The LB Business Broadcast

In this LB Talking Points video, our VAT Compliance Manager Yvonne Collings and Cloud Accounting Specialist Andy Kemp, discuss the Digital Links aspect of Making Tax Digital, and how moving to a cloud accounting system could benefit your business.

Making Tax Digital (MTD) was brought in back in April 2019 for VAT registered businesses with a turnover above the VAT registration threshold (currently £85,000). All VAT-registered businesses trading at or above the VAT registration threshold have been required to keep digital records and submit their VAT returns via software that can directly link to HMRC.

For periods starting on or after 1 April 2021, businesses trading at or above the VAT registration threshold will now also be required to have ‘digital links’ in all their record keeping. This means there can no longer be any cutting, copying or pasting of data from one application to another, all data must be digitally linked.

HMRC have defined a digital link as the ‘data transfer or exchange within and between software programs, applications or products that make up functional compatible software (and these) must be digital where the information continues to form part of the digital records’.

If you have any questions or need help with the implementation of accounting software and systems, our team can assist you with this. Head to our Making Tax Digital Help Centre here: https://LBLink.uk/MTD

Please get in touch via the details below:
T: 01243 782 423
W: www.lewisbrownlee.co.uk
E: LetsTalk@LewisBrownlee.co.uk

Jayne Tressler (Business Services Group Manager) and Lewis Pridgeon (Tax Compliance Manager) are discussing some of the key aspects of employee benefits.

A benefit-in-kind is any benefit that an employee or director receives from their company which is not included in the individual’s payslip. Sometimes people refer to these as ‘perks’ or ‘fringe benefits’ and contrary to popular belief, these are not all ‘tax-free freebies’, sadly.

The main objective of these forms are to prevent employees receiving remuneration for services provided and avoiding employment taxes. It covers expenses and benefits provided to employees, anything of value provided in return for the provision of services.

The P11D form must be filed with HMRC every year on the 6th July. Any tax due must be paid to HMRC by the 22nd July each year (19 July if you pay by cheque).

If you have any questions or would like to speak to our team about your situation you can call us on 01243 782 423 or email LetsTalk@LewisBrownlee.co.uk!

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Established nearly 30 years ago, Lewis Brownlee is a firm of Chartered Accountants with a team of directors and over fifty professional staff located across the south east, with offices in Chichester, Midhurst, Whiteley and London.

Find out more about Lewis Brownlee here: https://www.lewisbrownlee.co.uk/

To make an appointment with one of our Chichester Accountants go to: https://LBLink.uk/contact

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Our Managing Director Sarah Alexander discusses the new Help to Grow programme from the government.

The programme is now open for registrations and will launch in June, with the aim of helping small and medium sized businesses across the UK learn new skills, reach new customers and improve profits.

• The Help to Grow Management scheme offers small businesses a 12 week programme delivered by leading business schools across the UK, accredited by the Small Business Charter.

• The Help to Grow Digital Scheme will enable small businesses to get free impartial advice on how technology can boost their performance through a new online platform.

If you have any questions or would like to speak to our team about your situation you can call us on 01243 782 423 or email LetsTalk@LewisBrownlee.co.uk!

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Established nearly 30 years ago, Lewis Brownlee is a firm of Chartered Accountants with a team of directors and over fifty professional staff located across the south east, with offices in Chichester, Midhurst, Whiteley and London.

Find out more about Lewis Brownlee here: https://www.lewisbrownlee.co.uk

To make an appointment with one of our Chichester Accountants go to: https://LBLink.uk/contact

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In our latest video, our MD Sarah Alexander focuses on the subject of Shareholders Agreements!

A shareholders’ agreement is entered into between all or some of the shareholders in a company. It regulates the relationship between the shareholders, the management of the company, ownership of the shares and the protection of the shareholders. They also govern the way in which the company is run.

A properly drawn up and comprehensive agreement can protect minority interests, clarify who makes decisions, empowers all participants, acts as a record of agreement, can help keep your affairs more private and can offer flexibility if and when situations such as retirement, death, disability and disagreements arise.   

Please talk to us if you need help in planning for an agreement, especially where there are several shareholders, a new company is being formed, a shareholder wants to sell their shares or pass them to their children, someone is nearing retirement, or the company has borrowed money from a shareholder. We can help with share and company valuations and putting the shareholders wishes into an agreement with a local solicitor.

You can call us on 01243 782 423 or email LetsTalk@LewisBrownlee.co.uk

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Please note no responsibility for loss occasioned by any person acting or refraining from action as a result of this material or any related files can be accepted by the author or Lewis Brownlee (Chichester) Limited.

Here our MD Sarah Alexander and Head of our Midhurst office Melanie Phillips provide an overview of the upcoming changes to self-assessment, namely Making Tax Digital for self-assessment which will apply from 6 April 2023.

The changes mean that you will need to keep digital records of all your business income and expenses when it comes from self employment and property

Making Tax Digital is a key part of the Government’s plans to make it easier for individuals and business to get their tax right and keep on top of their financial affairs.  It is a fundamental change to the way the tax system works, transforming the process of tax administration.

At Lewis Brownlee, we prepare a significant number of tax returns in January each year. Leaving compiling your records and preparing your tax return to only one month in advance of the deadline will no longer be acceptable once we are under the MTD regime. From April 2023 figures will need to be recorded on a timely basis and sent to HMRC every 3 months.

If you have any questions or would like to speak to our team about your situation and how the change in MTD rules may affect you, then please get in touch!

You can call us on 01243 782 423 or email LetsTalk@LewisBrownlee.co.uk

Changes to off-payroll working (IR35) were due to be introduced in 2020, but were delayed by 12 months. The changes to the IR35 rules will now be implemented from 6 April 2021.

In our latest LB Talking Points webinar, our Business Services Director Christine Deacon and Client Relationship Manager Jess Morris, discuss what IR35 is, who it will affect, how it may affect them, plus other points to note on off-payroll working.

Many medium or large-sized non-public sector organisations are taking a precautionary approach, and have determined that all contractors are caught by IR35 and the new regulations, therefore requiring PAYE to be deducted from any future payments.

The reform is designed to ensure individuals working like employees but through their own limited company (‘personal service company’ or ‘PSC’), or other intermediary, pay broadly the same Income Tax and National Insurance contributions (NICs) as individuals who are directly employed. This means that the way many contractors pay tax will change for services provided on or after 6 April 2021.

HMRC will focus on ensuring compliance with the new rules, rather than investigating past arrangements

Further details are available on the GOV.UK website: https://www.gov.uk/topic/business-tax/ir35

You can also find further details in our Blog: https://www.lewisbrownlee.co.uk/off-payroll-working-ir35-from-6-april-2021/

If you have any questions or would like to speak to our team about your situation and how the IR35 rules may affect you, then please get in touch! You can call us on 01243 782 423 or email LetsTalk@LewisBrownlee.co.uk

In this LB Talking Points instalment, Our Managing Director Sarah Alexander and our Head of Audit and Assurance Sam Ede, discuss the Domestic Reverse Charge (DRC) for construction services.

Back in 2019 changes to the way the construction industry accounts for VAT were announced. The domestic reverse charge mechanism was originally planned to come into effect on 1 October 2019 but was delayed until 1 October 2020 due to Brexit. This date was further pushed back due to Covid-19 and is now due to be implemented from 1 March 2021.

Here we look at what the DRC is, who it will affect, how it may affect them, and other points to consider before it comes into effect on 1 March.

We also have a detailed blog on the subject if you wish to refer to this: https://LBLink.uk/DRC_blog

Should you have any questions on the subject then please do get in contact with our team. You can call us on 01243 782 423 or email LetsTalk@LewisBrownlee.co.uk and one of our team will be in touch!

This will be the last roundup webinar in this format, going forward we will be doing short videos focusing on key topics. These can then be watched in your own time and you can focus on the key subjects that are relevant to you.

Don't forget to subscribe to our YouTube channel to see our updates - https://lblink.uk/YouTubeChannel
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Today's webinar focuses on helping businesses to get back on their feet!

Earlier this month the government launched its new Recovery Loan Scheme.

Here’s a five things to know about the scheme:
1. There’s no turnover or trading history requirements
2. Personal guarantees aren’t needed for loans up to £250k
3. You can apply for loans, invoice finance, asset finance and overdrafts
4. There’s no interest or fee-free period, so repayments start immediately
5. You can borrow up to £10 million and the government guarantees 80% of the debt

Find a lender accredited to offer Recovery Loans from the list on the British Business Bank’s website: https://www.british-business-bank.co.uk/ourpartners/recovery-loan-scheme/

See further details on the Recovery Loan Scheme in our blog: https://LBLink.uk/RLS

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Lewis Brownlee are very pleased to be sponsoring the ‘Bring us your Bras’ initiative with V2 Radio, supporting and helping to raise money for Against Breast Cancer.

Against Breast Cancer take your unwanted or unloved bras to raise vital funds for pioneering breast cancer research. For every tonne of bras collected they receive £700 to fund their research.

There are collection bins in our Chichester and Midhurst offices, or if you head to https://www.v2radio.co.uk/local/bring-us-your-bras, you can find a map of all the drop off points!

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If you have any questions or would like to discuss any topics further, then please get in touch. You can call us on 01243 782 423, or email LetsTalk@lewisbrownlee.co.uk. Alternatively, head to our website to see our other resources and news updates - www.lewisbrownlee.co.uk

Here is the latest instalment of The LB Weekly Roundup!

This week our Managing Director Sarah Alexander discusses Year End Tax Planning and Payroll, IR35, the Job Retention Scheme, plus much more...

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If you have any questions or would like to discuss any topics further, then please get in touch. You can call us on 01243 782 423, or emailLetsTalk@lewisbrownlee.co.uk. Alternatively, head to our website to see our other resources and news updates -www.lewisbrownlee.co.uk

The focus of today's webinar was around the grants that can be claimed by businesses. Please see the details below...

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Closed Businesses Lockdown Payment - 31 March 2021 DEADLINE

Supports businesses that have been required to close due to the national lockdown that began 5 January 2021. Eligible businesses may be entitled to a one-off cash grant of up to £9,000 from their local council

See: https://rebrand.ly/4tttdf2-LB 

Local Restrictions Support Grant (for closed businesses) - 31 March 2021 (and 31 May) DEADLINE

This is for businesses that have been required to close due to temporary local restrictions. 

See: https://rebrand.ly/tosw7xm-LB 

Local Restrictions Support Grant (for open businesses) - 31 March 2021 DEADLINE

This grant supports businesses that have been severely impacted due to temporary local restrictions. Businesses that have not had to close but which have been severely impacted due to local Tier 2 or Tier 3 restrictions may be eligible for LRSG (Open).

See: https://rebrand.ly/qsuyeqm-LB  

Nightclubs, dance halls or adult entertainment business eligibility for a coronavirus grant due to national restrictions  - 31 March 2021 DEADLINE

Businesses that have been required to close due to the national restrictions introduced in March 2020, and which have not been able to re-open, may be eligible for LRSG (Sector) funding. 

See: https://rebrand.ly/rsotqk1-LB 

Additional Restrictions Grant 

The Additional Restrictions Grant (ARG) provides local councils with grant funding to support closed businesses that do not directly pay business rates as well as businesses that do not have to close but which are impacted.

Find your local council here: https://www.gov.uk/find-local-council

See: https://rebrand.ly/1h4381h-LB 

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If you have any questions or would like to discuss any topics further, then please get in touch. You can call us on 01243 782 423, or email LetsTalk@lewisbrownlee.co.uk. Alternatively, head to our website to see our other resources and news updates - www.lewisbrownlee.co.uk

Key Points and Budget Highlights:

‣ No changes to income tax, national insurance, or VAT rates; but as income is expected to rise, more people pay tax or go into the higher rates. 

‣ Corporation tax (CT) rates to increase to 25% on profits over £250,000 from April 2023; CT rate at 19% remains for smaller companies with profits under £50,000. Taper relief on CT for profits between the two levels. 

‣ Super-deduction for investment in new equipment; from 1 April 130% tax relief for companies only.

‣ Three year carry back of trading losses – See: https://www.gov.uk/government/publications/extended-loss-carry-back-for-businesses

‣ VAT registration limit frozen at £85,000 until 1 April 2024.

‣ 5% VAT rate for food, attractions, accommodation extended – See details here: https://www.gov.uk/guidance/vat-reduced-rate-for-hospitality-holiday-accommodation-and-attractions

‣ Stamp Duty Land Tax thresholds extended.

‣ Apprenticeship schemes extended.

‣ New grants for high street businesses and hospitality sector – See: https://www.bighospitality.co.uk/Article/2021/03/01/Budget-to-include-5bn-restart-grant-scheme-for-hospitality-and-High-Street-businesses

‣ New business recovery loan scheme – See: https://www.gov.uk/guidance/recovery-loan-scheme

‣ Furlough scheme extended to 30 September – See: https://www.gov.uk/government/publications/changes-to-the-coronavirus-job-retention-scheme/changes-to-the-coronavirus-job-retention-scheme

‣ Self-employed income support grants extended – See: https://www.gov.uk/government/publications/self-employment-income-support-scheme-grant-extension/self-employment-income-support-scheme-grant-extension

See our Budget Report or watch last weeks roundup for a more detailed summary of business measures here: https://rebrand.ly/LB_BudgetReport

‣ From 2023 changes to late filing penalties for tax – linked to a percentage of the tax, the percentage increasing as time goes on.

‣ Government continuing to tackle tax avoidance schemes, changes to penalties, and new powers for HMRC to obtain information from financial institutions. 

‣ Free rapid tests for all businesses for regular workplace testing - available to all businesses, including those with fewer than 50 employees. Register interest by 31 March to access free workplace testing. See: https://www.gov.uk/government/news/free-rapid-tests-for-all-businesses-for-regular-workplace-testing

‣ Continuation of the home office equipment expenses COVID-19 easement for the 2021-22 tax year - was due to end on 5 April 2021 but will now be extended to have effect until 5 April 2022. See: https://www.gov.uk/tax-relief-for-employees/buying-other-equipment

‣ Kickstart Scheme update - You no longer need a minimum of 30 job placements to apply directly for a grant. See: https://www.gov.uk/guidance/apply-for-a-kickstart-scheme-grant

‣ Common mistakes on a VAT return
∙ Poor record keeping
∙ Partial exemption rules not being applied correctly or at all
∙ Failure to pay over VAT on deposits on receipt
∙ Not spotting the requirement to repay VAT previously claimed on unpaid purchase invoices older than 6 months.
∙ Incorrect reporting of exempt and zero-rated transactions
∙ Not registering for VAT in a timely manner when exceeding the turnover threshold of £85,000
∙ Transactions relating to land and property not being accounted for correctly
∙ VAT claimed incorrectly on business entertainment

See the full blog here: https://rebrand.ly/LB_VATCQM
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If you have any questions or would like to discuss any topics further, then please get in touch. You can call us on 01243 782 423, or email LetsTalk@lewisbrownlee.co.uk. Alternatively, head to our website to see our other resources and news updates - www.lewisbrownlee.co.uk

In this webinar, our Managing Director Sarah Alexander and Tax Director Tom Foster discuss the key announcements from the Chancellor's Budget on Wednesday 3rd March!

MAIN PROPOSALS

Tax measures include:
› Super-deduction for companies investing in new plant and machinery
› Time extension of the temporary increase to the SDLT nil rate band for residential property in England and Northern Ireland
› Extension to the temporary 5% reduced rate of VAT for certain supplies
› Temporary increase in the carry-back period for business losses 
› Increased rate of corporation tax from 2023.

Other measures include:
› New mortgage guarantee scheme
› Extension to the Job Retention Scheme
› Self-Employment Income Support Scheme fourth and fifth grant
› Extension to the business rates holiday in England.

Previously announced measures include:
› A cap on the amount of R&D tax credit paid to a loss-making small or medium-sized enterprise
› New rules apply to off-payroll working payments made for services provided on or after 6 April 2021 (see http://LBLink.uk/LBTP_IR35) 

Further details can be found on our blog: www.lewisbrownlee.co.uk/blog 

To register for the next LB Weekly Roundup please head to: http://LBLink.uk/WKLYRNDUP_REG 

If you have any questions or would like to discuss any topics further, then please get in touch. You can call us on 01243 782 423, or email LetsTalk@lewisbrownlee.co.uk. Alternatively, head to our website to see our other resources and news updates - www.lewisbrownlee.co.uk

Key points from today's Weekly Roundup webinar:

This week our Managing Director Sarah Alexander discusses Tax Planning, Brexit, Claim and name, VAT deferral payment scheme plus so much more...

KEY POINTS/LINKS:

KEY DATES: 

If you have any questions or would like to discuss any topics further, then please get in touch. You can call us on 01243 782 423, or email LetsTalk@lewisbrownlee.co.uk. Alternatively, head to our website to see our other resources and news updates - www.lewisbrownlee.co.uk

This week our Managing Director Sarah Alexander discusses ICO fees, Postponed VAT Accounting, the Job Retention Scheme, plus much more...

KEY POINTS/LINKS:

If you have any questions or would like to discuss any topics further, then please get in touch. You can call us on 01243 782 423, or email LetsTalk@lewisbrownlee.co.uk. Alternatively, head to our website to see our other resources and news updates - www.lewisbrownlee.co.uk

Here is the latest instalment of The LB Weekly Roundup! 

This week our Managing Director Sarah Alexander discusses the Self-Assessment deadline, Off payroll working (IR35) from April 2021, Grants for traineeships and other updates and information! Please see the key points and dates from the session below. 

Key points from the session:

Key dates:
29 January - SEISS third grant application deadline
31 January - Pay July 2020 and January 2021 tax bill (or have agreed a payment plan)
28 February - SA filing deadline
1 March - Domestic VAT reverse charge for construction services
3 March - Budget day
5 March - Our webinar on the key announcements from the budget
12 March - Our webinar providing a more detailed review of the budget
31 March - Pay last years VAT (or have agreed a payment plan)
31 March - Deadline to apply for a bounce back loan or CIBLs loan (if not already had one, or a top up if you need more)
30 April - Furlough scheme closes (but watch this space)

If you have any questions or would like to discuss any topics further, then please get in touch. You can call us on 01243 782 423, or email LetsTalk@lewisbrownlee.co.uk. Alternatively, head to our website to see our other resources and news updates: www.lewisbrownlee.co.uk

Here is the latest instalment of The LB Weekly Roundup, where we aim to help support our clients as best we can. We will continue to do a weekly webinar to keep you up to date with any changes and provide as much support as we can. 

• Good news for Hospitality and other businesses who were forced to close in the first lockdown. The Supreme Court ruled that insurers should pay business interruption claims, and will provide guidance on the claim adjustment process and it is hoped that this will progress quickly. See: https://www.supremecourt.uk/cases/uksc-2020-0177.html 
 
• HMRC have updated their template if your clients are claiming for 100 or more employees through the CJRS - check you're using this new template

• The Job Retention Bonus (JRB) will not be paid, following the Chancellor's announcement that the Coronavirus Job Retention Scheme (CJRS) has been extended

• Kickstart Scheme grant - If you are an employer looking to create job placements for young people, you can apply for funding as part of the Kickstart Scheme - https://www.gov.uk/government/collections/kickstart-scheme 

• Self employed income support scheme deadline for applying for the third grant is 29 January 2021 (next Friday!)

• Apply now via your government gateway account for “time to pay”, for income tax and review your payments on account

• The closing dates for applying for the government backed loans have been extended, should you not have already taken full advantage of them. Bounce Back Loan and Coronavirus Business Interruption Loan Scheme deadlines of 31 March 2021.

• Brexit - Lots of guidance now available: https://www.gov.uk/transition 

• Domestic VAT reverse charge for Construction Services is due to come into force from 1 March 2021 - See our blog here: https://rebrand.ly/LB_DVATRCFCS, plus we will be doing a webinar on this in February.

If you have any questions or would like to discuss any topics further, then please get in touch. You can call us on 01243 782 423, or email LetsTalk@lewisbrownlee.co.uk. Alternatively, head to our website to see our other resources and news updates - www.lewisbrownlee.co.uk

Lewis Brownlee are here to help support our clients as best we can. We will be doing a weekly webinar to keep you up to date with any changes and provide as much support as we can. 

For our First Weekly Roundup, our Managing Director Sarah Alexander discusses relevant deadlines for Furlough, Self-Employed Grants and other local council resources and grants that are available to businesses. 

KEY POINTS:

- Everyone should review the Chichester District Council to see if there are any grants you can claim for if your business has been affected by COVID-19: https://chichester.gov.uk/covidbusinesssupport

- The Coronavirus Job Retention Scheme has been extended until 30 April 2021, can claim 80% of salary for hours not worked.  Therefore employees can be furloughed part time, but must not do any work whilst on furlough.  HMRC will be checking and will impose large penalties for incorrect claims

- No change to the self assessment filing deadline of 31 January 2021, will HMRC go easy on penalties?  Don’t take the risk, get your tax return in!

- Apply now via your government gateway account for “time to pay”, for income tax and review your payments on account

- If  you are a company and think you might have losses, get your accounts done quickly and get a refund for some or all of last years tax

- Self employed income support scheme deadline for applying for the third grant is 29 January 2021 

- Apply via your government gateway account to arrange up to twelve months to repay last years deferred VAT 

If you have any questions or would like to discuss any topics further, then please get in touch. You can call us on 01243 782 423, or email LetsTalk@lewisbrownlee.co.uk. Alternatively, head to our website to see our other resources and news updates - www.lewisbrownlee.co.uk

Part 7 of 7 from our Building Your Brand seminar.

Why would you pay to appear in Google?!  The answer is simple, to get more customers.  It also works with LinkedIn and Twitter.  In this episode, we look at when you may choose to use a PPC campaign alongside your SEO to help your business grow.

Download the slides here: https://www.lbforms.co.uk/BYB_Slides.pdf

Part 6 of 7 from our Building Your Brand seminar.

Whenever a business or entrepreneur is trying to improve their SEO it is important to consider who links to your website.  Obviously, the more high-quality unique content you write, the more chance you have of obtaining lots of high-quality back-links.  We also look at Yoast to help you with all your SEO requirements and also how to notify Google of the changes to your site.

Download the slides here: https://www.lbforms.co.uk/BYB_Slides.pdf

Part 5 of 7 from our Building Your Brand seminar.

In the world of Gen 'Z' and millennials speed really does matter.  We discuss how to optimise your businesses images, alt-tags and website speed for optimal SEO.

Download the slides here: https://www.lbforms.co.uk/BYB_Slides.pdf

Part 4 of 7 from our Building Your Brand seminar.

In this episode, we focus on grammar, regularity, and metadata for Search Engine Optimisation (SEO).  If you want your business to start ranking on Google then you need to really focus on writing good, solid content on a regular basis.  Never buy content as duplicate content is a very bad thing in the world of SEO.

Download the slides here: https://www.lbforms.co.uk/BYB_Slides.pdf

Part 3 of 7 from our Building Your Brand seminar.

What is SEO (Search Engine Optimisation) and why is it important to you and your business?  We also take a deep dive into why keywords are so important to businesses.  So, whether you're an entrepreneur, business owner or start-up you definitely need to listen to this podcast.

Download the slides here: https://www.lbforms.co.uk/BYB_Slides.pdf

Part 2 of 7 from our Building Your Brand seminar.

We review the different types of marketing available for small businesses, entrepreneurs and start-ups.  We discuss the differences between Single channel, Multi-channel and Omni-channel marketing.

Download the slides here: https://www.lbforms.co.uk/BYB_Slides.pdf

BUILDING YOUR BRAND: Part 1 of 7 from our Building Your Brand seminar.

We recently held a seminar for entrepreneurs, businesses owners and start-ups where we spoke about the importance of Building Your Brand.  We covered everything from why you need a brand through to protecting it.  We also covered Search Engine Optimisation (SEO), Search Engine Marketing (SEM) and Social Media Marketing (SMM).

As a firm of accountants, people wonder why we give such talks.  The truth is that we are more than your average accountant.  We are business advisers and specialists helping people like you grow your business.  Marketing should be at the forefront of every business owners mind and we see it as our duty to help with this.

This podcast is broken down into 7, easy-to-listen-to podcasts for your enjoyment.

This particular episode is about the importance of creating a brand.  Whether you are a small business, start-up of large corporate, your brand is essential to your business.

Download the slides here: https://www.lbforms.co.uk/BYB_Slides.pdf