Government pledges regional initiatives to rebalance national economy

One of the principle drivers in the last Government’s economic policies was targeted regional initiatives. These initiatives were intended to create a more balanced economy by driving regional growth and narrowing the gap between the South of England and the rest of the country. It was hoped that added investment would not only boost regional economies, but would also be of considerable benefit to small businesses.…


Rise in the national living wage is disproportionately affecting small businesses claims FSB

Is your small business struggling to cope with financial pressures? Is your SME being squeezed by commodity price inflation, rising wages and the falling value of the pound? Well, it might be little comfort, but you are not alone. Many small businesses are facing similar pressures. These problems, however, have also been compounded by increases in the national living wage. Many SMEs who were already struggling, have found that the increases in the national living wage(NLW) have piled on further pressure and pushed them to the brink according to the latest survey carried out by the Federation of Small Businesses.…


SMEs struggling to cope with higher business rates and levels of bad debts

How tough are small businesses findings things at the moment? Well, a new survey by Bibby Financial Services of 1,000 small and medium-sized businesses would suggest that things are, in fact, far tougher than many financial experts could have reasonably predicted. The survey discovered that bad debt, in particular, was proving to be problematic for SMEs: the study found that average levels of bad debt had increased by almost 70 percent in just one year. The only conclusion to be drawn from such dramatic increases is that all businesses are feeling the pinch.…


Bacs research shows late payments are costing SMEs over £2 billion a year

If you run a small business, you’ll probably already be painfully aware of the threat that late payments can pose to your business. Delayed payments might not make that much of a difference if your business is big enough to take a temporary hit. However, for many SMEs delayed payments can be the difference between survival or going under. Few people, other than accountants, have truly appreciated the scale of the problem: that is, until now. Research by Bacs Payment Schemes Limited has discovered that the UK’s smaller businesses are facing a total bill of £2.16 billion to chase overdue payments.…


Paying voluntary NICs

There are various reasons as to why gaps may arise in an individual’s national insurance contributions (NIC) record, for example, because that person has been on low earnings for several years, they have been living abroad, or because they have been unemployed and have not been claiming benefits. In certain circumstances therefore, it may be possible, and beneficial, to pay voluntary Class 3 National Insurance Contributions (NICs) as this can safeguard entitlement to a future state retirement pension and certain other state benefits.…


SDLT on second homes

Stamp Duty Land Tax (SDLT) is payable on the purchase of residential property in increasing portions of the property price above £125,000.

Current rates of SDLT on individual and additional properties are as follows:…


Switching to the cash basis

Many small, unincorporated businesses choose to use the ‘cash basis’ for working out taxable income. Under this method, participants will be taxed on the basis of the cash that passes through their books, rather than having to undertake complex and time-consuming calculations designed for larger businesses, who generally have to use ‘traditional’ methods for tax purposes. Whilst easing the administrative burdens of preparing ‘traditional’ accounts, using the cash basis can also help with cash flow.…


Half of small business owners have not made a Will should the worst happen

If you are in a relationship, have a family or own a property, the chances are you have already made a Will. As any accountant would tell you, it’s the prudent thing to do and it makes absolute financial sense; after all, wouldn’t you want the peace of mind of knowing that your assets will go those you love most after your death? Now, you would assume that those people who were savvy enough to make a personal Will would also do the same for their businesses. Yet, it appears that isn’t necessarily the case. According to a recent study by Legal & General more than half of Britain’s small business owners have left no instructions in their Will or made any special arrangements regarding shares.…


News / Blog

22nd
August

Government pledges regional initiatives to rebalance national economy

One of the principle drivers in the last Government’s economic policies was targeted regional initiatives. These initiatives were intended to…

14th
August

Rise in the national living wage is disproportionately affecting small businesses claims FSB

Is your small business struggling to cope with financial pressures? Is your SME being squeezed by commodity price inflation, rising…

7th
August

SMEs struggling to cope with higher business rates and levels of bad debts

How tough are small businesses findings things at the moment? Well, a new survey by Bibby Financial Services of 1,000…

31st
July

Bacs research shows late payments are costing SMEs over £2 billion a year

If you run a small business, you’ll probably already be painfully aware of the threat that late payments can pose…