Persistence in following up leads is a crucial trait in many fields, especially in sales and practice business development. It involves consistently pursuing potential opportunities, contacts, or information, even when initial efforts do not yield immediate results.

Here’s why persistence is important and how it can be effectively practiced:

Importance of Persistence:

1. Maximizing Opportunities: Not all leads will convert immediately. Persistence increases the likelihood of turning a lead into a successful opportunity by maintaining communication and demonstrating commitment.
2. Building Relationships: Consistent follow-up helps to build trust and establish a relationship with the lead. This is essential when converting your prospects into new client instructions.
3. Standing Out: In competitive environments, the most persistent individuals often stand out from the crowd. Persistence shows dedication and can differentiate you from competitors who give up after the first attempt.
4. Overcoming Obstacles: Initial resistance or rejection is common. Persistence allows you to overcome these barriers, often leading to eventual success.
5. Continuous Learning: Through persistent follow-up, you gather more information, refine your approach, and adapt to the needs of the lead, which improves your overall effectiveness.

How to Be Persistent in Following Up Leads:

1. Set a Follow-Up Schedule: Create a timeline for following up with leads. This might involve setting reminders to check in after a certain period, ensuring that no lead is neglected.
2. Automation: Many of these follow-up processes can be automated using email marketing techniques

The key is to see that it is a series of planned follow ups that is your best option to increase conversions. Do not give up if success does not come early.

Companies developing artificial intelligence (AI) to improve safety on construction sites, reduce time spent repairing the railways and cut emissions across supply chains are amongst a number of projects set to receive a share of £32 million in UK Government funding.

Announced 7 August 2024, almost 100 ground-breaking projects have been awarded financial backing as the government continues its mission to boost productivity and kickstart growth across the economy through AI, so everyone is better off.

A total of 98 projects from Southampton to Birmingham and Northern Ireland will receive funding, involving more than 200 businesses and research organisations spanning a range of sectors including public services, driving efficiencies and reducing administrative tasks.

As part of the government’s mission to build an NHS which is fit for the future, pharmacies that deliver prescriptions across the country are also set to benefit from this new financial support. A project led by Nottingham-based Anteam will see them collaborating with retailers and the NHS to improve the efficiency of their deliveries using AI algorithms. This technology will match the delivery needs of retailers and hospitals to existing delivery journeys, unlocking under-utilised capacity, cutting carbon emissions and delivering a better experience for patients.

If you receive documents from overseas customers or suppliers and you need to translate text into English, have you used Google Translate?

It’s a free, but incredibly powerful facility.

You can select to translate:

• Individual blocks of text that you add to view in alternate languages.
• Images with text.
• Documents.
• And really useful, websites. Use this to view overseas sites in English or an English site in a non-English language.

Especially useful if you need to translate contracts to ensure you fully understand terms and conditions.

And if you are courting an overseas customer use this facility to generate your website into a local language and then send the translated link to your customer. Alternatively, add links to your website so casual overseas visitors can see your site in a local language.

But beware, before taking commercial decisions based on Google Translate translations, best to have the translated copy proof-read by a local advisor to make sure there are no ambiguities. Similarly, have a translated websites read by a fluent person to reveal any errors in translation.

Google’s own reply to the question – ‘Is Google Translate reliable?’ is:

Since its inception in 2006, it has become one of the top-rated machine translation (MT) tools, currently supporting 133 languages, having added 24 in 2022. Accuracy varies depending on language pair and content type, though some reports show Google Translate reaching 94% accuracy.

It is pretty much universally accepted that shareholders (usually directors) of small companies take out their remuneration as a small salary – a salary pitched high enough to secure NIC benefits but not high enough to that employee NIC contributions are payable – and any balance as dividends.

Unless directors have the need for remuneration in excess of the current basic rate Income Tax band (set at £50,270 for 2024-25) then salary plus dividends should be set at a level that does not exceed this limit.

But there are other ways that director/shareholders can extract profits from their company. They include:

• Interest can be paid to directors if they have credit balances on loans made to their companies. In some cases, this interest will be covered by the Personal Savings Allowance.
• If directors have loaned assets other than property to the company there may be an option to charge the company a rent for the use of these assets. Isolated rentals up to a maximum £1,000 a tax year should be free of any tax payment.

Directors can also choose to leave accumulated profits and cash balances inside their companies and build up these reserves as rainy day funds. Dividends can be taken from accumulated reserves (after corporation tax has been paid) even if the company has ceased trading.

If you would like to revisit your present strategy for extracting profits, or your longer term exit planning from your business, please call so we can consider your options.

If you are self-employed it is important to know if an expense is tax allowable. Any allowable costs can be used to reduce your taxable profit.

As a general rule you can claim for items that you would normally use for less than 2 years as allowable expenses such as stationery and other office sundries as well as rent, rates, power and insurance costs.

HMRC lists the following office expenses as being allowable:

• office costs, for example stationery or phone bills
• travel costs, for example fuel, parking, train or bus fares
• clothing expenses, for example uniforms
• staff costs, for example salaries or subcontractor costs
• things you buy to sell on, for example stock or raw materials
• financial costs, for example insurance or bank charges
• costs of your business premises, for example heating, lighting, business rates
• advertising or marketing, for example website costs
• training courses related to your business, for example refresher courses

Regarding training costs, you can claim training costs that help you:

• improve skills and knowledge you currently use for your business;
• keep up-to-date with technology used in your industry; 
• develop new skills and knowledge related to changes in your industry; or
• develop new skills and knowledge to support your business – this includes administrative skills.

You cannot claim for training courses that help you:

• start a new business; or
• expand into new areas of business that are not related to your current business activities.

Convictions of hundreds of postmasters have been quashed following Royal Assent of the Post Office (Horizon System) Offences Act 2024.

Many postmasters endured financial ruin, the loss of homes, livelihoods, reputation and some even lost their lives as a result of the Horizon IT Scandal which is one of the greatest miscarriages of justice in our history.

Following Royal Assent on 24 May, all convictions in England, Wales and Northern Ireland will now be quashed providing they meet the following criteria: 

• Prosecutions were brought about by the Post Office or CPS (or in Northern Ireland, the state prosecutor or the police).
• Offences were carried out in connection with Post Office business between 1996 and 2018.
• Were for relevant offences such as theft, fraud and false accounting.
• Were against sub-postmasters, their employees, officers, family members or direct employees of the Post Office working in a Post Office that used the Horizon system software.
• The conviction has not been considered by the Court of Appeal

This clears their names, delivers justice, and ensures swifter access to the financial redress they deserve.

Postmasters will be written to in the coming weeks as the process for notifying them of their overturned convictions commences. An open letter to postmasters to set out next steps has also been published today.

The Department for Business and Trade continue to work on the new Horizon Convictions Redress Scheme for those who have had their convictions quashed by today’s legislation. This will be fully operational by the summer.

A reminder that businesses must submit all export declarations through the Customs Declaration Service (CDS) by 4 June.

Businesses exporting goods have less than one month left to move across to the CDS, HM Revenue and Customs (HMRC) announced today.

Export declarations must be submitted through CDS from 4 June this year, when it replaces the Customs Handling Import and Export Freight (CHIEF) system for all trade declarations.

CDS provides businesses with a more user-friendly, streamlined system with greater functionality. It has been running since 2018 for import declarations and more than 117 million customs declarations have already been submitted through CDS.

HMRC is working closely with the border industry and directly contacting all declarants and traders to urge them to access the available support now and transfer over to CDS.

Businesses with customs agents should ensure their agent is ready to use CDS. Those without a customs agent must prepare to make their own declarations using software that works with the system.

Further information is available on GOV.UK, including the CDS toolkit and checklists, which break down the individual steps traders need to take. Traders can also subscribe to CDS alerts and access the free Trader Dress Rehearsal to practice submitting declarations.

The recently introduced Economic Crime and Transparency Act has gifted Companies House a range of new powers aimed at reducing exploitation by corporate entities to pursue illegal enterprise.

The aim of the new reforms are:

• Introducing identity verification for all new and existing registered company directors, People with Significant Control, and those delivering documents to the Registrar. This will improve the accuracy of Companies House data, to support business decisions and law enforcement investigations.
• Broadening the Registrar of Companies House’s powers so that the Registrar can become a more active gatekeeper over company creation and custodian of more reliable data, including new powers to check, remove or decline information submitted to, or already on, the companies register.
• Improving the financial information on the register so that the register is more reliable, complete and accurate, reflects the latest advancements in digital technology, and enables better business decisions.
• Providing Companies House with more effective investigation and enforcement powers and introducing better cross-checking of data with other public and private sector bodies. Companies House will be able to proactively share information with law enforcement bodies where they have evidence of anomalous filings or suspicious behaviour.
• Enhancing the protection of personal information provided to Companies House to protect individuals from fraud and other harms.
• Broader reforms to clamp down on misuse of corporate entities.

In addition to the above, the bill will:

• enable businesses in certain situations to share information more easily for the purposes of preventing, investigating or detecting economic crime by disapplying civil liability for breaches of confidentiality for firms who share information to combat economic crime;
• enable proactive intelligence gathering by law enforcement and strengthening the National Crime Agency’s Financial Intelligence Unit’s (FIU) ability to obtain information from businesses relating to money laundering and terrorist financing by removing the requirement for a pre-existing Suspicious Activity Report (SAR) to have been submitted before an Information Order (IO) can be made; and
• focus private sector and law enforcement resources on high value activity, reducing the reporting burden on businesses and enabling greater prioritisation of law enforcement resource by expanding the types of case in which businesses can deal with clients’ property without having to first submit a Defence Against Money Laundering (DAML) SAR.

As more information on the detail of how these changes will impact SMEs, we will post further updates on this newsfeed.

Business rates are a tax on non-domestic premises, including most commercial properties such as shops, offices, pubs, warehouses and factories. The money raised through business rates is used to help fund local services like the police, fire and rescue services.

Business rates are generally calculated by multiplying the rateable value of commercial premises by the business rates multiplier before any eligible reliefs are deducted. Business rates are treated differently in England, Wales, Scotland and Northern Ireland and the rates relief schemes vary across the UK.

In England, you may be eligible for business rates relief if your business is:

• a small business
• a retail, hospitality and leisure property – for example, a shop, restaurant, entertainment venue or hotel
• the only business in a rural area
• a charity or a community amateur sports club
• a local newspaper

You may also be eligible for business rates relief if:

• you own a property and it’s empty, partly empty or being refurbished
• you make certain improvements to your property
• your rates change by more than a certain amount at revaluation
• you will get less small business or rural rate relief after 1 April 2023
• you are in financial difficulty
• your property is in an ‘enterprise zone’
• your property is in a ‘freeport’
• your property is a heat network

Local councils can also choose to offer business rates relief to businesses that benefit the local community or economy. Contact your local council to find out if this is available in your area and check if you are eligible.