills, nearly a third of North West business owners are currently being asked to provide personal guarantees for their business, 20% have seen their banks reduce or restrict credit facilities, and 17% have had to bring in additional bank finance.

“But new phrases are creeping in to describe the challenges: half of all businesses surveyed in the North West say they have experienced ‘destructive cost-cutting’ from competitors – basically those competitors who can afford to are ‘buying turnover’ by pitching for business at whatever level it takes to win it - and 22% say they have had to pitch for work on a zero profit basis.

“That such a high level of debt recovery goes as far as court action shows that small businesses’ lack of economic muscle is being exploited. In our experience, public bodies are amongst the worst when it comes to paying promptly. The threat of court action can be effective, but by the time the court has moved – it can be too late: the small business making the claim has gone to the wall,” said David Fort.

Small owner-managed businesses are the powerhouse of the UK economy: of the 4.7 million businesses in the UK, 99.3% are small firms with fewer than 50 employees.

Of the 8,700 owner-managed businesses invited to take the Haines Watts Business Owner Survey, 645 responded giving a response rate of 7.4%. A selection of business owners were further invited to take part in in-depth interviews.

Haines Watts is a UK top 20 chartered accountancy firm specialising in the owner-managed sector, providing a broad range of services out of its 50 offices. The firm has 80 years experience and 30,000 clients.

Ends

Further information:

Iain Macauley

im@pressrelations.co.uk

07788 978800

www.hwca.com

http://www.hwca.com/offices/accountants-north-west.php

WE NEED MORE NORTH WEST STREET-SAVVY RISK TAKERS, NOT OVER-FORMULATED BUSINESS EDUCATION, SAYS ACCOUNTANT.

HAINES WATTS

PRESS RELEASE

July 26, 2010.

WE NEED MORE NORTH WEST STREET-SAVVY RISK TAKERS, NOT OVER-FORMULATED BUSINESS EDUCATION, SAYS ACCOUNTANT.

Video here.

Photos here.

Business needs more “street-savvy” risk-taking entrepreneurs to counter the massive rise in the number of graduates who have a formulated view of how to run a business.

David Fort, partner at UK top 20 chartered accountancy firm Haines Watts in Manchester and Preston, says business education training and funding should be switched from the public sector and into the hands of the employers (Watch video).

“In a Haines Watts survey of business owners, a common comment was ‘a degree does not a businessman make’. Businesses and the private sector need to develop education and training programmes which are not just specific to the skills they require, but also reflect the culture of that business,” he said.

“Accountants may have a reputation as being amongst the most risk-averse of professionals, but our view is that the North West needs more risk-takers – but harnessed and guided by private sector-run training to channel that raw commercial talent.

“More people than ever are going on to higher education, but people coming out of university are arriving in the jobs market with a much more formulated and samey structure in terms of their attitude to business,” he said.

“The rapid expansion in the numbers going through higher education may be good for the UK’s professions, but the owner-managed business sector is not seeing the benefits of the investment. Frankly, not many graduates are emerging as potential business leaders and owners. I question whether higher education is actually preparing graduates for the world of work.

“Our survey showed that a third of current North West business owners left school at 16, a further 22% with qualifications no higher than A-level; those who left school at 16 got out into the real world, taking risks, employing people – this is how we ended up in the UK with the likes of Richard Branson, Alan Sugar, John Caudwell and so on.

“Small owner-managed businesses are the powerhouse of the UK economy: of the 4.7 million businesses in the UK, 99.3% are small firms with fewer than 50 employees, yet most business training seems to be more about how to play a management role in steadying or maintaining the course of business monoliths rather than creating business and jobs through raw ambition and risk-taking,” said David Fort.

Of the 8,700 businesses invited to take the Haines Watts Business Owner Survey, 645 responded giving a response rate of 7.4%. A selection of business owners were further invited to take part in in-depth interviews.

Haines Watts is a UK top 20 chartered accountancy firm specialising in the owner-managed sector, providing a broad range of services out of its 50 offices. The firm has 80 years experience and 30,000 clients.

Ends

Further information:

Iain Macauley

im@pressrelations.co.uk

07788 978800

www.hwca.com

http://www.hwca.com/offices/accountants-north-west.php

ONLY 16% OF NORTH WEST FAMILY BUSINESSES WILL STAY IN THE FAMILY.

HAINES WATTS

PRESS RELEASE

July 20, 2010.

ONLY 16% OF NORTH WEST FAMILY BUSINESSES WILL STAY IN THE FAMILY.

Watch video.

Download photo.

Only 16% of North West businesses owners will hand control to younger family members when they decide to retire or exit, and 42% of business owners are worried they’ll never extract capital or monetise their investment.

Those are some of the key findings of a survey of owner-managed businesses by UK top 20 chartered accountancy firm Haines Watts.

“Despite economic circumstances, there’s value to be maximised and money to be made provided a business owner has a plan – and I believe there’s a lot of businesses in the North West who are perhaps sitting on more value than they realise,” said David Fort, partner, Haines Watts Manchester and Preston (Watch video).

“But the thought that business owners will not get value out of their business come retirement is obviously a major issue, and while, historically, owner-managed businesses have been passed down to other family members, currently only 16% say they’ll now do that.

“I would say that the number of family businesses being passed on to other family members has decreased rapidly in the past five years, and that the traditional family firm is going to become a very rare beast.

“That’s not to say that there are not options for the 84% of business owners who won’t pass their business on, but it is crucial to take advice and put a plan in place that will take three to five years to drive through to fruition.

“Tax planning is vital, though, and what might seem to be pricey advice early in the process could save a fortune come exit time – for instance, one business owner made some unusual tax structure decisions aimed at mitigating the cost of school fees, but the arrangement wound up costing him several hundred thousand pounds more on the sale of the business than the saving he had made.”

Of the 8,700 businesses invited to take the Haines Watts Business Owner Survey, 645 responded giving a response rate of 7.4%. A selection of business owners were further invited to take part in in-depth interviews.

Haines Watts is a UK top 20 chartered accountancy firm specialising in the owner-managed sector, providing a broad range of services out of its 50 offices. The firm has 80 years experience and 30,000 clients.

Ends

Further information:

Iain Macauley

im@pressrelations.co.uk

07788 978800

http://www.hwca.com/offices/accountants-north-west.php

Photos here: http://www.flickr.com/photos/pressrelations/sets/72157624275784545/

North West business owners most likely to be asked for personal guarantees by banks

http://www.thebusinessdesk.com/northwest/news/27677-region-s-directors-more-likely-to-be-asked-for-pgs.html?news_section=4148

NORTH WEST BUSINESS OWNERS MORE LIKELY TO BE ASKED FOR PERSONAL GUARANTEES

HAINES WATTS

CHARTERED ACCOUNTANTS

PRESS RELEASE

July 12, 2010.

NORTH WEST BUSINESS OWNERS MORE LIKELY TO BE ASKED FOR PERSONAL GUARANTEES.

Watch video.

One in three North West business owners are being asked by banks to provide personal guarantees to support their companies - higher than the UK average, and more than twice as many as in the East Midlands.

Chartered accountants Haines Watts surveyed 8,700 owner-managed businesses, and, from the responses received, found that 31.63% of company owners in the North West region had been asked by their banks to provide personal guarantees compared to 15.38% in the East Midlands, just over 17% in Scotland, 21.74% in the South East and 24.77% in the West Midlands. The national average is 25%.

“Small owner-managed businesses are the powerhouse of the UK economy: of the 4.7 million businesses in the UK, 99.3% are small firms with fewer than 50 employees, yet they feel they’re being forced to drive round with the handbrake on,” said David Fort, a Partner with Haines Watts Manchester. (Watch video, 1 min 36 secs.)

“People in business need access to finance, the banks have got to release the purse strings; 31% of business owners in the North West say they’ve been asked to provide personal guarantees, which is far higher than just about anywhere else in the country.”

But despite that handicap, David Fort says the signs are that the North West region is amongst the best placed in the UK to drive recovery.

“The North West is actually ideally placed; it has fantastic businesses, fantastic business leaders and a great workforce,” he said.

“But we do need more support from a government which should be looking at more ways of backing businesses, particularly with regard to releasing funding, taxation and how tax changes might give businesses an extra incentive to grow.

“On a basic level, we also have an excellent education system in the North West, it creates useful workers, but some graduates come out of university without the basic skills business requires, so companies should be encouraged to train their own staff so they gain relevant skills.”

Of the 8,700 businesses invited to take the Haines Watts Business Owner Survey, 645 responded giving a response rate of 7.4%. A selection of business owners were further invited to take part in in-depth interviews.

Haines Watts is a UK top 20 chartered accountancy firm specialising in the owner-managed sector, providing a broad range of services out of its 50 offices. The firm has 80 years experience and 30,000 clients.

Ends

Further information:

Iain Macauley

im@pressrelations.co.uk

07788 978800

www.hwca.com

PRESTON ACCOUNTANT: NORTH WEST BUSINESS OWNERS MORE LIKELY TO BE ASKED FOR PERSONAL GUARANTEES

HAINES WATTS

CHARTERED ACCOUNTANTS

PRESS RELEASE

July 12, 2010.

PRESTON ACCOUNTANT: NORTH WEST BUSINESS OWNERS MORE LIKELY TO BE ASKED FOR PERSONAL GUARANTEES.

Watch video.

One in three North West business owners are being asked by banks to provide personal guarantees to support their companies - higher than the UK average, and more than twice as many as in the East Midlands.

Chartered accountants Haines Watts, with offices in Preston, surveyed 8,700 owner-managed businesses, and, from the responses received, found that 31.63% of company owners in the North West region had been asked by their banks to provide personal guarantees compared to 15.38% in the East Midlands, just over 17% in Scotland, 21.74% in the South East and 24.77% in the West Midlands. The national average is 25%.

“Small owner-managed businesses are the powerhouse of the UK economy: of the 4.7 million businesses in the UK, 99.3% are small firms with fewer than 50 employees, yet they feel they’re being forced to drive round with the handbrake on,” said David Fort, a Partner with Haines Watts Preston. (Watch video, 1 min 36 secs.)

“People in business need access to finance, the banks have got to release the purse strings; 31% of business owners in the North West say they’ve been asked to provide personal guarantees, which is far higher than just about anywhere else in the country.”

But despite that handicap, David Fort says the signs are that the North West region is amongst the best placed in the UK to drive recovery.

“The North West is actually ideally placed; it has fantastic businesses, fantastic business leaders and a great workforce,” he said.

“But we do need more support from a government which should be looking at more ways of backing businesses, particularly with regard to releasing funding, taxation and how tax changes might give businesses an extra incentive to grow.

“On a basic level, we also have an excellent education system in the North West, it creates useful workers, but some graduates come out of university without the basic skills business requires, so companies should be encouraged to train their own staff so they gain relevant skills.”

Of the 8,700 businesses invited to take the Haines Watts Business Owner Survey, 645 responded giving a response rate of 7.4%. A selection of business owners were further invited to take part in in-depth interviews.

Haines Watts is a UK top 20 chartered accountancy firm specialising in the owner-managed sector, providing a broad range of services out of its 50 offices. The firm has 80 years experience and 30,000 clients.

Ends

Further information:

Iain Macauley

im@pressrelations.co.uk

07788 978800

www.hwca.com