Coronavirus Job Retention Scheme and Redundancies

Initially the government paid 80% of the furloughed employees wages up to a monthly limit of £2,500, but from 1 July 2021 this has changed.

Whilst the monthly limit of £2,500 remains, the government’s contribution to the scheme has reduced to 70% with companies having to contribute the remaining 10%.

Companies using the scheme also need to be aware that, from 1 August to when the scheme ends on 30 September 2021, the government will contribute only 60%, with the remaining 20% being met by the employer.

One of the questions an employer will currently be asking itself is “are the contributions that need to be made, a cost that the business can afford in the current climate?”  This could lead to questions on workflow, cashflow and as a result, staffing requirements.

Often, salaries are the biggest cost to a company which is why this is the first-place employers will look to save costs.  It is important that if a decision to make redundancies is made, that professional advice is sought to ensure that redundancy entitlements have been calculated correctly and that the correct legal process is carried out to avoid any unforeseen complications.  Making redundancies at the wrong time and without specialist advice could unwittingly lead to even bigger challenges.

Whilst all companies are different, redundancies may not be the only way to help a business get back on its feet and it is important that all options are explored.  It can be key to seek the assistance and advice from a qualified, professional.  The earlier assistance is sought and the position is reviewed, the more options there are likely to be available.

Should you need any assistance or would like to discuss any of the matters covered above then please do not hesitate to contact Kim Richards on 01922 922 943 or at kim.richards@bkplus.co.uk

Kim Richards Joins BK Plus

One of the regions newest and fastest growing accountancy firms has announced a new service offering, which will support businesses with their banking, financing and restructuring needs.

David Baldwin and Shaun Knight launched BK Plus Limited only 4 months ago.  The team is already 45 strong and it continues to grow.  Announcing their first acquisition after only 3 months, they are now adding to the services that they can offer their growing client base and other businesses.

BK Plus has appointed Kim Richards, a licenced insolvency practitioner with nearly 20 years’ experience in the sector, to build and develop a banking and restructuring team.

Kim said “It is great to be back working with David and Shaun, they have an amazing team around them and I’m looking forward to meeting up with existing contacts and making new ones too.

“As financial support in response to COVID is slowly withdrawn, we want to give guidance and support to businesses and owner managers to help them proactively navigate the road to recovery”.

“The earlier a business seeks professional advice in relation to its financial circumstances from a qualified, experienced person, the more options there are likely to be available to overcome any problems”.

Shaun Knight, co-founder of BK Plus, said the appointment will allow the firm to support new and existing clients, and, the wider business community.

He said: “Kim is very well known and respected in the business and legal community across the region and has vast experience in her field.  We are delighted to welcome her to the firm”.

“As well as restructuring advice, Kim understands the difficulties and financial strain that business owners can face and the impact that this can have on a company.  Kim brings an informed perspective to these challenges looking at viable solutions for recovery.”

“This is another exciting development for BK Plus, coming on the back of a very successful first few months and we expect to see this service line expand in the near future.”

The appointment comes after BK Plus acquired Chapman Nash accountancy in Barford, Warwick, as it expands its services north and south of Birmingham.

BK Plus, which is headquartered at Walsall Business Park, was launched to support SMEs, owner-managed businesses, and larger corporates.

It already provides a wide range of business advisory services such as accounts, audit, taxation, bookkeeping and payroll, through to corporate finance and other specialist advice.

 

 

Introducing Gary, Chris & Their Team.

Gary Powell and Chris Blue, with a combined 50 years of experience, (7 of those working together in a Top 10 accountancy firm) have joined the BK Plus team! Gary and Chris specialise In adding value to SMEs with growth planning, structural changes and to help tailor growth plans.

Gary and Chris previously ran a local Cannock office where together they built an amazingly supportive team. During their time there they worked closely with businesses in Cannock, South Staffs and surrounding areas.

With even more great news to add,  we are thrilled to be able to also welcome their team in joining us – James Killian, Ben Mason, Olivia Edwards, Toni Foster, Nicola Aspinall, Claire Jones, Amanda Henson and Hannah Greatrex– not to mention others who are looking to join!

Having a team of this size join us will allow a continuation of work for former clients who have also chose to join BK Plus, as well as us being able to provide a strong advisory service with localised knowledge –  which is crucial now more than ever for businesses.

Gary said “We are thrilled to be back working with David and Shaun, and looking forward to getting back to what we do best, supporting our clients with their growth plans.”

Chris said “The thing that has surprised me most is the amount of staff that chose to join us at BK Plus and the amount of clients that have been in touch and would like to continue to work with us because of the relationships we have built with them over the years.”

Working side by side with both Gary and Chris for a number of years, we are very pleased to have them join the business and help us drive forward the company’s ambitious growth plans.