2009-10 rates and allowances for VAT, Income tax, Capital Gains tax, Inheritance tax, Corporation tax on profits, National Insurance Contributions, the Working and Child Tax Credit, Guardian’s Allowance, stamp taxes and duties, transfers of shares and stocks, tobacco and alcohol duties, gambling tax, fuel duties, vehicle excise duties and tax relief for business expenditure on cars can be found by following the link below:
http://www.hm-treasury.gov.uk/bud_bud09_press02.htm
www.ukba.co.uk
Thursday, 30 April 2009
Wednesday, 29 April 2009
Despite the recession a fifth of small businesses expect to grow over the next six months
The survey by O2 of 3,000 small firms found that while many companies are planning redundancies or downsizing their premises to cut costs, 20% expect to expand their business and nearly half plan to invest in new IT to become more efficient.
Although nearly 50% of SMEs surveyed said confidence was at a record low, 66% were determined to make it through the downturn and 7% of bosses said their firm was unaffected by the recession.
The report also revealed that financial issues have now replaced red tape and competition as the greatest cause for concern amongst the UK's small business community. Concerns over cash flow were cited as the greatest threat to survival, closely followed by a lack of support from the banking sector.
www.ukba.co.uk
Although nearly 50% of SMEs surveyed said confidence was at a record low, 66% were determined to make it through the downturn and 7% of bosses said their firm was unaffected by the recession.
The report also revealed that financial issues have now replaced red tape and competition as the greatest cause for concern amongst the UK's small business community. Concerns over cash flow were cited as the greatest threat to survival, closely followed by a lack of support from the banking sector.
www.ukba.co.uk
Tuesday, 28 April 2009
The majority of small and medium-sized businesses are willing to invest in green technology, despite the economic downturn
According to SurePayroll, The survey revealed that around 75% have embraced green initiatives such as recycling to telecommuting, regardless of their return on investment.
71% of SMEs surveyed commented that they implemented green practices to be environmentally conscious, and the remaining 30% sited saving money as their major motivation.
"The biggest challenge for small business owners is typically cutting costs, so it's refreshing to see that most small business owners are going green simply for the good of the environment," said SurePayroll President Michael Alter.
www.ukba.co.uk
71% of SMEs surveyed commented that they implemented green practices to be environmentally conscious, and the remaining 30% sited saving money as their major motivation.
"The biggest challenge for small business owners is typically cutting costs, so it's refreshing to see that most small business owners are going green simply for the good of the environment," said SurePayroll President Michael Alter.
www.ukba.co.uk
Monday, 27 April 2009
Gordon Brown has announced his attention to set up a new state-backed bank to address the funding gap for new start-up companies.
The Prime Minister said the proposed bank would, "provide the finance for more difficult and more risky start-ups for high-technology businesses of the future."
Richard Lambert, the head of the Confederation of British Industry, first put this proposal forward last month.
Mr Brown made the announcement while launching a report called ‘New Industry New Jobs', which said that government needed to recognise the impact that decisions on taxation and spending have on the development of British businesses.
www.ukba.co.uk
Richard Lambert, the head of the Confederation of British Industry, first put this proposal forward last month.
Mr Brown made the announcement while launching a report called ‘New Industry New Jobs', which said that government needed to recognise the impact that decisions on taxation and spending have on the development of British businesses.
www.ukba.co.uk
Sunday, 26 April 2009
Small businesses need a go-between to help rebuild ailing relationships with the banks and revive the flagging economy
Over 70% of respondents to the FSB survey commented that a corporate mediator would help to build better relations between banks and small businesses.
The research also showed that a third of small companies consider their bank to be less helpful than before the downturn.
"It is high time the Government took some serious action and built bridges between the banks and the small businesses which keep our economy moving," said FSB chairman John Wright.
"The future health of our economy depends on mending the relationship between small business and the banks; small firms and entrepreneurs need confidence to take the risks to innovate, grow and create jobs and take us out of the recession."
www.ukba.co.uk
The research also showed that a third of small companies consider their bank to be less helpful than before the downturn.
"It is high time the Government took some serious action and built bridges between the banks and the small businesses which keep our economy moving," said FSB chairman John Wright.
"The future health of our economy depends on mending the relationship between small business and the banks; small firms and entrepreneurs need confidence to take the risks to innovate, grow and create jobs and take us out of the recession."
www.ukba.co.uk
Saturday, 25 April 2009
As many as 1.2m UK businesses are being affected by late payments, according to Tenon Recovery.
The mid-tier firm surveyed more than 1200 business owners and senior managers in compiling the research which shows three in five businesses are affected, and its now urging businesses to adopt a responsible attitude towards payments.
35% of businesses surveyed estimate that late payments cost them in excess of £10,000 a year both in terms of bank charges and the administrative costs of chasing payments.
Tenon estimates the average amount owed in late payments to have risen by a third in 2008, taking the average amount owed by UK companies to around £40,000.
Carl Jackson, national head of Tenon Recovery, said managing cashflow is fundamental to a business' survival in the current economic climate and late payments forms part of this.
'More than ever, businesses must adopt a responsible attitude towards late payments to avoid the domino effect of business collapses that late payments can cause. This means not only making payments on time to avoid causing problems, but having clear payment terms, credit control procedures and chasing slow-paying customers,' he said.
www.ukba.co.uk
35% of businesses surveyed estimate that late payments cost them in excess of £10,000 a year both in terms of bank charges and the administrative costs of chasing payments.
Tenon estimates the average amount owed in late payments to have risen by a third in 2008, taking the average amount owed by UK companies to around £40,000.
Carl Jackson, national head of Tenon Recovery, said managing cashflow is fundamental to a business' survival in the current economic climate and late payments forms part of this.
'More than ever, businesses must adopt a responsible attitude towards late payments to avoid the domino effect of business collapses that late payments can cause. This means not only making payments on time to avoid causing problems, but having clear payment terms, credit control procedures and chasing slow-paying customers,' he said.
www.ukba.co.uk
Friday, 24 April 2009
Small firms find it difficult to win government contracts - FPB calls for support
As part of its submission to the 2009 Budget the FPB is pressing the Government to fast-track measures outlined in the Glover Review, at present scheduled to be implemented in 2010, in order to stimulate the flagging economy by increasing competition for tenders and providing better value for money. The call coincides with a new report published today (16 April 2009), in which the All-party Parliamentary Small Business Group (APPSBG) said that the review's recommendations should go further and encompass all levels of Government.
The Glover Review was published in November 2008. It proposed removing barriers to public procurement, but did not agree that requiring a minimum number of contracts to be awarded to small firms would be beneficial. However, the review called for greater transparency, simplicity, ‘strategic procurement' and measurement to become central to the tendering process by 2010.
Public procurement was identified as a key issue requiring action in the forthcoming Budget by just under one in five respondents (17%) to the FPB's latest Referendum survey of members.
"We are hopefully at the beginning of the process of opening up more government contracts to smaller businesses, and it will take time before the review's initial recommendations bear fruit," said the FPB's Policy Representative Matt Goodman. "However, with the Prime Minister committed to pushing forward public investment projects, we want the Government to act as quickly as possible to make sure that small businesses get their fair share of those contracts. That would help to save more small firms from closure and to provide a catalyst for economic recovery. It is important that the Glover measures move in the right direction as quickly and as effectively as possible."
Recognising the role of small businesses in the recovery of the economy, the APPSBG consulted the FPB as part of a further inquiry into small businesses and public procurement. According to its report, which was supported by the Association of Chartered Certified Accountants (ACCA), the Glover Review's proposals are a ‘step in the right direction', but alone will not be effective in opening up government contracts. The APPSBG argued that:
- The Glover Report's recommendations must involve all levels of government, beyond ‘core departmental buyers'
- Small businesses should not be viewed as a single group, and specific strategies need to be developed for the smallest firms in recognition of the different challenges facing businesses of different sizes and with fewer resources
- Public authorities should set individual targets for contracts to be awarded to small businesses, focussing on ‘micro' enterprises. It said these targets should be ‘ambitious' but not binding
- Access to information about public contracts should be improved, with the successor to the supply2gov.uk website to be less bureaucratic and more widely publicised
- Access to the tendering process should be kept as easy and inexpensive as possible
- There should be a single, standardised pre-qualification questionnaire shared by companies bidding for contracts
- Plain English should be used throughout the process in order to avoid confusing procurement requests
- Unnecessary bureaucracy should be removed, making the procurement process less time-consuming
- Appropriate support schemes, providing documents and hosting events, should be provided for small firms
- More innovative measures should be considered to reduce the perception of risk associated with small businesses
- Constructive and clear feedback should be provided on unsuccessful bids
- Public sector procurement professionals should receive more support and training to increase their understanding of small businesses
- Business should be given advance knowledge of procurement opportunities wherever possible, through procurement schedules and supplier information days
- Delivery terms and conditions need to be better adapted to the needs of smaller suppliers
- Amid concerns about bias towards lower cost options, procurement should be more transparent and success more dependent on the value for money provided.
FPB member John Boother is the Managing Director of Autoscribe Ltd, a company based in Berkshire which develops data management systems, primarily for laboratory applications.
"In the past, we concentrated on the private sector but are now interested in bidding for contracts in public sector, such as the NHS. However, this has proved to be much more difficult than it sounds," said Mr Boother. "We were recently turned down by a company acting on behalf of a group of hospitals after spending considerable time and money on the tendering process, including responding to the detailed Pre-Qualification Questionnaire (PQQ) in good time. In an email, we were told we had not provided relevant references and did not meet the minimum threshold in terms of turnover and staff. This is blatant discrimination against small businesses."
He added: "It's frustrating that, because these prerequisites were not mentioned in the PQQ, we spent time and effort on something when we had no chance of progressing. Technical proficiency is only considered if a bidder passes all of the financial and administrative criteria first – one strike and you're out. How is this providing the best value for money for the NHS?"
Source: FPB - www.fpb.org
www.ukba.co.uk
The Glover Review was published in November 2008. It proposed removing barriers to public procurement, but did not agree that requiring a minimum number of contracts to be awarded to small firms would be beneficial. However, the review called for greater transparency, simplicity, ‘strategic procurement' and measurement to become central to the tendering process by 2010.
Public procurement was identified as a key issue requiring action in the forthcoming Budget by just under one in five respondents (17%) to the FPB's latest Referendum survey of members.
"We are hopefully at the beginning of the process of opening up more government contracts to smaller businesses, and it will take time before the review's initial recommendations bear fruit," said the FPB's Policy Representative Matt Goodman. "However, with the Prime Minister committed to pushing forward public investment projects, we want the Government to act as quickly as possible to make sure that small businesses get their fair share of those contracts. That would help to save more small firms from closure and to provide a catalyst for economic recovery. It is important that the Glover measures move in the right direction as quickly and as effectively as possible."
Recognising the role of small businesses in the recovery of the economy, the APPSBG consulted the FPB as part of a further inquiry into small businesses and public procurement. According to its report, which was supported by the Association of Chartered Certified Accountants (ACCA), the Glover Review's proposals are a ‘step in the right direction', but alone will not be effective in opening up government contracts. The APPSBG argued that:
- The Glover Report's recommendations must involve all levels of government, beyond ‘core departmental buyers'
- Small businesses should not be viewed as a single group, and specific strategies need to be developed for the smallest firms in recognition of the different challenges facing businesses of different sizes and with fewer resources
- Public authorities should set individual targets for contracts to be awarded to small businesses, focussing on ‘micro' enterprises. It said these targets should be ‘ambitious' but not binding
- Access to information about public contracts should be improved, with the successor to the supply2gov.uk website to be less bureaucratic and more widely publicised
- Access to the tendering process should be kept as easy and inexpensive as possible
- There should be a single, standardised pre-qualification questionnaire shared by companies bidding for contracts
- Plain English should be used throughout the process in order to avoid confusing procurement requests
- Unnecessary bureaucracy should be removed, making the procurement process less time-consuming
- Appropriate support schemes, providing documents and hosting events, should be provided for small firms
- More innovative measures should be considered to reduce the perception of risk associated with small businesses
- Constructive and clear feedback should be provided on unsuccessful bids
- Public sector procurement professionals should receive more support and training to increase their understanding of small businesses
- Business should be given advance knowledge of procurement opportunities wherever possible, through procurement schedules and supplier information days
- Delivery terms and conditions need to be better adapted to the needs of smaller suppliers
- Amid concerns about bias towards lower cost options, procurement should be more transparent and success more dependent on the value for money provided.
FPB member John Boother is the Managing Director of Autoscribe Ltd, a company based in Berkshire which develops data management systems, primarily for laboratory applications.
"In the past, we concentrated on the private sector but are now interested in bidding for contracts in public sector, such as the NHS. However, this has proved to be much more difficult than it sounds," said Mr Boother. "We were recently turned down by a company acting on behalf of a group of hospitals after spending considerable time and money on the tendering process, including responding to the detailed Pre-Qualification Questionnaire (PQQ) in good time. In an email, we were told we had not provided relevant references and did not meet the minimum threshold in terms of turnover and staff. This is blatant discrimination against small businesses."
He added: "It's frustrating that, because these prerequisites were not mentioned in the PQQ, we spent time and effort on something when we had no chance of progressing. Technical proficiency is only considered if a bidder passes all of the financial and administrative criteria first – one strike and you're out. How is this providing the best value for money for the NHS?"
Source: FPB - www.fpb.org
www.ukba.co.uk
Thursday, 23 April 2009
£50m European Investment Fund available for technology companies
Michael Birch has joined forces with Lastminute.com co-founder Brent Hoberman to launch an investment fund aimed at putting European tech start-ups on an equal footing with their US counterparts.
European Founders Capital (EFC) will provide an initial £20m of funding to early-stage tech companies, rising quickly to £50m.
Birch, who sold social network Bebo to AOL last year for £418m, intends EFC to bridge a funding gap that’s previously limited the development of European tech businesses, and catalyse a US-style eco-system where tech entrepreneurs actively look to reinvest in emerging companies.
“We aren’t taking institutional money. All the money comes from founders; people who have done it before,” Birch told today’s Sunday Times.
Birch and Hoberman say EFC will fill the funding gap between business angels who typically invest between £50,000 and £250,000 and VCs, which tend to invest £1m-plus into ideas beyond initial concept stage.
They’re joined by Peter Dubens, who built up the Pipex broadband business sold to Tiscali for £210m in 2007 and Hoberman’s old friend Rogan Angelini-Hurll, the former city analyst who an turned down the chance to co-found Lastminute.
According to Hoberman, who more recently co-launched interiors site MyDeco.com, there couldn’t be a better time for EFC to launch: “We are going to see some great, disruptive companies coming out of this downturn,” he said.
www.ukba.co.uk
European Founders Capital (EFC) will provide an initial £20m of funding to early-stage tech companies, rising quickly to £50m.
Birch, who sold social network Bebo to AOL last year for £418m, intends EFC to bridge a funding gap that’s previously limited the development of European tech businesses, and catalyse a US-style eco-system where tech entrepreneurs actively look to reinvest in emerging companies.
“We aren’t taking institutional money. All the money comes from founders; people who have done it before,” Birch told today’s Sunday Times.
Birch and Hoberman say EFC will fill the funding gap between business angels who typically invest between £50,000 and £250,000 and VCs, which tend to invest £1m-plus into ideas beyond initial concept stage.
They’re joined by Peter Dubens, who built up the Pipex broadband business sold to Tiscali for £210m in 2007 and Hoberman’s old friend Rogan Angelini-Hurll, the former city analyst who an turned down the chance to co-found Lastminute.
According to Hoberman, who more recently co-launched interiors site MyDeco.com, there couldn’t be a better time for EFC to launch: “We are going to see some great, disruptive companies coming out of this downturn,” he said.
www.ukba.co.uk
Budget Summary - Alistair Darling presented his second Budget on Wednesday 22 April 2009.
Read a summary report here.
Having acknowledged the depth of the recession, he hinted that the Budget measures would enable the UK economy to begin to grow 'by the end of the year'.
As always the timing of the changes needs to be carefully watched – some are immediate but some are delayed to 2010 and beyond.
Our summary focuses on the issues likely to affect you, your family and your business.
Main Budget proposals
:: Introduction of a 50% top rate of tax for those with income over £150,000 from 2010 and phased reduction of personal allowances for those with income over £100,000.
:: Increases in ISA limits from October this year for those aged over 50 and for everyone from April 2010.
:: Enhanced relief for trading losses extended by a further year.
:: Short term increase in capital allowances on most plant and machinery.
:: Extension of the furnished holiday lettings scheme to properties in the EEA but then the removal of the scheme completely from April 2010.
:: Names of deliberate tax defaulters to be published where default was tax in excess of £25,000.
Previous announcements
Many of the changes detailed in this summary have been the subject of earlier announcements. Here is a reminder of some of the more important ones:
:: removal of the £12,000 'expensive car' limit for capital allowance purposes
:: availability of non-repayable tax credit on overseas dividends received by any individual
:: removal of tax charge for companies on overseas dividends
:: extension of HMRC compliance powers across all the taxes dealt with by HMRC.
For more details in the different areas the budget covered - click on the relevant link below:
Introduction
Alistair Darling presented his second Budget on Wednesday 22 April 2009.
Personal Tax
Details of the changes to personal tax.
Corporate and Business Tax
Details of the changes to corporate and business tax.
Employment Issues
Details of the changes to employment issues.
Capital Taxes
Details of the changes to capital taxes.
VAT
Details of the changes to VAT.
HMRC Powers
Details of the changes to HMRC powers.
Other Matters
Details of Child Trust Fund, Charities: substantial donors, Landfill tax and the Business Payment Support Service.
Source: Faust Loveday Bell
www.ukba.co.uk
Having acknowledged the depth of the recession, he hinted that the Budget measures would enable the UK economy to begin to grow 'by the end of the year'.
As always the timing of the changes needs to be carefully watched – some are immediate but some are delayed to 2010 and beyond.
Our summary focuses on the issues likely to affect you, your family and your business.
Main Budget proposals
:: Introduction of a 50% top rate of tax for those with income over £150,000 from 2010 and phased reduction of personal allowances for those with income over £100,000.
:: Increases in ISA limits from October this year for those aged over 50 and for everyone from April 2010.
:: Enhanced relief for trading losses extended by a further year.
:: Short term increase in capital allowances on most plant and machinery.
:: Extension of the furnished holiday lettings scheme to properties in the EEA but then the removal of the scheme completely from April 2010.
:: Names of deliberate tax defaulters to be published where default was tax in excess of £25,000.
Previous announcements
Many of the changes detailed in this summary have been the subject of earlier announcements. Here is a reminder of some of the more important ones:
:: removal of the £12,000 'expensive car' limit for capital allowance purposes
:: availability of non-repayable tax credit on overseas dividends received by any individual
:: removal of tax charge for companies on overseas dividends
:: extension of HMRC compliance powers across all the taxes dealt with by HMRC.
For more details in the different areas the budget covered - click on the relevant link below:
Introduction
Alistair Darling presented his second Budget on Wednesday 22 April 2009.
Personal Tax
Details of the changes to personal tax.
Corporate and Business Tax
Details of the changes to corporate and business tax.
Employment Issues
Details of the changes to employment issues.
Capital Taxes
Details of the changes to capital taxes.
VAT
Details of the changes to VAT.
HMRC Powers
Details of the changes to HMRC powers.
Other Matters
Details of Child Trust Fund, Charities: substantial donors, Landfill tax and the Business Payment Support Service.
Source: Faust Loveday Bell
www.ukba.co.uk
Wednesday, 22 April 2009
SMEs at a disadvantage when it comes to winning public sector contracts
According to a new report by House of Commons All Party Parliamentary Small Business Group (APPSBG), small and medium-sized businesses are disadvantaged when it comes to winning public sector contracts by complex, expensive and outdated tender processes,
The report - supported by ACCA (the Association of Chartered Certified Accountants) - recommends that the government does more to remove barriers that are preventing SMEs from winning public sector contracts
"The procedures and practices used in many tenders disadvantage SMEs over larger companies. Many small businesses and contractors believe that days spent preparing tenders with a low probability of success are better spent earning, and therefore do not bid for public work all," said Professor Robin Jarvis, head of ACCA's small business unit.
www.ukba.co.uk
The report - supported by ACCA (the Association of Chartered Certified Accountants) - recommends that the government does more to remove barriers that are preventing SMEs from winning public sector contracts
"The procedures and practices used in many tenders disadvantage SMEs over larger companies. Many small businesses and contractors believe that days spent preparing tenders with a low probability of success are better spent earning, and therefore do not bid for public work all," said Professor Robin Jarvis, head of ACCA's small business unit.
www.ukba.co.uk
Britain is officially at its most enterprising. More companies than ever before receive the Queen’s Award for Enterprise – a record 194.
The awards recognise outstanding achievements in three categories: international trade, sustainable development and innovation. Achievements need to have been sustained over a few years. (You can find out more about the specifics of the criteria by clicking here.)
Applications were also at a record high of more than 1,000 – that’s up 200 from last year and the highest number since the awards were launched in 1966.
It is of course brilliant to see that more UK companies than even are proving themselves as outstandingly enterprising in positive ways.
But it’s also great to hear that so many businesses have applied for these awards.
Awards are a great way to promote your business and prove its worth. You’ll likely be covered in local or trade press – particularly if you get snapped with the lovely old Queen herself.
They also help prove your calibre and impress customers. A poll of last year’s Queen’s Award for Enterprise winners found that more than 75% said winning had given them a commercial boost, with more than half pointing out it had also raised their profile with overseas customers. Some winners have reported sales increases of up to 30% after winning.
Being awarded a business prize can massively boost staff morale too, and it gives you a good reason to celebrate the contributions staff have made.
While business award applications can be detailed and sometimes pretty time-consuming, if you think you meet the criteria and you have a shot of winning, they’re well worth going for. After all, if you don’t try, you’re sure as hell never going to find out.
And even if you get nominate but don’t win, you’ve raised your profile and the ceremony should be a fantastic chance to network.
Source: www.smarta.com
www.ukba.co.uk
Applications were also at a record high of more than 1,000 – that’s up 200 from last year and the highest number since the awards were launched in 1966.
It is of course brilliant to see that more UK companies than even are proving themselves as outstandingly enterprising in positive ways.
But it’s also great to hear that so many businesses have applied for these awards.
Awards are a great way to promote your business and prove its worth. You’ll likely be covered in local or trade press – particularly if you get snapped with the lovely old Queen herself.
They also help prove your calibre and impress customers. A poll of last year’s Queen’s Award for Enterprise winners found that more than 75% said winning had given them a commercial boost, with more than half pointing out it had also raised their profile with overseas customers. Some winners have reported sales increases of up to 30% after winning.
Being awarded a business prize can massively boost staff morale too, and it gives you a good reason to celebrate the contributions staff have made.
While business award applications can be detailed and sometimes pretty time-consuming, if you think you meet the criteria and you have a shot of winning, they’re well worth going for. After all, if you don’t try, you’re sure as hell never going to find out.
And even if you get nominate but don’t win, you’ve raised your profile and the ceremony should be a fantastic chance to network.
Source: www.smarta.com
www.ukba.co.uk
Tuesday, 21 April 2009
Business Owners lifestyle not being impacted by recession
Small and medium-sized businesses owners are not radically altering their lifestyle or cutting back on business essentials because of the recession, according to research by independent financier Bibby.
The research revealed that 49% are not cutting back on expensive items such as blackberries or company cars, 70% are not seeing any less of their family due to extra work commitments and 63% are continuing with holiday plans or other time off.
"Whereas previously business owners may have been prepared to neglect their personal lives in order to sustain their business, these days they recognise the importance of trying to maintain some sort of work life balance, instead seeing time away from the business, such as holiday, as a tool to help them survive," said Ed Rimmer, chief executive of Bibby Financial Services.
www.ukba.co.uk
The research revealed that 49% are not cutting back on expensive items such as blackberries or company cars, 70% are not seeing any less of their family due to extra work commitments and 63% are continuing with holiday plans or other time off.
"Whereas previously business owners may have been prepared to neglect their personal lives in order to sustain their business, these days they recognise the importance of trying to maintain some sort of work life balance, instead seeing time away from the business, such as holiday, as a tool to help them survive," said Ed Rimmer, chief executive of Bibby Financial Services.
www.ukba.co.uk
Monday, 20 April 2009
More than a quarter of small businesses are seeing an increase in demand for their services and products
In the Forum of Private Business (FPB) monthly economic survey 26% of small firms reported a rise in the market for their goods and services, compared to 23% that experienced a decline. Just over 50% of respondents saw no change.
This is the first time since the panel was launched in November that more business owners have experienced positive rather than negative market conditions.
8% of small business also revealed that access to finance had improved - compared with the previous month's survey where not one respondent reported this.
"In order to capitalise on these positive signs, the government must launch a long-term, strategic plan in the forthcoming Budget; one that helps small businesses survive and grow, and become a catalyst to broader economic prosperity," said Phil Orford, FPB chief executive.
www.ukba.co.uk
This is the first time since the panel was launched in November that more business owners have experienced positive rather than negative market conditions.
8% of small business also revealed that access to finance had improved - compared with the previous month's survey where not one respondent reported this.
"In order to capitalise on these positive signs, the government must launch a long-term, strategic plan in the forthcoming Budget; one that helps small businesses survive and grow, and become a catalyst to broader economic prosperity," said Phil Orford, FPB chief executive.
www.ukba.co.uk
Sunday, 19 April 2009
VAT cut boosted consumer spending by £2bn
The government's cut in VAT is working and has led to an increase in consumer spending, according to research by economic consultancy The Centre for Economics and Business Research (CEBR).
The CEBR have said that the cut - which was introduced on 1st December 2008 - has led to an extra £2bn worth of sales and that the cut, which expires in January 2010 should be extended for another six months.
"The figures are clear; the VAT cut is working. There was an immediate boost to the volume of retail sales after the cut was introduced," the CEBR said.
"Annual growth in retail sales accelerated from 1.6% in November 2008 to 2.6% in December. Sales growth accelerated further in January to 3.2%, and registered a marginal decline in February to 3%."
The government's VAT has faced heavy criticism, with a recent poll by the Federation of Small Businesses finding that that 97% of firms polled said the VAT cut had "no impact at all," on their business.
Source: www.newbusiness.co.uk
www.ukba.co.uk
The CEBR have said that the cut - which was introduced on 1st December 2008 - has led to an extra £2bn worth of sales and that the cut, which expires in January 2010 should be extended for another six months.
"The figures are clear; the VAT cut is working. There was an immediate boost to the volume of retail sales after the cut was introduced," the CEBR said.
"Annual growth in retail sales accelerated from 1.6% in November 2008 to 2.6% in December. Sales growth accelerated further in January to 3.2%, and registered a marginal decline in February to 3%."
The government's VAT has faced heavy criticism, with a recent poll by the Federation of Small Businesses finding that that 97% of firms polled said the VAT cut had "no impact at all," on their business.
Source: www.newbusiness.co.uk
www.ukba.co.uk
Saturday, 18 April 2009
Cash-strapped small businesses are losing out on the chance to defer a potential £7.7bn of tax payments due to poor finance skills
....and a failure to seek out professional advice. New research for the AAT, the leading professional education and membership body for accounting staff, found that an unnecessarily complex tax regime and a lack of finance training is compounding the impact of the recession, at a time when this sector - considered the ‘backbone’ of the economy – needs to make every penny count.
Common mistakes which cost firms cash include incurring fines for late filing of accounts; failing to claim Business Rate Relief and ignorance of opportunities such as the ‘Time to Pay’ scheme, which allows those companies unable to pay their tax bill to spread payments.
Business rates are a major cost to SMEs per annum and rate relief could be worth up to £1200 per firm. Despite this, over £400m of Business Rates Relief goes unclaimed each year, in large part because firms are not aware of the opportunity. The scheme, introduced in 1990, closed on 1st April, further impacting on small businesses.
Read the full article here: http://www.aat.org.uk/about/content/item19416/
www.ukba.co.uk
Common mistakes which cost firms cash include incurring fines for late filing of accounts; failing to claim Business Rate Relief and ignorance of opportunities such as the ‘Time to Pay’ scheme, which allows those companies unable to pay their tax bill to spread payments.
Business rates are a major cost to SMEs per annum and rate relief could be worth up to £1200 per firm. Despite this, over £400m of Business Rates Relief goes unclaimed each year, in large part because firms are not aware of the opportunity. The scheme, introduced in 1990, closed on 1st April, further impacting on small businesses.
Read the full article here: http://www.aat.org.uk/about/content/item19416/
www.ukba.co.uk
Friday, 17 April 2009
High street banks’ lending to small businesses increased by £211 million
There was little change in deposits, while over 44,000 new small businesses banking relationships were established.
Commenting on the data, BBA statistics director, David Dooks, said:
“Lending to the 3.8 million small businesses supported by the main high street banks rose again in February and significant numbers of new small business relationships continue to be established, despite the current recession and regular reports of difficult business conditions. Deposit balances are little changed, reflecting the slow trading environment many businesses are facing.”
Source: www.bba.org.uk
www.ukba.co.uk
Commenting on the data, BBA statistics director, David Dooks, said:
“Lending to the 3.8 million small businesses supported by the main high street banks rose again in February and significant numbers of new small business relationships continue to be established, despite the current recession and regular reports of difficult business conditions. Deposit balances are little changed, reflecting the slow trading environment many businesses are facing.”
Source: www.bba.org.uk
www.ukba.co.uk
Is The Rate of Business Failure Slowing?
www.ukba.co.uk
Businesses are failing at a slower rate, new research for Crimson Business suggests.
According to a new business failures report, 35% more businesses went bust in the first quarter of 2009 than during the same period in 2008. However, the failure rate appears to be slowing. Early 2009 figures are up by just 3.3% on the fourth quarter of 2008.
Nationwide, the picture differs. The North East suffered the biggest percentage rise in year-on-year business failures, at 82.9%, while London failures increased by 21.9%. Neil Munroe, external affairs director of business information provider Equifax, said: “At the beginning of last year we were only just starting to see the impact of the credit crunch and certainly the word ‘recession’ had not yet been uttered. But obviously things have been very different at the start of this year with consumer confidence really struggling to lift. However, what we do seem to be seeing is a slow down in what was a run-away train of failures at the end of last year.”
The construction sector suffered the greatest instance of business failures, year on year, with 65.2% more businesses folding in the first quarter of 2009 compared to the same period last year. Manufacturing and retail sectors also saw quite significant year on year increases in failures at 44.4% and 44.8% respectively. The services sector is performing better, with business failures increased by just 15.7% year-on-year for the first quarter of 2009. In addition, there was a 9.4% drop in service companies going under when compared to the fourth quarter last year.
© Crimson Business Ltd, 2009
www.ukba.co.uk
Businesses are failing at a slower rate, new research for Crimson Business suggests.
According to a new business failures report, 35% more businesses went bust in the first quarter of 2009 than during the same period in 2008. However, the failure rate appears to be slowing. Early 2009 figures are up by just 3.3% on the fourth quarter of 2008.
Nationwide, the picture differs. The North East suffered the biggest percentage rise in year-on-year business failures, at 82.9%, while London failures increased by 21.9%. Neil Munroe, external affairs director of business information provider Equifax, said: “At the beginning of last year we were only just starting to see the impact of the credit crunch and certainly the word ‘recession’ had not yet been uttered. But obviously things have been very different at the start of this year with consumer confidence really struggling to lift. However, what we do seem to be seeing is a slow down in what was a run-away train of failures at the end of last year.”
The construction sector suffered the greatest instance of business failures, year on year, with 65.2% more businesses folding in the first quarter of 2009 compared to the same period last year. Manufacturing and retail sectors also saw quite significant year on year increases in failures at 44.4% and 44.8% respectively. The services sector is performing better, with business failures increased by just 15.7% year-on-year for the first quarter of 2009. In addition, there was a 9.4% drop in service companies going under when compared to the fourth quarter last year.
© Crimson Business Ltd, 2009
www.ukba.co.uk
Thursday, 16 April 2009
40% of firms say that Train To Gain had no impact on their business
Business in the UK are unimpressed with the government's free training programme Train to Gain, according to a survey by the Confederation of British Industry (CBI).
The CBI found that two-fifths (42%) of employers using the programme say it has delivered ‘no impact' for their business, and three-quarters rated its training brokerage service as ‘poor' or at best ‘mixed'.
"The government has a big role to play in helping employers make the most of their training and providing access to funding. Its flagship Train to Gain programme isn't meeting the needs of enough businesses that use it," said Richard Lambert of the CBI.
In January, the government rolled-out significant improvements for small and medium-sized firms in its Train to Gain scheme, including more funding for re-training staff at Level 2, equivalent to five or more GCSEs. There was also additional support to train staff to Level 3, which is equivalent to A-levels.
Source: www.newbusiness.co.uk
www.ukba.co.uk
The CBI found that two-fifths (42%) of employers using the programme say it has delivered ‘no impact' for their business, and three-quarters rated its training brokerage service as ‘poor' or at best ‘mixed'.
"The government has a big role to play in helping employers make the most of their training and providing access to funding. Its flagship Train to Gain programme isn't meeting the needs of enough businesses that use it," said Richard Lambert of the CBI.
In January, the government rolled-out significant improvements for small and medium-sized firms in its Train to Gain scheme, including more funding for re-training staff at Level 2, equivalent to five or more GCSEs. There was also additional support to train staff to Level 3, which is equivalent to A-levels.
Source: www.newbusiness.co.uk
www.ukba.co.uk
Wednesday, 15 April 2009
UK companies are trying to fight the credit crunch by cutting staff and freezing pay, according to a survey by the Hay Group consultancy.
Around 37% of the UK businesses surveyed reported that last month they had cut back on staff - almost double the figure from November - and 38% have implemented a pay freeze.
UK companies also reported a much small average base salary increase, an average of 1% compared to 2.8% worldwide.
Despite these figures, British companies are more optimistic about the future then many other nations - possibly reflecting the fact that many UK firms have already taken the action they feel they need to survive the recession, such as salary and wage cuts.
www.ukba.co.uk
UK companies also reported a much small average base salary increase, an average of 1% compared to 2.8% worldwide.
Despite these figures, British companies are more optimistic about the future then many other nations - possibly reflecting the fact that many UK firms have already taken the action they feel they need to survive the recession, such as salary and wage cuts.
www.ukba.co.uk
Tuesday, 14 April 2009
Free Insurance Health Check for Companies
Aon have launched a new service for small and medium-sized businesses that offers free advice and assessments to ensure that their insurance is sufficient in the current economic climate.
The health check is available to all small companies with a turnover of between £2m to £20m and will include an insurance audit, a written report of its findings and recommendations on how firms can identify and manage risk exposures to ensure they have the correct level of coverage.
"We have to do more than just react to the challenges affecting SME businesses so Aon is taking a proactive approach with the Health Check to help SME businesses analyse their insurance programmes," said Gerry Callaghan, sales director of Aon's SME team.
www.ukba.co.uk
The health check is available to all small companies with a turnover of between £2m to £20m and will include an insurance audit, a written report of its findings and recommendations on how firms can identify and manage risk exposures to ensure they have the correct level of coverage.
"We have to do more than just react to the challenges affecting SME businesses so Aon is taking a proactive approach with the Health Check to help SME businesses analyse their insurance programmes," said Gerry Callaghan, sales director of Aon's SME team.
www.ukba.co.uk
Monday, 13 April 2009
Companies incentivised to take on new staff
From 6th April, businesses will be able to take advantage of up to £2500 recruitment and 'on the job' training subsidies, as an incentive to take on people who've been looking for work for six months or more. The subsidy is worth £1000 and the company can, depending on location, access up to £1500 worth of in-work training.
Read more here: http://nds.coi.gov.uk/Content/Detail.asp?ReleaseID=397805&NewsAreaID=2
www.ukba.co.uk
Read more here: http://nds.coi.gov.uk/Content/Detail.asp?ReleaseID=397805&NewsAreaID=2
www.ukba.co.uk
Sunday, 12 April 2009
Many small firms will struggle to pay the government's recent 2p rise in fuel duty, according to the Forum of Private Business (FPB).
The FPB has warned that at a time when many small firms are struggling financially the 2p rise means that the cost of fuel has increased 6% in less than 18 months.
"Cost increases of this scale are not sustainable at the best of times, let alone in a recession," said the FPB's chief executive, Phil Orford.
"There is no justifiable reason to raise duty on fuel further. The government should freeze additional fuel duty increases in 2010 to help protect small businesses and jobs."
www.ukba.co.uk
"Cost increases of this scale are not sustainable at the best of times, let alone in a recession," said the FPB's chief executive, Phil Orford.
"There is no justifiable reason to raise duty on fuel further. The government should freeze additional fuel duty increases in 2010 to help protect small businesses and jobs."
www.ukba.co.uk
Saturday, 11 April 2009
Over 850 small businesses that failed in Q4/08 could have stayed afloat if they had sought expert advice
According to research by Tenon Recovery.
The research found that approximately one in eight small companies fail to carry out any business forecasting and one in three only carry out forecasting once a year.
It is estimated that a business has an average of 33 weeks to determine whether a series of turnaround initiatives will be enough to save the firm if entrepreneurs spot the warning signs early enough and act upon them.
"Identifying any potential issues for a business early enough can mean the difference between a turnaround, restructuring or insolvency. It is a case of a stitch in time can save an entrepreneur's dreams from unravelling," said Carl Jackson, national head of Tenon Recovery.
"Now is the time to take a proactive approach and do everything possible to protect a business. Without regular business health checks and forecasting many more entrepreneurs will find themselves adding to the insolvency statistics."
Make sure you have a business plan in place - click here for a free template.
www.ukba.co.uk
The research found that approximately one in eight small companies fail to carry out any business forecasting and one in three only carry out forecasting once a year.
It is estimated that a business has an average of 33 weeks to determine whether a series of turnaround initiatives will be enough to save the firm if entrepreneurs spot the warning signs early enough and act upon them.
"Identifying any potential issues for a business early enough can mean the difference between a turnaround, restructuring or insolvency. It is a case of a stitch in time can save an entrepreneur's dreams from unravelling," said Carl Jackson, national head of Tenon Recovery.
"Now is the time to take a proactive approach and do everything possible to protect a business. Without regular business health checks and forecasting many more entrepreneurs will find themselves adding to the insolvency statistics."
Make sure you have a business plan in place - click here for a free template.
www.ukba.co.uk
Friday, 10 April 2009
Advertising spend on the internet rose 17% in the UK last year, according to figures from the Internet Advertising Bureau (IAB)
The total amount spent by advertisers on the internet in 2008 was £3.35bn - accounting for one fifth of the total UK spend. Online advertising sales overtook newspaper and magazine advertising in the second half of 2008.
"These are really tough time and advertising budgets are being slashed. More than ever, marketers have to demonstrate a clear return on their media investment, and accountability is online's trump card," said Guy Phillipson, IAB chief executive.
www.ukba.co.uk
"These are really tough time and advertising budgets are being slashed. More than ever, marketers have to demonstrate a clear return on their media investment, and accountability is online's trump card," said Guy Phillipson, IAB chief executive.
www.ukba.co.uk
Thursday, 9 April 2009
Take control of your sales
Growthbusiness.co.uk and Sage have produced a whitepaper to help SMEs understand how contact management systems can improve their business and sales. Take control of your sales and download this free guide.
Download here.
www.ukba.co.uk
Download here.
www.ukba.co.uk
Wednesday, 8 April 2009
UK businesses wasting £300m powering idle PCs
A new report published today claims that British businesses are wasting £300m a year powering idle computers.
However, the survey of more than 6,000 UK, German and US adults, most of whom use PCs to do their jobs, found that the UK actually emerged ahead in terms of environmentally friendly PC power management.
Some 78 per cent of UK workers use a PC to carry out their jobs, and the country has the largest proportion of workers (27 per cent) who cited environmental concerns in switching off PCs and/or monitors when away from their desks for long periods.
By contrast, 18 per cent of German respondents said that they turn off their PCs to cut electricity bills, and 21 per cent of US workers did so to comply with company policy and make sure their PCs worked properly.
Despite these good intentions, 63 per cent and 67 per cent respectively of UK and US employees believe that their employers should be doing more to reduce power consumption.
The report calculated that, if the 17 million workers in the UK who regularly use a computer turned it off at night, carbon emissions would be reduced by 1.3 million metric tonnes, or the equivalent of removing 243,440 cars from the road.
The annual PC Energy Report was sponsored by PC power management vendor 1E in partnership with the Alliance to Save Energy.
Sumir Karayi, 1E chief executive, said that awareness of the impact of idle PCs on the environment and IT budgets is growing, but that much more could be done.
"Around 50 per cent of the respondents questioned in 2007 powered down their PCs at work overnight, during the weekend and when away from their desks for long periods of time during the day, even it was just switching off their monitor," he said.
But this figure had only risen to 60 per cent in the latest report, which belied the fact that many solutions had been developed to manage PC power more efficiently and intelligently from a central point.
Source: http://www.vnunet.com
www.ukba.co.uk
However, the survey of more than 6,000 UK, German and US adults, most of whom use PCs to do their jobs, found that the UK actually emerged ahead in terms of environmentally friendly PC power management.
Some 78 per cent of UK workers use a PC to carry out their jobs, and the country has the largest proportion of workers (27 per cent) who cited environmental concerns in switching off PCs and/or monitors when away from their desks for long periods.
By contrast, 18 per cent of German respondents said that they turn off their PCs to cut electricity bills, and 21 per cent of US workers did so to comply with company policy and make sure their PCs worked properly.
Despite these good intentions, 63 per cent and 67 per cent respectively of UK and US employees believe that their employers should be doing more to reduce power consumption.
The report calculated that, if the 17 million workers in the UK who regularly use a computer turned it off at night, carbon emissions would be reduced by 1.3 million metric tonnes, or the equivalent of removing 243,440 cars from the road.
The annual PC Energy Report was sponsored by PC power management vendor 1E in partnership with the Alliance to Save Energy.
Sumir Karayi, 1E chief executive, said that awareness of the impact of idle PCs on the environment and IT budgets is growing, but that much more could be done.
"Around 50 per cent of the respondents questioned in 2007 powered down their PCs at work overnight, during the weekend and when away from their desks for long periods of time during the day, even it was just switching off their monitor," he said.
But this figure had only risen to 60 per cent in the latest report, which belied the fact that many solutions had been developed to manage PC power more efficiently and intelligently from a central point.
Source: http://www.vnunet.com
www.ukba.co.uk
Tuesday, 7 April 2009
Small employers urged - file online and get a £75 bonus
Small employers are being urged to file their 2008/09 Employer Annual Return online this year, and get a £75 tax-free payment in the process.
Employers with fewer than 50 employees can file on paper or online, but only those filing a valid online return will qualify for the £75 payment.
Those employers with 50 or more employees must file their 2008/09 return online, or face a penalty.
To file online, employers must first register with HMRC's "PAYE Online for Employers" service. It can take up to a week to get the Activation PIN after registering, so employers should not leave it until the last minute.
Agents, tax advisers or payroll bureaux can also file on behalf of employers. And small employers will still qualify for the £75 tax-free payment, even if an intermediary files online for them.
Employer Annual Returns are due by 19 May, or late-filing penalties will apply.
HMRC's Sue Williams said:
"We are accepting returns now, and would urge all employers to send them in as soon as they are ready, to avoid any last-minute rush."
Read more: http://nds.coi.gov.uk/content/detail.asp?NewsAreaID=2&ReleaseID=396367
www.ukba.co.uk
Employers with fewer than 50 employees can file on paper or online, but only those filing a valid online return will qualify for the £75 payment.
Those employers with 50 or more employees must file their 2008/09 return online, or face a penalty.
To file online, employers must first register with HMRC's "PAYE Online for Employers" service. It can take up to a week to get the Activation PIN after registering, so employers should not leave it until the last minute.
Agents, tax advisers or payroll bureaux can also file on behalf of employers. And small employers will still qualify for the £75 tax-free payment, even if an intermediary files online for them.
Employer Annual Returns are due by 19 May, or late-filing penalties will apply.
HMRC's Sue Williams said:
"We are accepting returns now, and would urge all employers to send them in as soon as they are ready, to avoid any last-minute rush."
Read more: http://nds.coi.gov.uk/content/detail.asp?NewsAreaID=2&ReleaseID=396367
www.ukba.co.uk
Monday, 6 April 2009
Decrease in NI costs could boost small businesses
Small business owners believe that a reduction in employers' National Insurance contribution rate in the forthcoming Budget would provide the biggest boost for their business, according to a new survey by Intuit.
More than 45% of those surveyed listed this as the number one measure that they wanted to see the Chancellor implement, followed by 33% who called tighter government controls of bank charges and 27% who want a further deferment of the rate of increase of corporation tax.
Small firm owners are pessimistic over the budget, with only 10% of respondents believing that April's Budget will include measures that will have a positive impact on their businesses.
Read more: http://www.newbusiness.co.uk/news/ni-reduction-tops-small-firm-owners-wish-list-april-budget
www.ukba.co.uk
More than 45% of those surveyed listed this as the number one measure that they wanted to see the Chancellor implement, followed by 33% who called tighter government controls of bank charges and 27% who want a further deferment of the rate of increase of corporation tax.
Small firm owners are pessimistic over the budget, with only 10% of respondents believing that April's Budget will include measures that will have a positive impact on their businesses.
Read more: http://www.newbusiness.co.uk/news/ni-reduction-tops-small-firm-owners-wish-list-april-budget
www.ukba.co.uk
Sunday, 5 April 2009
Save money by switching energy suppliers
More than seven out of ten small businesses think that changing energy suppliers will save them money, but only 43% have actually taken action, according to research by uSwitchforbusiness.com.
The research found that cost is the number one factor that small firms look at when choosing an energy supplier, with concerns over customer service and environmental issues becoming less important in the recession.
The survey also revealed that the average small company pays more than £2,500 a year on electricity and faces gas bills of over £3,200.
www.ukba.co.uk
The research found that cost is the number one factor that small firms look at when choosing an energy supplier, with concerns over customer service and environmental issues becoming less important in the recession.
The survey also revealed that the average small company pays more than £2,500 a year on electricity and faces gas bills of over £3,200.
www.ukba.co.uk
Saturday, 4 April 2009
SMEs suffer crime increase
Crimes against small business have risen for the second six-month period, according to figures from insurance gaint Axa.
The research revealed that there had been a 10% increase in crimes against small firms in the UK, with the number of arson and malicious damage claims rising 23% and 14% respectively.
"Both malicious damage and arson tend to go up in a recession as premises are left unoccupied and unprotected by failed businesses, making them easier targets for vandals," said Gregor Elrick, head of property at Axa.
www.ukba.co.uk
The research revealed that there had been a 10% increase in crimes against small firms in the UK, with the number of arson and malicious damage claims rising 23% and 14% respectively.
"Both malicious damage and arson tend to go up in a recession as premises are left unoccupied and unprotected by failed businesses, making them easier targets for vandals," said Gregor Elrick, head of property at Axa.
www.ukba.co.uk
Friday, 3 April 2009
Small Businesses frequently blame the Government for their woes....
"What has the Government ever done for us?"......................... "Business is shot with this current Government".................
How many times have I heard business owners say this?
And yet - offer them FREE Government money, and what do a majority do? ............. procrastinate ..... make excuses why its not for them .............. say they are too busy.
Most (not all) business owners, despite introducing TRAIN to GAIN really cannot be bothered to access this FREE support.
It is free money, and the results that can be delivered by a consltant can be highly compelling for most business.
Comments welcomed.
For more info - see:
www.ukba.co.uk
How many times have I heard business owners say this?
And yet - offer them FREE Government money, and what do a majority do? ............. procrastinate ..... make excuses why its not for them .............. say they are too busy.
Most (not all) business owners, despite introducing TRAIN to GAIN really cannot be bothered to access this FREE support.
It is free money, and the results that can be delivered by a consltant can be highly compelling for most business.
Comments welcomed.
For more info - see:
www.ukba.co.uk
The number of new businesses launched in 2008 increased from the previous year despite the recession, according to figures released by Barclays.
436,600 new start-ups were launched in 2008, compared to 432,300 new businesses in the previous year.
"These figures may seem surprising given the current economic climate," said Steve Cooper, local business managing director at Barclays.
"There could be a number of reasons for the robust start-up market, including individuals made redundant opting for self-employment. We should also remember that there are always opportunities, even in more challenging times."
A large reason for this growth in new businesses is entrepreneurial women - female-only starts ups increased by 9% to total more than 90,000 in 2008 up from 83,000 in 2007, compared to male-only start-ups which showed a slight increase of less than 1% to 300,000.
Download our free start up guide: click here.
www.ukba.co.uk
"These figures may seem surprising given the current economic climate," said Steve Cooper, local business managing director at Barclays.
"There could be a number of reasons for the robust start-up market, including individuals made redundant opting for self-employment. We should also remember that there are always opportunities, even in more challenging times."
A large reason for this growth in new businesses is entrepreneurial women - female-only starts ups increased by 9% to total more than 90,000 in 2008 up from 83,000 in 2007, compared to male-only start-ups which showed a slight increase of less than 1% to 300,000.
Download our free start up guide: click here.
www.ukba.co.uk
Thursday, 2 April 2009
The UK economy is losing over £11bn every year due to major disruptions that effective business continuity management could prevent, according to BCI.
The BCI (Business Continuity Institute) researched key findings across 17 causes of major disruptions to calculate the cost impact to the UK economy. The figure shows that organisations are still not looking seriously at Business Continuity Management to provide a framework for managing the impact of potential disruptions to their businesses.
"In the current economic downturn, customers and suppliers will inevitably go out of business and it is vital that an organisation understands its dependency on critical suppliers. The lack of availability to essential products can have a serious impact on business," said Lyndon Bird, Technical Director of the BCI.
www.ukba.co.uk
"In the current economic downturn, customers and suppliers will inevitably go out of business and it is vital that an organisation understands its dependency on critical suppliers. The lack of availability to essential products can have a serious impact on business," said Lyndon Bird, Technical Director of the BCI.
www.ukba.co.uk
Wednesday, 1 April 2009
A Business Rate Rise on 1st April is Economic Madness
The government has announced that it will allow a record 5% rise in business rates
to go ahead on April 1st causing widespread anger among business groups, who claim that many companies will not be able to afford the rise in such difficult economic times.
The 5% increase in the rate will be the biggest since the current system was set-up in 1993. The increase in the rate is based on Retail Price Inflation figures from last September, when prices were very high.
However, since last September the UK economy has officially entered recession and unemployment now stands at over 2m. There are fears that the increase in the rate will cause some small businesses to cease trading.
"Labour is dragging local firms down the road to ruin. It is the height of economic madness to be increasing taxes on local firms in the depth of recession," said Caroline Spelman, shadow communities spokeswoman.
Source: www.newbusiness.co.uk
www.ukba.co.uk
to go ahead on April 1st causing widespread anger among business groups, who claim that many companies will not be able to afford the rise in such difficult economic times.
The 5% increase in the rate will be the biggest since the current system was set-up in 1993. The increase in the rate is based on Retail Price Inflation figures from last September, when prices were very high.
However, since last September the UK economy has officially entered recession and unemployment now stands at over 2m. There are fears that the increase in the rate will cause some small businesses to cease trading.
"Labour is dragging local firms down the road to ruin. It is the height of economic madness to be increasing taxes on local firms in the depth of recession," said Caroline Spelman, shadow communities spokeswoman.
Source: www.newbusiness.co.uk
www.ukba.co.uk
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