ISSUE 33 | Winter 2015/16

Adding value to our client services TAX TIPS For the financial year end AIA Getting the timing right FUNDING BOOST For businesses in the South West DIVIDENDS All change PENSION The next steps CLIENT FOCUS Trelowarren

Help to Buy: the ISA for first-time buyers

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CONTACTS Exeter

Michael House, Castle Street, Exeter EX4 3LQ 01392 211233 [email protected] Partners: Chris Bowker [email protected] Mary Jane Campbell [email protected] John Coombs [email protected] Adrian Hemmings [email protected] Jean-Paul Quertier [email protected] Jon Williams [email protected] Lynn Woodward [email protected]

Barnstaple

Millennium House, Brannam Crescent, Roundswell Business Park, Barnstaple EX31 3TD 01271 342233 [email protected] Partner: Jilly Watson [email protected]

Heathfield

Pullman House, Battle Road, Heathfield Newton Abbot TQ12 6RY 01626 200124 [email protected] Partners: Mary Jane Campbell Jon Williams

FROM THE TOP! After an autumn of shirt sleeve order, winter is upon us. The temperature is down, the wind is up, and there are changes afoot!

We’ve taken a look at a few Rob Bedford of the major reforms taking Partner place, and offered some sage snippets on how you can be prepared for them. Pensions and dividends for individuals and investment allowances for businesses will be affected next year, and effective planning could save you a considerable headache. On the plus side, there is an early gift for first-time buyers! As well as financial reform, we’ve explored how you can turn an icy review into a positive outcome, and given some tips on how to manage a cold working relationship. As ever, do get in touch if you’d like to talk through any of the issues inside, and have a wonderful Christmas and New Year.

Holsworthy

12 The Square, Holsworthy EX22 6DL 01409 253620 [email protected] Partner: Jon House [email protected]

Rob Bedford Partner

Honiton

Unit 3, The Threshing Barn, Woodhayes Farm, Honiton EX14 4TP 01392 211233 [email protected] Partner: Lynn Woodward

Okehampton

4 Fore Street, Okehampton EX20 1AD 01837 52485 [email protected] Partner: Rob Bedford [email protected]

When you have finished with this brochure, please recycle it, preferably by passing onto another reader. Please note: The articles in this newsletter are for general information only and are not intended to constitute professional advice. No duty of care is assumed to any direct or indirect recipient of the articles and no liability is accepted for any omission or inaccuracy.

Tax tips for the year end With the year-end fast approaching, here are our top tips to help you make the most of the tax-saving opportunities available to you and your business ahead of 5 April 2016. INDIVIDUALS Utilise your 2015/16 ISA allowance Adults can invest in any combination of cash or stocks and shares ISAs up to the overall annual subscription limit of £15,240 in 2015/16. However, a saver may only pay into a maximum of one Cash ISA and one Stocks and Shares ISA each year. Junior ISAs, for children aged under 18, allow annual investment of up to £4,080. You have until 5 April 2016 to make your 2015/16 ISA investment. For those saving for a first home there is the Government’s

new Help to Buy ISA, which is available from 1 December 2015. See our article on page 6 for more information. Plan to avoid the ‘hidden 60%’ income tax band Personal allowances are scaled back if ‘adjusted net income’ exceeds £100,000, falling by £1 for every £2 of income in excess of that limit. This effectively means that any income between £100,000 and £121,200 will be taxed at 60%. If your income for 2015/16 is likely to fall within this band, talk to us about your options – including deferred income and increased pensions payments. Organise a tax-efficient estate plan Early planning can help to reduce your liability to inheritance tax (IHT). There are a number of IHT reliefs available, while certain small gifts can be made free of any IHT liability. Get in touch to discuss your options.

BUSINESSES Consider the timing of capital investment For a temporary period from 1/6 April 2014 to 31 December 2015, the majority of businesses are able to claim a 100% Annual Investment Allowance (AIA) on the first £500,000 of expenditure on most types of plant and machinery. See our article on page 5 or get in touch for more information. Review your business motoring Tax and national insurance costs could mean that the company car is not the most tax-efficient option for either employer or employee. We can help you decide on the most efficient way to organise your business motoring. For more information on minimising your tax liability ahead of the year end, please contact us.

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Plus VAT Simple, obvious even. But fundamentally important, particularly when considering high value transactions, like a property deal or a disposal of business assets. You might have assumed that a transaction isn’t subject to VAT, for some reason or other. Or that any VAT chargeable is reclaimable in full by the buyer. And having decided that VAT isn’t really such an ever so important consideration, moved on to other seemingly more pressing concerns, without giving it much further thought. Quite understandable, but quite dangerous too.

What if emerging caselaw subsequently casts doubt on the position taken? And there is another stakeholder here, HMRC, who might express contrary views at a later date. If the contract is silent on VAT - it doesn’t say ‘plus VAT’ - then any price agreed is deemed to be inclusive. Which means the seller cannot insist on passing the VAT charge on to the buyer, and could end up paying it out of their sales proceeds.

Take a typical example. A business wishes to dispose of some of its assets, and agrees with a buyer that the sale can in principle be VAT free as a transfer of a business as a going concern. Despite the fact that the parties have agreed that no VAT is chargeable, the contractual arrangements must still cater for an alternative scenario.

With forethought, this is of course one of the easier VAT traps to avoid. But it is by no means the only one to look out for, and others can be harder to spot. It is usually a lot harder (and more expensive) to pull someone out of a VAT trap, than it is to stop them falling into one in the first place, so a little insight, in advance, can often go a long way.

It can help you understand the risks associated with a proposed transaction, and importantly, which party is bearing them. At Simpkins Edwards we appreciate that our clients have differing needs when it comes to taking advice on high value transactions. Experienced operators, with a healthy risk appetite, may merely want pointing in the general direction. Others prefer us to draw them a detailed map, highlighting where the VAT traps are known to lurk. But perhaps the savviest of all recognise that the best way to arrive safely at your destination, is to hire an experienced guide to accompany them on their travels. That truly is tax advice ‘plus VAT’.

The self assessment deadline is approaching! The deadline for filing your 2015 tax return online is 31 January 2016. Returns not filed by 31 January could result in a £100 penalty, with further fines payable for prolonged payment failures. We can prepare and file your tax return with HMRC, as well as advise you on which payments are due and when you should pay them.

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Changes to the Annual Investment Allowance Getting the timing right The Annual Investment Allowance (AIA) is due to fall from £500,000 to £200,000 with effect from 1 January 2016. Transitional rules will have an impact on the amount businesses can claim, so it is important to plan ahead if you want to receive the maximum tax benefit. What is the AIA? The AIA enables businesses to deduct the full cost of plant and machinery (excluding cars) from their profits in the year of purchase, and in doing so save money in tax. How much can I claim? The AIA was temporarily increased to £500,000 from 1 April 2014 for companies or 6 April 2014 for unincorporated businesses, until 31 December 2015. It had been due to fall to £25,000 from 1 January 2016. However, in his Summer Budget on 8 July, the Chancellor announced that the AIA will instead be set at £200,000. Accounting periods spanning the change AIA is calculated on a pro-rata basis. This means that businesses with an accounting period ending after 31 December will have to calculate their AIA based on two different periods. For example, a business with an accounting period starting 1 April 2014 would have 9 months’ worth of £500,000 and 3 months’ at £200,000 as their ‘transitional’ AIA maximum. Dates

Fraction of period

Allowance for full year

Transitional allowance

01/04/15 – 31/12/15

9/12

£500,000

£375,000

01/01/16 – 31/03/16

3/12

£200,000

£50,000

Transitional AIA maximum

£425,000

Timing expenditure for maximum relief After the £500,000 AIA ends at the turn of the year it will no longer be applicable in any way. Any relevant purchases made – for the example shown above – between 1 January and 31 March will have a maximum investment allowance of £50,000. If you are planning to make purchases over £50,000 we’d advise to do so before 31 December. Alternatively, where this isn’t possible, wait until your new accounting year in order to apply the full AIA. Careful consideration should be given to the timing of any expenditure to ensure you are able to maximise the available relief. Please speak to us for further advice.

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Help to Buy: the ISA for first-time buyers Like a phoenix from the fire, the housing market is booming once again. Whilst many homeowners will welcome this development, higher house prices can be preventative for would-be first-time buyers. In order to combat this the Government is launching its new Help to Buy ISA on 1 December 2015, offering incentives unique to those saving for their first home. Participants in this scheme will be able to contribute up to £200 per month to their fund, in addition to an optional £1,000 when the account is opened. The usual tax exemptions will apply to the ISA, but, in addition, the government will contribute a 25% bonus. The maximum bonus is set at £3,000, which would apply to savings of £12,000. This contribution can only be put towards a first home located in the UK with a purchase value of under £250,000 (£450,000 in London). It is intended that opening a Help to Buy ISA will be as

simple as opening a regular ISA, with interest rates set by the bank or building society an individual decides to save with. They will also be free to apply their normal ISA withdrawal and transfer rules, ensuring that savers can move between providers to get the best deal. The rule remains that an individual can only subscribe to one cash ISA per year, so this precludes subscribing to a regular ISA in the same year(s) or having multiple Help to Buy ISAs. However, as this rule applies to an individual only, those looking to buy with a

partner can have one Help to Buy account each, doubling both the saving and the bonus. Savers will be able to apply for and open a Help to Buy ISA up to four years after the scheme is officially launched. Once an account is opened there is no limit on how long an individual can save into it and no time limit on when they can claim their bonus. We can advise on a range of property taxation matters – please contact us for assistance.

Business rates to be devolved The Government recently confirmed plans to give councils in England the authority to alter the level of business rates in their area, and the opportunity to keep all of the proceeds of those rates. Currently, businesses pay a uniform business rate set by the central Government, which

is calculated by multiplying the rental value of a property by either the standard rate (49.5p) or the lower rate (48p), and then subtracting any rate relief. Councils retain 50% of the earnings, with the Treasury redistributing the rest of the revenue to compensate areas with fewer businesses.

The new proposals, announced by the Chancellor at the Conservative Party Conference, will mean that councils can cut these rates and effectively compete with each other to encourage enterprise and attract businesses to their area.

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Property tax relief: winners and losers

The Government has announced a number of changes to property tax reliefs, which are set to come into force over the coming years. Here we provide a round-up of some of the key reforms. Wear and tear allowance From April 2016 the wear and tear allowance will be replaced with a new relief that allows all residential landlords to deduct the actual costs of replacing their property furnishings. As in the current scheme, items such as beds, carpets, curtains, crockery, and white goods are included in the definition, but the maximum limit of 10% of rents received will be discarded. HM Revenue & Customs has also proposed extending the tax break to unfurnished properties. This means that a broader number of claimants will benefit, as well as ensuring a more consistent way of calculating profits. The key restriction to this legislation will be that it is

only applicable to residential properties, thereby excluding holiday lets and commercial properties – for whom there are comparable alternatives. Rent-a-room relief Under the existing rent-a-room scheme owner-occupiers and tenants who let furnished rooms in their only or main residence can receive rent tax-free up to £4,250 (or £2,125 if you share the income). However, from April 2016 the level of rent-aroom relief will be increased to £7,500 per year. Capital gains exemption for those with lodgers living as part of the family will not be affected. The move is expected to benefit those who rent rooms to long-term lodgers, and also

short term stays, and is applicable to users of online room letting platforms. Landlord tax reliefs In a move which Chancellor George Osborne promised would ‘level the playing field’, landlord tax reliefs will see a phased change over four years from April 2017. Currently, buyto-let landlords are able to claim tax relief on monthly interest payments at their top level of tax – up to 45% – and this is to be eventually reduced to the current basic tax rate of 20%. The impact on individuals will depend greatly on their specific circumstances. Contact us for help with planning ahead.

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All change for dividends The rules on the taxation of dividends are set to change substantially from 6 April 2016, which could have a significant impact on the amount of tax you pay. We’ve taken a look at the ways it could affect you, and what you can do to ensure you don’t lose out. Under existing legislation basic rate taxpayers have no further tax to pay on dividend income and a higher rate taxpayer will pay an effective 25% on the cash amount of the dividend. However, this is soon to change: from 6 April 2016 the 10% tax credit will cease, and all dividend income will be taxed as gross. For the 2016/17 tax year the first £5,000 of dividend income will be taxed at 0%. Essentially, as long as you receive less than £5,000 you will pay no tax on your dividend. Any amount above this will be taxed at a rate based on your gross income – including the dividend. The old and new regime: a comparison Effective dividend tax rate now Rate from 6 April 2016

Basic rate band

Higher rate band

Additional rate band

0%

25%

30.6%

7.5%

32.5%

38.1%

Case Study Andy has non-dividend income of £6,500 and a dividend income of £12,000 outside of an ISA. In the current tax year, Andy will have no tax to pay on his dividend – some of the dividend falls into the basic rate band but the effective tax rate is nil. In the next tax year, Andy’s personal income tax allowance of £11,000 covers his non-dividend income plus £4,500 of his dividends. With the £5,000 dividend allowance, he will pay tax on £2,500, which is 7.5% as a basic rate taxpayer. Minimising the tax impact There are a number of options to consider, including pension options and the spreading of portfolios for couples – ensuring both parties utilise their full allowances. Taking dividends before April is potentially a smart move, but depends on individual circumstances. In effect, any dividend income above the threshold will potentially be subject to greater tax from April 2016. Contact us to discuss the best options available to you.

Landmark ruling on working time The time spent by mobile workers travelling to their first and from their last appointment should be regarded as working time, the European Court of Justice recently ruled. Prior to this point, many employers have not factored in travelling time when calculating employees’ working time. Experts have warned that the ruling could have a significant impact on businesses, with many firms potentially in breach of EU working time regulations, including those employing sales reps, care workers and gas fitters.

The court ruling outlined: ‘Requiring workers to bear the burden of their employer’s choice would be contrary to the objective of protecting the safety and health of workers pursued by the directive, which includes the necessity of guaranteeing workers a minimum rest period.’

Withdrawal of ONS surveys to ‘cut business costs’

The Office for National Statistics (ONS) has unveiled plans to change the way it calculates economic growth estimates, cutting the time businesses need to spend on form-filling. The ONS intends to partially replace monthly business surveys, which are used to estimate growth, with data gathered from VAT returns submitted to HMRC. The ONS expects that the number of surveys sent monthly could be reduced by up to a half (from 45,000) once the transition to the new system is complete, with small and medium-sized firms expected to save the most. The ONS aims to complete the transition to VAT data by 2020.

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Pension allowances: the next steps Pensions have been the subject of major reform in recent years. This trend has continued into 2015/16, with further changes also planned from next April. We’ve taken a look at some of the important details. Tapering the annual allowance The annual allowance – the amount that can be contributed into a pension each year and still receive tax relief – is normally £40,000 (2015/16). However, from 6 April 2016 the Government will introduce a taper to the annual allowance for those with adjusted annual incomes (including their own and their employer’s pension contributions) over £150,000. Under the changes, for every £2 of adjusted income over £150,000, an individual’s annual allowance will be reduced by £1, down to a minimum of £10,000. Alignment of pension input periods The changes to pension input periods were announced in the Summer Budget on 8 July 2015 and came in with immediate effect. All pension input periods open on that date were closed, with the next pension input period running from 9 July 2015 to 5 April 2016. From 2016 onwards, all pension input periods will be standardised alongside the tax year.

The transitional rules are designed to ensure that individuals are not adversely affected during this alignment process. In effect, the period from 9 July to 5 April counts as an entire input year, allowing input payments up to the maximum of £40,000. Carrying forward unused allowances Where pension savings in any of the last three years’ pension input periods were less than the annual allowance, the ‘unused relief’ is brought forward, but you must have been a pension scheme member during a tax year to qualify. Therefore in 2015/16, unused allowance may be brought forward from 2012/13, 2013/14 and 2014/15. The annual allowance was set at £50,000 in both 2012/13 and 2013/14, and was reduced to £40,000 for 2014/15 onwards. The unused relief for any particular year must be used within three years.

Changes to the lifetime allowance In addition to the changes outlined, the lifetime limit, which sets the maximum figure for tax-relieved savings in a pension fund, will be reduced from £1.25 million to £1 million from 6 April 2016. Where total pension savings exceed the lifetime allowance at retirement, a tax charge of up to 55% may apply. For those with existing pensions savings of over £1 million there are safeguards in place that can be applied for, but this may need to be acted on swiftly. The deadlines for a claim for protection are currently under review. The pension rules are notoriously complicated and individuals should seek expert advice to ensure that their savings are as tax-efficient as possible.

Publishing GP earnings – getting it right for March 2016 As all GP practices will be aware, it is a contractual requirement to publish the 2014/15 mean earnings for all GPs in their practice by 31 March 2016. The displaying of these figures on the practice website, as is required, could have greater implications than you might initially think. Firstly, there are very specific stipulations regarding what constitutes ‘core income’ – the basis of what must be disclosed. It is vital that the right core income is included: • contract income • seniority • QOF • n ationally determined enhanced services • PA drugs income Various other income streams are to be excluded: • premises income • locally enhanced services • dispensary income • other NHS fees • all non NHS income • employers superannuation It is the responsibility of the practice to ‘ensure that expenditure is apportioned so that it solely relates to the income streams included’. Provided your practice accountant is producing the

required level of analysis in the practice accounts, this information should be relatively easy to obtain. There are, however, issues that should be considered when calculating the mean figure. For instance, given the shortage of GPs, publishing low earnings figures may not help to attract new GPs to a practice. The mean earnings figure is based on the number of GPs (including locum GPs and salaried GPs), rather than whole time equivalents. As a result, a practice with 8 GPs completing 4 sessions each will show half the mean earnings of a practice with 4 GPs completing 8 sessions each. This makes the comparison of practices based on these figures fairly meaningless. For further guidance or to discuss any issues, please contact Seb Beard, one of Simpkins Edwards Healthcare specialists, on 01392 211233.

Tax Tip

Could you lower your national insurance bill? With the new National Living Wage set to be introduced from April 2016, businesses will need to prepare for the financial effects of the change. As part of this process, firms should ensure that their tax liability is kept to a minimum. This may include making the most of tax reliefs such as the Employment Allowance.

The Employment Allowance currently enables eligible businesses and charities to reduce their national insurance liability by up to £2,000. However, from April 2016 the Allowance will increase by 50%, meaning businesses could save up to £3,000 on their national insurance bill. Please talk to us for further advice and strategies to help minimise your business’s tax exposure.

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Client focus: Keeping a Cornish gem sparkling

Enjoying a beautiful, unique location on the Helford River, the Trelowarren Estate boasts recorded history of over 1,000 years, the last 600 of which have been in the hands of the Vyvyan family. We talk to current owner Sir Ferrers Vyvyan about what makes Trelowarren beautiful and unique, and how he’s keeping this magnificent estate thriving. The 1,000-acre Trelowarren Estate sits in one of Cornwall’s most breathtaking spots on the Lizard peninsula – a location that feels remote, is not over-populated and overflows with natural Cornish beauty. Today, as well as the imposing main house, the estate features 22 self-catering holiday cottages, a spa, swimming pool, restaurant and art gallery. Led by Sir Ferrers Vyvyan, the estate first ventured into the tourism business in the 1970s when it became a

touring campsite. Keen to make the most of the stunning surroundings and demand for holiday accommodation in the area, the family sought planning permission for 30 holiday homes to be merged into the historical housing stock, impressing planners with their commitment to meet the requirements arising from the estate’s Grade I listing and location in an Area of Outstanding Natural Beauty. In 1980 the popular New Yard restaurant opened, along with the Stable Yard art gallery, now home

to LizardArt – a cooperative of artists who live and work on the Lizard Peninsula. The business has since diversified even further with farmland and forestry operations as well as an off-site building company specialising in unique, sustainable buildings. “Our estate supports a variety of separate but complementary businesses,” said Sir Ferrers, who is directly involved in all aspects of the estate. “My background is in conservation so sustainability and local sourcing underpin all our businesses.

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We were one of the first to install a district heating system, an early adopter of biomass boiler technology, use natural building materials wherever possible and have a strong recycling drive. Being a green business is something we’ve won awards for and are passionate about.” Today, the core business of the estate is the holiday homes, with a further 20 planned. The cottages are available for bookings and as timeshares, a word that can sometimes have negative associations.

Add to this a relaxing spa offering a range of treatments, a pool, a restaurant serving excellent food and an art gallery, and it’s easy to see why people love returning here year after year.” Trelowarren Estate began working with Simpkins Edwards following the economic downturn of the late 2000s when the team was looking for support in restructuring the business and Simpkins Edwards came recommended as experts in this area.

Not so at Trelowarren through, where owners can enjoy 20 years of Cornish holidays at today’s prices, with the reassurance that each time they arrive the fridge will be stocked, grass cut and fire laid.

Now that restructuring process has been completed, Partner Jon Williams and his team continue to manage all accounts including the limited company, sole trader and personal accounts, as well as providing advice on long-term tax planning.

“Our unique location really is a draw for second home owners and holiday makers,” added Sir Ferrers. “We have a family estate with 1,000 years’ heritage, 1,000 acres of stunning Cornish countryside to explore and despite the feeling of remoteness, we’re actually easily accessible and just minutes from lots of other lovely attractions and beauty spots.

“As well as providing excellent accounting skills, Simpkins Edwards’ tax advice has been critical to the success of the business and we have easy access to the team whenever we need their advice or assistance. Jon’s knowledge of our businesses is profound and in-depth, which means his advice is always tailored to us and our unique complexities.”

So what does the future hold for this wonderful piece of Cornish history? “We’re focusing on our position in the market by reinvesting in our properties to make sure our core values are met and the product is right,” concludes Sir Ferrers. “We pride ourselves on our combination of high quality properties and wonderful services along with stunning location. Now the restructuring has taken place and we’re on a sound footing we’re planning further expansion with additional properties. It’s important that we put plans in place to help Trelowarren thrive for generations to come and ensure people can continue to enjoy this wonderful corner of Cornwall.” Are you after advice on restructuring your business or perhaps you’d like to ensure you’re maximising your tax planning. Call us on 01392 211233 to see how we can help.

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New LEADER funding boost for businesses in the South West In a bid to boost growth and create jobs in the rural economy, the Rural Development Programme for England (RDPE) has made funds available to small businesses and community groups across England. These grants, totalling £8.8 million in Devon and £7.3 million in Cornwall, will be distributed via a range of ‘Local Action Groups’ (LAGs).

• S outh and East Cornwall (St Austell, Liskeard, Callington)

In Devon these are:

Each individual LAG will decide what projects they will fund in their area, and what level of funding will be provided, based on priorities unique to each. In addition to the LAG-specific considerations, all projects must support one or more of the 6 LEADER priorities:

• Greater Dartmoor LEAF • Making it Local (East Devon) • REAL Devon (Mid Devon) • South Devon Coastal • T  orridge & North Devon (all of Torridge and North Devon - excluding Barnstaple, Bickington and Roundwell) And in Cornwall: • A  tlantic and Moor (Newquay, Bodmin, Launceston, Bude) • C  oast to Coast (Perranporth, Truro)

• W  est Cornwall (Penzance, Hayle, St Ives, Helston)

• s upport micro and small businesses and/or farm diversification • b  oost rural tourism • increase farm productivity • increase forestry productivity • p  rovide rural services • p  rovide cultural and heritage activities Competition for the funding is expected to be high, and potential applicants should consider the opportunity sooner rather than later.

Contacting your local and/ or most appropriate LAG will help to establish whether or not your project could qualify for the scheme, and give an idea of what might be available. Businesses will then be required to complete an initial online application, followed by the final full application. For support with creating a successful application, giving yourself the best chance of success, contact us on 01392 211233.

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A five step plan for dealing with negative reviews

Bad online product reviews or public complaints on social media can seriously affect your business. Here are some tips for minimising the damage, and perhaps even turning negative feedback to your advantage. Social media and online commerce enabling customers to easily provide feedback is something of a double-edged sword for businesses. Great testimonials can do more for your reputation than any number of advertisements, while word-of-mouth recommendations can spread much faster thanks to social media. On the other hand, a series of bad reviews on TripAdvisor or Amazon can be hugely expensive, and you don’t have to be ‘on’ social media or selling things online to be affected. A sensible approach to your online presence can minimise the damage to your reputation and even work to your advantage. A five step plan

• Act quickly. Keep track of your reviews on key websites and mentions on social media and when a complaint comes up, act quickly. Be courteous, tell the complainant(s) you’re working on it, and provide a realistic timescale for when you’ll come back to them. • U  se the information. Don’t object or argue. Instead, try to utilise the feedback. Even in the most intemperate review a valid problem may have been highlighted. Use it to improve your service.

• B  e upfront, admit mistakes, and respond personally. On social media, a straightforward personal message promising to resolve the issue will disarm most unhappy customers. • F  ix the problem. An apology is not a resolution; try to provide both quickly. Ask for their details and contact them personally. • B  e generous. Sometimes the best way to placate an unhappy customer is to recompense them. If you’re surprisingly generous with this you’ll often turn the complainer into a happy, repeat customer, and even a champion for your business. Contingency planning Keep your contact details visible so that people can make complaints directly to you – many people will take this route first, and that could protect your brand. Also, don’t be afraid to ask happy customers to give you online reviews soon after their transaction: a large number of positive reviews will minimise the damage of a few bad ones.

Really Big Quiz Web Watch

Essential sites for business owners. www.skillsyouneed.com Information and advice on a range of work-related and interpersonal skills. www.economist.com

Barnstaple’s sixth Really Big Quiz raised £2,555.85 for the Mayor’s chosen charities on 18th November at The Barnstaple Hotel. Simply Elgar took away the trophy as Barnstaple’s brainiest bunch.

Resource for international news, politics and finance. www.businessbanter.com Business choices magazine run by members of the business community. http://uk.businessinsider.com/ Offering the latest business and financial news.

Increase in contactless card payment limit The limit for making contactless card payments has risen from £20 to £30, following a surge in the use of ‘wave and pay’ card payments. The increased limit was rolled out across retailers between 1 September and 31 October 2015.

has grown exponentially since this date. During the first half of 2015, shopping transactions totalled £2.5bn, proving to be significantly higher than the 2014 total of £2.32bn.

Contactless payment cards were first introduced in the UK in 2007 for low-value transactions. However, the popularity of such payments

However, fears regarding the susceptibility of this speedier payment method to exploitation by fraudsters have not diminished.

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Simpkins Edwards is a Limited Liability Partnership, registered to carry out audit work in the UK and Ireland and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales, with registered number OC352993. The term partner is used to refer to a member of Simpkins Edwards LLP. Registered office: Michael House, Castle Street, Exeter, Devon, EX4 3LQ. A list of members is available for inspection at the registered office.