Survey for your opinions: forms.microsoft.com/e/ugCniFSYqF
@ghostwritermatt23287 ай бұрын
I think my worry would be that scammers can more easily target businesses that seem to be successful or sitting on cash.
@HeelanAssociates7 ай бұрын
This concern certainly is common one being echoed in the responses to the survey.
@online_screen_name7 ай бұрын
This continued erosion of privacy is awful 😞
@HeelanAssociates7 ай бұрын
Privacy is certainly a key concern here.
@markw63097 ай бұрын
Thanks for the video, I had no idea this was planned, it seems very intrusive. For one person limited companies your earnings would be online for the world to see!
@HeelanAssociates7 ай бұрын
For sure!
@beluil7 ай бұрын
My thoughts exactly. Really annoying
@burropoco7 ай бұрын
Thanks for highlighting this. Even if the intention is transparency and public disclosure this measure is a really terrible idea! Data Aggregators will undoubtedly collate this information into various Data Sets to be repackaged and resold. Potentially sensitive financial information will then undoubtedly become available to nefarious persons and organisations via Data Brokers who may use it for criminal enterprises. It's unlikely that small businesses will have the resources or expertise to counteract or mitigate these potential problems. The advent of A.I data models will increase the velocity of any unintended consequences beyond the capacity of the Police or Regulatory Authorities to keep pace.
@HeelanAssociates7 ай бұрын
Yes this concern certainly being echoed in the responses to the survey.
@brickers9117 ай бұрын
Many companies entering a business relationship carry out some due diligence on the other companies so why shouldn't anyone have access to this data to mitigate any risk or exposure?
@HeelanAssociates7 ай бұрын
For the reasons we cover here www.heelanassociates.co.uk/your-profits-and-turnover-on-display-to-the-public/
@stevel69437 ай бұрын
Only people who are familiar with the running of a business will know where to look and (hopefully) they will have an understanding of what the narrative may be behind profit and loss. Ultimately the relationship between provider and customer is important. This should be enough ie. Is the customer getting the service they want at a competitive rate? If so they should be happy to pay regardless of what the profit and loss statements suggest. The quality of service for the cost is vital and reputation is everything. As an example I am a little bit more expensive compared to my competitors however customers are happy to pay this as they know that the results are worth the cost. With all that said my finances should be my private business and I certainly do not want checks and balances printed for the world to see.
@HeelanAssociates7 ай бұрын
Thats it Steve, you don’t really want a new element to the discussion. You want are you happy with the service / product / value for the price.
@howardbattersby56727 ай бұрын
A few thoughts. If the figures are shown in a different order, rather than the traditional format of income statement, balance sheet, cash flow, but rather balance sheet, cash flow income statement might be better. Suppliers can also see customer's accounts and make an opinion as to if they can afford a price. I would also ask if members of the civil service would be happy to have their names and salary made public every year, as that is effectively what they are asking to be disclosed.
@HeelanAssociates7 ай бұрын
That’s a common question I’ve been asking for those non ltd owners - would you like your p60 or tax return info publicly available? Same fear.
@smile38847 ай бұрын
Profit & loss is personal not for anyone to see unless you authorise them
@HeelanAssociates7 ай бұрын
Certainly how its worked for some time (and does for sole traders)
@dfaulkner96027 ай бұрын
100% agree!!!
@winstondouglas74757 ай бұрын
Wow that is just plain crazy, just what I need more ammunition for customers and competitors to use against us to help grow the UK economy. Thank you for taking the time to keep us informed. Survey Completed. 😎👌🏿
@HeelanAssociates7 ай бұрын
Appreciate it! Hoping to demonstrate the thoughts of the small business community.
@nathantoseehere7 ай бұрын
Punishing the many for the corruption/illegality of the few. Drowning in public data doesn’t expose those who hide and launder it, it opens small business owners for too many ridiculous conversations. It is common when growing to operate at a loss or steep discount until your reputation is built and you can charge at market rates or for the value of the service you provide. When the shareholders are private, what’s the point of exposing the same information as a publicly traded company? 🤯
@HeelanAssociates7 ай бұрын
Yes it does feel like it doesn’t achieve what it’s setting out to. Benefits don’t seem to outweigh negatives.
@madkimchi54447 ай бұрын
Thanks for keeping us up to date. This is pontentially really damaging for small businesses trying to make ends meet. At the least, this should be opt in/out.
@HeelanAssociates7 ай бұрын
Very worrying for everyone.
@brickers9117 ай бұрын
I would say the vast majority of people wouldnt even know where to look for company accounts or would even bother and if they did would still be banboozled by the numbers, including some of the company owners
@HeelanAssociates7 ай бұрын
Agree to a point but there are scenarios here where having the information to mis read in the first place are dangerous. More here www.heelanassociates.co.uk/your-profits-and-turnover-on-display-to-the-public/
@esemredemir7 ай бұрын
They just need to lower tax to encourage people to earn money. 50k threshold is a joke before start paying high rate income tax. They do kinda limit people over there. You take all the risk I take half of the profit is too much. Idea of Showing PnL to public is like, well done guys good idea, you improved the economy :)
@HeelanAssociates7 ай бұрын
Yes at this point the threshold is a major issue. Especially in combination with student loans and or child benefit.
@sdo24067 ай бұрын
thank you for highlighting this. Form completed. I wonder if the next step is for companies to publicly display all payslips and/or HMRC to make everyone's self assessment available to view online!
@HeelanAssociates7 ай бұрын
It’s certainly similar vibes 😃
@travisestefania8436 ай бұрын
💃 P R O M O S M
@HeelanAssociates6 ай бұрын
Sorry unsure what this means
@calevy1006 ай бұрын
Agree with the sentiments below. Also may make people more wary of using a limited company or even go to the extreme of registering the company outside the UK. Do you think these changes would still go through even if the government changes ?
@HeelanAssociates6 ай бұрын
Yes I think so - I don’t think currently that enough counter opinions have been shown yet to really get them to re look at it.
@edkemp23846 ай бұрын
Form filled in 👍👍. Started a new business and dropped on your podcast / KZbin. Incredible information and easy to consume. 🙏👍👍👍
@HeelanAssociates6 ай бұрын
Thanks and glad you enjoy!
@davidkilpatrick51707 ай бұрын
The survey can't be completed without checking at least one box in every section. That presumes the person agrees with one of the available comments (question 4 in particular). Leaving an option for 'other' and a text box would have been better. Since I think all concerns are valid but I can't see any that will have a long term impact. Once employers, employees, customers, suppliers and competitors are given time to get used to the new available information, they will be able to correctly (or get close) interpret the data and make more informed choices. Accountants that move first, especially with a significant online presence should be able to help people understand the data better when broken down into sectors and niches 😉 Criminals find it more difficult to hide and accountants have a new revenue stream. Not sure that's a win win 🤔
@HeelanAssociates7 ай бұрын
Great point re Q4, we've added an other option to it!
@rosekeryn7 ай бұрын
There has got to be a much more serious punishment for financial crimes, financial fraud and identity theft. Major investment into policing and the enforcement needed. Private data should be protected and only provided to those in the positions of responsibility relevant to any particular account.
@HeelanAssociates7 ай бұрын
The privacy aspect is certainly concern here! I can only imagine the police would love more funding to tackle these issues.
@hannah00797 ай бұрын
I think it will stop people from deciding to incorporate a company and also i see they increasing the price of all fillings at companies House also. To me, it seems like the government is doing anything to stop new/discourage new business starting and drive down the amount they want to receive in tax
@HeelanAssociates7 ай бұрын
Oh video on companies house fees coming 😄
@Ad-fs7pf7 ай бұрын
Is it just me that not knowing or understanding the exact reasoning as to how publishing the P&L will aid the greater good and how it is an improvement on the current system. What does it acheive or add that the current system doesn't? Apart from using the terminology of 'More transparent'. I'm not sure of what exact benefit making the P&L to the public will have. What am I missing here?
@HeelanAssociates7 ай бұрын
That’s the challenge - does it solve the problem? Not from my point of view.
@Ad-fs7pf7 ай бұрын
If the problem, it is solving could be defined then we would be able to make an informed decision. Just saying to be 'More transparent' doesn't mean anything. They need to define exactly the problem this action would potentially solve. @@HeelanAssociates
@james1b147 ай бұрын
Has the form been taken down? I’ve just come across the video…..:-(
@HeelanAssociates7 ай бұрын
Still here heelanassociates.co.uk/risksurvey
@james1b147 ай бұрын
@@HeelanAssociates thanks - it was a bit weird - wouldn't work on my Iphone, but worked on my laptop - maybe because I'm logged into Microsoft on my laptop?
@danmccann61007 ай бұрын
It gives too many eyes a look behind the curtain.
@HeelanAssociates7 ай бұрын
And seeing behind that curtain is often not a good thing!
@JoJo_GSD7 ай бұрын
Can I just ask, will this be applicable to sole traders with no employee's?
@jankool017 ай бұрын
Just limited companies.
@JoJo_GSD7 ай бұрын
@@jankool01 thank you🤗
@HeelanAssociates7 ай бұрын
Not currently just LTD.
@JoJo_GSD7 ай бұрын
@@HeelanAssociates thank you 🤗
@sammy_sam_leonardo7 ай бұрын
Does this apply to micro-entities?
@HeelanAssociates7 ай бұрын
Yes sadly
@sammy_sam_leonardo7 ай бұрын
@@HeelanAssociates 😔
@Adelrawas17 ай бұрын
Time to move the company out of this mad island
@telepath_7 ай бұрын
I notice more and more companies changing business address to Ireland, maybe I should look into doing the same as I am guessing it's for tax reasons?
@HeelanAssociates7 ай бұрын
Ireland has a low tax rate so is attractive for internationals.