Debt recovery costs small businesses an average of £9,000
The cash flow difficulties that late payments cause small businesses are well known. However, the cost of recovering late payments is less well publicised, despite being a major and growing expense – coming in at around £9,000 last year for
Read more...Brexit uncertainty sends small business confidence to a seven-year low
Confidence amongst small businesses has tumbled to a seven-year low – in part due to the uncertainty of Brexit. A survey carried out by the Federation of Small Businesses (FSB) has found that nearly one in three small exporters think
Read more...An end to the Entrepreneurs’ Relief ‘dilutions dilemma’?
As a business takes off, the level of investment it needs in order to expand can significantly outpace growth in revenues and profits. One of the options open to entrepreneurs at this stage in the development of a business is
Read more...Tax rates rise twice as fast in the UK than the international average
According to the Organisation for Economic Co-operation and Development (OECD), UK tax revenue as a percentage of GDP rose to 33.3 per cent in 2017. This was up from 32.7 per cent in the previous year and was more than
Read more...Taxpayers offered online tool to assess their self-assessment requirement
It should seem obvious whether an individual must submit a self-assessment tax return annually. Yet, each year, thousands of people find themselves brought into the regime unwittingly. To help taxpayers prepare their affairs accordingly, HM Revenue & Customs (HMRC) is
Read more...Hull accountancy firm expands with appointment of new employees
A Hull-based accountancy firm has continued its expansion with the appointment of eight new staff members including five professional trainees. Smailes Goldie Group, which has offices in Hull and Barton, has seen rapid growth, which has enabled it to offer
Read more...Smailes Goldie Group says Chancellor’s Autumn Budget offers few treats for SMEs
One of Hull and East Yorkshire’s leading firms of accountants, Smailes Goldie Group, says many small businesses are likely to feel let down by the Chancellor’s latest Budget as it offers little assistance to the nation’s economic backbone. Philip Hammond
Read more...Millennials set for ‘inheritance boom’… but not until the 2030s
A new report from think-tank, the Resolution Foundation, predicts that so-called ‘millennials’, those aged between 17 and 35, will receive the biggest inheritance of any post-war generation from their baby boomer parents and grandparents. The think-tank estimates that the average
Read more...Are you ready for the latest minimum wage rise?
On 1 April 2018, the National Minimum Wage (NMW) and National Living Wage (NLW) will increase for all age groups. Aimed at improving the prospects of young workers, the Chancellor Philip Hammond announced in the Autumn Budget that statutory wage
Read more...Only a third of EIS taken up by companies outside London
New data from HM Revenue & Customs (HMRC) shows that businesses in London and the South East account for 66 per cent of the Enterprise Investment Schemes (EIS) uptake. Despite accounting for 62 per cent of the UK economy, businesses
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