Please note that this blog has now been transferred to http://www.ukba.co.uk/blog
We look forward to seeing you there!
www.ukba.co.uk
Thursday, 29 October 2009
Wednesday, 28 October 2009
What does Warren Buffet, the world's 2nd richest man have to say about business and life?
1. He bought his first share at age 11 and he now regrets that he started too late! Things were very cheap at that time. Encourage your children to invest.
2. He bought a small farm at age 14 with savings from delivering newspapers. One can buy many things with few savings. Encourage your children to start some kind of business.
3. He still lives in the same small 3-bedroom house in mid-town Omaha, that he bought after he got married 50 years ago. He says that he has everything he needs in that house. His house does not have a wall or a fence. Don't buy more than you "really need" and encourage your children to do and think the same.
4. He drives his own car everywhere and does not have a driver or security people around him. You are what you are…
5. He never travels by private jet, although he owns the world's largest private jet company. Always think how you can accomplish things economically.
6. His company, Berkshire Hathaway, owns 63 companies. He writes only one letter each year to the CEOs of these companies, giving them goals for the year. He never holds meetings or calls them on a regular basis. Assign the right people to the right jobs.
7. He has given his CEO's only two rules:
Rule number 1: do not lose any of your shareholder's money.
Rule number 2: Do not forget rule number 1.
Set goals and make sure people focus on them.
8. He does not socialize with the high society crowd. His pasttime after he gets home is to make himself some popcorn and watch Television. Don't try to show off, just be yourself and do what you enjoy doing
9. Warren Buffet does not carry a cellphone, nor has a computer on his desk.
10. Bill Gates, the world's richest man met him for the first time only 5 years ago. Bill Gates did not think he had anything in common with Warren Buffet. So he had scheduled his meeting only for half hour. But when Gates met him, the meeting lasted for ten hours and Bill Gates became a devotee of Warren Buffet.
His advice to young people: "Stay away from credit cards & bank loans and invest in yourself and remember:
a.Money doesn't create man but it is the man who created money.
b.Live your life as simply as possible.
c.Don't do what others say - listen to them, but do what you feel good doing.
d.Don't follow brand names; just wear those things in which youf eel comfortable.
e.Don't waste your money on unnecessary things; rather just spend on those things you really need.
f.After all, it's your life so why allow others to rule your life?"
A recent interview with Warren: http://www.cnbc.com/id/15840232?play=1&video=1257407167
Source: CNBC
www.ukba.co.uk
2. He bought a small farm at age 14 with savings from delivering newspapers. One can buy many things with few savings. Encourage your children to start some kind of business.
3. He still lives in the same small 3-bedroom house in mid-town Omaha, that he bought after he got married 50 years ago. He says that he has everything he needs in that house. His house does not have a wall or a fence. Don't buy more than you "really need" and encourage your children to do and think the same.
4. He drives his own car everywhere and does not have a driver or security people around him. You are what you are…
5. He never travels by private jet, although he owns the world's largest private jet company. Always think how you can accomplish things economically.
6. His company, Berkshire Hathaway, owns 63 companies. He writes only one letter each year to the CEOs of these companies, giving them goals for the year. He never holds meetings or calls them on a regular basis. Assign the right people to the right jobs.
7. He has given his CEO's only two rules:
Rule number 1: do not lose any of your shareholder's money.
Rule number 2: Do not forget rule number 1.
Set goals and make sure people focus on them.
8. He does not socialize with the high society crowd. His pasttime after he gets home is to make himself some popcorn and watch Television. Don't try to show off, just be yourself and do what you enjoy doing
9. Warren Buffet does not carry a cellphone, nor has a computer on his desk.
10. Bill Gates, the world's richest man met him for the first time only 5 years ago. Bill Gates did not think he had anything in common with Warren Buffet. So he had scheduled his meeting only for half hour. But when Gates met him, the meeting lasted for ten hours and Bill Gates became a devotee of Warren Buffet.
His advice to young people: "Stay away from credit cards & bank loans and invest in yourself and remember:
a.Money doesn't create man but it is the man who created money.
b.Live your life as simply as possible.
c.Don't do what others say - listen to them, but do what you feel good doing.
d.Don't follow brand names; just wear those things in which youf eel comfortable.
e.Don't waste your money on unnecessary things; rather just spend on those things you really need.
f.After all, it's your life so why allow others to rule your life?"
A recent interview with Warren: http://www.cnbc.com/id/15840232?play=1&video=1257407167
Source: CNBC
www.ukba.co.uk
Tuesday, 27 October 2009
The UK is still the number one investment location in Europe.
UK Trade & Investment’s latest inward investment report celebrates 1,744 inward investment projects over the last year. The year to March 2009 has set another record for inward investment projects into the United Kingdom.
Read the annual UK inward investment report here: http://www.ukinvest.gov.uk/investmentreport/4046343/en-GB.html
www.ukba.co.uk
Read the annual UK inward investment report here: http://www.ukinvest.gov.uk/investmentreport/4046343/en-GB.html
www.ukba.co.uk
Monday, 26 October 2009
Small Businesses To Benefit From Graduate Talent
The Government has joined forces with the Federation of Small Businesses (FSB) to offer up to 10,000 graduates a boost to their future employability, through internships in small and micro businesses announced the Prime Minister Gordon Brown today.
The Prime Minister said:
“Our guarantee to all young people is that with millions of new opportunities from apprenticeships to internships to a new class of modern technicians, we will discover, coach, develop and showcase the wealth of aspiration and talent that exists in Britain.
“To add to the 100,000 new young people’s jobs we are already creating, we can today offer in partnership with the Federation of Small Businesses, 10,000 skilled internships so that, even in the midst of tough economic times, we are encouraging a whole new generation of young Britons to embrace ambition and British enterprise.”
Read more: http://nds.coi.gov.uk/clientmicrosite/Content/Detail.aspx?ClientId=431&NewsAreaId=2&ReleaseID=407128&SubjectId=36
www.ukba.co.uk
The Prime Minister said:
“Our guarantee to all young people is that with millions of new opportunities from apprenticeships to internships to a new class of modern technicians, we will discover, coach, develop and showcase the wealth of aspiration and talent that exists in Britain.
“To add to the 100,000 new young people’s jobs we are already creating, we can today offer in partnership with the Federation of Small Businesses, 10,000 skilled internships so that, even in the midst of tough economic times, we are encouraging a whole new generation of young Britons to embrace ambition and British enterprise.”
Read more: http://nds.coi.gov.uk/clientmicrosite/Content/Detail.aspx?ClientId=431&NewsAreaId=2&ReleaseID=407128&SubjectId=36
www.ukba.co.uk
Sunday, 25 October 2009
Small firms fear rising rates bills
Small business owners fear that they will be forced to pay inflated rates bills for five years, according to a survey conducted by the Forum of Private Business (FPB).
Just fewer than 80% of respondents said that they think their business rates will increase when changes take place in April 2010.
Business properties are revalued every five years to ensure that rateable values reflect the changes in the property market. However, because the present revaluation is based on rent prices from April 2008 - before the recession - small businesses are concerned that their rates bills will be unfairly high.
"Small businesses are already under a great deal of pressure to pay their business rate bills and most do not see the corresponding value in local authority services. It is extremely important that the government provides an appropriate and fair system of transitional rate relief for small businesses who will see an increase in their rateable value from 2010," said Matt Goodman of the FPB.
www.ukba.co.uk
Just fewer than 80% of respondents said that they think their business rates will increase when changes take place in April 2010.
Business properties are revalued every five years to ensure that rateable values reflect the changes in the property market. However, because the present revaluation is based on rent prices from April 2008 - before the recession - small businesses are concerned that their rates bills will be unfairly high.
"Small businesses are already under a great deal of pressure to pay their business rate bills and most do not see the corresponding value in local authority services. It is extremely important that the government provides an appropriate and fair system of transitional rate relief for small businesses who will see an increase in their rateable value from 2010," said Matt Goodman of the FPB.
www.ukba.co.uk
Saturday, 24 October 2009
A million small firms hit by late payments
Over a million small and medium-sized business have been affected by late payments totalling over £30bn, according to data released by to Bacs Payment Schemes Limited.
This figure means that small firms have seen an increase in money owed of more than £11bn from two years ago, and the number of SMEs reporting that they are experiencing payment delays rose by over 65% from 2008 to 2009.
The report also highlighted how the problem can spiral out of control, with 52% of small firms stating that if they're paid late, they'll pay their invoices later too. A third of small companies reported that they are paying others later this year than in 2008.
Cashflow is the most common reason for overdue payments, with 30% of businesses surveyed citing this as the main excuse given. But 6% of late payers claim they forgot all about it, with the same number relying on the age-old excuse ‘the cheque's in the post'.
"While many businesses which owe money to others do undoubtedly have problems in paying bills quickly, there is a question mark over those who may be ‘playing' the system and delaying payment for as long as they can," said Michael Chambers, managing director of Bacs.
www.ukba.co.uk
This figure means that small firms have seen an increase in money owed of more than £11bn from two years ago, and the number of SMEs reporting that they are experiencing payment delays rose by over 65% from 2008 to 2009.
The report also highlighted how the problem can spiral out of control, with 52% of small firms stating that if they're paid late, they'll pay their invoices later too. A third of small companies reported that they are paying others later this year than in 2008.
Cashflow is the most common reason for overdue payments, with 30% of businesses surveyed citing this as the main excuse given. But 6% of late payers claim they forgot all about it, with the same number relying on the age-old excuse ‘the cheque's in the post'.
"While many businesses which owe money to others do undoubtedly have problems in paying bills quickly, there is a question mark over those who may be ‘playing' the system and delaying payment for as long as they can," said Michael Chambers, managing director of Bacs.
www.ukba.co.uk
Friday, 23 October 2009
Recession is nearly over but recovery is fragile, says IMF
The world economy is "on the verge of recovery", having experienced its first decline since the end of the Second World War, according to the International Monetary Fund.
"The advanced economies, hit particularly hard by financial crises and the collapse in world trade, are showing signs of stabilisation, driven mainly by an unprecedented public policy response," the IMF said in its latest World Economic Outlook report.
Read more: http://www.independent.co.uk/news/business/news/recession-is-nearly-over-but-recovery-is-fragile-says-imf-1796339.html
Source: The Independent
Author: Sean O'Grady, Economics Editor
www.ukba.co.uk
"The advanced economies, hit particularly hard by financial crises and the collapse in world trade, are showing signs of stabilisation, driven mainly by an unprecedented public policy response," the IMF said in its latest World Economic Outlook report.
Read more: http://www.independent.co.uk/news/business/news/recession-is-nearly-over-but-recovery-is-fragile-says-imf-1796339.html
Source: The Independent
Author: Sean O'Grady, Economics Editor
www.ukba.co.uk
Thursday, 22 October 2009
Prepare for Companies House changes or risk bad debt, expert warns
Businesses must be aware of the changes due to come into force under the Companies Act 2006 or risk taking on bad debt and credit risks, an industry expert has warned. A spokesperson for credit check firm Equifax warns that businesses must factor in the changes to their trade credit procedures.
Read more: http://www.betterbusinessadviser.co.uk/public/790.cfm
www.ukba.co.uk
Read more: http://www.betterbusinessadviser.co.uk/public/790.cfm
www.ukba.co.uk
Wednesday, 21 October 2009
Lack of funding for training threatens economic recovery, claims learning body
A lack of cash to fund the Train to Gain training scheme is threatening to hamper economic recovery, a trade association has warned. The Association of Learning Providers (ALP), which represents training providers of the scheme, claims that a lack of funding means that many employers are unable to enrol staff on Train to Gain. It adds that most business sectors "are adversely affected" by the shortfall. The Learning and Skills Council (LSC) responded by saying that demand had "increased dramatically" but that it would "deliver 100,000 more starts and learners than planned" between 2008 and 2010.
Read report: http://www.learningproviders.org.uk/file/?id=266&type=item
www.ukba.co.uk
Read report: http://www.learningproviders.org.uk/file/?id=266&type=item
www.ukba.co.uk
Tuesday, 20 October 2009
More than 40% of small firms to consider closing pension scheme
Around 41% of small businesses are considering closing their existing pension scheme ahead of the Government's planned changes in 2012, according to a survey carried out by the Association of Consulting Actuaries (ACA). The Government plans to make it compulsory for employers to enrol their employees into a pension scheme from 2012. The ACA survey results also show that 86% of small business owners are planning to review their pension provision because of this impending change, while only 16% of employers have budgeted for increases to costs due to the changes.
www.ukba.co.uk
www.ukba.co.uk
Monday, 19 October 2009
SMEs using own cash to fund their firm
More than half of UK entrepreneurs have revealed that their most likely source of funding for major business projects will have to come from their own money, according to a survey by business advisory firm Deloitte.
The survey highlights the tough lending conditions that small business owners are experiencing at the moment, although recent data has suggested that banks are slowly beginning to increase their lending.
Despite tougher lending conditions entrepreneurs continue to rely on banks as their primary source of funding, with 18% of small business owners listing banks as their main source of funding, followed by 10% that turn to existing shareholders.
Just 12% said external investment from private equity, venture capital and angel investors would be their most likely source of cash over the next year - down from 28% in 2008.
"The survey reveals that current business conditions have created an alarming reliance on working capital at a time when more than a quarter of respondents say they are having to monitor their cash position daily," said Simon Manning of Deloitte.
www.ukba.co.uk
The survey highlights the tough lending conditions that small business owners are experiencing at the moment, although recent data has suggested that banks are slowly beginning to increase their lending.
Despite tougher lending conditions entrepreneurs continue to rely on banks as their primary source of funding, with 18% of small business owners listing banks as their main source of funding, followed by 10% that turn to existing shareholders.
Just 12% said external investment from private equity, venture capital and angel investors would be their most likely source of cash over the next year - down from 28% in 2008.
"The survey reveals that current business conditions have created an alarming reliance on working capital at a time when more than a quarter of respondents say they are having to monitor their cash position daily," said Simon Manning of Deloitte.
www.ukba.co.uk
Sunday, 18 October 2009
Contraction of UK economy revised
The Office for National Statistics (ONS) has revised the figure for the rate of contraction in the UK economy in the second quarter of the year downwards.
The ONS originally reported that Gross domestic product (GDP) declined 0.8% in the second quarter of the year, but this has been reduced to 0.6%.
"There is some good news in the mass of UK data released today, but generally the figures highlight the fragility of the economic recovery," said Vicky Redwood, an economist at Capital Economics.
www.ukba.co.uk
The ONS originally reported that Gross domestic product (GDP) declined 0.8% in the second quarter of the year, but this has been reduced to 0.6%.
"There is some good news in the mass of UK data released today, but generally the figures highlight the fragility of the economic recovery," said Vicky Redwood, an economist at Capital Economics.
www.ukba.co.uk
Saturday, 17 October 2009
Small firms adapting to downturn
Over 70% of small businesses in the UK have developed creative solutions to strengthen their company during the recession, according to research commissioned by the Department for Business, Innovation and Skills.
The study shows that 77% of small companies have adapted their business to cope with the downturn with 26% adjusting working hours, 33% investing in additional staff training and rewards and 65% exploring new product areas.
Just under 50% of respondents that made changes to their business did so to take a pro-active approach to the challenging economic climate and 37% said it was so they were ready to capitalise on the economic upturn when it occurs.
"In the face of a global downturn small businesses have developed and applied practical changes to get the best out of their people and enhance their business," said Lord Young, Minister for Employment Relations.
www.ukba.co.uk
The study shows that 77% of small companies have adapted their business to cope with the downturn with 26% adjusting working hours, 33% investing in additional staff training and rewards and 65% exploring new product areas.
Just under 50% of respondents that made changes to their business did so to take a pro-active approach to the challenging economic climate and 37% said it was so they were ready to capitalise on the economic upturn when it occurs.
"In the face of a global downturn small businesses have developed and applied practical changes to get the best out of their people and enhance their business," said Lord Young, Minister for Employment Relations.
www.ukba.co.uk
Friday, 16 October 2009
SMEs not monitoring their website
Just under half of UK companies have no method of measuring whether their website is effective or not, according to research released by web hosting firm Fasthosts.
The study found that the average business has had a website for three to four years but 43% have no method to measure how useful the site is in terms of generating sales or how well the site is performing.
77% of firms fail to measure any type of return on investment for their websites, and 34% admit that they have never considered checking the popularity or effectiveness of their website.
"In today's difficult economic climate, the web has never been more relevant for every type of UK enterprise. However, a huge number of firms continue to invest blindly in a web presence without checking whether it is earning its keep. Irrespective of the scale of web project, every business will benefit from using simple statistics to monitor efficiencies and ensure that every visitor is being capitalised upon," said Steve Holford of Fasthosts.
www.ukba.co.uk
The study found that the average business has had a website for three to four years but 43% have no method to measure how useful the site is in terms of generating sales or how well the site is performing.
77% of firms fail to measure any type of return on investment for their websites, and 34% admit that they have never considered checking the popularity or effectiveness of their website.
"In today's difficult economic climate, the web has never been more relevant for every type of UK enterprise. However, a huge number of firms continue to invest blindly in a web presence without checking whether it is earning its keep. Irrespective of the scale of web project, every business will benefit from using simple statistics to monitor efficiencies and ensure that every visitor is being capitalised upon," said Steve Holford of Fasthosts.
www.ukba.co.uk
Thursday, 15 October 2009
60% of Brits want to start own firm
Entrepreneurial spirit is alive and well in the UK despite the recession with two-thirds of the population having ambitions to start their own business, according to a survey by the Association of Chartered Certified Accountants (ACCA).
The survey suggests that 60% of Brits would like to be their own boss and that the entrepreneurial spirit is even stronger amongst 25-34 year olds, with three-quarters aspiring to one day run their own company.
The survey of 2,000 adults from across the UK also revealed that despite the trend for multi-nationals and larger enterprises, people still believe that small businesses have an important role to play in those communities. 96% of those surveyed believe that small businesses remain vital to their towns and cities.
"Small businesses are the lifeblood of the UK economy and it is wonderful to see that people have such a high regard for the role SMEs play within the community," said Glenn Collins of ACCA.
www.ukba.co.uk
The survey suggests that 60% of Brits would like to be their own boss and that the entrepreneurial spirit is even stronger amongst 25-34 year olds, with three-quarters aspiring to one day run their own company.
The survey of 2,000 adults from across the UK also revealed that despite the trend for multi-nationals and larger enterprises, people still believe that small businesses have an important role to play in those communities. 96% of those surveyed believe that small businesses remain vital to their towns and cities.
"Small businesses are the lifeblood of the UK economy and it is wonderful to see that people have such a high regard for the role SMEs play within the community," said Glenn Collins of ACCA.
www.ukba.co.uk
Wednesday, 14 October 2009
£6 broadband tax 'will be law' before next election
Stephen Timms, the minister charged with overseeing Britain's "digital revolution," pledged yesterday to pass the £6-a-year broadband tax into law "before the general election," despite opposition from the Conservatives.
Mr Timms, the Financial Secretary to the Treasury and minister for Digital Britain, said: "We want to make high speed networks nationally available. The next-generation fund will help that and we will legislate for it this side of a general election."
The Government announced in June that it would tax each household with a landline telephone 50p per month. The levy would be used to fund ambitious plans to bring super-fast broadband to 90 per cent of the country by 2017.
Read more: http://www.independent.co.uk/news/business/news/1636-broadband-tax-will-be-law-before-next-election-1792266.html
www.ukba.co.uk
Mr Timms, the Financial Secretary to the Treasury and minister for Digital Britain, said: "We want to make high speed networks nationally available. The next-generation fund will help that and we will legislate for it this side of a general election."
The Government announced in June that it would tax each household with a landline telephone 50p per month. The levy would be used to fund ambitious plans to bring super-fast broadband to 90 per cent of the country by 2017.
Read more: http://www.independent.co.uk/news/business/news/1636-broadband-tax-will-be-law-before-next-election-1792266.html
www.ukba.co.uk
Tuesday, 13 October 2009
America's economy is picking up, says Federal Reserve
The US Federal Reserve issued its most upbeat assessment of the American economy in 18 months last night, saying activity was picking up after the most severe recession since the 1930s.
The central bank kept official interest rates at rock-bottom levels, but signalled that its programme of quantitative easing will start to taper off, now that credit markets are returning to normal.
Read more: http://www.independent.co.uk/news/business/news/americas-economy-is-picking-up-says-federal-reserve-1792262.html
www.ukba.co.uk
The central bank kept official interest rates at rock-bottom levels, but signalled that its programme of quantitative easing will start to taper off, now that credit markets are returning to normal.
Read more: http://www.independent.co.uk/news/business/news/americas-economy-is-picking-up-says-federal-reserve-1792262.html
www.ukba.co.uk
Monday, 12 October 2009
Bank of England grows nervous about recovery
A leading Bank of England policy-maker yesterday poured fresh doubt on the strength and sustainability of a British economic recovery, and added to expectations that monetary policy would be kept extremely loose well into next year, even as evidence grows that the housing market is perking up.
Kate Barker, an external member of the Bank's Monetary Policy Committee for the past eight years, told an audience of business people in Wales that "monetary policy needs over the coming quarters to continue to be set in order to sustain confidence, and to support lending and borrowing".
Read more: http://www.independent.co.uk/news/business/news/bank-of-england-grows-nervous-about-recovery-1792261.html
www.ukba.co.uk
Kate Barker, an external member of the Bank's Monetary Policy Committee for the past eight years, told an audience of business people in Wales that "monetary policy needs over the coming quarters to continue to be set in order to sustain confidence, and to support lending and borrowing".
Read more: http://www.independent.co.uk/news/business/news/bank-of-england-grows-nervous-about-recovery-1792261.html
www.ukba.co.uk
Sunday, 11 October 2009
Key Steps To Developing A Quality Business Plan
There are many important steps to consider when developing a business plan for your company, but the first step is to fully understand the main uses of a business-plan.
Please click on the image below to watch the video.
www.ukba.co.uk
Please click on the image below to watch the video.
www.ukba.co.uk
HMRC raises interest rate on late tax payments
HMRC has been criticised for increasing the rate of interest it charges on late tax payments. The Guardian reports that HMRC now charges 3% interest on late payments, even though the Bank of England's base rate has stayed at 0.5% since March. A spokesperson from accountancy firm UHY Hacker Young said that this was a sign of HMRC "clawing more money from taxpayers".
For more on this story go to:
http://www.guardian.co.uk/money/2009/sep/18/interest-rate-late-tax-payments
www.ukba.co.uk
For more on this story go to:
http://www.guardian.co.uk/money/2009/sep/18/interest-rate-late-tax-payments
www.ukba.co.uk
Saturday, 10 October 2009
Employment legislation biggest burden for firms, says FPB
The cost of complying with employment legislation is the biggest administrative burden for small businesses, according to a survey carried out by the Forum of Private Business (FPB). The results of the FPB's 'Cost of Compliance' survey show that UK small firms spend a total of £2.4 billion every year on complying with employment legislation. The FPB adds that employment law is also a growing burden for firms that have to make redundancies or dismiss staff.
For more on this story go to:
http://www.fpb.org/news/2243/Help_at_hand_for_small_firms_struggling_with_employment_law.htm
www.ukba.co.uk
For more on this story go to:
http://www.fpb.org/news/2243/Help_at_hand_for_small_firms_struggling_with_employment_law.htm
www.ukba.co.uk
Friday, 9 October 2009
Business lending slumps by biggest amount since records began
July saw net lending to UK businesses fell to its lowest level since records began, according to the Bank of England's latest 'Trend in Lending' report. The report also reveals that "the availability of finance remains more constrained for smaller companies". Some of the UK's major lenders told the Bank of England that small firms face tougher lending criteria than larger businesses because they are "less well diversified" and unable to withstand adverse conditions.
To read the full 'Trends in Lending' report go to:
http://www.bankofengland.co.uk/publications/other/monetary/TrendsSeptember09.pdf
www.ukba.co.uk
To read the full 'Trends in Lending' report go to:
http://www.bankofengland.co.uk/publications/other/monetary/TrendsSeptember09.pdf
www.ukba.co.uk
Thursday, 8 October 2009
Queen's Awards for Enterprise 2010 - open for entries
The Queen's Awards for Enterprise 2010 are open for entries until the end of October 2009. Recent award winners have been speaking about the benefits the Award has brought their business.
The Awards aim to recognise and reward the success of growing British businesses in three areas – International Trade, Innovation and Sustainable Development. This year’s application deadline is 2pm on 30 October 2009, entry is free and application forms can be completed online.
Read more: http://www.bytestart.co.uk/content/news/events/queen-enterprise-2010.shtml
www.ukba.co.uk
The Awards aim to recognise and reward the success of growing British businesses in three areas – International Trade, Innovation and Sustainable Development. This year’s application deadline is 2pm on 30 October 2009, entry is free and application forms can be completed online.
Read more: http://www.bytestart.co.uk/content/news/events/queen-enterprise-2010.shtml
www.ukba.co.uk
Wednesday, 7 October 2009
HMRC could demand customer information from small businesses
HMRC is seeking additional powers to force businesses to provide extra information on their clients and customers, according to a leading accountancy group.
UHY Hacker Young says that currently HMRC largely restricts its requests for information on taxpayers to banks and estate agents, however it now wants the right to be able to routinely ask all companies for data on their trading partners. For example, companies could be asked to provide details on their suppliers so that HMRC can pursue those suppliers that it believes are not paying the right amount of VAT.
Last week, HMRC won a Court order to force over 300 financial institutions to reveal details of customers with offshore accounts. This being just the latest step in a long line of Government initiatives to give HMRC potentially draconian police like powers.
In its new consultation paper, HMRC proposes that banks and other data providers could also be asked to verify the identities of taxpayers, even where they would not collect this data for their own commercial purposes. For example companies could be asked to match national insurance numbers of customers with the date of birth of customers.
Read more: http://www.bytestart.co.uk/content/news/1_12/hmrc-customer-information.shtml
www.ukba.co.uk
UHY Hacker Young says that currently HMRC largely restricts its requests for information on taxpayers to banks and estate agents, however it now wants the right to be able to routinely ask all companies for data on their trading partners. For example, companies could be asked to provide details on their suppliers so that HMRC can pursue those suppliers that it believes are not paying the right amount of VAT.
Last week, HMRC won a Court order to force over 300 financial institutions to reveal details of customers with offshore accounts. This being just the latest step in a long line of Government initiatives to give HMRC potentially draconian police like powers.
In its new consultation paper, HMRC proposes that banks and other data providers could also be asked to verify the identities of taxpayers, even where they would not collect this data for their own commercial purposes. For example companies could be asked to match national insurance numbers of customers with the date of birth of customers.
Read more: http://www.bytestart.co.uk/content/news/1_12/hmrc-customer-information.shtml
www.ukba.co.uk
Tuesday, 6 October 2009
Limited company directors to provide 'service addresses' to Companies House
A number of Companies Act changes come into play on 1st October 2009. One of the more significant changes is to allow limited company directors to keep their residential address confidential by providing a business or 'service' address for display on the public register.
From 1st October 2009, every director must provide Companies House with both their residential address and a service address for each directorship they currently hold.
For the 'service address', a director can choose any address (including the registered company office address). The service address is where documents can be sent, so it must be a 'real' address, not a PO Box or a DX number.
The residential addresses of company directors will subsequently be only available to Government bodies such as HMRC, and possibly Credit Reference agencies.
What does the introduction of service address mean for directors?
Directors will be able to file a service address for the public record. This address can be the same as the residential address, or the registered office address, or it can be somewhere different. This will be introduced from 1st October 2009.
Will directors still have to provide their residential address to Companies House?
Yes. Every director must provide both their usual residential address and, for each directorship, a service address. The service address will be on the public record; the residential address will be protected information. A director may choose to use his residential address as his service address; in which case the fact that the two addresses are the same will not be apparent form the public record.
You should read further relevant FAQs related to directors service addresses at the Companies House site.
www.ukba.co.uk
From 1st October 2009, every director must provide Companies House with both their residential address and a service address for each directorship they currently hold.
For the 'service address', a director can choose any address (including the registered company office address). The service address is where documents can be sent, so it must be a 'real' address, not a PO Box or a DX number.
The residential addresses of company directors will subsequently be only available to Government bodies such as HMRC, and possibly Credit Reference agencies.
What does the introduction of service address mean for directors?
Directors will be able to file a service address for the public record. This address can be the same as the residential address, or the registered office address, or it can be somewhere different. This will be introduced from 1st October 2009.
Will directors still have to provide their residential address to Companies House?
Yes. Every director must provide both their usual residential address and, for each directorship, a service address. The service address will be on the public record; the residential address will be protected information. A director may choose to use his residential address as his service address; in which case the fact that the two addresses are the same will not be apparent form the public record.
You should read further relevant FAQs related to directors service addresses at the Companies House site.
www.ukba.co.uk
Monday, 5 October 2009
Companies Act - New rules for limited company directors from 1st October 2009
Limited company owners should be aware of the latest raft of Companies Act changes, which take effect from 1st October 2009.
Previous legislative amendments bought in as a result of the Act included making the company secretary role an optional appointment.
Most of these latest changes, which represent the main implementation of the Act, may not directly affect many small business owners, however the following changes are likely to be relevant to existing (or prospective) limited company directors:
Key Companies Act Changes from 1st October 2009
1. The Registrar of Companies will gain more powers - mainly revolving around the processing of information submitted by, or concerning, the UK's companies.
2. Form changes - some of the Companies House forms currently used by limited companies may be replaced, or changed.
3. The actual incorporation process is set to become simpler as a result of the Act. A new Form IN01 will be required to form a company, together with a Memorandum of Association, the Articles of Association, and the appropriate fee.
4. Authorised / nominal share capital will be discontinued on incorporation.
5. There will no longer be a limit set out in the Memorandum of Association on the number of shares that directors can issue.
6. Company naming rules are set to become stricter.
7. Directors must now provide a "service address", alongside their residential address (although these may both be the same). This means that a director's private address will no longer appear on any public register if they have a different "service address".
8. Statement of Capital - Companies incorporating as limited by shares (whether private or public) on or after 1st October 2009 must complete a statement of capital and initial shareholdings as part of the application to incorporate.
9. New rules regarding a limited company's constitutional documents (including the Memorandum and Articles of Association)
You can find out more about these and the other 1st October 2009 changes at Companies House.
www.ukba.co.uk
Previous legislative amendments bought in as a result of the Act included making the company secretary role an optional appointment.
Most of these latest changes, which represent the main implementation of the Act, may not directly affect many small business owners, however the following changes are likely to be relevant to existing (or prospective) limited company directors:
Key Companies Act Changes from 1st October 2009
1. The Registrar of Companies will gain more powers - mainly revolving around the processing of information submitted by, or concerning, the UK's companies.
2. Form changes - some of the Companies House forms currently used by limited companies may be replaced, or changed.
3. The actual incorporation process is set to become simpler as a result of the Act. A new Form IN01 will be required to form a company, together with a Memorandum of Association, the Articles of Association, and the appropriate fee.
4. Authorised / nominal share capital will be discontinued on incorporation.
5. There will no longer be a limit set out in the Memorandum of Association on the number of shares that directors can issue.
6. Company naming rules are set to become stricter.
7. Directors must now provide a "service address", alongside their residential address (although these may both be the same). This means that a director's private address will no longer appear on any public register if they have a different "service address".
8. Statement of Capital - Companies incorporating as limited by shares (whether private or public) on or after 1st October 2009 must complete a statement of capital and initial shareholdings as part of the application to incorporate.
9. New rules regarding a limited company's constitutional documents (including the Memorandum and Articles of Association)
You can find out more about these and the other 1st October 2009 changes at Companies House.
www.ukba.co.uk
Sunday, 4 October 2009
Fastest-Growing Companies Revealed
Art galleries, wine merchants and architects are among the UK’s top 50 fast-growing companies, according to research from Business XL magazine.
The independent research, which identifies those companies showing the strongest growth in the economic downturn, suggests that the support services and health sectors are particularly resilient, with 22 and 16 per cent of the top 50 companies operating in those areas.
While more than a third (36 per cent) of companies are based in Greater London, the North West comes second with 20 per cent.
Miniclip, which provides free games to 50 million users, came second in the ranking of fast-growing companies, having increased turnover 54 per cent to £19.2 million with profits up 98 per cent to £5.8 million.
Last year's rising stars: http://www.businessxl.co.uk/businessxl-magazine/leadership/646726/shining-through-top-50-rising-stars.thtml
Read more: http://www.growthbusiness.co.uk/news/business-news/1073722/fastestgrowing-companies-revealed.thtml
www.ukba.co.uk
The independent research, which identifies those companies showing the strongest growth in the economic downturn, suggests that the support services and health sectors are particularly resilient, with 22 and 16 per cent of the top 50 companies operating in those areas.
While more than a third (36 per cent) of companies are based in Greater London, the North West comes second with 20 per cent.
Miniclip, which provides free games to 50 million users, came second in the ranking of fast-growing companies, having increased turnover 54 per cent to £19.2 million with profits up 98 per cent to £5.8 million.
Last year's rising stars: http://www.businessxl.co.uk/businessxl-magazine/leadership/646726/shining-through-top-50-rising-stars.thtml
Read more: http://www.growthbusiness.co.uk/news/business-news/1073722/fastestgrowing-companies-revealed.thtml
www.ukba.co.uk
Saturday, 3 October 2009
Ministers fear recovery will fail to reduce unemployment
Ministers are urgently drawing up measures to try to prevent a "job-lite recovery" in which unemployment continues to rise even when the economy starts to grow again.
Official figures due out today are expected to show that unemployment has risen to about 2.5 million. There are growing fears that it will remain above two million by the end of 2010.
A Back to Work White Paper will be published alongside the pre-Budget report in November. Although the Chancellor, Alistair Darling, will spell out the first of the spending cuts promised yesterday by Gordon Brown, he is also expected to expand programmes to combat unemployment.
The White Paper will include new opportunities for the young jobless, to prevent the recession creating a "lost generation", help for older people who have been out of work for more than six months, those on long-term sickness benefits and the mentally ill, and a boost for childcare to enable more mothers to return to work.
Read more: http://www.independent.co.uk/news/uk/politics/ministers-fear-recovery-will-fail-to-reduce-unemployment-1787954.html
www.ukba.co.uk
Official figures due out today are expected to show that unemployment has risen to about 2.5 million. There are growing fears that it will remain above two million by the end of 2010.
A Back to Work White Paper will be published alongside the pre-Budget report in November. Although the Chancellor, Alistair Darling, will spell out the first of the spending cuts promised yesterday by Gordon Brown, he is also expected to expand programmes to combat unemployment.
The White Paper will include new opportunities for the young jobless, to prevent the recession creating a "lost generation", help for older people who have been out of work for more than six months, those on long-term sickness benefits and the mentally ill, and a boost for childcare to enable more mothers to return to work.
Read more: http://www.independent.co.uk/news/uk/politics/ministers-fear-recovery-will-fail-to-reduce-unemployment-1787954.html
www.ukba.co.uk
Friday, 2 October 2009
Tax code swells by 150% in 12 years
Lexis Nexis says its Yellow Tax Handbook has more than doubled in size from 4,998 pages in 1997 to 11,520 today.
LexisNexis has found the UK's tax code weighs in at double the amount of pages it did in 1997, when the Labour government came into power.
On the the launch of the 2009 edition of its tax guide, Tolley’s Yellow Tax Handbook, the business information company said the current issue contained 11,520 pages, compared to 4,998 pages twelve years ago.
Tax experts said the significant increase highlights the growing complexity of the UK tax system and the impact of the government’s recent attempts to introduce recession-busting legislation.
Read more: http://www.accountancyage.com/accountancyage/news/2248994/tax-code-swells-150-years
www.ukba.co.uk
LexisNexis has found the UK's tax code weighs in at double the amount of pages it did in 1997, when the Labour government came into power.
On the the launch of the 2009 edition of its tax guide, Tolley’s Yellow Tax Handbook, the business information company said the current issue contained 11,520 pages, compared to 4,998 pages twelve years ago.
Tax experts said the significant increase highlights the growing complexity of the UK tax system and the impact of the government’s recent attempts to introduce recession-busting legislation.
Read more: http://www.accountancyage.com/accountancyage/news/2248994/tax-code-swells-150-years
www.ukba.co.uk
Thursday, 1 October 2009
Fit notes will spark disputes between workers and employers
The government's fit note proposals, which are intended to accommodate partially-fit returners to work, could lead to disputes between workers and their employers and GPs, a legal expert has warned.
Businesses have largely welcomed early return-to-work plans set out in the Department of Work and Pensions' (DWP) Reforming Medical Statement consultation.
The proposals, expected to be introduced next spring, are designed to replace the sicknote culture and help more people stay in work, rather than drift into long-term sickness.
Read more: http://www.personneltoday.com/articles/2009/09/07/52038/fit-notes-will-spark-disputes-between-workers-and-employers.html
Source: Personnel Today
www.ukba.co.uk
Businesses have largely welcomed early return-to-work plans set out in the Department of Work and Pensions' (DWP) Reforming Medical Statement consultation.
The proposals, expected to be introduced next spring, are designed to replace the sicknote culture and help more people stay in work, rather than drift into long-term sickness.
Read more: http://www.personneltoday.com/articles/2009/09/07/52038/fit-notes-will-spark-disputes-between-workers-and-employers.html
Source: Personnel Today
www.ukba.co.uk
Wednesday, 30 September 2009
90% of firms confident over survival
Almost 90% of businesses in the UK are confident that their firm will survive the recession, according to research by Clydesdale Bank.
The survey revealed that 89% of business managers are confident their company will survive the recession - with almost a third 100% certain they will make it through.
Despite the downturn the research also showed that less than a third of companies have seen a reduction in business during the recession.
"These figures are promising and show that businesses are beginning to regain confidence. This is a positive sign - where confidence exists growth often follows," said Mike Williams of Clydesdale Bank.
www.ukba.co.uk
The survey revealed that 89% of business managers are confident their company will survive the recession - with almost a third 100% certain they will make it through.
Despite the downturn the research also showed that less than a third of companies have seen a reduction in business during the recession.
"These figures are promising and show that businesses are beginning to regain confidence. This is a positive sign - where confidence exists growth often follows," said Mike Williams of Clydesdale Bank.
www.ukba.co.uk
Tuesday, 29 September 2009
Barclays most complained about bank
The top five High Street banks have accounted for more than 50% of the complaints received this year by the Financial Ombudsman Service (FOS).
Lloyds Banking Group, Barclays, Royal Bank of Scotland, Abbey and HSBC received 38,000 complaints combined, with Barclays the worst offender with over 8,000 complaints.
The FOS deals with complaints from customers in the financial services industry if firms are unable to settle them themselves and in the first half of the year upheld an average of 59% of complaints.
"Putting this information into the open will now give those worse-performing businesses vital encouragement to improve - which should mean fewer of their customers having to bring complaints to the ombudsman that should already have been resolved," said Walter Merricks, the outgoing chief ombudsman.
www.ukba.co.uk
Lloyds Banking Group, Barclays, Royal Bank of Scotland, Abbey and HSBC received 38,000 complaints combined, with Barclays the worst offender with over 8,000 complaints.
The FOS deals with complaints from customers in the financial services industry if firms are unable to settle them themselves and in the first half of the year upheld an average of 59% of complaints.
"Putting this information into the open will now give those worse-performing businesses vital encouragement to improve - which should mean fewer of their customers having to bring complaints to the ombudsman that should already have been resolved," said Walter Merricks, the outgoing chief ombudsman.
www.ukba.co.uk
Monday, 28 September 2009
New rule to protect British workers
Jobs will have to be advertised to British workers in job centres for four weeks before companies can employ individuals from outside of Europe, under new government measures to be introduced at the start of next year.
At the moment jobs have to be advertised for two weeks before they can be given to an individual who is outside Europe.
The minimum salary that will allow an individual to qualify as a skilled worker and be eligible to work in the UK will also rise from £17,000 to £20,000.
"These changes will ensure that businesses can recruit the skilled foreign workers that the economy needs, but not at the expense of British workers, nor as a cheaper alternative to investing in the skills of the existing workforce," said Home Secretary Alan Johnson.
www.ukba.co.uk
At the moment jobs have to be advertised for two weeks before they can be given to an individual who is outside Europe.
The minimum salary that will allow an individual to qualify as a skilled worker and be eligible to work in the UK will also rise from £17,000 to £20,000.
"These changes will ensure that businesses can recruit the skilled foreign workers that the economy needs, but not at the expense of British workers, nor as a cheaper alternative to investing in the skills of the existing workforce," said Home Secretary Alan Johnson.
www.ukba.co.uk
Sunday, 27 September 2009
SMEs not managing transport costs
A third of small businesses have taken no measures to better manage their transport costs, according to data released by Enterprise Rent-A-Car.
The survey found that despite 69% of small companies seeing their traffic costs rise 32% have done nothing to make more efficient use of their transport options.
The data also revealed that almost a third of small firms do not communicate their transport policy to their staff, resulting in a fundamental lack of control over transport costs.
"A sober and professional examination of any company's transport practices is likely to highlight at least a couple of practical steps that can be taken to cut costs. It's staggering that so few small businesses are taking the opportunity to find those efficiencies and put them into action," said Rob Ingram, director of business Rental at Enterprise Rent-A-Car.
www.ukba.co.uk
The survey found that despite 69% of small companies seeing their traffic costs rise 32% have done nothing to make more efficient use of their transport options.
The data also revealed that almost a third of small firms do not communicate their transport policy to their staff, resulting in a fundamental lack of control over transport costs.
"A sober and professional examination of any company's transport practices is likely to highlight at least a couple of practical steps that can be taken to cut costs. It's staggering that so few small businesses are taking the opportunity to find those efficiencies and put them into action," said Rob Ingram, director of business Rental at Enterprise Rent-A-Car.
www.ukba.co.uk
Saturday, 26 September 2009
Car sales to drive UK out of recession - Manufacturing output growth is the best since January last year
A sharp rebound in the British motor industry may have ended five successive quarters of contraction and pulled Britain out of recession sooner than expected – though only to reach a state of "stagnation".
The Office for National Statistics reported yesterday that manufacturing output rose by 0.8 per cent in July, following a 0.6 per cent recovery the previous month. Output of motor vehicles led the charge, rising by 10.4 per cent in July.
The end of the "destocking" by car dealers and the impact of the scrappage subsidy were said to be the main drivers of the industrial resurgence. The figures are the best since January last year.
Read more: http://www.independent.co.uk/news/business/news/car-sales-to-drive-uk-out-of-recession-1783892.html
www.ukba.co.uk
The Office for National Statistics reported yesterday that manufacturing output rose by 0.8 per cent in July, following a 0.6 per cent recovery the previous month. Output of motor vehicles led the charge, rising by 10.4 per cent in July.
The end of the "destocking" by car dealers and the impact of the scrappage subsidy were said to be the main drivers of the industrial resurgence. The figures are the best since January last year.
Read more: http://www.independent.co.uk/news/business/news/car-sales-to-drive-uk-out-of-recession-1783892.html
www.ukba.co.uk
Friday, 25 September 2009
Small firm staff 'more flexible'
Employees working at smaller firms are more likely to adapt their working week to try and help their firms survive the recession, according to research conducted by Orange.
The research revealed that over 65% of staff in companies with under ten employees are prepared to reduce their hours, put in extra unpaid time or accept a pay cut to help their employer in the economic downturn.
In businesses that have a workforce of over 1,000 the amount of staff prepared to make these sacrifices dropped below 40%.
www.ukba.co.uk
The research revealed that over 65% of staff in companies with under ten employees are prepared to reduce their hours, put in extra unpaid time or accept a pay cut to help their employer in the economic downturn.
In businesses that have a workforce of over 1,000 the amount of staff prepared to make these sacrifices dropped below 40%.
www.ukba.co.uk
Thursday, 24 September 2009
New recruitment ‘set to rise‘
The number of businesses planning to take on new employees has risen for the first time in three years, according to a study by recruitment company Manpower.
The research revealed that firms in the sectors of transport, communications, hotels and restaurants were most likely to take on new staff in the coming months.
"There are a number of early positive hiring indicators emerging which suggest we may have reached a turning point," said Mark Cahill of Manpower.
www.ukba.co.uk
The research revealed that firms in the sectors of transport, communications, hotels and restaurants were most likely to take on new staff in the coming months.
"There are a number of early positive hiring indicators emerging which suggest we may have reached a turning point," said Mark Cahill of Manpower.
www.ukba.co.uk
Wednesday, 23 September 2009
Business confidence highest for two years
Confidence among business professional has risen into positive territory for the first time in two years, according to the latest Institute of Chartered Accountants (ICAEW) UK Business Confidence Monitor.
The ICAEW have revealed that confidence has risen from -28.2 in the second quarter of the year to +4.8 in this quarter - the highest figure since the third quarter of 2007.
This rise in confidence has been attributed to quantitative easing, the fall in interest rates and businesses in the UK having cut all unnecessary expenditure.
"While there is no doubt that the UK economy is on its way to recovery, we shouldn't underestimate the challenges ahead for businesses," said Michael Izza, chief executive of the ICAEW.
www.ukba.co.uk
The ICAEW have revealed that confidence has risen from -28.2 in the second quarter of the year to +4.8 in this quarter - the highest figure since the third quarter of 2007.
This rise in confidence has been attributed to quantitative easing, the fall in interest rates and businesses in the UK having cut all unnecessary expenditure.
"While there is no doubt that the UK economy is on its way to recovery, we shouldn't underestimate the challenges ahead for businesses," said Michael Izza, chief executive of the ICAEW.
www.ukba.co.uk
Tuesday, 22 September 2009
Burt lined up for chairman's role as broker plans to create new bank
TOP City financial analyst is planning to set up his own bank, with former Bank of Scotland chief executive Sir Peter Burt as chairman.
Sandy Chen, of stockbroker Panmure Gordon, is also believed to have enlisted the help of other businessmen to try to raise money in the City to buy banking assets to form the nucleus of the new bank.
It is believed the broker is looking for about £100 million to get the bank off the ground and that this could lead to a flotation of the new company, with the timing dependent on the enthusiasm of the City to the idea.
Sources said the strategy of Chen and his associates was to try to attract affluent customers to place their deposits with the new bank, and then use that money to lend out to small and medium-sized businesses, a business area Chen sees as providing a good investment opportunity.
Read more: http://thescotsman.scotsman.com/business/Burt-lined-up-for-chairman39s.5622205.jp
www.ukba.co.uk
Sandy Chen, of stockbroker Panmure Gordon, is also believed to have enlisted the help of other businessmen to try to raise money in the City to buy banking assets to form the nucleus of the new bank.
It is believed the broker is looking for about £100 million to get the bank off the ground and that this could lead to a flotation of the new company, with the timing dependent on the enthusiasm of the City to the idea.
Sources said the strategy of Chen and his associates was to try to attract affluent customers to place their deposits with the new bank, and then use that money to lend out to small and medium-sized businesses, a business area Chen sees as providing a good investment opportunity.
Read more: http://thescotsman.scotsman.com/business/Burt-lined-up-for-chairman39s.5622205.jp
www.ukba.co.uk
Monday, 21 September 2009
SMEs shun enterprise finance scheme - Owners see 'little point' in government help
Small businesses appear to be shunning the government’s finance scheme aimed at helping them weather the recession, new research suggests.
A survey by financial adviser Clifton Asset Management found that nearly a third of small business owner-managers had never heard of the Enterprise Finance Guarantee (EFG) scheme, while of those that had, 93% saw ‘little point’ in applying for it.
The EFG scheme was introduced in January to secure bank lending to businesses with a turnover of up to £25m.
Under the scheme, successful applicants could get loans of up to £1m but out of the small percentage of businesses who applied for EFG help, the survey found that only 1% was granted funding.
Read more: http://www.accountancymagazine.com/croner/jsp/Editorial.do?channelId=-305535&contentId=1337608
Source: http://www.accountancymagazine.com
www.ukba.co.uk
A survey by financial adviser Clifton Asset Management found that nearly a third of small business owner-managers had never heard of the Enterprise Finance Guarantee (EFG) scheme, while of those that had, 93% saw ‘little point’ in applying for it.
The EFG scheme was introduced in January to secure bank lending to businesses with a turnover of up to £25m.
Under the scheme, successful applicants could get loans of up to £1m but out of the small percentage of businesses who applied for EFG help, the survey found that only 1% was granted funding.
Read more: http://www.accountancymagazine.com/croner/jsp/Editorial.do?channelId=-305535&contentId=1337608
Source: http://www.accountancymagazine.com
www.ukba.co.uk
Sunday, 20 September 2009
Firms hit by bank stealth charges - Lenders ramp up fees and push companies into more expensive loan deals
High-street banks are hitting small firms with a raft of new charges for borrowing money, say small-business organisations. They are also pushing companies to convert their overdrafts into loans that have higher interest charges and more stringent repayment terms.
Banks are finally starting to lend again, but small and medium enterprises are furious at what they regard as a blatant attempt to squeeze yet more money out of them at a time when many are struggling to stay afloat.
(By Rachel Bridge)
Read more: http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article6823244.ece
Source: TimesOnLine
www.ukba.co.uk
Banks are finally starting to lend again, but small and medium enterprises are furious at what they regard as a blatant attempt to squeeze yet more money out of them at a time when many are struggling to stay afloat.
(By Rachel Bridge)
Read more: http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article6823244.ece
Source: TimesOnLine
www.ukba.co.uk
Saturday, 19 September 2009
Recovery has started but economy still faces huge risks
The British Chambers of Commerce (BCC) has today published its September 2009 Economic Forecast. Despite a further downward revision in GDP expectations for this year, the BCC is more upbeat about economic growth in 2010, and has reduced its forecast for peak unemployment.
The main features of the BCC forecast are:
The UK will see a large GDP decline of 4.3% in 2009, followed by positive growth of 1.1% in 2010 and 1.9% in 2011. In June we predicted a 3.8% GDP fall for 2009 and a small 0.6% increase in 2010.
The current recession - recording peak to trough declines of 5.5% - is much worse than the recession of the early 1990s. However, it is less severe than the early 1980s recession, when GDP recorded cumulative falls of 6.0%.
Further big increases in unemployment are expected, but at a reduced pace. Unemployment is likely to rise from 2.43 million to a peak of just over 3 million, or 9.6% of the workforce, in mid-2010. In June we predicted unemployment would hit 3.2 million.
Public sector borrowing is forecast to total some 12.5% of GDP in 2009-10 and 2010-11. Public sector debt is set to rise to dangerous levels in the next few years, in excess of 80% of GDP.
The BCC believes that the MPC will use the full £175bn allocated to the Quantitative Easing (QE) programme. Another increase in the size of the programme, to at least £200 billion, will probably be needed to ensure that the economy does not falter.
Read more: http://www.britishchambers.org.uk/zones/policy/press-releases_1/recovery-has-started-but-economy-still-faces-huge-risks.html
www.ukba.co.uk
The main features of the BCC forecast are:
The UK will see a large GDP decline of 4.3% in 2009, followed by positive growth of 1.1% in 2010 and 1.9% in 2011. In June we predicted a 3.8% GDP fall for 2009 and a small 0.6% increase in 2010.
The current recession - recording peak to trough declines of 5.5% - is much worse than the recession of the early 1990s. However, it is less severe than the early 1980s recession, when GDP recorded cumulative falls of 6.0%.
Further big increases in unemployment are expected, but at a reduced pace. Unemployment is likely to rise from 2.43 million to a peak of just over 3 million, or 9.6% of the workforce, in mid-2010. In June we predicted unemployment would hit 3.2 million.
Public sector borrowing is forecast to total some 12.5% of GDP in 2009-10 and 2010-11. Public sector debt is set to rise to dangerous levels in the next few years, in excess of 80% of GDP.
The BCC believes that the MPC will use the full £175bn allocated to the Quantitative Easing (QE) programme. Another increase in the size of the programme, to at least £200 billion, will probably be needed to ensure that the economy does not falter.
Read more: http://www.britishchambers.org.uk/zones/policy/press-releases_1/recovery-has-started-but-economy-still-faces-huge-risks.html
www.ukba.co.uk
Friday, 18 September 2009
Tax regime ‘threatening businesses’
Small and medium-sized business in the UK are worried that the country's tax regime will hinder economic recovery, according to research from accountancy firm MacIntyre Hudson.
The research revealed that 80% of small firms think that the UK's tax regime poses a greater threat to the economy than cuts in public spending and, as a result of the tax penalties on high earners, 89% believe Britain will fall victim to a ‘brain drain', as top talent leaves for more favourable opportunities elsewhere.
One in five company owners said that it is unlikely they would have chosen to start a business under the tax regime of today and 69% describe the current system as less competitive than when they first set up their own business.
"The message from business is clear. What was once a celebrated, competitive tax and regulatory regime has become increasingly burdensome, particularly for those ambitious individuals who underpin the health of our economy," said Nigel May of MacIntyre Hudson.
www.ukba.co.uk
The research revealed that 80% of small firms think that the UK's tax regime poses a greater threat to the economy than cuts in public spending and, as a result of the tax penalties on high earners, 89% believe Britain will fall victim to a ‘brain drain', as top talent leaves for more favourable opportunities elsewhere.
One in five company owners said that it is unlikely they would have chosen to start a business under the tax regime of today and 69% describe the current system as less competitive than when they first set up their own business.
"The message from business is clear. What was once a celebrated, competitive tax and regulatory regime has become increasingly burdensome, particularly for those ambitious individuals who underpin the health of our economy," said Nigel May of MacIntyre Hudson.
www.ukba.co.uk
Thursday, 17 September 2009
Government ‘must do more to help small firms’
The government are not doing enough to help small and medium-sized businesses, according to the Chartered Institute of Marketing (CIM).
The CIM's latest paper says that the range of information, grants and training offered by the Government to small businesses is often not exploited, "because the language and context of how help is delivered does not resonate with the needs of SMEs."
The paper also argues that the government should act as a point of access for SMEs via Business Link but other bodies such as the Chambers of Commerce should deliver tailored business solutions.
www.ukba.co.uk
The CIM's latest paper says that the range of information, grants and training offered by the Government to small businesses is often not exploited, "because the language and context of how help is delivered does not resonate with the needs of SMEs."
The paper also argues that the government should act as a point of access for SMEs via Business Link but other bodies such as the Chambers of Commerce should deliver tailored business solutions.
www.ukba.co.uk
Wednesday, 16 September 2009
SMEs rate their bank as ‘atrocious’
Over 30% of small and medium-sized business owners have rated the helpfulness of their bank in the current economic climate as ‘atrocious', according to a New Business poll.
Despite Banks offering schemes such as the Enterprise Finance Guarantee and the Working Capital Scheme many small firms feel that credit has been withdrawn and that there has been a lack of flexibility over overdraft rates.
23% of respondents rated their bank as ‘poor' or ‘average', 18% thought that their bank's performance was ‘good' and only 5% said that their bank had been ‘very good'.
www.ukba.co.uk
Despite Banks offering schemes such as the Enterprise Finance Guarantee and the Working Capital Scheme many small firms feel that credit has been withdrawn and that there has been a lack of flexibility over overdraft rates.
23% of respondents rated their bank as ‘poor' or ‘average', 18% thought that their bank's performance was ‘good' and only 5% said that their bank had been ‘very good'.
www.ukba.co.uk
Tuesday, 15 September 2009
SMEs to Benefit From Big Business refit
The Carbon Trust is set to launch a new programme they claim will help thousands of UK SMEs to reduce their energy bills by a combined £40 million. Their Big Business Refit initiative provides firms with expert advice and access to interest-free loans to replace old, inefficient equipment with new, environmentally-friendly models.
Through their long-standing Energy Efficiency Loan Scheme, the Trust offers SMEs funding ranging from £3,000 to £400,000 to upgrade their equipment.The fund currently has £100 million worth of loans available, a sum expected to help up to 3,000 businesses cut a total of £40 million off their annual energy costs.
www.ukba.co.uk www.mgba.co.uk www.thecarbontrust.co.uk
Through their long-standing Energy Efficiency Loan Scheme, the Trust offers SMEs funding ranging from £3,000 to £400,000 to upgrade their equipment.The fund currently has £100 million worth of loans available, a sum expected to help up to 3,000 businesses cut a total of £40 million off their annual energy costs.
www.ukba.co.uk www.mgba.co.uk www.thecarbontrust.co.uk
Government proposes changes to maternity/ paternity
Parents will be able to split 'maternity' leave after six months, allowing the father and mother to share the time off, Gordon Brown will announce today. At the moment mothers are allowed 12 months' maternity leave, with nine months' guaranteed pay. However, under the new scheme that will come in from April next year, the mother can decide to split some of the leave with her husband after six months. They will continue to be paid for the following three months.
Telegraph: http://www.telegraph.co.uk/news/newstopics/politics/6190777/Parents-to-share-maternity-leave-after-Gordon-Brown-U-turn.html
http://www.ukba.co.uk/scotland
Telegraph: http://www.telegraph.co.uk/news/newstopics/politics/6190777/Parents-to-share-maternity-leave-after-Gordon-Brown-U-turn.html
http://www.ukba.co.uk/scotland
Credit crunch leaves M&A activity at a 40-year low
Merger and acquisition activity fell to its lowest level in 40 years as a result of the recession and a shortage of credit, official figures revealed yesterday.
The Office for National Statistics (ONS) said that expenditure on acquisitions in the UK by British companies dropped from £8.2bn in the first quarter of this year to £0.7bn between April and June – the lowest quarterly value recorded since 1992.
Read more: http://www.independent.co.uk/news/business/news/credit-crunch-leaves-ma-activity-at-a-40year-low-1780293.html
Sean O'Grady - The Independent
www.ukba.co.uk
The Office for National Statistics (ONS) said that expenditure on acquisitions in the UK by British companies dropped from £8.2bn in the first quarter of this year to £0.7bn between April and June – the lowest quarterly value recorded since 1992.
Read more: http://www.independent.co.uk/news/business/news/credit-crunch-leaves-ma-activity-at-a-40year-low-1780293.html
Sean O'Grady - The Independent
www.ukba.co.uk
Monday, 14 September 2009
Business Link Article
Ani nteresting article concerning Business Link West imdlands apperared in today's Birmingham Post. I will make no comment expect to suggest you clink on the link provided.
http://www.birminghampost.net/birmingham-business/birmingham-business-news/other-uk-business/2009/09/14/management-turmoil-throws-business-link-s-future-into-doubt-65233-24680422/
www.ukba.co.uk
http://www.birminghampost.net/birmingham-business/birmingham-business-news/other-uk-business/2009/09/14/management-turmoil-throws-business-link-s-future-into-doubt-65233-24680422/
www.ukba.co.uk
Safety confusion for small firms
Many small businesses remain uncertain and confused about their health and safety responsibilities under the law - ignorance that is potentially costing them millions of pounds a year, a government report has said.
The report from the Risk and Regulation Advisory Council (RRAC) recommended that improving the confidence of small organisations in their health and safety practices could potentially lead to savings of between £70-140m from "unnecessary" consultancy fees.
Better confidence and understanding of health and safety law could also reduce the management costs of small businesses by some £50m a year, it said.
There were three causes to all this uncertainty, the RRAC added: too many different and conflicting messages coming from government, the media; insurers and health and safety 'experts', consultants who exaggerated health and safety risks; and small organisations' own lack of confidence in understanding and managing risks.
Read more: http://www.personneltoday.com/articles/2009/08/25/51907/safety-confusion-for-small-firms.html
www.ukba.co.uk
The report from the Risk and Regulation Advisory Council (RRAC) recommended that improving the confidence of small organisations in their health and safety practices could potentially lead to savings of between £70-140m from "unnecessary" consultancy fees.
Better confidence and understanding of health and safety law could also reduce the management costs of small businesses by some £50m a year, it said.
There were three causes to all this uncertainty, the RRAC added: too many different and conflicting messages coming from government, the media; insurers and health and safety 'experts', consultants who exaggerated health and safety risks; and small organisations' own lack of confidence in understanding and managing risks.
Read more: http://www.personneltoday.com/articles/2009/08/25/51907/safety-confusion-for-small-firms.html
www.ukba.co.uk
Sunday, 13 September 2009
SMEs put themselves at risk
According to the new research by the Asset Based Finance Association (ABFA), 56 per cent of SMEs aren't aware of the amount of financial support available from the Government.
SMEs were asked if they were aware of the Enterprise Finance Guarantee Scheme, Working Capital Scheme or the Capital Enterprise Fund, which have all been developed by the Government to provide much needed financial support to the country's small businesses. A massive 56 per cent came back and said that they hadn't heard of any of the schemes.
Kate Sharp, chief executive officer from the ABFA, believes that SMEs are at risk due to a lack of understanding about the Government's financial offerings. She said: "Over the last few years, the Government has stepped up to support UK SME organisations through various schemes. Unfortunately, there is a severe lack of understanding among this group about what financial support is actually out there. If they don't know about the schemes, how can the Government help them?"
The research also highlighted that obtaining credit insurance is also an issue for SMEs. Credit insurance minimises the risk of customers defaulting on payments or them going into administration. Of those interviewed 78.8 per cent said that as much as 20 per cent of their client base had been refused credit insurance over the last six months. More worryingly, 2.6 per cent said that over 81 per cent of their clients had no credit insurance whatsoever.
This means that nearly 100,000 SMEs in Britain are putting their businesses at risk by not ensuring they are fully protected. These firms are denying themselves the opportunity to manage the risk of losing money and reducing their own credit ratings, which will impact on their ability to obtain credit from suppliers.
The time it takes for invoices to be paid is also extending, as average debtor days lengthen. Over 11 per cent of respondents report that it is taking over 70 days for them to get paid compared to just 6.6 per cent last year - that is more than double the normal trading terms.
Kate Sharp continued: "With the external pressures on SMEs growing daily, it is worrying to see the reduced availability of credit insurance putting extra pressure on these companies at a time when they are already facing many other pressures. Coupled with the fact that debtor days are extending, it is more important than ever that businesses try to protect themselves against unforeseen circumstances."
The research also suggests that unemployment may slide further with 81 per cent of SMEs questioned planning to make as much as 10 per cent of their workforce redundant over the next six months.
Over 2,000 SMEs were interviewed for the research, which was undertaken by Hilton Baird Financial Solutions, and were asked about the current state of their finances, the wider economic troubles and attitudes towards asset based finance.
Source: Asset Based Finance Association
www.ukba.co.uk
SMEs were asked if they were aware of the Enterprise Finance Guarantee Scheme, Working Capital Scheme or the Capital Enterprise Fund, which have all been developed by the Government to provide much needed financial support to the country's small businesses. A massive 56 per cent came back and said that they hadn't heard of any of the schemes.
Kate Sharp, chief executive officer from the ABFA, believes that SMEs are at risk due to a lack of understanding about the Government's financial offerings. She said: "Over the last few years, the Government has stepped up to support UK SME organisations through various schemes. Unfortunately, there is a severe lack of understanding among this group about what financial support is actually out there. If they don't know about the schemes, how can the Government help them?"
The research also highlighted that obtaining credit insurance is also an issue for SMEs. Credit insurance minimises the risk of customers defaulting on payments or them going into administration. Of those interviewed 78.8 per cent said that as much as 20 per cent of their client base had been refused credit insurance over the last six months. More worryingly, 2.6 per cent said that over 81 per cent of their clients had no credit insurance whatsoever.
This means that nearly 100,000 SMEs in Britain are putting their businesses at risk by not ensuring they are fully protected. These firms are denying themselves the opportunity to manage the risk of losing money and reducing their own credit ratings, which will impact on their ability to obtain credit from suppliers.
The time it takes for invoices to be paid is also extending, as average debtor days lengthen. Over 11 per cent of respondents report that it is taking over 70 days for them to get paid compared to just 6.6 per cent last year - that is more than double the normal trading terms.
Kate Sharp continued: "With the external pressures on SMEs growing daily, it is worrying to see the reduced availability of credit insurance putting extra pressure on these companies at a time when they are already facing many other pressures. Coupled with the fact that debtor days are extending, it is more important than ever that businesses try to protect themselves against unforeseen circumstances."
The research also suggests that unemployment may slide further with 81 per cent of SMEs questioned planning to make as much as 10 per cent of their workforce redundant over the next six months.
Over 2,000 SMEs were interviewed for the research, which was undertaken by Hilton Baird Financial Solutions, and were asked about the current state of their finances, the wider economic troubles and attitudes towards asset based finance.
Source: Asset Based Finance Association
www.ukba.co.uk
Saturday, 12 September 2009
Small businesses flick the switch on £6m of wasted energy
Carbon Trust announces Big Business Refit to help SMEs slash energy bills by £40m
The Carbon Trust is to help thousands of small and medium sized businesses drive down their costs by as much as £40m through a new programme - The Big Business Refit.
The Big Business Refit will offer SMEs expert advice and financial support to slash their energy costs by scrapping old inefficient equipment and replacing it with new energy efficient models.
It follows a recession-driven surge in demand for the Carbon Trust’s interest-free business loans. In the first six months of 2009, hundreds of SMEs from bakeries to plastics factories have been given loans at zero-interest to equip their businesses with the latest energy-saving technology. As a result, they are saving an average of £14,000 each on their annual energy bills – a collective total of almost £6m a year.
Tom Delay, chief executive, the Carbon Trust, said: “Business owners are realising that for every month they ‘make do and mend’ with old inefficient equipment, they are wasting more cash on unnecessarily high energy bills.”
“With credit all but dried up elsewhere, the Big Business Refit breaks the deadlock by helping SMEs to buy the equipment that will both slash their costs and often transform their businesses.”
SMEs that want to take part in the Big Business Refit can get expert advice from the Carbon Trust by calling 01865 885879.
Read more: http://www.carbontrust.co.uk/News/presscentre/big-business-refit.htm
www.ukba.co.uk
The Carbon Trust is to help thousands of small and medium sized businesses drive down their costs by as much as £40m through a new programme - The Big Business Refit.
The Big Business Refit will offer SMEs expert advice and financial support to slash their energy costs by scrapping old inefficient equipment and replacing it with new energy efficient models.
It follows a recession-driven surge in demand for the Carbon Trust’s interest-free business loans. In the first six months of 2009, hundreds of SMEs from bakeries to plastics factories have been given loans at zero-interest to equip their businesses with the latest energy-saving technology. As a result, they are saving an average of £14,000 each on their annual energy bills – a collective total of almost £6m a year.
Tom Delay, chief executive, the Carbon Trust, said: “Business owners are realising that for every month they ‘make do and mend’ with old inefficient equipment, they are wasting more cash on unnecessarily high energy bills.”
“With credit all but dried up elsewhere, the Big Business Refit breaks the deadlock by helping SMEs to buy the equipment that will both slash their costs and often transform their businesses.”
SMEs that want to take part in the Big Business Refit can get expert advice from the Carbon Trust by calling 01865 885879.
Read more: http://www.carbontrust.co.uk/News/presscentre/big-business-refit.htm
www.ukba.co.uk
Friday, 11 September 2009
TUPE ruling could lead to more successful unfair dismissal claims
More people could resign and claim compensation for unfair dismissal if their company is taken over by another firm whose offices are further away following an Employment Appeals Tribunal (EAT) ruling, an employment law expert has said.
The ruling interprets the law governing transfers of staff from one company to another in a way that makes it easier for employees to decide not to transfer to the new company and claim unfair dismissal as a result. The Transfer of Undertakings (Protection of Employment) (TUPE) Regulations govern such transfers.
Read more: http://www.out-law.com/page-10322
Source: http://www.out-law.com
www.ukba.co.uk
The ruling interprets the law governing transfers of staff from one company to another in a way that makes it easier for employees to decide not to transfer to the new company and claim unfair dismissal as a result. The Transfer of Undertakings (Protection of Employment) (TUPE) Regulations govern such transfers.
Read more: http://www.out-law.com/page-10322
Source: http://www.out-law.com
www.ukba.co.uk
Thursday, 10 September 2009
Rules on Immigrant Workers Tightened
A raft of new government measures has been announced this week, which aim to ensure that resident workers have every opportunity to fill UK vacancies before they are offered to workers abroad.
The Government has accepted the recommendations made by the Migration Advisory Committee (MAC) last month to tighten up the rules controlling when skilled workers are allowed to take jobs in the UK under the Government's points system.From next year, all jobs must be advertised to British workers in Jobcentre Plus for four weeks, extended from two weeks, before companies can seek to employ individuals from outside Europe.The Government will also extend the qualifying period for all those overseas workers who want to transfer to work at the UK base of their company – from next year they will have to have worked for their firm for at least a year rather than just six months prior to the move.The minimum salary that will allow an individual to qualify as a skilled worker and be eligible to work in the UK will also rise from £17,000 to £20,000.
Sc: Workplace Law Network
www.ukba.co.uk
The Government has accepted the recommendations made by the Migration Advisory Committee (MAC) last month to tighten up the rules controlling when skilled workers are allowed to take jobs in the UK under the Government's points system.From next year, all jobs must be advertised to British workers in Jobcentre Plus for four weeks, extended from two weeks, before companies can seek to employ individuals from outside Europe.The Government will also extend the qualifying period for all those overseas workers who want to transfer to work at the UK base of their company – from next year they will have to have worked for their firm for at least a year rather than just six months prior to the move.The minimum salary that will allow an individual to qualify as a skilled worker and be eligible to work in the UK will also rise from £17,000 to £20,000.
Sc: Workplace Law Network
www.ukba.co.uk
FPB asks all UK councils and health trusts how long they take to pay suppliers
The exercise, which involves contacting more than 700 different organisations, got underway today (Friday, 28 August).
It is designed to discover how many local authorities and health trusts are paying their suppliers – which are often small businesses – in a reasonable amount of time.
It comes almost a year after the Government urged councils and the NHS to commit to paying their suppliers within 10 days in an attempt to counteract the effects of the recession.
The move also follows the recent release of data showing that, overall, central government departments are managing to settle the majority of invoices from their suppliers within 10 days. The statistics were recently released by the Department for Business, Innovation and Skills and show, for example, that the Ministry of Defence settled more than 97% of its bills within 10 days during June 2009.
However, the FPB believes its members are much more likely to work for a council or health body, rather than a Whitehall department. As a result, the FPB is hoping to discover exactly how long local authorities and NHS trusts, which number around 470 and 240 respectively, take to pay their suppliers.
The not-for-profit organisation then intends to name and shame those with poor practices, while highlighting the work of those which pay suppliers in good time.
Read more: http://www.fpb.org/news/2240/FPB_asks_all_UK_councils_and_health_trusts_how_long_they_take_to_pay_suppliers.htm
Source: Forum for Private Business
www.ukba.co.uk
It is designed to discover how many local authorities and health trusts are paying their suppliers – which are often small businesses – in a reasonable amount of time.
It comes almost a year after the Government urged councils and the NHS to commit to paying their suppliers within 10 days in an attempt to counteract the effects of the recession.
The move also follows the recent release of data showing that, overall, central government departments are managing to settle the majority of invoices from their suppliers within 10 days. The statistics were recently released by the Department for Business, Innovation and Skills and show, for example, that the Ministry of Defence settled more than 97% of its bills within 10 days during June 2009.
However, the FPB believes its members are much more likely to work for a council or health body, rather than a Whitehall department. As a result, the FPB is hoping to discover exactly how long local authorities and NHS trusts, which number around 470 and 240 respectively, take to pay their suppliers.
The not-for-profit organisation then intends to name and shame those with poor practices, while highlighting the work of those which pay suppliers in good time.
Read more: http://www.fpb.org/news/2240/FPB_asks_all_UK_councils_and_health_trusts_how_long_they_take_to_pay_suppliers.htm
Source: Forum for Private Business
www.ukba.co.uk
Wednesday, 9 September 2009
UK Bosses Tip Cleantech, Technology and Media to be the Three Highest Growth Sectors by 2020
Cleantech and renewables are expected to become two of the most important sectors of the economy according to a survey of UK business leaders, commissioned by the department for Business Innovation and Skills.
The new survey questioned business leaders from across eight sectors and found that nearly half (43 per cent) of those questioned believe that cleantech will grow at the fastest pace by 2020, followed by science and technology (20 per cent) and media and entertainment (15 per cent).
The survey highlights how the current economic climate presents new opportunities for new areas of the economy to thrive.
Combined with a growing awareness to find solutions for some of society’s greatest challenges – from tackling climate change to supporting an ageing population – investing now in innovative, high-growth areas will be essential for bolstering the UK economy once recovery kicks in.
Read more: Department for Innovation and Business Skills
www.ukba.co.uk
The new survey questioned business leaders from across eight sectors and found that nearly half (43 per cent) of those questioned believe that cleantech will grow at the fastest pace by 2020, followed by science and technology (20 per cent) and media and entertainment (15 per cent).
The survey highlights how the current economic climate presents new opportunities for new areas of the economy to thrive.
Combined with a growing awareness to find solutions for some of society’s greatest challenges – from tackling climate change to supporting an ageing population – investing now in innovative, high-growth areas will be essential for bolstering the UK economy once recovery kicks in.
Read more: Department for Innovation and Business Skills
www.ukba.co.uk
Tuesday, 8 September 2009
Age no barrier to entrepreneurs
Older entrepreneurs accounted for almost 30% of new business start-ups between 2001 and 2005, according to research conducted by the National Endowment for Science, Technology and the Arts (NESTA).
The report revealed that entrepreneurs aged between 50 - 65 year-old started 27% of successful start-ups between 2001 and 2005
"At a time when an ageing society is being viewed as a problem, our study shows that there is a wealth of experience driving the UK economy today," said Jonathan Kestenbaum, chief executive of NEST
www.ukba.co.uk
The report revealed that entrepreneurs aged between 50 - 65 year-old started 27% of successful start-ups between 2001 and 2005
"At a time when an ageing society is being viewed as a problem, our study shows that there is a wealth of experience driving the UK economy today," said Jonathan Kestenbaum, chief executive of NEST
www.ukba.co.uk
Monday, 7 September 2009
UK recovery threatened by lack of credit, says EEF
Britain's economic recovery is still being threatened by the lack of credit on offer from banks, a leading manufacturers' organisation reports today, warning that many businesses are actually finding it harder to secure affordable finance than a few months ago.
A survey conducted by the EEF said 47 per cent of firms had seen the cost of finance increase over the past two months, from 44 per cent in the second quarter and 37 per cent in the first. Only 7 per cent of manufacturers said the cost of finance was now falling.
Manufacturers also found the cost of new borrowing was still rising, with banks charging both higher fees and more expensive interest rates.
A third of companies added that the supply of credit had shrunk in recent weeks, though this was an improvement from the second quarter when 42 per cent of businesses warned lines of credit were dwindling. However, small firms, in particular, are being hit by the credit shortage, the EEF said.
Steve Radley, the EEF's director of policy, said that despite action from policymakers, the manufacturing sector's hopes of recovery were being hampered by their credit difficulties. "Despite historically low levels of interest rates and significant intervention by the Government and the Bank of England, credit conditions remain very tight for most manufacturers," he said.
"Given the severe damage done to banks' balance sheets by the recession, this is likely to remain the case for some time and will dampen the recovery as meeting new orders puts increasing pressure on manufacturers' cashflow."
The EEF's warning reflects increasing concern that the inability of banks to lend more to business might prevent the UK from exiting recession or, at the very least, act as a cap on the strength of the recovery.
Source: David Prosser, Business Editor, The Independent
www.ukba.co.uk
A survey conducted by the EEF said 47 per cent of firms had seen the cost of finance increase over the past two months, from 44 per cent in the second quarter and 37 per cent in the first. Only 7 per cent of manufacturers said the cost of finance was now falling.
Manufacturers also found the cost of new borrowing was still rising, with banks charging both higher fees and more expensive interest rates.
A third of companies added that the supply of credit had shrunk in recent weeks, though this was an improvement from the second quarter when 42 per cent of businesses warned lines of credit were dwindling. However, small firms, in particular, are being hit by the credit shortage, the EEF said.
Steve Radley, the EEF's director of policy, said that despite action from policymakers, the manufacturing sector's hopes of recovery were being hampered by their credit difficulties. "Despite historically low levels of interest rates and significant intervention by the Government and the Bank of England, credit conditions remain very tight for most manufacturers," he said.
"Given the severe damage done to banks' balance sheets by the recession, this is likely to remain the case for some time and will dampen the recovery as meeting new orders puts increasing pressure on manufacturers' cashflow."
The EEF's warning reflects increasing concern that the inability of banks to lend more to business might prevent the UK from exiting recession or, at the very least, act as a cap on the strength of the recovery.
Source: David Prosser, Business Editor, The Independent
www.ukba.co.uk
Sunday, 6 September 2009
The “World’s 50 Safest Banks” 2009
With bank stability still high on corporate and investor agendas,Global Finance publishes its 18th annual list of the world’s safest banks. After two tumultuous years that saw many of the world’s most respected banks drop out of the top-50 safest banks list, the dust appears to be settling.
Those banks that kept an iron grip on their risk exposure before the financial crisis blew up have consistently topped the table and maintain their standing among the top echelon in this year’s ranking. At the same time, the big name banks that lost their safest bank ranking during the credit crunch are still absent from the list as they struggle to rebuild their credit standing.
The “World’s 50 Safest Banks” 2009 were selected through a comparison of the long-term credit ratings and total assets of the 500 largest banks around the world. Ratings from Moody’s, Standard & Poor’s and Fitch were used.
Read more: http://www.gfmag.com/tools/bank-rankings/2341-worlds-50-safest-banks-2009.html
www.ukba.co.uk
Those banks that kept an iron grip on their risk exposure before the financial crisis blew up have consistently topped the table and maintain their standing among the top echelon in this year’s ranking. At the same time, the big name banks that lost their safest bank ranking during the credit crunch are still absent from the list as they struggle to rebuild their credit standing.
The “World’s 50 Safest Banks” 2009 were selected through a comparison of the long-term credit ratings and total assets of the 500 largest banks around the world. Ratings from Moody’s, Standard & Poor’s and Fitch were used.
Read more: http://www.gfmag.com/tools/bank-rankings/2341-worlds-50-safest-banks-2009.html
www.ukba.co.uk
Saturday, 5 September 2009
Employment Law Organiser is a new tool from the Department for Business, Innovation and Skills (BIS)
It provides free access to key information, advice and tools to help business owners meet their employment obligations.
The free desktop tool is being launched nationwide in September and is available now for users of BusinessZone.co.uk and UK Business Forums. If you haven’t already downloaded it, you can do so here.
Source: BusinessZone.co.uk and UK Business Forums
www.ukba.co.uk
The free desktop tool is being launched nationwide in September and is available now for users of BusinessZone.co.uk and UK Business Forums. If you haven’t already downloaded it, you can do so here.
Source: BusinessZone.co.uk and UK Business Forums
www.ukba.co.uk
Friday, 4 September 2009
Registering your trade mark
A trade mark protects any sign or symbol that allows your customers to tell you apart from your competitors. With the streamlined process to make registering new ones quicker and easier from the Intellectual Property Office (IPO), find out what you need to know about your trade marks and how you can protect them.
Read more: http://businessmatters.hsbc.co.uk/go.asp?/.website.bmcontainer/bHKC001/&page=bm200909.4
Source: Business Matters, HSBC
www.ukba.co.uk
Read more: http://businessmatters.hsbc.co.uk/go.asp?/.website.bmcontainer/bHKC001/&page=bm200909.4
Source: Business Matters, HSBC
www.ukba.co.uk
Thursday, 3 September 2009
£100m tax hike threat to 100,000 small firms Read more: http://www.dailymail.co.uk/news/article-1208021/100m-tax-hike-threat-100-000-small-firms.html#
Tax rises of £100million are threatening to drive tens of thousands of small firms out of business, the Tories warn.
Ministers have admitted that 100,000 of the smallest companies are likely to be taxed an average of £1,000 extra each over the next three years.
The Government's own estimates suggest that one in 20 firms will go out of business while trying to pay.
Read more: http://www.dailymail.co.uk/news/article-1208021/100m-tax-hike-threat-100-000-small-firms.html
Source: Daily Mail
www.ukba.co.uk
Ministers have admitted that 100,000 of the smallest companies are likely to be taxed an average of £1,000 extra each over the next three years.
The Government's own estimates suggest that one in 20 firms will go out of business while trying to pay.
Read more: http://www.dailymail.co.uk/news/article-1208021/100m-tax-hike-threat-100-000-small-firms.html
Source: Daily Mail
www.ukba.co.uk
Wednesday, 2 September 2009
Firms worried about talent exodus
Small business bosses are worried that they will lose important staff when the economy emerges from the recession, according to a survey by business advisory firm Deloitte.
The survey revealed that 65% of businesses are extremely worried about losing valued staff once the jobs market recovers and big firms start recruiting again.
Businesses are advised to make sure that they engage with their staff to ensure that they will not have a dearth of talent when the recession ends.
"As with previous recessions any upturn in the economy will unleash pent up demand by employees acting on their desire to move on. Companies really need to be thinking about this and seek to attract and engage those already within the organisation," said Eddie Barrett of Deloitte.
www.ukba.co.uk
The survey revealed that 65% of businesses are extremely worried about losing valued staff once the jobs market recovers and big firms start recruiting again.
Businesses are advised to make sure that they engage with their staff to ensure that they will not have a dearth of talent when the recession ends.
"As with previous recessions any upturn in the economy will unleash pent up demand by employees acting on their desire to move on. Companies really need to be thinking about this and seek to attract and engage those already within the organisation," said Eddie Barrett of Deloitte.
www.ukba.co.uk
Tuesday, 1 September 2009
UK businesses confident over future
Over 70% of businesses describe their attitude towards the UK economy as either hopeful or excited, according to new research from Barclays Bank.
The Connecting Business survey found that 57% of respondents characterised their outlook towards the economy as ‘hopeful' and 17% described their attitude as ‘excited.'
15% of respondents believe that their firm will move back into sustained growth in the next six months, with 28% thinking this will occur in six to twelve months.
"Confidence is key to recovery and the results of this survey demonstrate a real and growing confidence in UK businesses," said Ian Stuart, Managing Director of Barclays Commercial Bank.
"The past 18 months have provided an extremely testing environment for many organisations; however, after evolving to meet the challenges of this new commercial landscape we are now seeing the beginnings of a renewed drive for growth."
www.ukba.co.uk
The Connecting Business survey found that 57% of respondents characterised their outlook towards the economy as ‘hopeful' and 17% described their attitude as ‘excited.'
15% of respondents believe that their firm will move back into sustained growth in the next six months, with 28% thinking this will occur in six to twelve months.
"Confidence is key to recovery and the results of this survey demonstrate a real and growing confidence in UK businesses," said Ian Stuart, Managing Director of Barclays Commercial Bank.
"The past 18 months have provided an extremely testing environment for many organisations; however, after evolving to meet the challenges of this new commercial landscape we are now seeing the beginnings of a renewed drive for growth."
www.ukba.co.uk
Monday, 31 August 2009
Energy firms squeeze SMEs for payment
Britain's big energy companies are forcing up to 250,000 small businesses to pay for their energy up to six months in advance.
In the current economic climate with cash flow tight for many small firms there are concerns that this new stance from energy companies could force some SMEs out of business.
Alistair Buchanan, chief executive of Ofgem, the energy regulator, called the companies to a meeting in London last week to express mounting concern about the practice.
"The energy companies have started using very aggressive tactics.... But asking for money upfront puts businesses in an even more precarious position," said Stephen Alambritis of the Federation of Small Businesses.
www.ukba.co.uk
In the current economic climate with cash flow tight for many small firms there are concerns that this new stance from energy companies could force some SMEs out of business.
Alistair Buchanan, chief executive of Ofgem, the energy regulator, called the companies to a meeting in London last week to express mounting concern about the practice.
"The energy companies have started using very aggressive tactics.... But asking for money upfront puts businesses in an even more precarious position," said Stephen Alambritis of the Federation of Small Businesses.
www.ukba.co.uk
Sunday, 30 August 2009
New trade mark services from the Intellectual Property Office make it cheaper and faster to kick start small businesses
From October this year, businesses will be able to register trade marks more cheaply and easily thanks to a number of new proposals announced today by the Intellectual Property Office.
In publishing its response to the ‘Helping businesses register trade marks and patents’ consultation paper, the Intellectual Property Office will implement of a number of services aimed at strengthening business competitiveness throughout the UK.
David Lammy, Minister of State for Intellectual Property, said:
"We are committed to supporting businesses in these difficult economic times, and our Right Start and E-filing initiatives make it easier and cheaper for trade mark owners, and in particular small businesses, to register and protect their brands.
"Registering a trade mark is an important step for a business to take. By protecting their intellectual property they are protecting their innovative ideas of the future.
Failing to do this risks them losing their investment in developing successful brands for their products and services."
Proposals to be introduced include:
- A ‘Right Start’ service for trade marks. A business using the new 'Right Start' service will be able to defer payment of half the usual £200 trade mark application fee until after it has seen the Intellectual Property Office's assessment of whether the mark can be registered. If there any problems, the business will have an opportunity to informally discuss them with the trade mark examiner before deciding whether to proceed with the application and pay the balance of the fees.
- An E-filing initiative. This will offer a £30 reduction in application fees for e-filed trade marks where the full discounted fee is paid at the time of filing and a £10 reduction in the application fee for e-filed patent applications. It also offers reduced fees for e-filed patent search and examination requests.
Source: Intellectual Property Office
www.ukba.co.uk
In publishing its response to the ‘Helping businesses register trade marks and patents’ consultation paper, the Intellectual Property Office will implement of a number of services aimed at strengthening business competitiveness throughout the UK.
David Lammy, Minister of State for Intellectual Property, said:
"We are committed to supporting businesses in these difficult economic times, and our Right Start and E-filing initiatives make it easier and cheaper for trade mark owners, and in particular small businesses, to register and protect their brands.
"Registering a trade mark is an important step for a business to take. By protecting their intellectual property they are protecting their innovative ideas of the future.
Failing to do this risks them losing their investment in developing successful brands for their products and services."
Proposals to be introduced include:
- A ‘Right Start’ service for trade marks. A business using the new 'Right Start' service will be able to defer payment of half the usual £200 trade mark application fee until after it has seen the Intellectual Property Office's assessment of whether the mark can be registered. If there any problems, the business will have an opportunity to informally discuss them with the trade mark examiner before deciding whether to proceed with the application and pay the balance of the fees.
- An E-filing initiative. This will offer a £30 reduction in application fees for e-filed trade marks where the full discounted fee is paid at the time of filing and a £10 reduction in the application fee for e-filed patent applications. It also offers reduced fees for e-filed patent search and examination requests.
Source: Intellectual Property Office
www.ukba.co.uk
Saturday, 29 August 2009
FSB warns against high street banks holding small business monopoly
The Federation of Small Businesses (FSB) is challenging a potential monopoly of power being built up by high street banks over small firms seeking finance, two years after the credit crunch started.
The FSB is warning that bank mergers, recapitalisation and schemes targeted at the big banks to stimulate lending as a result of the banking crisis risk stifling choices of finance for small firms - leaving business owners with nowhere to turn if they are refused credit by the major high street lenders.
With a quarter of small firms still struggling to access affordable finance, the FSB believes the power of the financial sector should be challenged to guarantee a fair service for small firms. The FSB proposes:
- Struggling banks should not be sold off to other high street lenders as this would create massive institutions which could stifle competition in the financial sector;
- Alternative sources of finance should be provided locally. Regional Development Agencies should be restructured to offer loans and Essex County Council's Bank of Essex model should be replicated around the UK. The Enterprise Finance Guarantee and funds already allocated from the European Investment Bank could also be offered via these routes.
- The Post Office should be turned into Post Bank offering support for small firms by utilising the Post Office Network and operating either as a solely state owned bank or as mutual or trustee bank.
- Financial Intermediaries, recently created by the Government, should be actively promoted to viable small businesses unable to access finance.
Read more: http://www.fsb.org.uk/News.aspx?loc=general&rec=5496
Source: Federation of Small Businesses
www.ukba.co.uk
The FSB is warning that bank mergers, recapitalisation and schemes targeted at the big banks to stimulate lending as a result of the banking crisis risk stifling choices of finance for small firms - leaving business owners with nowhere to turn if they are refused credit by the major high street lenders.
With a quarter of small firms still struggling to access affordable finance, the FSB believes the power of the financial sector should be challenged to guarantee a fair service for small firms. The FSB proposes:
- Struggling banks should not be sold off to other high street lenders as this would create massive institutions which could stifle competition in the financial sector;
- Alternative sources of finance should be provided locally. Regional Development Agencies should be restructured to offer loans and Essex County Council's Bank of Essex model should be replicated around the UK. The Enterprise Finance Guarantee and funds already allocated from the European Investment Bank could also be offered via these routes.
- The Post Office should be turned into Post Bank offering support for small firms by utilising the Post Office Network and operating either as a solely state owned bank or as mutual or trustee bank.
- Financial Intermediaries, recently created by the Government, should be actively promoted to viable small businesses unable to access finance.
Read more: http://www.fsb.org.uk/News.aspx?loc=general&rec=5496
Source: Federation of Small Businesses
www.ukba.co.uk
Friday, 28 August 2009
New survey of over 1,300 UK bosses shows that nearly 50% have pay frozen or are on a pay holiday
New data from an IoD Policy Voice survey of over 1,300 UK bosses shows that nearly 50% of those surveyed have had their pay frozen or are on a ‘pay holiday’. 40% of bosses had also reduced their bonuses.
These new figures are in sharp contrast with what is going on in the public sector, where the latest data from the ONS, shows that average earnings, including bonuses, increased by 4.0% in June, compared with the previous year.
Commenting on the survey findings, IoD Director General, Miles Templeman said:
“There is a growing divide between the private and public sectors, with the public sector so far immune from the effects of the recession. Most IoD members run small and medium sized businesses on moderate pay packages, while almost half have no occupational or employer-sponsored pension at all.
“With government borrowing reaching sky-high levels, there has to be a sense of proportion and reality amongst government employees. This recession has had a big effect on businesses, the public sector cannot remain immune, and the need to bring down the deficit means that a pay freeze across government should come into effect.”
Source: Institute of Directors
www.ukba.co.uk
These new figures are in sharp contrast with what is going on in the public sector, where the latest data from the ONS, shows that average earnings, including bonuses, increased by 4.0% in June, compared with the previous year.
Commenting on the survey findings, IoD Director General, Miles Templeman said:
“There is a growing divide between the private and public sectors, with the public sector so far immune from the effects of the recession. Most IoD members run small and medium sized businesses on moderate pay packages, while almost half have no occupational or employer-sponsored pension at all.
“With government borrowing reaching sky-high levels, there has to be a sense of proportion and reality amongst government employees. This recession has had a big effect on businesses, the public sector cannot remain immune, and the need to bring down the deficit means that a pay freeze across government should come into effect.”
Source: Institute of Directors
www.ukba.co.uk
Thursday, 27 August 2009
Sugar apprentice site 'a gimmick'
A website for apprenticeships in England backed by Lord Sugar has filled 1,185 vacancies out of the 18,000 advertised, figures show.
The Conservatives have branded it a "failure" and an "expensive gimmick".
Lord Sugar, the face of BBC's The Apprentice and now government enterprise tsar, said businesses should get behind the scheme.
The government said the apprentice system was working, and successful completion rates were rising.
In June, a parliamentary answer given by the Skills Minister Kevin Brennan said 616 apprenticeship vacancies had been filled out of 17,588 advertised.
But the National Apprenticeship Service said building up the numbers of vacancies and applications was "taking time".
The number of apprenticeships accepted has risen rapidly since that date as students reach the end of their courses, it said.
Read more: http://news.bbc.co.uk/1/hi/education/8193681.stm
www.ukba.co.uk
The Conservatives have branded it a "failure" and an "expensive gimmick".
Lord Sugar, the face of BBC's The Apprentice and now government enterprise tsar, said businesses should get behind the scheme.
The government said the apprentice system was working, and successful completion rates were rising.
In June, a parliamentary answer given by the Skills Minister Kevin Brennan said 616 apprenticeship vacancies had been filled out of 17,588 advertised.
But the National Apprenticeship Service said building up the numbers of vacancies and applications was "taking time".
The number of apprenticeships accepted has risen rapidly since that date as students reach the end of their courses, it said.
Read more: http://news.bbc.co.uk/1/hi/education/8193681.stm
www.ukba.co.uk
Wednesday, 26 August 2009
Average pay increase expectations drop below the rate of inflation
The latest quarterly CIPD/KPMG Labour Market Outlook survey shows that just 15% of respondents plan to conduct a pay review this quarter. Dr John Philpott, CIPD's Chief Economist, has warned that pay restraint can't be sustained indefinitely and a weak economic recovery could trigger a second wave of redundancies
www.ukba.co.uk/scotland
www.ukba.co.uk/scotland
More than a third of small and medium sized businesses plan to increase their investment in marketing over the next twelve months
Yougov data shows 31% of small and medium business leaders “agreed” when asked if they would be investing more in marketing, while 7% “strongly agreed”.
However, more than half said they would not be increasing their investment.
Despite low interest rates reducing costs for small and medium-sized businesses, falling demand has forced many to reduce prices, lowering margins and putting pressure on marketing budgets.
However, Beth de Avila, brand manager at Hewlett-Packard UK, which commissioned the research says the results show that a significant number of small and medium-sized businesses are not “panicking” in their attitudes to marketing.
“Previous recessions have shown that those businesses that market themselves well during fallow periods are significantly better positioned when the good times return,” she says.
YouGov polled 943 micro, small and medium-sized business owners between 10-12 June.
Source: http://www.marketingweek.co.uk
www.ukba.co.uk
However, more than half said they would not be increasing their investment.
Despite low interest rates reducing costs for small and medium-sized businesses, falling demand has forced many to reduce prices, lowering margins and putting pressure on marketing budgets.
However, Beth de Avila, brand manager at Hewlett-Packard UK, which commissioned the research says the results show that a significant number of small and medium-sized businesses are not “panicking” in their attitudes to marketing.
“Previous recessions have shown that those businesses that market themselves well during fallow periods are significantly better positioned when the good times return,” she says.
YouGov polled 943 micro, small and medium-sized business owners between 10-12 June.
Source: http://www.marketingweek.co.uk
www.ukba.co.uk
Tuesday, 25 August 2009
SMEs ‘scared to make redundancies’
Despite the recent rise in the unemployment rate research has suggested that small business owners are afraid of making redundancies for fear of being sued for unfair dismissal.
According to research conducted by business insurers Premierline Direct small firms fear the potential financial consequences of redundancies, with limits on awards for unfair dismissal and redundancy payments increasing earlier this year.
Of those small business owners concerned about being sued by workers over 70% said that their firm did not have necessary funds to pay out compensation and 36% said would be worried they hadn't followed the correct procedures.
37% of small businesses that have had to let staff go did not seek legal or HR advice beforehand, leaving themselves open to potential legal action.
"Redundancies have increased considerably in line with the economy's performance and many business owners are facing the prospect of having to make staff redundant; something which they might not have experienced before," said Chris Little, managing director of Premierline Direct.
www.ukba.co.uk
According to research conducted by business insurers Premierline Direct small firms fear the potential financial consequences of redundancies, with limits on awards for unfair dismissal and redundancy payments increasing earlier this year.
Of those small business owners concerned about being sued by workers over 70% said that their firm did not have necessary funds to pay out compensation and 36% said would be worried they hadn't followed the correct procedures.
37% of small businesses that have had to let staff go did not seek legal or HR advice beforehand, leaving themselves open to potential legal action.
"Redundancies have increased considerably in line with the economy's performance and many business owners are facing the prospect of having to make staff redundant; something which they might not have experienced before," said Chris Little, managing director of Premierline Direct.
www.ukba.co.uk
Monday, 24 August 2009
Inflation rate remains at 1.8%
The Consumer Prices Index (CPI) - a key measure of inflation - has stayed at 1.8% in July, according to the Office for National Statistics (ONS).
The CPI, the measure of the average price of consumer goods and services purchased by households, had been expected by economists to decline to 1.5%.
The Retail Prices Index (RPI) inflation measure, which includes mortgage interest payments, also unexpectedly rose to -1.4% in July from the previous month's -1.6%.
Although these figures are positive news for the economy, many economists are still predicting that inflation will continue to drop.
"We expect that this halt in the downward trend in inflation will prove to be only temporary,' said Vicky Redwood, an economist at Capital Economics.
www.ukba.co.uk
The CPI, the measure of the average price of consumer goods and services purchased by households, had been expected by economists to decline to 1.5%.
The Retail Prices Index (RPI) inflation measure, which includes mortgage interest payments, also unexpectedly rose to -1.4% in July from the previous month's -1.6%.
Although these figures are positive news for the economy, many economists are still predicting that inflation will continue to drop.
"We expect that this halt in the downward trend in inflation will prove to be only temporary,' said Vicky Redwood, an economist at Capital Economics.
www.ukba.co.uk
Sunday, 23 August 2009
Top Ten Reasons for using an Interim Manager
Russam GMS Ltd undertook their latest Interim Management Survey with the help of over 1100 interim managers who are registered both with Russam GMS and with other providers. The results represent the latest assignment work that these Interim Managers had undertaken.
A full list of the Top Ten reasons for using Interim Managers is set out below and its findings have already set in train a number of management re-thinks about the best way of tackling some current business issues.
1/ Supplying specialist skills and expertise – 21%
2/ Implementation of a new strategy – 17%
3/ Special projects – 15%
4/ Business restructuring – 14%
5/ Mentoring and/or coaching – 12%
6/ Business turnaround – 7%
7/ During recruitment – 4%
8/ Merger & Acquisition – 4%
9/ Setting up a new division – 3%
10/ Covering a temporary absence – 2%
Read more: http://www.russam-gms.co.uk/market_research.html
www.ukba.co.uk
A full list of the Top Ten reasons for using Interim Managers is set out below and its findings have already set in train a number of management re-thinks about the best way of tackling some current business issues.
1/ Supplying specialist skills and expertise – 21%
2/ Implementation of a new strategy – 17%
3/ Special projects – 15%
4/ Business restructuring – 14%
5/ Mentoring and/or coaching – 12%
6/ Business turnaround – 7%
7/ During recruitment – 4%
8/ Merger & Acquisition – 4%
9/ Setting up a new division – 3%
10/ Covering a temporary absence – 2%
Read more: http://www.russam-gms.co.uk/market_research.html
www.ukba.co.uk
Saturday, 22 August 2009
Is your business "tweeting" on Twitter?
Every day, millions of people use Twitter to create, discover and share ideas with others. Now, people are turning to Twitter as an effective way to reach out to businesses, too. From local stores to big brands, and from brick-and-mortar to internet-based or service sector, people are finding great value in the connections they make with businesses on Twitter.
Find out more here through a special business guide: http://business.twitter.com/twitter101/
Follow me on Twitter - http://www.twitter.com/paulgreen
www.ukba.co.uk
Find out more here through a special business guide: http://business.twitter.com/twitter101/
Follow me on Twitter - http://www.twitter.com/paulgreen
www.ukba.co.uk
Friday, 21 August 2009
Businesses given free access to thousands of new opportunities
Every small business in the UK will now have access to thousands of lower value government contracts on the Government’s website www.supply2.gov.uk.
For three years, supply2.gov.uk has advertised thousands of public sector procurement opportunities worth up to £100,000 – making the website ideally suited to small and medium sized businesses.
The fee that was previously charged to search the site across the UK will now be removed, providing firms with better access to public sector contracts to help their businesses grow.
Business Minister Shriti Vadera said:
“Small businesses are facing significant pressure in this downturn and new contracts are essential for their return to growth.
“We want to support small businesses by making it easier to access the thousands of Government procurement opportunities that are directly relevant to them.
“This free service is an interim step along the way to introducing a single website for all public sector contracts next year.”
Economic Secretary to the Treasury, Ian Pearson said:
“Small and medium businesses are a crucial part of the UK economy and in these challenging times it is essential that we support them in as many ways as possible.
“By introducing a free to use national search service we are helping to create a level playing field on which SMEs can compete with their larger counterparts. This will realise benefits for SMEs, the economy as a whole, and help drive further innovation in public services.”
Debasish Sen, Federation of Small Businesses Trade and Industry committee member, said:
“The Federation of Small Businesses (FSB) has been working closely with the Government to put better policies on procurement in place and we welcome this first step to create a free, national, on-line portal that small firms can use to apply for public sector contracts next year.
“FSB research shows that half of SMEs do not tender for public contracts because the process is too complicated and the contracts are too difficult to find in the first place. Making supply2.gov.uk free to access is a first step in the right direction and something the FSB has been pushing for, for a long time.”
Searching for these contracts across the UK was previously only available as part of a subscription service, which cost up to £180 per year.
This announcement is a move towards delivering on a key recommendation outlined in the Glover Review - that by the end of 2010 all public sector contracts should be accessible through a single, free online web portal.
Find out more: http://www.bis.gov.uk/businesses-given-free-access-to-thousands-of-new-opportunities
www.ukba.co.uk
For three years, supply2.gov.uk has advertised thousands of public sector procurement opportunities worth up to £100,000 – making the website ideally suited to small and medium sized businesses.
The fee that was previously charged to search the site across the UK will now be removed, providing firms with better access to public sector contracts to help their businesses grow.
Business Minister Shriti Vadera said:
“Small businesses are facing significant pressure in this downturn and new contracts are essential for their return to growth.
“We want to support small businesses by making it easier to access the thousands of Government procurement opportunities that are directly relevant to them.
“This free service is an interim step along the way to introducing a single website for all public sector contracts next year.”
Economic Secretary to the Treasury, Ian Pearson said:
“Small and medium businesses are a crucial part of the UK economy and in these challenging times it is essential that we support them in as many ways as possible.
“By introducing a free to use national search service we are helping to create a level playing field on which SMEs can compete with their larger counterparts. This will realise benefits for SMEs, the economy as a whole, and help drive further innovation in public services.”
Debasish Sen, Federation of Small Businesses Trade and Industry committee member, said:
“The Federation of Small Businesses (FSB) has been working closely with the Government to put better policies on procurement in place and we welcome this first step to create a free, national, on-line portal that small firms can use to apply for public sector contracts next year.
“FSB research shows that half of SMEs do not tender for public contracts because the process is too complicated and the contracts are too difficult to find in the first place. Making supply2.gov.uk free to access is a first step in the right direction and something the FSB has been pushing for, for a long time.”
Searching for these contracts across the UK was previously only available as part of a subscription service, which cost up to £180 per year.
This announcement is a move towards delivering on a key recommendation outlined in the Glover Review - that by the end of 2010 all public sector contracts should be accessible through a single, free online web portal.
Find out more: http://www.bis.gov.uk/businesses-given-free-access-to-thousands-of-new-opportunities
www.ukba.co.uk
Thursday, 20 August 2009
UK job losses declining
The rate of decline in the UK job market is slowing, according to research conduced by the Chartered Institute of Personnel and Development (CIPD).
In the second quarter of this year the balance of firms cutting jobs over those recruiting in the private sector shrunk from the previous three months' figure of -30% to -2%. This means that recruitment has almost caught up with job losses in the UK private sector.
"When it comes to the immediate jobs outlook, the best that can be said is that things are getting worse more slowly," said Mr Philpott, chief economist at the CIPD.
www.ukba.co.uk
In the second quarter of this year the balance of firms cutting jobs over those recruiting in the private sector shrunk from the previous three months' figure of -30% to -2%. This means that recruitment has almost caught up with job losses in the UK private sector.
"When it comes to the immediate jobs outlook, the best that can be said is that things are getting worse more slowly," said Mr Philpott, chief economist at the CIPD.
www.ukba.co.uk
Wednesday, 19 August 2009
Email and web security - a free guide
Worried about spam, viruses, data doss and use policy? Not sure where to begin?
MessageLabs has produced produced the Small Business Guide to Web and Email Security to help you keep your business one step ahead. The IT threat landscape is evolving - organised crime is involved and it’s big business. This non-technical guide for owners and mangers of small to medium sized businesses looking at the issues surrounding email and web security.
Get your free guide here: http://www.growthbusiness.co.uk/sponsored-surveys/1059012/email-and-web-security-a-free-guide.thtml
www.ukba.co.uk
MessageLabs has produced produced the Small Business Guide to Web and Email Security to help you keep your business one step ahead. The IT threat landscape is evolving - organised crime is involved and it’s big business. This non-technical guide for owners and mangers of small to medium sized businesses looking at the issues surrounding email and web security.
Get your free guide here: http://www.growthbusiness.co.uk/sponsored-surveys/1059012/email-and-web-security-a-free-guide.thtml
www.ukba.co.uk
Tuesday, 18 August 2009
Small businesses find credit scarce and dear
Businesses are finally finding it easier to get credit, though they are having to pay more for it, the Confederation of British Industry has said.
The business group's quarterly report on access to finance shows that while 10 per cent of firms said the availability of credit had worsened over the three months to the end of July, 27 per cent said it had improved.
The positive balance is the first time this year businesses have reported credit availability easing and will be welcomed by economists and policymakers who believe borrowing restrictions continue to be the chief obstacle to recovery.
Nevertheless, the availability of credit remains patchy, with only larger companies reporting that they were finding it easier to borrow. Small and medium sized enterprises reported a continued decline in credit supply.
Moreover, even those firms that are getting access to credit report that it is costing them more to borrow.
Trade credit insurance, which covers businesses' suppliers against non-payment for their goods, also continues to be difficult for many companies to obtain. Some 57 per cent of businesses said that the availability of this cover had worsened over the past three months, with premiums rising and increasing delays in renewals.
Richard Lambert, director-general of the CBI, pictured below, said: "Smaller and medium sized businesses are still facing challenging credit conditions and have fewer funding options open to them than big companies. We hope that over time their credit supply will improve."
Most of the banks that reported trading figures last week conceded that lending to business had declined during the first half of the year, despite huge political pressure.
Source: The Independent
www.ukba.co.uk
The business group's quarterly report on access to finance shows that while 10 per cent of firms said the availability of credit had worsened over the three months to the end of July, 27 per cent said it had improved.
The positive balance is the first time this year businesses have reported credit availability easing and will be welcomed by economists and policymakers who believe borrowing restrictions continue to be the chief obstacle to recovery.
Nevertheless, the availability of credit remains patchy, with only larger companies reporting that they were finding it easier to borrow. Small and medium sized enterprises reported a continued decline in credit supply.
Moreover, even those firms that are getting access to credit report that it is costing them more to borrow.
Trade credit insurance, which covers businesses' suppliers against non-payment for their goods, also continues to be difficult for many companies to obtain. Some 57 per cent of businesses said that the availability of this cover had worsened over the past three months, with premiums rising and increasing delays in renewals.
Richard Lambert, director-general of the CBI, pictured below, said: "Smaller and medium sized businesses are still facing challenging credit conditions and have fewer funding options open to them than big companies. We hope that over time their credit supply will improve."
Most of the banks that reported trading figures last week conceded that lending to business had declined during the first half of the year, despite huge political pressure.
Source: The Independent
www.ukba.co.uk
Monday, 17 August 2009
Tax timebomb could force more small businesses under
A leading insolvency expert has urged small businesses affected by the recession not to "bury their heads in the sand" as another wave of business collapses could be on the horizon, triggered by the inability to settle tax liabilities.
Mace & Jones insolvency unit partner Graeme Jump said while many exposed companies have already succumbed to the pressures of the recession, a new round is inevitable after the summer break. Official figures show that North West insolvencies dropped to 35 in June, compared to an average of 48 per month since the start of the year. The first six months of the year saw 10,242 companies enter into insolvency – up 33.8 per cent on the same period in 2008.
“There has been a slight drop in insolvencies but this masks deep problems,” he said. “A number of vulnerable businesses have been slashing costs by redundancies, operational cuts, and grabbing the Government’s offer of delaying payments for such taxes as PAYE, VAT, and Corporation Tax. That six months tax-holiday already amounts to billions in delayed payments, and will soon expire, leaving many businesses exposed to urgent demands from the taxman.”
Seek insolvency advice as soon as possible
www.ukba.co.uk
Mace & Jones insolvency unit partner Graeme Jump said while many exposed companies have already succumbed to the pressures of the recession, a new round is inevitable after the summer break. Official figures show that North West insolvencies dropped to 35 in June, compared to an average of 48 per month since the start of the year. The first six months of the year saw 10,242 companies enter into insolvency – up 33.8 per cent on the same period in 2008.
“There has been a slight drop in insolvencies but this masks deep problems,” he said. “A number of vulnerable businesses have been slashing costs by redundancies, operational cuts, and grabbing the Government’s offer of delaying payments for such taxes as PAYE, VAT, and Corporation Tax. That six months tax-holiday already amounts to billions in delayed payments, and will soon expire, leaving many businesses exposed to urgent demands from the taxman.”
Seek insolvency advice as soon as possible
www.ukba.co.uk
Sunday, 16 August 2009
Treasury wants banks to increase loans to small businesses
In an attempt to persuade UK banks to lend more money to small businesses, the CEOs of major UK banks were summoned to a meeting with Alistair Darling and Treasury officials.
It's clear the Government is distinctly unhappy with the way banks are acting at present. It feels the banks have reneged on an agreement, reached as part of their rescue deal, that they would continue to lend to small businesses at a certain level.
"Money and insurance provided by the Government should ensure banks lend at the level they agreed to", said a Government spokesperson.
But when the Government agreed to save RBS and Lloyds Banking Group with an injection of £37 billion of taxpayers' money and insurance guarantees of some £600 billion, it seems they failed to stipulate the level of interest the banks charge for loans to small businesses.
So despite the Bank of England base rate being at a record low of just 0.5%, and LIBOR under 1.0%, when banks do agree to lend to small businesses they are typically charging interest rates of between 6% and 8%.
Some banks are also accused of turning small businesses away from loans under the Enterprise Finance Guarantee scheme, forcing them into other, more expensive loans that are more profitable for the banks.
After meeting the bank bosses Alistair Darling told reporters, "While in some areas there have been improvements, in others there is an awful lot more to do. I think in relation to small and medium-sized enterprises, we need to be satisfied that the lending agreements entered into are honoured and that every single business gets a fair deal,"
In response to the meeting, Shadow Chief Secretary to the Treasury, Philip Hammond has called on the Government to “stop talking and start acting” in order to get banks lending to businesses again.
“After all the fuss and fanfare around today’s meeting, the outcome will not make one jot of difference to struggling businesses up and down the country”, he added.
www.ukba.co.uk
It's clear the Government is distinctly unhappy with the way banks are acting at present. It feels the banks have reneged on an agreement, reached as part of their rescue deal, that they would continue to lend to small businesses at a certain level.
"Money and insurance provided by the Government should ensure banks lend at the level they agreed to", said a Government spokesperson.
But when the Government agreed to save RBS and Lloyds Banking Group with an injection of £37 billion of taxpayers' money and insurance guarantees of some £600 billion, it seems they failed to stipulate the level of interest the banks charge for loans to small businesses.
So despite the Bank of England base rate being at a record low of just 0.5%, and LIBOR under 1.0%, when banks do agree to lend to small businesses they are typically charging interest rates of between 6% and 8%.
Some banks are also accused of turning small businesses away from loans under the Enterprise Finance Guarantee scheme, forcing them into other, more expensive loans that are more profitable for the banks.
After meeting the bank bosses Alistair Darling told reporters, "While in some areas there have been improvements, in others there is an awful lot more to do. I think in relation to small and medium-sized enterprises, we need to be satisfied that the lending agreements entered into are honoured and that every single business gets a fair deal,"
In response to the meeting, Shadow Chief Secretary to the Treasury, Philip Hammond has called on the Government to “stop talking and start acting” in order to get banks lending to businesses again.
“After all the fuss and fanfare around today’s meeting, the outcome will not make one jot of difference to struggling businesses up and down the country”, he added.
www.ukba.co.uk
Saturday, 15 August 2009
Rate relief hit by red-tape delays
Small businesses are facing delays in taking advantage of the Government's rate relief scheme because of the complexities of the software needed to calculate the new rates.
The scheme - which allows firms to defer payment of 60% of the increase in rates bills - came live last week.
Although The Local Government Association believes most councils met the deadline in sending out formal notification to businesses about the scheme the complexity of calculating the rates has led to fears they will not be done in time.
"When the Government announced its business rates deferral scheme at the end of March it claimed to be helping businesses with lower rates bills during the recession," said Jerry Schurder, head of business rates at Gerald Eve.
"In the event businesses have had to continue paying full rates since April and it will not be until October at the earliest that they see any benefit."
www.ukba.co.uk
The scheme - which allows firms to defer payment of 60% of the increase in rates bills - came live last week.
Although The Local Government Association believes most councils met the deadline in sending out formal notification to businesses about the scheme the complexity of calculating the rates has led to fears they will not be done in time.
"When the Government announced its business rates deferral scheme at the end of March it claimed to be helping businesses with lower rates bills during the recession," said Jerry Schurder, head of business rates at Gerald Eve.
"In the event businesses have had to continue paying full rates since April and it will not be until October at the earliest that they see any benefit."
www.ukba.co.uk
Friday, 14 August 2009
Sporting Chance for Warwickshire Businesses
Now I know this is not a subject that falls within the subject matter of this blog and I apologise to all readers who are from outside The West Midlands but I read an article in my local paper The Stratford Herald and I am grateful to them for providing this information.
Heads up all you firms in the Warwickshire area. The Olympic Games are looking for you. According to Coventry and Warwickshire Chamber of Commerce local companies are being sought to bid for business both for the games proper and to work on the pre games activity that is likely to be going on in the area as national teams arrive to prepare and train.
Business Link are organising two business seminars to help smaller businesses capitalise on the opportunity. The first workshop is taking place on 29th September and the second for March 2010. If you would like to register please call 02476 654321 or visit http://www.cw-chamber.co.uk/
Source: http://www.stratford-herald.com/
http://www.ukba.co.uk/
Heads up all you firms in the Warwickshire area. The Olympic Games are looking for you. According to Coventry and Warwickshire Chamber of Commerce local companies are being sought to bid for business both for the games proper and to work on the pre games activity that is likely to be going on in the area as national teams arrive to prepare and train.
Business Link are organising two business seminars to help smaller businesses capitalise on the opportunity. The first workshop is taking place on 29th September and the second for March 2010. If you would like to register please call 02476 654321 or visit http://www.cw-chamber.co.uk/
Source: http://www.stratford-herald.com/
http://www.ukba.co.uk/
Service sector reports growth in July
Activity in the UK's services increased in July, according to data released by the Chartered Institute of Purchasing and Supply (CIPS) and Markit survey.
Just under 25% of service sector companies in Britain reported an increase in sales from the previous month, compared to only 16% that reported a downturn.
These figures have led to a balance of 53, the third consecutive month that the figure has been over 50. Anything over 50 equates to economic growth.
"While the improvement in the performance of the services industry has been remarkable in many respects, it should be noted that growth is from a low base and the recession has left companies with a high degree of excess resources," said Paul Smith, economist at Markit.
www.ukba.co.uk
Just under 25% of service sector companies in Britain reported an increase in sales from the previous month, compared to only 16% that reported a downturn.
These figures have led to a balance of 53, the third consecutive month that the figure has been over 50. Anything over 50 equates to economic growth.
"While the improvement in the performance of the services industry has been remarkable in many respects, it should be noted that growth is from a low base and the recession has left companies with a high degree of excess resources," said Paul Smith, economist at Markit.
www.ukba.co.uk
Thursday, 13 August 2009
Some staff ‘using swine flu to skive’
Small business bosses are concerned that staff are taking advantage over the current fears concerning swine flu to take time off work.
Over a 1,000 companies have contacted Employment Law Advisory Services (ELAS) to seek advice over employees who they fear may be using swine flu as an excuse to be absent from work.
"Managers feel that some staff are simply taking advantage of concerns about the transmission of swine flu to take an extra few days off work," said Peter Mooney, ELAS's head of consultancy.
"Because the emphasis has been on not going to your local GP but using websites to assess the infection and the risk to others, those who stay at home are not going to need a doctor's note or have too many people calling on them to see how they feel."
The National Pandemic Flu Service advises that individuals who appear to have symptoms associated with swine flu should stay at home for up to seven days to recover and avoid passing on the virus.
www.ukba.co.uk
Over a 1,000 companies have contacted Employment Law Advisory Services (ELAS) to seek advice over employees who they fear may be using swine flu as an excuse to be absent from work.
"Managers feel that some staff are simply taking advantage of concerns about the transmission of swine flu to take an extra few days off work," said Peter Mooney, ELAS's head of consultancy.
"Because the emphasis has been on not going to your local GP but using websites to assess the infection and the risk to others, those who stay at home are not going to need a doctor's note or have too many people calling on them to see how they feel."
The National Pandemic Flu Service advises that individuals who appear to have symptoms associated with swine flu should stay at home for up to seven days to recover and avoid passing on the virus.
www.ukba.co.uk
Wednesday, 12 August 2009
Green Grants Machine
Designed to help small business owners like you find funding to make the small changes that can make a big difference where the environment is concerned.
Green Grants Machine is the UK’s most comprehensive source of information on grants, loans and awards available to help your business go green and save on energy bills.
Their completely free directory contains information on over £1.2 billion of funds available to help you... purchase hybrid fleet vehicles, install solar panels, introduce a recycling scheme in the workplace or to invest in green packaging to name just a few.
So why not run a search now and find out what money you could be eligible for?
Find funding now!
www.ukba.co.uk
Green Grants Machine is the UK’s most comprehensive source of information on grants, loans and awards available to help your business go green and save on energy bills.
Their completely free directory contains information on over £1.2 billion of funds available to help you... purchase hybrid fleet vehicles, install solar panels, introduce a recycling scheme in the workplace or to invest in green packaging to name just a few.
So why not run a search now and find out what money you could be eligible for?
Find funding now!
www.ukba.co.uk
Tuesday, 11 August 2009
The Carbon Trust has announced a £100 million loan fund for SME's looking to reduce their carbon footprint.
Borrow £3,000 to £400,000 at 0% interest
Is your old equipment making your business uncompetitive? Or is it simply costing a fortune in energy bills? Our interest free loans give you the opportunity to both modernise your business and reduce overheads, with your loan repayments comfortably covered by your estimated energy savings.
Not just for SMEs
The maximum loan limit available to borrow has now been doubled to £400,000. And while loans used to be available only to SMEs, they’re now also available to larger companies that don’t fall under the Carbon Reduction Commitment – this typically equates to those that spend less than £500,000 a year on electricity.
The unsecured loan that can pay for itself
Our 0% business loans are unsecured and interest free, with no arrangement fees and a straightforward application process. Loans can be repaid over a period of up to four years and as the scheme is designed for energy savings to cover repayments, the loan will effectively pay for itself.
Find out more: http://www.carbontrust.co.uk/energy/takingaction/about-loans.htm
www.ukba.co.uk
Is your old equipment making your business uncompetitive? Or is it simply costing a fortune in energy bills? Our interest free loans give you the opportunity to both modernise your business and reduce overheads, with your loan repayments comfortably covered by your estimated energy savings.
Not just for SMEs
The maximum loan limit available to borrow has now been doubled to £400,000. And while loans used to be available only to SMEs, they’re now also available to larger companies that don’t fall under the Carbon Reduction Commitment – this typically equates to those that spend less than £500,000 a year on electricity.
The unsecured loan that can pay for itself
Our 0% business loans are unsecured and interest free, with no arrangement fees and a straightforward application process. Loans can be repaid over a period of up to four years and as the scheme is designed for energy savings to cover repayments, the loan will effectively pay for itself.
Find out more: http://www.carbontrust.co.uk/energy/takingaction/about-loans.htm
www.ukba.co.uk
Monday, 10 August 2009
Which way the UK economy from here???
I know we all want the economy to improve, but I do wonder if we are kidding ourselves. Of course the Stock market is going to improve if you buy £125bn of bonds...and the prospect of a further £50bn can only help. ....but what about the underlying economy represented by the SME market. What of us??
My view is that the Autumn could be pretty grim for the SME sector. We seem to be at the back end of these things...we need to be very cautious about retaining as much working capital as possible. It may well be we are at our most vulnerable when we're on the mend...
Chris Scanlon
Call for businesses to pay fair
The Minister urged businesses to sign up to the Prompt Payment Code, which aims to encourage better payment performance between businesses. Regional Minister for the South East, Jonathan Shaw, will also write to local councils, public sector bodies and business groups in the region to encourage them to sign up to the code.
Over 750 companies in the South East failed during 2008 because of late payment and the region’s companies will pay over £33m in unnecessary interest charges because of overdue payments this year.
Visiting Seevent Plastics - one of over 350 companies that have already committed to the code - Rosie Winterton, Minister for Regional Economic Development said:
“Prompt payment remains the biggest financial challenge faced by firms and in many cases late payment is the difference between life and death for a business.
“We are taking this issue seriously, that’s why all government departments have signed up to the Code and are going a step further by paying nine out of ten invoices within ten days. We’re also providing advice and support - 80,000 Managing Cashflow guides have been downloaded since last November.
“I want to see more companies acting responsibly and paying their invoices promptly and without changing their agreed contractual terms.
“Seevent are a great example of good business – they manage their own cash flow and ensure they pay suppliers on time. That’s why I’m here in Lancing to encourage more companies to follow their example and sign up to the Prompt Payment Code”
Ken Fisher, Managing Director of Seevent said:
“”We at Seevent believe that the payment of invoices on time is a major part of the contract between supplier and customer. The customer rightly complains if his goods are late in arriving and therefore should honour his part of the contract by paying on time. At Seevent we pride ourselves on our payment record”
Pam Alexander, Chief Executive of the South East England Development Agency said:
"SEEDA is working in close partnership with the Government on the Prompt Payment Code. This issue has been a high priority for the South East Economic Delivery Council and all partners are committed to addressing it - both for public sector contracts and in working with major corporates through the business membership organisations on the Council.
“SEEDA backs the Prompt Payment Code and we have worked very hard to ensure we pay our own suppliers as quickly as possible to keep cash flow moving during the recession. We are currently paying 96% of uncontested invoices within 8 days, so our money is in supplier bank accounts within 10 days."
Organisations in both the public and private sector can sign up to the Prompt Payment Code by visiting www.promptpaymentcode.org.uk
www.ukba.co.uk
Over 750 companies in the South East failed during 2008 because of late payment and the region’s companies will pay over £33m in unnecessary interest charges because of overdue payments this year.
Visiting Seevent Plastics - one of over 350 companies that have already committed to the code - Rosie Winterton, Minister for Regional Economic Development said:
“Prompt payment remains the biggest financial challenge faced by firms and in many cases late payment is the difference between life and death for a business.
“We are taking this issue seriously, that’s why all government departments have signed up to the Code and are going a step further by paying nine out of ten invoices within ten days. We’re also providing advice and support - 80,000 Managing Cashflow guides have been downloaded since last November.
“I want to see more companies acting responsibly and paying their invoices promptly and without changing their agreed contractual terms.
“Seevent are a great example of good business – they manage their own cash flow and ensure they pay suppliers on time. That’s why I’m here in Lancing to encourage more companies to follow their example and sign up to the Prompt Payment Code”
Ken Fisher, Managing Director of Seevent said:
“”We at Seevent believe that the payment of invoices on time is a major part of the contract between supplier and customer. The customer rightly complains if his goods are late in arriving and therefore should honour his part of the contract by paying on time. At Seevent we pride ourselves on our payment record”
Pam Alexander, Chief Executive of the South East England Development Agency said:
"SEEDA is working in close partnership with the Government on the Prompt Payment Code. This issue has been a high priority for the South East Economic Delivery Council and all partners are committed to addressing it - both for public sector contracts and in working with major corporates through the business membership organisations on the Council.
“SEEDA backs the Prompt Payment Code and we have worked very hard to ensure we pay our own suppliers as quickly as possible to keep cash flow moving during the recession. We are currently paying 96% of uncontested invoices within 8 days, so our money is in supplier bank accounts within 10 days."
Organisations in both the public and private sector can sign up to the Prompt Payment Code by visiting www.promptpaymentcode.org.uk
www.ukba.co.uk
Subscribe to:
Posts (Atom)
Posts
