In addition to the vacancies we listed in our last post we are now recruiting for two other roles: Trainee Administrator and Paraplanner. Details of these are provided below.

Trainee Administrator

At Clarkson Wayman Ball our Administrators possess strong interpersonal skills and enjoy interacting with our clients. The essential criterion for this role includes:

• Positive attitude for all parts of the role
• High persistence levels to get the job done
• The ability to multi-task
• Quick learner and be able to demonstrate taught techniques
• Office skills, including IT and typing
• Bright, outgoing personality
• Experience answering telephone calls
• Commute of 20 to 30 minutes to the CWB office in Market Harborough

Paraplanner

In order to meet the demands of this role, you will need to demonstrate relevant experience. It is essential that you have:

• Experience working within an IFA practice as a Paraplanner
• 5+ years’ experience
• Attained the FP1 qualification
• Office skills, including IT and typing
• Must have an understanding of pensions, PP and occupational, investments, life products
• Located within 1 hours commute of CWB

To really excel in this position it also desirable that you have:

• Already attained FPC3
• 5+ years – 10 years in industry
• Group scheme experience

What next?

If you would like to join our team and feel you have the right skills and outlook to contribute to our award winning business, please send your CV (by email only) to Chris.Everard@cwb-ifa.co.uk

A well known Law Firm that employs around 1,600 people has saved its staff approximately £2 million in tax and NIC over the past 12 months. How? By using salary sacrifice.

So what exactly is salary sacrifice and how does it work?

An employee can sacrifice part of their salary, which the employer can then pay directly into the pension plan.

As a result of having a lower salary, both the employee and the employer pay less NIC. As part of the salary sacrifice arrangement, the employer pays all or part of the NIC saving to the employee’s pension plan along with the sacrificed amount.

For example, if you earn £50,000 a year and decide you want to salary sacrifice £5,000. Your new salary is £45,000, with the employer paying £5,000 to your pension plan. You pay less NIC (and in some cases Income Tax) because your salary is lower. Your employer also pays less NICs and pays a percentage of their saving to your pension scheme. The percentage of NIC saving your employer pays is defined by them as part of their salary sacrifice offer. It could be anything between 0% and 100%.

Salary sacrifice can also be used to access employee benefits. For example, in the Law Firm mentioned above, the practice also revamped their employee benefits arrangements to be in line with the new auto enrolment legislation for pensions. Employees within the business, on average, ended up saving approximately £923 a year in tax by paying for their child care using salary sacrifice.

There are more than 20 benefits that employees can ‘buy’ through salary sacrifice. Another example is a gym membership (a benefit a lot of employees consider at this time of year!). An employee buying a gym membership at £450 per year, but paying through salary sacrifice, could save the tax on this amount. The employer will also save the 13.8% Class 1A National Insurance contributions.

Companies who use the salary sacrifice facility to its fullest clearly demonstrate that they are helping their staff make their salary go further. In economic times such as these, we believe a strategy like this will be well received.

To find out more about salary sacrifice and how you can make it work within your business, contact Caroline Robinson via email to Caroline.Robinson@cwb-ifa.co.uk or call 01858 469 910 .

With such a hot topic under discussion we had a great turnout – despite the miserable weather. The presentation was really well received with everyone in attendance rating the content and delivery as very good to excellent.

We used the usual format of breakfast rolls and presentations, however this time we held the workshop at Howes Percival’s Leicester office rather than at Clarkson Wayman Ball in Market Harborough. Nevertheless, both the venue and format also scored 100% very good to excellent by all in attendance.

Because we received such great feedback, we thought we would share key points from the presentation here on our blog. Summarised below are the ’10 ways to get what you are owed’ (without raising your voice).

1. Know your customers

When work is short, you can be tempted to take a client on without proper consideration. Be sure to look into credit reports, business accounts filed at Companies House, insolvency history and the register of county court judgments to better understand your client’s position. Also be prepared to stop work or amend payment terms!

2. Maintain a good relationship and regular contact

Encourage a frank relationship to find out about problems as soon as they arise, so that you can resolve them. If payment is late, immediately make contact to understand why. Phone can often work best but make sure you keep detailed notes. Advise of payment terms upfront, as your customer is more likely to adhere to them if they are made clear from the start.

3. Payment on account

Insist on payment upfront on account. Often this won’t be possible, but try to assess each case. Keep in mind the financial status of the customer, your relationship, previous experience and also whether you would lose the business.

4. Effective terms and conditions (payment terms)

Contractual documentation must clearly set out the terms of payment. Think about timescales within which invoices should be paid and pricing discounts for payment of invoices on or before the due date.

5. Effective terms  conditions (late payment)

Clearly set out the consequences of late payment. Encourage customers to pay promptly. It will also assist you in pursuing overdue accounts and recovering losses. Consequences might include the right to charge interest on overdue accounts at a specific rate. If not expressly included, you can rely on The Late Payment of Commercial Debts (Interest) Act 1998. However, we do recommend it is included in your contracts.

6. Incorporation of terms and conditions

Ts & Cs must be incorporated into your contracts. Avoid “battle of the forms” which can arise when a client has their own standard Ts & Cs.

Ensure your Ts & Cs are brought to the customer’s attention before the contract is concluded and include a clause stating that your terms prevail over any other party’s.

7. Strictly adhere to terms and conditions

Strict adherence encourages customers to pay promptly. It shows the business takes payment terms seriously. If you regularly accept payment on different terms, it could be argued there has been a variation.

Sometimes there is a commercial reason to waive certain payment terms. However, as a general rule payment terms should be adhered to and enforced. For any single exception, make clear that you are not waiving any other rights.

8. Implement a debt recovery procedure

Your strict procedure could include the following steps:

1. Issue invoices promptly, in accordance with your Ts & Cs. Ensure it is sent to the relevant person and includes details of the fees charged. Ts & Cs and details for how to pay should also be included.
2. If payment is not made by the due date, notify the customer and inform them of the possible consequences of late payment. Give a deadline for payment (perhaps 7 or 14 days).
3. If payment is still not made by the deadline, further notification should be made. Implement the consequences of late payment and provide a further deadline for payment.
4. If payment is still not made by the deadline, issue a final notification advising that the matter will be referred to solicitors and/or legal action will be taken.
5. Consider a telephone call to someone in authority at the customer.
6. Three communications will usually elicit payment, if it is going to be paid without legal action.
7. If an invoice remains outstanding at this stage, consider legal action.

9. Addressing complaints without prejudicing your position

A complaint may be raised and used as a defence to a subsequent claim for payment of the invoice. Address any complaints without prejudicing your position and remember that any comments or actions could be referred to at a later date.

Take action:

1. Brief all employees on your Ts & Cs and any debt recovery procedures, so they know the policies and steps to follow.
2. Investigate and address complaints promptly and notify the customer of your findings as soon as possible. If there is substance to the complaint, consider delaying further progress on debt recovery while complaint is addressed.
3. Be careful when responding – any admissions could be referred to at a later date. Balance this against the benefit of openly addressing genuine complaints.
4. The “Without prejudice” rule only relates to genuine attempts to settle disputes.
5. Keep a paper trail. Communication in writing is best, but discussions over the phone or in-person can often be more effective in resolving the issue. Keep detailed notes.
6. Do not destroy relevant documents and take care when annotating documents.
7. Beware of payments made by the customers with conditions attached.
8. If in doubt, seek legal advice early.

10. Techniques for effectively recovering a debt

1. A formal Letter of Claim sent from a solicitor. This is a precursor to legal proceedings.
2. Formal legal proceedings to recover the unpaid invoice.
3. A Statutory Demand for payment. This is a precursor to Bankruptcy or Winding-Up proceedings and may only be used in relation to an undisputed debt.
4. Formal Bankruptcy or Winding-Up proceedings.

The final comments by presenters Geraint Davies and Richard Tomlinson were reminders that one should consider the potential costs and time involved before taking legal action, as well as the recovery of your costs. Wise words in our opinion!

Martin Stanley, Client Support Adviser at CWB attended the workshop at Howes Percival and shares a few words about the event in the video below.

CWB Breakfast Seminar – Debt Recovery from A Business Innovation on Vimeo.

We strive to keep the content of our Breakfast Workshops relevant to business owners and entrepreneurs so we use feedback to plan future events. On this basis or next workshop will be held on 1 March 2012 at 8.00am with Business Succession and Protection as the main focus. Please contact Marie via email to marie.dewey@cwb-ifa.co.uk or join our group on LinkedIn if you would like to receive invitations to future CWB Breakfast Workshops.

Look out for further details about our upcoming events on our blog.

Geraint Davies of Howes Percival will show attendees ten ways to get what is owed to them. We will discuss techniques for effective debt recovery and also how to prevent debts going bad.

Share your experiences with us on 18 January, learn how to avoid “battle of the forms” and create Ts & Cs to suit your business needs.

The event will be hosted at Howes Percival’s Leicester office, view map and directions here. Breakfast rolls, tea and coffee will be served as normal from 8.00 am with presentations commencing at 8.30 am. Expected departure is 10.30 am.

To find out more about the event or to register to attend, email Marie or call us on 01858 469 910.

Please note that the office here at Clarkson Wayman Ball will be closed from 5.30pm Thursday 22 December 2011 until 8.30am on Tuesday 3 January 2012.

We look forward to seeing you in the New Year!

At CWB we always strive to deliver world class service, with a focus on constant business improvement. As part of this ethos we adhere to the principles of Investors in Excellence (IiE) and the EFQM Excellence Model.

To our delight, we just heard that we have been successful in achieving IiE re-accreditation which is an internationally recognised standard. It follows a detailed assessment of our business, part of an involved process undertaken every two years, including an onsite visit and the submission of a 100 page dossier. The material we prepared covered our:

• Mission, vision and values
• Leadership approach
• Business strategy
• Investment in people
• Partnerships and resources
• Processes, products and services
• Customer results
• People results
• Society results (i.e. contribution to the community)
• Success metrics

We will receive a certificate shortly, confirming our success. In March we will attend Midlands Excellence Awards Ceremony at The University of Birmingham’s Great Hall , where we will be awarded our new plaque.

The news gets better…

We also received a call yesterday from Ian Nield, Chief Executive of Midlands Excellence, to inform us that the judging panel met earlier this week and we are to be finalists for the main Midlands Excellence Award at the event in March! The official announcement has now been made on the IiE website.

We have also entered for two Specialist Category Awards, namely, Customer Service and Innovation. We will hear further concerning our progress in these awards as the judging process progresses.

Stay tuned for more details. In the interim, a big congratulations to the entire team here at CWB for your contribution to our continued success.

We currently have three vacancies: Client Support Adviser, Administrator and Senior  Administrator. Job specifications are provided below, including the essential and desirable criteria for each one.

Client Support Adviser

In order to meet the demands of this role, you will need to demonstrate relevant experience. It is essential that you have:

• Attained QCA3 or will achieve DipFS within 6 months of joining our team
• A full driving license, with 6 points or less
• UK residency status, for a minimum of 3 years
• Client facing experience
• A flexible approach to working hours
• Demonstrable skill and experience working as a team player

To really excel in this position it also desirable that you have:

• Already attained DipFS
• A clean driving license
• Sales experience
• Industry connections
• A demonstrable level of discipline
• Reporting accountability
• A commute within one hour of the CWB office (Market Harborough)
• Client relationship management skills
• Skill at working in a deadline-driven environment

Senior Administrator

To be successful in this role, you will need to possess the following essential and desirable skills.

Essentials skills:

• Experience working in a back office environment
• At least 5 years experience in an FSA regulated firm
• The ability to supervise junior team members

Desirable skills:

• Qualified to FP3
• Research experience

Administrator

At CWB our Administrators possess strong interpersonal skills and enjoy interacting with our clients. The essential criterion for this role includes:

• At least one year experience working within an IFA practice
• Office skills, including IT and typing
• Experience answering telephone calls
• Commute of 20 to 30 minutes to the CWB office in Market Harborough
• Knowledge of IFA needs and working practices

It is also desirable if you can demonstrate you have:

• Three years’ experience working within an IFA practice
• Attained the FP1 qualification

Do any of these roles sound like they might be right for you?

If you would like to apply, as a first step, please send your CV (by email only) to Chris.Everard@cwb-ifa.co.uk

While we may look forward to presents and mince pies rather enthusiastically, we’re happy to confirm that Paraplanner Sophie was raising money for a another cause on Sunday.

Sporting a Santa suit, Sophie joined hundreds of others in the British Heart Foundation’s Annual Santa Dash in Milton Keynes. Unlike the cuddly festive character, she managed an 8 km run without the help of Rudolph and Blixen, raising £130 for charity!

Well done Sophie!

Sophie ready for her run

Economic growth and the budget deficit

• To coincide with the Autumn Statement, the Office for Budget Responsibility (OBR) published its latest growth and borrowing forecasts.
• UK economic growth was revised downwards from 1.7% to 0.9% in 2011. In 2012, the forecast has also been revised down to 0.7% (from 2.5%). Economic growth is forecasted at 2.1% for 2013, 2.7% for 2014 and 3% for 2015.
• The lower economic growth forecasts mean that it will take longer for the government to reduce its budget deficit. The OBR has also forecasted an additional £100bn of public borrowing over the next four years, as a result of the lower growth projections.
• The Autumn Statement also made clear that recession across the Eurozone could tip the UK economy into recession.

Pay and benefits

• Public sector pay has been capped at 1% for the two years after the current pay freeze ends next year. A review of regional pay adjustments in the public sector is also set to take place.
• Working-age benefits will be increased in line with inflation from April 2012, using the 5.2% CPI inflation figure from September 2011.
• There will be below inflation increases in some working tax credits during 2012/13. This includes the child element of the child tax credit, where the planned above-inflation increase of £110 has been scrapped.
• Out of work young people will have to sign up to a new Youth Contract, which will subsidise the cost of private sector work experience for over 400,000 young people. The Youth Contract will interact with benefits, which will be removed for those failing to meet the terms of the contract.

Investments

• The Autumn Statement announced infrastructure investment projects and incentives to invest in small businesses. The Chancellor announced that we will see new infrastructure spending of £5bn over the next three years, including £1bn for the rail network.
• For the 2012/13 tax year the annual exemption for capital gains tax will be frozen at £10,600. This measure was announced to fund a new enterprise investment scheme for start-up businesses.
• The new enterprise investment scheme will offer income tax relief of 50% to investors on sums invested up to £100,000, with a capital gains tax holiday for twelve months. The scheme will be available from April 2012 and each eligible company can receive an investment of up to £150,000.
• Venture Capital Trusts (VCTs) will see the £1m investment limit per company removed, which means VCTs will be able to invest an unlimited amount into small businesses. These schemes can now invest in firms with up to 250 employees (previously 50 employees).

Pensions

• April 2012 the basic state pension will increase by £5.30 per week, which means that a full basic state pension for a single person will be £107.45 per week. For a couple, the full basic state pension will rise by £8.50 per week to £171.85 per week.
• In 2012 the pension credit will increase by £5.35 a week. This will be funded by an increase to the threshold for the Savings Credit.
• The state pension age will increase from 66 to 67 by 2026, which is eight years earlier than the previously announced schedule for increasing the state pension age. This is estimated to save the public purse approximately £59bn.

Other interesting developments

• The bank borrowing levy will be increased to 0.088%, from the current 0.078%, on 1 January 2012. A Europe-wide Financial Transaction Tax was also ruled out.
• Small business rate relief, due to finish on 1 October 2012, has been extended by a further six months until April 2013. Businesses may also defer up to 60% of the increase in their 2012/13 rates bills and spread these payments over the following two years.
• Credit lending facilities for small businesses will be expanded. This is expected to cut the cost of small business borrowing by around 1%.
• Reinvigorated ‘right to buy’ scheme means that residents in social housing will receive discounts of up to 50% of the value of their homes. Receipts from this scheme will be used to fund the building of more affordable homes.
• The previously announced mortgage indemnity scheme was confirmed. It is expected to help up to 100,000 people to buy homes with only a 5% deposit, with the government underwriting some of the lending.
• The 3p rise in fuel duty set for January 2012 has been scrapped. The 5p rise scheduled for August 2012 will still be introduced, but at the lower rate of 3p.

We hope you found this summary useful. It is by no means exhaustive and if you would like to discuss the issues as they relate your specific situation, please get in touch.

Fractional ownership, especially as it relates to property, is growing in popularity. So what does fractional property ownership involve? As a fractional owner, you gain the benefits of owning a holiday home without the associated hassle – and at a lower entry cost. Most buyers own a fraction of the freehold of a property which entitles them to a number of weeks’ use. Maintenance costs are shared between buyers and many fractional developments now offer the opportunity to swap some of your allocated time through a fractional luxury exchange network.

India and Michael Hobbs are Directors of Appassionata, a Fractional Ownership company with properties in Italy. They will educate us on what Fractional Ownership is, how it works, and showcase some of their current properties. Below is a copy of the invite.

If you would like to join us at the event, and network with like-minded entrepreneurs, please contact Victoria.Leer@cwb-ifa.co.uk via email or telephone 01858 469 910.